Ravita Engineering Services Limited opened an IPO on Oct. 13, 2026, seeking to raise INR 116.05 crore at the top of its price range.
Offer size and share allocation
The issue comprises 1.0362 million equity shares priced between INR 105 and INR 112 each. Anchor investors may receive up to 2.9484 million shares, while qualified institutional buyers are allocated up to 1.9692 million.
Non-institutional participants are guaranteed at least 1.476 million shares, and individual investors will get no fewer than 3.4464 million. A market-maker tranche of 522 thousand shares completes the allocation. The IPO comprises 1,03,62,000 equity shares with a face value of INR 5 each, offered within a price band of INR 105 to INR 112 per share.
Purpose of the proceeds
The company plans to list the shares on the NSE Emerge platform. The subscription window stays open until Oct. 15, 2026, following an anchor-bidding day on Oct. 12. Vivro Financial Services Private Limited is the book-running lead manager, while MUFG Intime India Private Limited serves as registrar.
Company profile and market reach
Ravita provides engineering, procurement, installation and commissioning (EPIC) as well as operation and maintenance (O&M) services for HVAC and electro-mechanical systems. Its operations span onshore facilities, offshore rigs, platforms, and data-centre projects. Incorporated in 2007, Ravita Engineering Services provides turnkey EPIC services for HVAC systems, central air-conditioning solutions, airflow systems, chiller plants, industrial compressors and cooling equipment.
Onshore activities serve commercial, hospitality, corporate-park, and industrial sites in states such as Maharashtra, Gujarat, Odisha and Karnataka. Offshore work includes rigs and platforms in Indian territorial waters, with six rigs and 16 platforms serviced over the last three years. In the data-centre segment, the firm maintains cooling systems, chiller plants and related mechanical utilities.
Financial performance
Revenue rose from INR 13.49 crore in FY 24 to INR 277.63 crore in FY 26. Profit after tax reached INR 28.04 crore in FY 26, with an EBITDA margin of 14.43% and a PAT margin of 10.09%. For the quarter ended June 30, 2026, the company reported revenue of INR 97.31 crore, an EBITDA margin of 14.42% and a PAT margin of 10.40%. As of June 30, 2026, the order book stood at INR 491.12 crore across 21 ongoing projects, including data-centre work orders worth INR 120 crore.
Industry context
A Dun & Bradstreet report cited by Vivro Financial Services states that India’s HVAC EPC market was valued at INR 81,284 crore in FY 25 and is projected to reach INR 1,69,723 crore by FY 30. The HVAC O&M market is expected to grow from INR 36,905 crore to INR 68,205 crore over the same period.
Management comments and next steps
Vibhoar Agrawal, chairman and executive director, said the capital raise will support the firm’s expansion and strengthen in-house project delivery, especially in the data-centre segment. Roshan Vaishnav of Vivro Financial Services highlighted the growth outlook for HVAC and O&M services. The planned investment in working capital and heavy equipment is intended to support its order book and strengthen in-house project delivery, including in the data centre segment.
