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Ravita Engineering Services Limited
SME IPOOpen · Day 1 of 3Opens today
Price band₹105 – ₹112per share · face value not available
Minimum investment₹1,34,4001 lot · 1200 shares at upper band
IPO dates13 Oct – 15 OctCloses today, 5:00 PM
Prepared with AI. This analysis was generated on 12 Oct 2026. Figures can contain errors; check them against the offer document before relying on them. It is information, not investment advice.
What the company does and where it sits in its industry
Ravita Engineering Services Limited is an engineering solutions provider engaged in the Engineering, Procurement, Installation, and Commissioning (EPIC) of heating, ventilation, and air-conditioning (HVAC) systems, central air-conditioning, airflow systems, chiller plants, industrial compressors, and allied electromechanical utilities on a turnkey basis. The company also provides comprehensive operations and maintenance (O&M) services for both in-house executed projects and installations set up by third parties.
The company serves commercial, industrial, and infrastructure clients across three primary operating environments: Onshore (industrial facilities, commercial buildings, hospitality), Offshore (rigs and offshore oil and gas platforms in the territorial waters of India), and Data Centers (precision cooling and mechanical utility operations). Its client base includes public sector undertakings, government entities, and private sector corporations.
Revenues are earned through turnkey project execution contracts billed against project milestones and measurement of completed work, as well as recurring multi-year operations and maintenance contracts.
Restated figures, FY24 – FY26, ₹ crore unless stated
At the upper price band of ₹112
The offer document confirms that there are no listed companies in India with business operations or scale comparable to those of the company, and accordingly no peer valuation multiples are available for comparison.
Points to weigh, drawn from the offer document and the figures above
The company provides end-to-end engineering solutions spanning turnkey EPIC project execution and lifecycle O&M support, enabling engagement across multiple stages of an asset's lifespan.
The business combines short-to-medium duration EPIC projects (6 to 14 months) that support order turnover with multi-year O&M service contracts that generate recurring revenue and stable cash flows.
A workforce comprising over 360 engineering and technical personnel allows rapid mobilization and concurrent project execution across diverse sites while maintaining quality and safety control.
Revenue grew about 354% a year from FY24 to FY26; EBITDA margin narrowed (21.2% to 14.4%).
Repeat clients contributed 62.60% of revenue from operations in FY26, supported by long-term associations of over five years with key institutional and industrial clients.
The company has developed specialised operational procedures and capabilities for complex settings, including offshore marine platforms, defense installations, and continuous uptime data centers.
A substantial portion of revenue is concentrated among key customers; the top five customers accounted for 78.65% of revenue from operations in FY26 and 82.85% in the three months ended June 30, 2026.
Operations are heavily concentrated in Maharashtra, Gujarat, and Indian territorial waters, which together contributed 86.96% of revenue from operations in FY26.
A significant portion of work orders is secured through competitive tendering, where failure to qualify, win bids, or execute contracts within deadlines may adversely affect revenue and margins.
The current Promoters acquired 100% shareholding and control of the company in February 2025, which may result in altered business strategies and operational priorities.
Promoter-group entity M.R. Foods Private Limited is under compulsory strike-off by the RoC, which may potentially trigger director disqualification under Section 164(2) of the Companies Act for Promoter Vibhoar Agrawal.