Figures last updated 21 Oct 2026, 11:00 PM IST · How we work · Report an error
What the company does and where it sits in its industry
Ravita Engineering Services provides engineering solutions for heating, ventilation, and air conditioning (HVAC) systems, temperature control systems, and other allied electro-mechanical equipment. The company operates across three primary business segments: offshore projects, onshore projects, and the data center industry. Its core business activities are divided into Engineering, Procurement, Installation, and Commissioning (EPIC) projects, as well as standalone Operations and Maintenance (O&M) service contracts. In certain instances, the company executes hybrid projects that combine initial EPIC work with subsequent long-term O&M services. The company procures critical hardware components and server infrastructure from third-party original equipment manufacturers to develop and deploy its solutions. Operations are primarily concentrated in western India, with significant project execution occurring in Maharashtra, Gujarat, and the territorial waters of India. Revenue is generated through competitive bidding and tender processes for both public sector undertakings and private corporate clients.
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 solutions, air flow systems, chiller plants, industrial compressors, and other electro-mechanical equipment on a turnkey basis. The company also provides comprehensive operations and maintenance (O&M) services for electro-mechanical and cooling systems.
The company's operations span three primary segments: Onshore (commercial establishments, corporate parks, hospitality, and industrial facilities), Offshore (rigs and offshore oil and gas platforms in the territorial waters of India), and Data Centers (precision cooling systems and mechanical utilities). Its clients include public sector undertakings, government bodies, and large private enterprises across sectors such as oil and gas, IT/data infrastructure, renewable energy, and commercial real estate.
Revenue is generated through two main contract models: milestone-based execution under turnkey EPIC project contracts and recurring service fees under multi-year O&M service contracts. Contracts are secured via competitive tender bidding processes as well as direct non-tender project awards based on client relationships.
The company offers turnkey EPIC solutions and ongoing O&M services for HVAC systems, chiller plants, precision cooling equipment, industrial compressors, air handling units, piping networks, and related electro-mechanical infrastructure.
The company operates an integrated engineering model combining short-to-medium tenor EPIC project execution with long-term, recurring O&M service contracts across onshore, offshore, and data center environments.
The company operates in the specialized HVAC, MEP, and electro-mechanical engineering services space, noting that no direct listed peer matches its integrated execution and service model across onshore, offshore, and data center operations.
Who controls the company, and how much of it they hold
Vibhoar Agrawal, Rachita Agrawal, Starwings Realtors Private Limited
Points to weigh, drawn from the offer document and the figures on the other tabs
The company provides comprehensive electro-mechanical engineering solutions through two distinct but complementary service offerings: EPIC services and O&M services, allowing it to address client needs across the entire asset lifecycle.
The company benefits from a balanced revenue mix derived from short-to-medium cycle EPIC projects (typically 6 to 14 months) and multi-year recurring O&M contracts, providing both growth upside and cash flow visibility.
The company maintains an in-house engineering and technical workforce of over 360 personnel, enabling rapid mobilization, multi-site coverage, and reduced reliance on third parties for critical tasks.
The company has established long-term relationships with large industrial, corporate, and public-sector clients, generating significant repeat business and high customer retention.
The company has developed domain expertise in operating across complex, mission-critical environments including offshore oil and gas platforms, defense facilities, and data centers.
A significant portion of the company's order book and revenue is concentrated among a few key customers; the top five customers accounted for 78.65% of revenue from operations in FY26.
A large portion of work orders are secured through competitive bidding, and any failure to win bids or execution delays leading to liquidated damages or contract termination could harm operations.
Operations are heavily concentrated in the western region of India (Maharashtra, Gujarat) and territorial waters of India, leaving the company vulnerable to regional economic or policy disruptions.
The company experienced negative net cash flows from operating activities of ₹46.85 crore in FY26 and ₹8.94 crore in FY25 due to working capital expansion and growing receivables.
A promoter group company, M.R. Foods Private Limited, is undergoing compulsory strike-off by the RoC, which could potentially trigger disqualification of promoter Vibhoar Agrawal as a director.