Ravita Engineering IPO: Price Band, Dates, GMP & Review (2026)
Ravita Engineering Services' ₹116.05 crore IPO opens for subscription today, 14 October 2026, on the NSE SME (Emerge) platform — one of two issues opening today alongside the mainboard Fusion CX IPO. The entire issue is a fresh issue of 1.04 crore shares, with not a single share on offer from existing shareholders, so every rupee raised (after expenses) stays with the company. Here is a complete deep-dive: price band, dates, lot size, the HVAC engineering business, financials, grey market premium and an honest review.
Ravita Engineering IPO: Key details
| Detail | Value |
|---|---|
| IPO type | Book-built SME issue, NSE SME (Emerge) |
| Issue size | ₹116.05 crore (entirely fresh issue of 1,03,62,000 shares; no OFS) |
| Price band | ₹105–112 per share (face value ₹5; floor 21x and cap 22.4x face value) |
| Lot size | 1,200 shares |
| Minimum application | 2,400 shares (2 lots) = ₹2,68,800 at the upper band |
| Anchor bidding | 13 October 2026 (up to 29,48,400 shares reserved for anchors) |
| Open date | 14 October 2026 |
| Close date | 16 October 2026 |
| Allotment (tentative) | 19 October 2026 |
| Listing (tentative) | 22 October 2026, NSE SME |
| Reservation | QIB up to 50%, NII ≥15%, retail individual investors ≥35%; market maker 5,22,000 shares |
| Lead manager | Vivro Financial Services Pvt Ltd |
| Registrar | MUFG Intime India Pvt Ltd |
| Market maker | Pace Stock Broking Services Pvt Ltd |
Ravita Engineering IPO dates and timeline
| Event | Date |
|---|---|
| Anchor book | 13 October 2026 |
| Issue opens | 14 October 2026 |
| Issue closes | 16 October 2026 |
| Allotment finalisation | 19 October 2026 (tentative) |
| Refunds / unblocking | 21 October 2026 |
| Demat credit | 21 October 2026 |
| Listing | 22 October 2026 (tentative) |
What does Ravita Engineering do?
Ravita Engineering Services Limited (incorporated in 2007) is an engineering solutions company engaged in the Engineering, Procurement, Installation and Commissioning (EPIC) of HVAC systems — central air-conditioning, air flow systems, chiller plants, industrial compressors and cooling equipment — delivered on a turnkey basis. It also handles operation and maintenance (O&M) for both its own projects and systems installed by third parties.
The business is organised across three verticals:
- Onshore: commercial establishments, hospitality units, corporate parks and industrial facilities across Maharashtra, Gujarat, Odisha and Karnataka.
- Offshore: HVAC work on rigs, platforms and marine installations in Indian territorial waters — in the last three fiscals plus Q1 FY27 the company worked on 6 rigs and 16 associated offshore oil and gas platforms.
- Data Centre: O&M of cooling systems, chiller plants, HVAC equipment and mechanical utilities for data centres. The company recently secured data centre work orders aggregating ₹120 crore in Maharashtra.
It is also executing the laying of sub-sea discharge pipelines for an effluent treatment plant at the crude oil import terminal operated by Numaligarh Refinery Limited in Paradip, Odisha. As of 30 June 2026 the company carried an order book of ₹491.12 crore across 21 ongoing projects — about 1.8 times its full FY26 revenue.
Ravita Engineering IPO financials
The restated financials show a hyper-growth trajectory over the last three years:
| Metric (₹ crore) | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Total revenue | 13.53 | 109.30 | 277.63 | 97.31 |
| EBITDA | 2.86 | 15.65 | ~40.06 (14.43% margin) | ~14.03 (14.42% margin) |
| PAT | 1.51 | 11.83 | ~28.00 (10.09% margin) | ~10.13 (10.40% margin) |
| Net worth | 3.30 | 15.13 | — | 92.51 |
| Total assets | 9.08 | 58.24 | — | 146.68 |
Revenue grew roughly 155.6% and PAT about 137% in FY26 alone, while margins held impressively steady at ~14.4% EBITDA and ~10% PAT — suggesting the scale-up has not come at the cost of profitability. Net worth jumped from ₹3.3 crore in FY24 to ₹92.5 crore by June 2026, reflecting retained earnings from the growth years.
Where will the ₹116.05 crore go?
- ₹70 crore — long-term working capital (₹36 crore in FY27 and ₹34 crore in FY28)
- ₹25.53 crore — purchase of heavy equipment
- Balance — general corporate purposes (capped at 15% of gross proceeds or ₹10 crore, whichever is lower)
The working-capital-heavy use of proceeds is typical of project-based EPC businesses, but investors should note it: the largest chunk funds day-to-day execution rather than new capacity.
Valuation: what are you paying?
Pre-IPO promoter holding is 73.74%, diluting to about 53.46% after the issue. With a pre-issue market capitalisation of roughly ₹306 crore, the implied post-issue market cap at the upper band is around ₹422 crore. Against FY26 PAT of ~₹28 crore, that works out to a trailing P/E of roughly 15x — not demanding for an SME issue growing revenue at 155% with double-digit PAT margins, though investors should weigh that against the working-capital intensity and lumpy, project-linked revenue.
Ravita Engineering IPO GMP today
The grey market premium this morning (14 October) is around ₹4 (~3.6%) over the ₹112 upper band, implying a listing near ₹116 — muted. The premium briefly touched ~₹12 earlier this week before cooling off. GMP is market-reported and unofficial: it can change quickly and is not a prediction of the listing price. Check the latest IPO GMP today for live figures.
Strengths and risks
Strengths
- 100% fresh issue — all proceeds fund the business; no promoter selling
- Hypergrowth with stable margins: revenue 13.5 → 277.6 crore in two years, ~14.4% EBITDA margin held throughout
- Strong order book of ₹491 crore (~1.8x FY26 revenue) gives revenue visibility
- Data centre exposure — cooling is one of the fastest-growing HVAC sub-segments as India's data centre capacity expands
- Reasonable ~15x trailing P/E for the growth profile
Risks
- Working-capital intensive model — ₹70 crore of the raise simply funds working capital
- Lumpy, project-linked revenues; execution delays can dent earnings quickly
- Offshore concentration and customer-concentration risk typical of EPC contractors
- SME listing: lower liquidity, wider price swings and a 90% circuit regime on debut
- Promoter holding dilutes from 73.74% to 53.46%
FAQs
When does the Ravita Engineering IPO open and close?
The IPO opens on 14 October 2026 and closes on 16 October 2026. Allotment is expected around 19 October and the tentative NSE SME listing date is 22 October 2026.
What is the Ravita Engineering IPO price band and lot size?
The price band is ₹105–112 per share and the lot size is 1,200 shares. Retail investors must apply for a minimum of 2,400 shares, requiring ₹2,68,800 at the upper band.
What is the Ravita Engineering IPO GMP today?
Around ₹4 (~3.6%) this morning per market trackers — unofficial and subject to change.
Is Ravita Engineering a fresh issue or an offer for sale?
It is a 100% fresh issue of 1.04 crore shares worth ₹116.05 crore. There is no offer for sale; all proceeds (after expenses) go to the company.
Who is the lead manager and registrar for the Ravita Engineering IPO?
Vivro Financial Services is the book-running lead manager and MUFG Intime India is the registrar.
Conclusion
Ravita Engineering is one of the more interesting SME issues of the week: a real, fast-growing HVAC engineering business with genuine data-centre optionality, a ₹491 crore order book, steady double-digit margins and a fully fresh issue priced at roughly 15x trailing earnings. The catch is the model's working-capital hunger and the lumpy nature of project revenues — plus a muted ~₹4 GMP that signals modest listing-pop expectations. The issue closes Friday, 16 October, alongside HD Fire Protect and the fellow SME opener Vaibhav Vyapaar, so investors have until then to weigh the fundamentals.
Disclaimer: This article is for information only and is not investment advice. IPO investments are subject to market risk; read all offer documents carefully before investing. GMP figures are unofficial and market-reported.