Ravita Engineering Services IPO
Ravita Engineering Services LtdSME
This IPO opens on 14 Oct 2026.
- Open date
- 14 Oct 2026
- Close date
- 16 Oct 2026
- Min. Investment
- ₹2,68,800
- Lot Size
- -
- Fresh Issue
- ₹116.05 Cr
- Price Range
- -
- Face Value
- -
- IPO Document
- DRHP - PDF(opens in a new tab)
Subscription rate
- Qualified Institutional Buyers0.00x
- Non-Institutional Investors0.00x
- Retail-Individual Investors0.00x
- Total0.00x
Schedule
- Current step: IPO open date14 Oct 2026
- Upcoming: IPO close date16 Oct 2026
- Upcoming: Allotment date19 Oct 2026
- Upcoming: Funds unblock or debit21 Oct 2026
- Upcoming: Tentative listing date22 Oct 2026
About
Promoter shareholding in Ravita Engineering Services Ltd, before and after the issue.
| Promoter | Pre-issue shares | Pre-issue % | Post-issue shares | Post-issue % |
|---|---|---|---|---|
| Vibhoar Agrawal | 56,98,420 | 20.86% | 56,98,420 | 15.12% |
| Rachita Agrawal | 1,28,31,040 | 46.97% | 1,28,31,040 | 34.05% |
| Starwings Realtors Private Lim | 14,11,778 | 5.17% | 14,11,778 | 3.75% |
| Suchitra Agrawal | 1,02,212 | 0.37% | 1,02,212 | 0.27% |
| Shashi Goenka | 1,02,212 | 0.37% | 1,02,212 | 0.27% |
| Nemi Chand Agrawal | 0 | 0.00% | 0 | 0.00% |
| Atul Agrawal | 0 | 0.00% | 0 | 0.00% |
| Vivaan Agrawal | 0 | 0.00% | 0 | 0.00% |
| Rishiv Agrawal | 0 | 0.00% | 0 | 0.00% |
| Amar Nath Goenka | 0 | 0.00% | 0 | 0.00% |
| Varun Goenka | 0 | 0.00% | 0 | 0.00% |
Ravita Engineering Services IPO Strengths & Risks
- Comprehensive electro-mechanical engineering capabilities with separate EPIC and O&M service offerings.
- Balanced revenue mix with short to medium tenor project execution cycle and multi-year O&M contracts.
- Large engineering workforce enabling fast deployment, multi-site coverage and manpower scalability.
- Long-standing relationships with large clients supporting repeat business.
- Management-driven domain expertise and industry relationships.
- Specialised operational experience in adverse environments and mission-critical data centers.
- Risks Relating to the Business: significant portion of its Order Book and revenue from operations is attributable to certain key customers, and the company's business and profitability is dependent on its ability to win repeat work orders from such customers. Loss of one or more of the company's customers or reduction in their demand for its services could adversely affect the company's business, results of operations and financial condition.
- Risks Relating to the Business: A large portion of the company's work orders are secured through competitive bidding. Any delay in completing work orders within the stipulated contractual timelines may adversely affect its future business opportunities and financial performance. Additionally, the company's inability to qualify for, secure, or successfully execute new contracts could have a material adverse effect on its business, financial condition, results of operations, growth prospects and cash flow stability.
- Risks Relating to the Business: The company's operations are geographically concentrated in the western region of India, particularly in the State of Maharashtra, and territorial waters of India, which together contributed to 65.81%, 84.16%, 100.00% and 99.97% its revenue from operations for the nine-month period ended December 31, 2025 and Fiscals 2025, 2024 and 2023, respectively. Any adverse development in these regions could materially affect the company's business and growth prospects.
- Risks Relating to the Business: The company's present order book consists of certain large-scale projects. Any delay or impediment to such projects may have an adverse impact on its financial position.
- Risks Relating to the Business: The company's ongoing projects are exposed to various implementation risks and uncertainties and may be delayed, modified or cancelled for reasons beyond its control, which may adversely affect the company's business, financial condition and results of operation.
- Risks Relating to the Business: The company faces the risk of disqualification, suspension or blacklisting by project owners or client, which may bar the company from participating in or executing any future projects. Such actions could limit access to a significant portion of its revenue and have a disproportionate negative effect on the company's business operations, financial performance, cash flows and reputation.
- Risks Relating to the Business: The company's contracts may be terminated prior to completion, and any such early termination could materially and adversely affect its business, financial position, operating results and cash flows.
- Risks Relating to the Business: An increase in cost of expenses related to payment made to the company's vendors, sub-contractors and labour, purchase and renting of equipment and direct cost may adversely affect its results of operations.
- Risks Relating to the Business: The company is unable to trace certain of its historical records. Further, there have been certain instances of delay as well as inconsistencies & discrepancy in filing certain of the company's forms under Companies Act, 2013. The company cannot's assure you that regulatory proceedings or actions will not be initiated against the company, and the company will not be subject to any penalty imposed by the competent regulatory authority in this regard in the future which may impact its financial condition and reputation.
- Risks Relating to the Business: Dependence on third-party OEMs for mechanical equipment exposes the company to risks of cost escalation and procurement delays, which could adversely impact project timelines and business operations.
- Risks Relating to the Business: The company faces certain competitive pressures from existing competitors and new entrants, in both public and private sector. Increased competition and aggressive bidding by such competitors may make its ability to procure business in future uncertain which may adversely affect the company's business, financial condition and results of operations.
- Risks Relating to the Business: The company is highlys dependent on its employees and if the company is unable to hire, integrate, train and retain qualified personnel, or if the company experiences high attrition levels, which are largely out of its control, the company's business, financial condition, results of operations and cash flows could suffer. Further, the company has a large number of personnel deployed across its customer sites; consequently, the company may be exposed to service-related claims and losses or employee disruptions that could have an adverse effect on the company's reputation, business, results of operations, financial condition and cash flows.
- Risks Relating to the Business: The company's order book may not be representative of its future results and the company's actual income may be significantly less than the estimates reflected in its order book, which could adversely affect the company's business, financial condition, results of operations and prospects.
- Risks Relating to the Business: The Company is subject to certain outstanding tax demands. Any adverse decision in relation to such demands may have an adverse effect on the company's business, results of operations and financial condition.
- Risks Relating to the Business: Any accident or safety-related mishap in relation to the company's employees at its customer sites, particularly at the offshore sites may expose the company to potential financial liabilities, legal proceedings and adverse publicity. Such incidents can lead to employee liability or third-party claims and reputational damage, which may adversely impact its business operations, hinder the company's expansion plans and adversely affect its financial condition and results of operations.
- Risks Relating to the Business: The company has negative cash flows in the past and may experience earnings decline or operating losses or negative cash flows in the future.
- Risks Relating to the Business: The company's funding requirements and the proposed deployment of Net Proceeds have not been appraised by a financial institution or a bank or any other independent agency. Further, the company has not entered into definitive arrangements with some of the vendors to utilize certain portions of the Net Proceeds of the Issue. The company has relied on the quotations received from third parties for estimation of the cost for its capital expenditure requirements, which have not been independently appraised by a bank or a financial institution.
- Risks Relating to the Business: The company may not be able to collect receivables due from its clients, in a timely manner, or at all, which may adversely affect the company's business, financial condition, results of operations and cash flows.
- Risks Relating to the Business: The company has been previously engaged in certain related-party transactions and may continue to enter into such transactions in the future, which could potentially give rise to conflicts of interest.
- Risks Relating to the Business: The company has not made any alternate arrangements for meeting its capital requirements for the Objects of the Issue. Further, the company has not identified any alternate source of financing the Objects of the Issue. Any shortfall in raising/meeting the same could adversely affect its growth plans, business operations and financial condition.
- Risks Relating to the Business: Recent change in Promoters and management of the Company may lead to changes in business strategies, operational priorities, and management policies
- Risks Relating to the Business: The company's inability to meet its obligations, including financial and other covenants under the company's credit facilities, could adversely affect its business and financial results. The company may requires additional equity or debt in the future in order to continue to grow the company's business, which may not be available on favourable terms or at all.
- Risks Relating to the Business: The company's operations are subject to significant working capital requirements, and any inability to secure adequate funding in a timely manner may adversely affect its business, financial condition and results of operations.
- Risks Relating to the Business: The company is required to furnish bank guarantees and security deposits as part of its business, and any inability to arrange such guarantees or deposits, or invocation thereof, may adversely affect the company's business, cash flows and financial condition.
- Risks Relating to the Business: The company's Promoters, Directors and Key Management Personnel may have interest in the Company, other than reimbursement of expenses incurred or remuneration.
- Risks Relating to the Business: The company's business is dependent on the continued involvement of its Promoters, and any loss of their services may adversely affect the company's business, operations and financial condition.
- Risks Relating to the Business: The company's business depends on its Directors, key managerial personnel and skilled technical workforce, and the company's inability to attract and retain such personnel may adversely affect its operations and growth.
- Risks Relating to the Business: The company's Promoters have provided personal guarantees in connection with certain of its borrowings, and any revocation of such guarantees or the company's inability to replace them may adversely affect its business, financial condition and prospects.
- Risks Relating to the Business: While the company currentlys have adequate insurance coverage, the company's insurance coverage in the future may not be sufficient or may not adequately protect the company against all material hazards, which may adversely affect its business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company's financial performance may vary considerably due to several factors and might not meet the expectations of analysts and investors, which could lead to a decline in the company's stock price.
- Risks Relating to the Business: The company has contingent liabilities and commitments, and its financial condition could be adversely affected if these contingent liabilities or commitments materialize.
- Risks Relating to the Business: The company may not be able to execute its projects in accordance with the performance standards, specifications or timelines required under the company's contracts, which may adversely affect its business, financial condition, results of operations and prospects.
- Risks Relating to the Business: This Draft Red Herring Prospectus contains information from industry sources including the industry report commissioned from D&B Report.
- Risks Relating to the Business: The Company's logo is not registered as on date of the Draft Red Herring Prospectus. The company may be unable to adequately protect its intellectual property. Furthermore, the company may be subject to claims alleging breach of third-party intellectual property rights.
- Risks Relating to the Business: The company's capacity to distribute dividends in the future will be determined by the earnings, financial health, cash flow, working capital needs, and capital expenditure requirements at that time. The company cannot's assure you that the company will generate sufficient revenues to cover its operating expenses and pay such dividends to the Company's shareholders in future consistent with its past practices, or at all.
- Risks Relating to the Business: The company's Promoters and Promoter Group will continue to retain control over the Company, which may limit the ability of other shareholders to influence the outcome of shareholder votes.
- Risks Relating to the Business: Some of its Promoters may have limited experience in providing engineering solutions for HVAC systems and temperature control systems and related services business, which may affect the company's strategic decision-making and growth prospects.
- Risks Relating to the Business: Certain of its properties are located on land not owned by the company and the company has only leasehold rights. The company's inability to renew the lease agreements and/or leave and license agreements or any adverse impact on the title or ownership rights of its landlords / owners in relation to these premises may impede the company's operations.
- Risks Relating to the Business: There are certain instances of delays in payment of statutory dues. Any delay in payment of statutory dues or non-payment of statutory dues in dispute may attract financial penalties from the respective government authorities, which may have an adverse impact on the company's financial condition and cash flows.
- Risks Relating to the Business: Any variation in the utilisation of the company's Net Proceeds would be subject to certain compliance requirements, including prior Shareholders' approval.
- Risks Relating to the Business: The company is dependent on contract labour largely for its onshore and data centre related work orders and any disruption to the supply of such contract labour for the company's projects or the company's inability to control the composition and cost of its contract labour could adversely affect the company's business, results of operations, financial condition and cash flows. Also, the company may be subject to labour unrest and increased employee costs, which may adversely impact its business and results of operations.
- Risks Relating to the Business: The Company has availed unsecured loans which are repayable on demand. Any demand from lenders for repayment of such unsecured loans, may affect its cash flows
- Risks Relating to the Business: Inflation in India could have an adverse effect on the company's profitability and if significant, on its financial condition.
- Risks Relating to the Business: The company has issued Equity Shares during the preceding twelve (12) months at prices that may be lower than the Issue Price.
- Risks Relating to the Business: The company is requireds to obtain, renew or maintain certain statutory and regulatory permits and approvals required to operate its business, and if the company fails to do so in a timely manner or at all, the company's may be unable to fully or partially operate its business and the company's results of operations may be adversely affected.
- Risks Relating to the Business: The company is subject to risks arising from interest rate fluctuations, which could reduce the profitability of its projects and adversely affect the company's business, financial condition and results of operations.
- Risks Relating to the Business: Any downgrade in the company's credit ratings, in the future, could increase its borrowing costs, affect the company's ability to obtain financing, and adversely affect its business, results of operations and financial condition.
- Risks Relating to the Business: Cyber security risks and the failures to maintain the integrity of internal or customer data could expose the company to data loss and liability and the company's reputation could be significantly harmed.
- Risks Relating to the Business: If the company is unsuccessful in implementing its strategies, particularly the company's growth strategy, the company's business, financial condition, results of operations, and cash flows may be adversely affected.
- Risks Relating to the Business: The company may requires additional equity or debt in the future in order to continue to grow its business, which may not be available on favourable terms or at all.
- Risks Relating to the Business: Issue Price of the Equity Shares may not be indicative of the market price of the Equity Shares after the Issue.
- Risks Relating to the Business: There are restrictions on daily movements in the price of Equity Shares, which may adversely affect a shareholders' ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.
- Risks Relating to the Business: You may be subject to Indian taxes arising out of capital gains on sale of Equity Shares.
- Risks Relating to the Business: The Equity Shares have never been publicly traded, and, after the Issue, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the price of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above the Issue Price, or at all
- Risks Relating to the Business: Any future issuance of Equity Shares by us or sales of Equity Shares by the company's Promoters could adversely affect the trading price of its Equity Shares and in the case of the issuance of Equity Shares by the company result in the dilution of its then current shareholders.
- Risks Relating to the Business: There is no guarantee that the Equity Shares will be listed on the Designated Stock Exchange in a timely manner or at all, and any trading closures at the Designated Stock Exchange may adversely affect the trading price of its Equity Shares.
- Risks Relating to the Business: You will not be able to immediately sell any of the Equity Shares you purchase in this Issue on the Stock Exchange.
- Risks Relating to the Business: QIBs and Non-Institutional Bidders are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid and Individual Investors are not permitted to withdraw their Bids after Bid/Issue Closing Date.
- Risks Relating to the Business: Foreign investors are subject to foreign investment restrictions under Indian law that limits the company's ability to attract foreign investors, which may adversely impact the market price of the Equity Shares.
- Risks Relating to the Business: Global economic, political and social conditions may harm the company's ability to do business, increase The company's costs and negatively affect its stock price.
- Risks Relating to the Business: The company's operations are located in India, and the company is subject to regulatory, economic and political uncertainties in India and a significant change in the central and state governments' economic liberalization and deregulation policies could disrupt its business.
- Risks Relating to the Business: Rights of shareholders under Indian law may be more limited than under the laws of other jurisdictions.
- Risks Relating to the Business: The company may be subject to surveillance measures, such as the Additional Surveillance Measures (ASM) and the Graded Surveillance Measures (GSM) by the Stock Exchange which may adversely affect trading price of its Equity Shares.
- Risks Relating to the Business: Investors bear the risk of fluctuations in the price of Equity Shares and there can be no assurance that a liquid market for the company's Equity Shares will develop following the listing of its Equity Shares on the Stock Exchange.
- Risks Relating to the Business: The trading volume and market price of the Equity Shares may be volatile following the Issue.
- Risks Relating to the Business: The requirements of being a publicly listed company may strain our resources.
- Risks Relating to the Business: The company has not made any alternate arrangements for meeting its capital requirements for the Objects of the Issue. Further, the company has not identified any alternate source of financing the Objects of the Issue. Any shortfall in raising/meeting the same could adversely affect its growth plans, business operations and financial condition.
- Risks Relating to the Business: The company's inability to meet its obligations, including financial and other covenants under the company's credit facilities, could adversely affect its business and financial results. The company may requires additional equity or debt in the future in order to continue to grow its business, which may not be available on favourable terms or at all.
- Risks Relating to the Business: The company operations are subject to significant working capital requirements, and any inability to secure adequate funding in a timely manner may adversely affect its business, financial condition and results of operations.
- Risks Relating to the Business: The company's Promoters, Directors and Key Management Personnel may have interest in the Company, other than reimbursement of expenses incurred or remuneration.
- Risks Relating to the Business: The company's business is dependent on the continued involvement of its Promoters, and any loss of their services may adversely affect the company's business, operations and financial condition.
- Risks Relating to the Business: The company's business depends on its Directors, key managerial personnel and skilled technical workforce, and the company's inability to attract and retain such personnel may adversely affect its operations and growth.
- Risks Relating to the Business: The company's Promoters have provided personal guarantees in connection with certain of its borrowings, and any revocation of such guarantees or the company's inability to replace them may adversely affect its business, financial condition and prospects.
- Risks Relating to the Business: While the company's currently have adequate insurance coverage, its insurance coverage in the future may not be sufficient or may not adequately protect the company against all material hazards, which may adversely affect its business, results of operations, cash flows and financial condition.
- Risks Relating to the Business: The company has contingent liabilities and commitments, and its financial condition could be adversely affected if these contingent liabilities or commitments materialize.
- Risks Relating to the Business: The company's financial performance may vary considerably due to several factors and might not meet the expectations of analysts and investors, which could lead to a decline in its stock price.
- Risks Relating to the Business: This Red Herring Prospectus contains information from industry sources including the industry report commissioned from D&B Report.
- Risks Relating to the Business: The Company's logo is not registered as on date of the Red Herring Prospectus. Its may be unable to adequately protect the company's intellectual property. Furthermore, its may be subject to claims alleging breach of third-party intellectual property rights.
- Risks Relating to the Business: The company's capacity to distribute dividends in the future will be determined by its earnings, financial health, cash flow, working capital needs, and capital expenditure requirements at that time. The company cannot assure you that its will generates sufficient revenues to cover the company operating expenses and pay such dividends to the Company's shareholders in future consistent with its past practices, or at all.
- Risks Relating to the Business: The company's Promoters and Promoter Group will continue to retain control over the Company, which may limit the ability of other shareholders to influence the outcome of shareholder votes.
- Risks Relating to the Business: Some of the company's Promoters may have limited experience in providing engineering solutions for HVAC systems and temperature control systems and related services business, which may affect the company's strategic decision-making and growth prospects.
- Risks Relating to the Business: Certain of the company's properties are located on land not owned by it and the company has only leasehold rights. The company's inability to renew the lease agreements and/or leave and license agreements or any adverse impact on the title or ownership rights of its landlords / owners in relation to these premises may impede the company operations.
- Risks Relating to the Business: Any variation in the utilisation of the company's Net Proceeds would be subject to certain compliance requirements, including prior Shareholders approval.
- Risks Relating to the Business: The Company has availed unsecured loans which are repayable on demand. Any demand from lenders for repayment of such unsecured loans, may affect the company's cash flows.
- Risks Relating to the Business: Inflation in India could have an adverse effect on the company profitability and if significant, on its financial condition.
- Risks Relating to the Business: The company has issued Equity Shares during the preceding twelve (12) months at prices that may be lower than the Issue Price.
- Risks Relating to the Business: The company is required to obtain, renew or maintain certain statutory and regulatory permits and approvals required to operates its business, and if the company fails to do so in a timely manner or at all, its may be unable to fully or partially operates the company's business and its results of operations may be adversely affected.
- Risks Relating to the Business: The company is subject to risks arising from interest rate fluctuations, which could reduce the profitability of its projects and adversely affect the company's business, financial condition and results of operations.
- Risks Relating to the Business: Any downgrade in the company's credit ratings, in the future, could increase its borrowing costs, affect the company's ability to obtain financing, and adversely affect its business, results of operations and financial condition.
- Risks Relating to the Business: Cyber security risks and the failures to maintain the integrity of internal or customer data could expose it to data loss and liability and the company's reputation could be significantly harmed.
- Risks Relating to the Business: If the company is unsuccessful in implementing its strategies, particularly the company's growth strategy, its business, financial condition, results of operations, and cash flows may be adversely affected.
- Risks Relating to the Business: The company may requires additional equity or debt in the future in order to continue to grow its business, which may not be available on favourable terms or at all.
- Risks Relating to the Business: Issue Price of the Equity Shares may not be indicative of the market price of the Equity Shares after the Issue.
- Risks Relating to the Business: There are restrictions on daily movements in the price of Equity Shares, which may adversely affect a shareholders ability to sell, or the price at which it can sell, Equity Shares at a particular point in time.
- Risks Relating to the Business: You may be subject to Indian taxes arising out of capital gains on sale of Equity Shares.
- Risks Relating to the Business: The Equity Shares have never been publicly traded, and, after the Issue, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the price of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above the Issue Price, or at all.
- Risks Relating to the Business: Any future issuance of Equity Shares by the company or sales of Equity Shares by its Promoters could adversely affect the trading price of the company's Equity Shares and in the case of the issuance of Equity Shares by the company's result in the dilution of its then current shareholders.
- Risks Relating to the Business: There is no guarantee that the Equity Shares will be listed on the Designated Stock Exchange in a timely manner or at all, and any trading closures at the Designated Stock Exchange may adversely affect the trading price of the company's Equity Shares.
- Risks Relating to the Business: You will not be able to immediately sell any of the Equity Shares you purchase in this Issue on the Stock Exchange.
- Risks Relating to the Business: QIBs and Non-Institutional Bidders are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid and Individual Investors are not permitted to withdraw their Bids after Bid/Issue Closing Date.
- Risks Relating to the Business: Foreign investors are subject to foreign investment restrictions under Indian law that limits the company's ability to attract foreign investors, which may adversely impact the market price of the Equity Shares.
- Risks Relating to the Business: Global economic, political and social conditions may harm the company's ability to do business, increase its costs and negatively affect the company's stock price.
- Risks Relating to the Business: The company operations are located in India, and the company is subject to regulatory, economic and political uncertainties in India and a significant change in the central and state governments economic liberalization and deregulation policies could disrupt the company's business.
- Risks Relating to the Business: Rights of shareholders under Indian law may be more limited than under the laws of other jurisdictions.
- Risks Relating to the Business: The company may be subject to surveillance measures, such as the Additional Surveillance Measures (ASM) and the Graded Surveillance Measures (GSM) by the Stock Exchange which may adversely affect trading price of the company's Equity Shares.
- Risks Relating to the Business: Investors bear the risk of fluctuations in the price of Equity Shares and there can be no assurance that a liquid market for the company's Equity Shares will develop following the listing of its Equity Shares on the Stock Exchange.
- Risks Relating to the Business: The trading volume and market price of the Equity Shares may be volatile following the Issue.
- Risks Relating to the Business: The requirements of being a publicly listed company may strain its resources.
