A Thane-based HVAC engineering company opens its Rs 116.05 crore NSE SME issue on October 13 — turnkey HVAC EPIC and O&M across onshore, offshore and data-centre segments, with a Rs 177.57 crore order book.
Ravita Engineering Services Ltd (RESL), a Thane, Maharashtra-based HVAC engineering company, opens for subscription on October 13 with the issue closing on October 15.
Ravita Engineering Services Ltd (RESL) specialises in the Engineering, Procurement, Installation and Commissioning (EPIC) of HVAC systems on a turnkey basis — including central air-conditioning, air-flow systems, chiller plants, industrial compressors and related electromechanical systems — plus operation and maintenance (O&M) services for its own and third-party-installed systems.
The business runs across three segments:
- Onshore — HVAC EPIC and O&M for commercial, hospitality, corporate and industrial facilities across Gujarat, Maharashtra, Odisha and Karnataka.
- Offshore — HVAC work on rigs, platforms and offshore marine installations (across 6 rigs and 16 oil & gas platforms), plus a niche sub-sea discharge-pipeline project at Numaligarh Refinery’s terminal in Paradip, Odisha.
- Data Center — O&M of cooling systems, chiller plants and mechanical utilities. RESL serves Reliance Corporate IT Park’s Navi Mumbai data centre, and recently secured Rs 120 crore of Maharashtra data-centre orders (Rs 55 crore from a global tech/cloud company’s Indian arm, Rs 65 crore from a listed real-estate developer).
As of June 30, 2026, RESL had an order book of Rs 177.57 crore and 399+ employees plus 246 contract workers.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | October 13, 2026 |
| Issue Closes | October 15, 2026 |
| Listing | NSE SME Emerge |
| Listing Date | October 21, 2026 |
| Issue Type | Book Built |
| Price Band | Rs 105 – Rs 112 per share |
| Face Value | Rs 5 |
| Issue Size | Rs 116.05 crore (1,03,62,000 shares, entirely fresh) |
| Min. Application | 1,200 shares / Rs 2,68,800 (2 lots) |
| Post-IPO Market Cap | Rs 422.02 crore |
| Lead Manager | Vivro Financial Services Pvt. Ltd. |
| Market Maker | Pace Stock Broking Pvt. Ltd. |
| Registrar | MUFG Intime India Pvt. Ltd. |
The issue is entirely fresh. Proceeds: Rs 70.00 crore for working capital, Rs 25.53 crore for capex on heavy equipment, and the rest for general corporate purposes. Post-IPO, paid-up equity rises from Rs 13.66 crore to Rs 18.84 crore; the company issued a 100:1 bonus in February 2026.
Price Band Analysis
At the upper band of Rs 112, the issue is valued at a P/E of about 10.42x on FY27-annualised earnings and 15.05x on FY26, with a P/BV of 2.79 (June 30, 2026 NAV of Rs 40.15), easing to 1.87x on the post-IPO NAV of Rs 59.91.
GMP Watch
The Ravita Engineering Services IPO GMP has moved from ₹0 (October 9) to around ₹8 (~7%) by October 10 — a thin, early signal, implying an indicative listing near ₹120. GMP is unofficial, unregulated and unendorsed, and can move before listing.
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 | Q1-FY27 |
|---|---|---|---|---|
| Total Income | 13.53 | 109.30 | 277.82 | 97.45 |
| Net Profit (PAT) | 1.51 | 11.83 | 28.04 | 10.13 |
| PAT Margin (%) | 11.15 | 10.82 | 10.09 | 10.40 |
| RoCE (%) | 37.05 | 71.71 | 48.65 | 10.60 |
Total income rose from Rs 13.53 crore in FY24 to Rs 277.82 crore in FY26, with Rs 97.45 crore in Q1-FY27; PAT grew from Rs 1.51 crore to Rs 28.04 crore, with margins steady at ~10–11%.
Average EPS was about Rs 7.60 and average RoNW 77.07%. Trade receivables stood at Rs 100.56 crore as of June 30, 2026 (up from Rs 73.26 crore at March 31, 2026) — exceeding Q1-FY27 revenue. Contingent liabilities were Rs 4.47 crore; no dividend history.
Conclusion
Ravita Engineering Services brings a fast-growing, three-segment HVAC engineering business to the SME board, with a data-centre growth angle, a Rs 177.57 crore order book and steady ~10% margins — set against a very sharp recent scale-up and trade receivables that exceed a full quarter’s revenue. On recent earnings the issue is fully priced, with the grey market at a thin ~7%.
For the full analytical review, read Dilip Davda’s complete review
