Ravita Engineering Services Limited

Ravita Engineering Services Limited is an engineering solutions company engaged in turnkey Engineering, Procurement, Installation, and Commissioning (EPIC) as well as Operations and Maintenance (O&M) of heating, ventilation, air-conditioning (HVAC) systems, central air-conditioning solutions, airflow systems, chiller plants, industrial compressors, and allied electro-mechanical utilities. The company’s core value proposition lies in providing integrated, lifecycle electro-mechanical engineering solutions across mission-critical onshore, offshore, and data center environments. Its business model combines project-based EPIC execution with multi-year O&M service contracts, enabling long-term client engagement and recurring revenue streams.

The company operates across three primary business segments: Onshore, Offshore, and Data Center. In the Onshore segment, it executes HVAC and electro-mechanical works for commercial complexes, corporate parks, hospitality units, and industrial facilities. In the Offshore segment, it provides specialized HVAC and mechanical systems for oil and gas platforms, rigs, and marine vessels operating in adverse marine environments. In the Data Center segment, it delivers precision cooling systems—including Computer Room Air Handler (CRAH) and Computer Room Air Conditioner (CRAC) units, chillers, and cooling towers—to support continuous server uptime and thermal management.

Ravita Engineering Services caters to a diverse client base comprising public sector undertakings, private enterprises, and major EPC contractors across the oil and gas, mining, defense, marine, luxury hospitality, and data center industries. Geographically, the company derives a significant portion of its revenue from Maharashtra, Gujarat, Odisha, Karnataka, and the territorial waters of India. A substantial share of its business is generated through repeat clients and long-standing relationships, with repeat clients contributing over 62% of revenue from operations in FY26.

Regarding manufacturing infrastructure and factory locations, specified installed capacity and capacity utilization figures are not applicable to the company, as its operations consist of engineering, procurement, project execution, and specialized technical services rather than a traditional manufacturing setup. To support project mobilization and field operations, the company owns an array of operational equipment and tools, including scaffolding systems, hanging platforms, welding machines, gas cutters, and modular containers deployed across various project sites.

Operationally, the company relies on a large engineering workforce of nearly 400 personnel deployed across multiple execution sites and maintenance contracts. While formal R&D expenditure is not separately classified, Ravita emphasizes technical in-house engineering capabilities, including system integration, design validation, digital monitoring, smart controls integration, and specialized standard operating procedures (SOPs) tailored for high-risk offshore platforms and uptime-sensitive data centers.

Financially, Ravita Engineering Services Limited reported total income and net profits of ₹13.53 Cr and ₹1.51 Cr (FY24), ₹109.30 Cr and ₹11.83 Cr (FY25), ₹277.82 Cr and ₹28.04 Cr (FY26), and ₹97.45 Cr and ₹10.13 Cr (Q1 FY27). The company has demonstrated exponential revenue and profit growth driven by rapid expansion in its onshore EPIC and data center O&M project execution, alongside an increase in net worth from ₹3.30 Cr in FY24 to ₹99.56 Cr in FY26 and a reduction in its debt-to-equity ratio to 0.19x. The company maintains an average EPS of ₹7.60 and an average RoNW of 77.07% over the last three fiscals.

Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 3.07 (NAV of ₹36.44 as of March 31, 2026). Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 1.87. Attributing the historical earnings to the expanded post-issue equity base, the asking price reflects a Post-Issue P/E of approximately 279.86 (FY24), 35.68 (FY25), and 15.05 (FY26). According to the RHP, there are no listed companies of comparable size or with similar business operations to provide an industry comparison.

The issue is managed by Vivro Financial Services Private Limited, which has handled 11 public issues to date. Out of its last 10 managed IPOs, three listed below the issue price, while the remaining seven listed at or above it. As of October 8, 2026, five of these recent issues are trading below their issue price, while the remaining five are trading at or above it. MUFG Intime India Private Limited is acting as the Registrar to the Offer.

• 1 Vibhoar Agrawal
• 2 Rachita Agrawal
• 3 Starwings Realtors Private Limited