Ravelcare Limited operates through a digital first distribution model in the beauty and personal care segment ('BPC') offering a range of haircare, skincare, and bodycare products. The current operations are built around a direct-to-consumer (D2C) approach, supported by e-commerce and data-driven product development processes. the products are sold through multiple channels including their website, major online marketplaces such as Amazon, Flipkart, Myntra and quick commerce platform i.e. Blinkit. In Financial Year 2024-25 the Company has initiated catering to customers based out of UAE, Australia, Canada, Germany, USA and Saudi Arabia. Company's manufacturing is currently undertaken through contract manufacturing arrangement with licensed third-party contract manufacturer. The formulations of the products are developed by the company and the product Research and Development ('R&D') is carried out in collaboration with external formulation experts and third-party laboratories. The company also manages logistics and warehousing operations across key Indian states to ensure timely delivery and supply chain reliability. However, the Company intends to set-up its own manufacturing facility at Mauje-Peth, Amravati, Maharashtra with a total installed capacity of 1,050 TPA. The proposed facility will contain end to end processes from manufacturing till the dispatch of product comprising of R&D, manufacturing, packaging, warehousing and distribution. As per financial performance, Ravelcare Limited has posted total income / net profits of Rs 3.49 / 0.41 Cr (FY23), Rs 22.27 / Rs 5.02 Cr (FY24), Rs 25.29 Cr / 5.25 Cr (FY25) and Rs 14.44 Cr / 3.19 Cr (upto Q2 FY26). So as per previous financials data, company has shown good results. Company has an average EPS of Rs 8.74 and average RoNW of 154.91% for last three fiscals. Issue is priced at a P/BV of 4.80 as per NAV of Rs 27.07/- as on 30.09.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 17.75, 16.97 and 13.95 respectively. As per RHP, there are no listed peers. On BRLM's front, Marwadi Chandarana Intermediaries Brokers Private Limited is associated with this SME IPO, and has handled 5 IPOs in last three fiscal years. From last 5 IPOs, all opened above issue price or at par, on the day of listing. As of now, from last 5 IPOs, three are trading below issue price and remaining all are trading above issue price or at par. ( As on 25.11.25 ) As per financials, Ravelcare Limited has shown good results, RoNW is 50.77% and P/E is 17.75, 16.97 and 13.95 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fairly priced. Company is engaged in the business of beauty and personal care segment ('BPC') offering a range of haircare, skincare, and bodycare products via digital distribution model, which is highly competitive business segment. Performance of BRLM is average. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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