Institutional Alpha Dossier
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MAINBOARD
SYNCING
GMP: ₹-
Est. Listing: Calculating...
01
Bidding Opens
-
Issue Open
02
Bidding Closes
-
Closing Date
03
Basis of Allotment
-
Registrar Finalization
04
Exchange Listing
-
Secondary Debut
Issue Price Valuation
₹-
Upper Cap Price
Price Band Cap:
Book Built / Fixed
Lot Size & Retail Matrix
- Shares
Minimum Market Lot
Min Capital:
₹-
Application Size:
-
Quant Grade & Moat Score
Proprietary Multi-Factor Moat Model
Synthesizing institutional thesis...
💼 MINIMUM INVESTMENT
Capital Matrix
Retail (Min Lot)
Up to ₹2 Lakhs Category
₹ 268800
HNI (Min Lot)
sNII / High Net-Worth Tier
₹ 403200
HNI Capital Multiple:
Institutional Lot Sizing
🍩 RESERVATION QUOTA (%)
Issue Allocation
100%
Total Issue
Anchor
28.49%
Market Maker
5.04%
QIB
18.99%
NII / HNI
14.24%
Retail
33.24%
Institutional Corporate Dossier
Ravita Engineering Services
COMPANY PROFILE & DNA
Incorporation / Founded
28-12-07
Active Vintage
Corporate Headquarters
Thane, Maharashtra
Registered Hub
👔 Leadership & Promoter Group
Key Management
Vibhoar Agrawal, Rachita Agrawal, Starwings Realtors Private Limited
⚙️ Business Overview & Portfolio
Core Offerings
Turnkey provider of electro-mechanical and HVAC engineering and maintenance services
🎯 Target Market & End-Use
Revenue Drivers
HVAC and electro-mechanical systems for industrial, offshore, and data centers
🛡️
★ Unique Selling Proposition (Core Economic Moat)
Comprehensive electro-mechanical engineering capabilities with separate EPIC and O&M service offerings
Objects of the Issue (Use of Proceeds & Allocation)
🎯 Objective 01
To meet long-term working capital requirements of our Company
₹ 70.00
Allocation
🎯 Objective 02
Funding capital expenditure requirements of our Company towards purchase of certain heavy equipment
₹ 25.53
Allocation
🎯 Objective 03
General Corporate Purposes
Balance
Allocation
🎯 Objective 04
Not Mentioned
Not Mentioned
Allocation
Financial Performance & Multi-Year Trajectory
All Figures in ₹ Crores
Latest Total Income📊
₹-
Top-Line
EBITDA Margin⚡
-%
Operating
Net Profit (PAT) Margin📈
-%
Bottom-Line
Debt / Net Worth🛡️
-x
Leverage
📊 Income, EBITDA & Profit Growth Trajectory
Income
EBITDA
PAT Trend
🏛️ Balance Sheet: Net Worth vs Debt
Net Worth
Borrowing
| Particulars | Q1FY27 | FY26 | FY25 | FY24 |
|---|---|---|---|---|
| Total Income | 97.45 | 277.82 | 109.3 | 13.53 |
| EBITDA | 13.74 | 38.19 | 16.16 | 2.74 |
| Profit After Tax (PAT) | 10.13 | 28.04 | 11.83 | 1.51 |
| Net Worth | 109.69 | 99.56 | 15.13 | 3.3 |
| Total Borrowing | 30.88 | 19.21 | 23.11 | 3.52 |
Growth Engine & Compounding Velocity (KPIs)
Multi-Year Trajectory
277.82
₹ Cr
YoY Growth
154.18
3-Year CAGR
353.14
38.19
₹ Cr
YoY Growth
136.32
3-Year CAGR
273.33
28.04
₹ Cr
YoY Growth
137.02
3-Year CAGR
330.92
Capital Efficiency & Return Ratios (ROE vs ROCE)
Capital Allocation Audit
◈ ROE (Return on Equity)
Calculating...
-%
Current ROE
◈ ROCE (Capital Employed)
Calculating...
-%
Current ROCE
| MetricMetric | Current (%)Curr% | Last Year (%)Last% | 3-Yr Avg (%)3Y Avg | Trend StatusTrend |
|---|---|---|---|---|
| ROE (Return on Equity)ROE | 28.16 | 78.19 | 50.7 | Excellent |
| ROCE (Capital Employed)ROCE | 32.15 | 42.26 | 38.2 | Excellent |
Forensic Analysis & Reality Check
Earnings Quality & Dilution Audit
-1.23
CFO / EBITDA
Cash Flow Conversion Efficiency
Checking...
Analyzing operating cash flow conversion...
| Parameter | Pre-IPO | Post-IPO | View |
|---|---|---|---|
| Debt / Equity | 0.19 | 0.31 | Low |
| EPS (₹) | 7.44 | 10.75 | Accretive |
| ROE (%) | 28.16 | 28.16 | Good |
| ROCE (%) | 32.15 | 29.28 | Good |
| P/E (Valuation) | 0 | 0 | NA |
⏳ Debtor Days Trend (Receivables Cycle)
Analyzing...
FY24
FY25
FY26
Lower receivable days indicate faster cash collection from clients.
⚠️ Contingent Liabilities
Off-Balance Sheet
₹ 4.47 Cr
*Potential hidden obligations & legal/tax claims
Peer Comparison Analysis & Competitive Matrix
Industry Benchmarking
| Company NameComp | Revenue (Cr)Rev | P/E RatioP/E | ROCE (%)ROCE | ROE (%)ROE | OPM (%)OPM |
|---|---|---|---|---|---|
| Ravita Engineering Services Limited IPO CANDIDATE | 277.82 | 0 (Ask) | 32.15 | 28.16 (Post Issue) | 13.75% |
| NA | 0 | 0 | 0 | 0 | 0 |
| NA | 0 | 0 | 0 | 0 | 0 |
| NA | 0 | 0 | 0 | 0 | 0 |
| NA | 0 | 0 | 0 | 0 | 0 |
| NA | 0 | 0 | 0 | 0 | 0 |
▲ Positive Catalysts (Strengths + Opportunities):
8 Factors
▼ Risk Vectors (Weaknesses + Threats):
8 Factors
Strengths
Internal Competitive Moat
- Comprehensive electro mechanical engineering execution capabilities
- Balanced revenue mix with multi year contracts
- Large workforce enabling rapid deployment scalability
- Long standing relationships driving repeat business orders
Weaknesses
Internal Operational Constraints
- Significant dependence on few key customer contracts
- High working capital requirements strain cash flow
- Vulnerable to delays in competitive bidding processes
- Negative operating cash flows in recent periods
Opportunities
External Growth Tailwinds
- Expanding into allied infrastructure and power systems
- Capitalizing on growing smart building technology adoption
- Strategic investments in owned equipment for efficiency
- Targeting specialized mission critical data center projects
Threats & Risks
External Macro & Sector Headwinds
- Intense competition from domestic and large players
- Supply chain disruptions impacting project execution timelines
- Changes in regulatory frameworks governing environmental standards
- Macroeconomic fluctuations affecting client infrastructure capital spending
Top 10 Anchor Investors & Smart-Money Allocation
INSTITUTIONAL BOOK
Top 10 Anchor Commitment
₹- Cr
Smart-Money Quality Score
- / 5.0 ★
Marquee Conviction
SEBI Anchor Lock-In Schedule
30D (50%) • 90D (50%)
Mandatory Lock-In
Anchor Book Allocation Pending Exchange Filing
Institutional anchor investor bidding & allocation disclosures are officially filed with NSE/BSE 1 working day prior to the IPO opening date.
| Rank | Marquee Anchor Institution | Smart-Money Grade | Amount Invested | Anchor Share (%) |
|---|
112
Score 8/10 (Base 4, Sector +2, Co +4, Risk -2) | SECTOR MOAT: Data Centre and industrial HVAC market growing at >20% CAGR supported by data infrastructure expansion and PLI tailwinds in value-added cooling. | COMPANY MOAT: High pre-qualification entry barriers, FY26 ROCE of 48.65% and ROE of 48.90%, 14.43% EBITDA margin, 62.60% repeat client revenue, and ₹491.12 Cr order book. | KEY RISKS: Top 5 clients represent 78.65% revenue and negative operating cash flows. | VERDICT: High-margin specialized engineering player with strong capital efficiency, balanced by client concentration.
28.49
5.04
QIB Quota
Qualified Institutional Buyers
Smart Money
-x
Institutional Book
Inst. Conviction:
Evaluating
NII / HNI Quota
sNII (₹2L-10L) & bNII (₹10L+)
HNI Desk
-x
Non-Institutional
HNI Competition Ratio:
-
Retail (RII) Quota
Individual Investors (Up to ₹2L)
SEBI Lottery
-x
Retail Book
Retail Allotment Odds:
-