RAYS OF BELIEF LTD
About the company
Rays of Belief Ltd. is a for-profit social enterprise providing personalized intervention programs for children with neurodevelopmental disorders such as autism, ADHD, and learning disabilities. Its services aim to improve awareness, accessibility, quality, and affordability of care while enabling parents to actively support their child’s development. The company delivers therapies including early intervention, occupational and language therapy, and family guidance.
Founded in 2018 with its first centre in Gurgaon, the company has expanded to 136 centres across 57 Indian cities under the Mom’s Belief brand, largely in Tier-2 locations. Since inception, it has supported more than 56,500 children aged 18 months to 12 years, with extended programs up to age 15.
Centres are equipped with over 150 learning tools such as sensory equipment and worksheets to aid therapy and skill development. In June 2025, the company strengthened its international presence by acquiring Mom’s Belief US Inc., adding three centres in Virginia.
Total revenue has grown strongly from ₹22.13 crs in FY23 to ₹36.42 crs in FY25, with 6M FY26 consolidated revenue at ₹43.15 crs indicating robust momentum. EBITDA has improved from a loss of ₹7.22 crs in FY23 to a profit of ₹3.02 crs in FY25 and ₹4.35 crs in 6M FY26, driving a turnaround in profitability and positive EPS.
The promoters of Rays of Belief Limited are Mr. Nitin Bindlish and Carving Futures Pte. Ltd. Mr. Nitin Bindlish serves as the Promoter and Managing Director of the Company, while Carving Futures Pte. Ltd. serves as the Corporate Promoter of the Company.
Rays of Belief Limited is making Fresh issue of up to 6,000,000 shares having face value of Rs 10 each aggregating Rs XX crs. The net offer to the public is XX shares within the price band of Rs XX per share. XX shares offered to retail, while XX shares offered to the Non-Institutional HNI category, XX shares to QIBs, XX shares to Anchor investors, & XX shares will be reserved for Market Maker to the issue.
The shares will be listed on the BSE platform of the Bombay Stock Exchange and NSE platform of the National Stock Exchange.
Key metrics
Subscription status by category
Strengths & risks
Strengths / Operational Highlights
Rays of Belief Limited – Pursuing Excellence Relentlessly
Experienced Team Fueling Business Expansion: With Promoter and Managing Director Nitin Bindlish as the ultimate beneficial owner and part of a promoter group holding over 92% equity, management demonstrates strong ownership commitment and strategic control. This concentrated leadership stake supports aligned decision-making and long-term focus on expanding operations and strengthening the company’s growth trajectory.
Integrated Centre-Led, Parent-Enabled Service Model – Rays of Belief Limited operates through company-managed centres delivering standardized, multidisciplinary therapies supported by trained clinical professionals, teaching tools, and structured monitoring, enabling strong operational control and consistent service quality. By expanding into Tier-2/3 locations, using scalable learning kits, and involving parents as co-therapists, it optimizes resource utilization and reduces delivery costs, supporting overall cost efficiency.
Growth Strategy Focused on Scale, Accessibility, and Quality Care Rays of Belief Limited’s strategy centers on expanding its center network through scalable operations while maintaining affordable and accessible developmental care supported by multidisciplinary services. It also emphasizes experienced leadership, R&D focus, and digital adaptability to strengthen service quality and sustain long-term growth.
Post the Public Issue Rays of Belief Limited long-term growth Rays of Belief Limited’s long-term growth plan focuses on expanding its center network across underserved regions and international markets through organic rollout, acquisitions, and partnerships while maintaining cost-efficient leased infrastructure. It also aims to strengthen capabilities by investing in talent upskilling, R&D and AI-driven therapies, enhancing service offerings, and building brand awareness to drive enrolment and sustainable scale.
Risks
Rays of Belief Limited faces risk from competition by NGOs, hospitals, and regional players offering similar behavioral health services, which could impact client acquisition despite differences in scale and structure. Additionally, limited transparency on unlisted competitors and evolving industry dynamics may create uncertainty in benchmarking performance and sustaining its market leadership.
Financial snapshot
Strengths & risks
Strengths / Operational Highlights
Rays of Belief Limited – Pursuing Excellence Relentlessly
Experienced Team Fueling Business Expansion: With Promoter and Managing Director Nitin Bindlish as the ultimate beneficial owner and part of a promoter group holding over 92% equity, management demonstrates strong ownership commitment and strategic control. This concentrated leadership stake supports aligned decision-making and long-term focus on expanding operations and strengthening the company’s growth trajectory.
Integrated Centre-Led, Parent-Enabled Service Model – Rays of Belief Limited operates through company-managed centres delivering standardized, multidisciplinary therapies supported by trained clinical professionals, teaching tools, and structured monitoring, enabling strong operational control and consistent service quality. By expanding into Tier-2/3 locations, using scalable learning kits, and involving parents as co-therapists, it optimizes resource utilization and reduces delivery costs, supporting overall cost efficiency.
Growth Strategy Focused on Scale, Accessibility, and Quality Care Rays of Belief Limited’s strategy centers on expanding its center network through scalable operations while maintaining affordable and accessible developmental care supported by multidisciplinary services. It also emphasizes experienced leadership, R&D focus, and digital adaptability to strengthen service quality and sustain long-term growth.
Post the Public Issue Rays of Belief Limited long-term growth Rays of Belief Limited’s long-term growth plan focuses on expanding its center network across underserved regions and international markets through organic rollout, acquisitions, and partnerships while maintaining cost-efficient leased infrastructure. It also aims to strengthen capabilities by investing in talent upskilling, R&D and AI-driven therapies, enhancing service offerings, and building brand awareness to drive enrolment and sustainable scale.
Risks
Rays of Belief Limited faces risk from competition by NGOs, hospitals, and regional players offering similar behavioral health services, which could impact client acquisition despite differences in scale and structure. Additionally, limited transparency on unlisted competitors and evolving industry dynamics may create uncertainty in benchmarking performance and sustaining its market leadership.
Our verdict
Our View on This IPO
Rays of Belief Limited which is tapping the capital market, enjoys a strong track record of ramping up its turnover in the last two years & building strong business relationships with its domestic customers which has helped it significantly scale up its operations.
Rays of Belief Limited operates through company-managed centres delivering standardized, multidisciplinary therapies supported by trained clinical professionals, teaching tools, and structured monitoring, enabling strong operational control and consistent service quality. By expanding into Tier-2/3 locations, using scalable learning kits, and involving parents as co-therapists, it optimizes resource utilization and reduces delivery costs, supporting overall cost efficiency.
Rays of Belief Limited’s strategy centers on expanding its center network through scalable operations while maintaining affordable and accessible developmental care supported by multidisciplinary services. It also emphasizes experienced leadership, R&D focus, and digital adaptability to strengthen service quality and sustain long-term growth.
More importantly, Rays of Belief Limited promoters have significant industry experience and have been instrumental in the company's consistent growth. The management team's combined expertise and experience are also a significant asset going ahead
After the proposed IPO, the company’s net worth will total Rs XX crore as on date after the IPO, & post-IPO, the equity capital will stand at Rs 20.9 crore.
We are confident that Rays of Belief Limited will deliver consistent performance and provide a good investment opportunity for investors with a long-term horizon.
Hence, we recommend SUBSCRIBE for long-term investment.
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