Ravita Engineering Services IPO

Ravita Engineering Services Initial Public Offering is a Book Build Issue of ₹116.05 crores. The issue is entirely a Fresh Issue of 1.04 crore shares aggregating to ₹116.05 crore.

Ravita Engineering Services Initial Public Offering has set the Issue Price Band at ₹105 to ₹112 per share. The Lot Size for an application is 1,200 shares. The minimum amount of investment required by an Individual Investor (Retail Individual Investor) is ₹2,68,800 (2,400 shares), based on the upper price of the price band. The minimum Lot Size for investment by High Net-worth Individual Investors is 3 lots (3,600 shares), amounting to ₹4,03,200.

Vivro Financial Services Private Limited is the Book Running Lead Manager, and MUFG Intime India Private Limited is the Registrar to the Issue.

About Ravita Engineering Services Limited

Incorporated in December 2007 as Sayo Construction Private Limited, Ravita Engineering Services Limited was subsequently renamed Powermech Services Private Limited in 2010, Ravita Engineering Services Private Limited in September 2025, and converted into a public limited company in December 2025. The company is an engineering solutions provider engaged in turnkey Engineering, Procurement, Installation and Commissioning and Operations and Maintenance services for heating, ventilation and air-conditioning, central air-conditioning, air-flow systems, chiller plants, industrial compressors, cooling equipment and other electro-mechanical systems.

The company operates across three key areas — Onshore, Offshore and Data Centre. Its Onshore operations cater to commercial establishments, hospitality units, corporate parks, industrial facilities and infrastructure projects, while its Offshore operations cover rigs, platforms and other marine installations, particularly in the oil and gas sector. In the Data Centre segment, the company provides operations and maintenance services for cooling systems, chiller plants, heating, ventilation and air-conditioning equipment and mechanical utilities.

Ravita Engineering Services has its registered office at Office No. 202, 2nd Floor, Mayuresh Square, Plot No. 17, Sector 15, CBD Belapur, Thane, Maharashtra, and its corporate office at Godrej Genesis, Sector V, Salt Lake, Kolkata, West Bengal. The company follows an integrated project execution and maintenance model, undertaking design, engineering, procurement, installation, testing, commissioning and post-installation maintenance of electro-mechanical systems. Its Engineering, Procurement, Installation and Commissioning projects are generally executed over 6 to 14 months, while its Operations and Maintenance contracts typically provide recurring revenues over multiple years.

As of December 31, 2025, the company had a total order book of ₹479.66 crore, comprising ₹225.27 crore from Engineering, Procurement, Installation and Commissioning projects, ₹105.34 crore from Operations and Maintenance services and ₹149.05 crore from Hybrid projects. During the nine months ended December 31, 2025, the company reported revenue from operations of ₹208.21 crore, with Engineering, Procurement, Installation and Commissioning projects contributing 74.55% and Operations and Maintenance services contributing 25.45%. The company had 402 employees as of December 31, 2025, including 381 engineering and technical personnel.

Industry Outlook

• The Indian industrial Heating, Ventilation and Air Conditioning market grew from ₹1,01,637 crore in FY2021 to ₹1,45,000 crore in FY2025, implying a 9.3% CAGR, indicating sustained and broad-based industry expansion.
• The market is projected to reach ₹2,87,862 crore by FY2030, growing at an estimated 14.7% CAGR from FY2025, supported by industrial expansion, warehousing, logistics and mission-critical cooling requirements.
• Industrial HVAC is expected to increase its share of the overall Indian HVAC market from 20% in FY2025 to 23% by FY2030, with factories, large infrastructure projects and data centres driving higher demand for engineered cooling solutions.
• Data centres are emerging as a major growth driver, with the segment more than doubling between FY2021 and FY2025; rising data consumption, cloud adoption and higher server densities are expected to further increase demand for precision and advanced cooling systems.
• The industry is witnessing a shift towards service-led spending, with services and operations accounting for 51% of industrial HVAC expenditure in FY2025 and projected to rise to 55% by FY2030, creating opportunities for recurring operations and maintenance revenues.
• Rising industrialisation, urbanisation and energy-efficiency requirements are expected to support long-term demand, as modern facilities increasingly require energy-efficient HVAC systems, controlled ventilation, air-quality management and automated monitoring for operational efficiency and regulatory compliance.

Ravita Engineering Services IPO Objectives

The company proposes to utilise the net proceeds from the IPO for the following objectives:

• To meet long-term working capital requirements of the Company.
• Funding capital expenditure requirements of our Company towards purchase of certain heavy equipment.
• Towards general corporate expenses.

Financial Performance of Ravita Engineering Services Limited