Mumbai (Maharashtra) [India], October 12, 2026: Ravita Engineering Services Limited, an engineering solutions provider engaged in EPIC and O&M solutions for HVAC systems, temperature-control systems, and allied electro-mechanical equipment, opened its Initial Public Offering on Tuesday, October 13, 2026. The company aims to raise ₹116.05 Crore (at the upper price band), with equity shares proposed to be listed on the NSE Emerge platform.
Key IPO Details:
Total Issue Size:Up to 1,03,62,000 Equity Shares of ₹5 face value
IPO Size:₹116.05 Crore (At Upper Price Band)
Price Band:₹105 – ₹112 Per Share
Lot Size:1,200 Equity Shares
Minimum Application:Retail Investors: 2,400 Equity Shares (2 Lots) for a minimum investment of ₹2,68,800 at the upper price band
Equity Share Allocation:
Anchor Portion: Up to 29,48,400 Equity Shares
Net QIB: Up to 19,69,200 Equity Shares
NII: Not Less than 14,76,000 Equity Shares
Individual Investors: Not Less than 34,46,400 Equity Shares
Market Maker: 5,22,000 Equity Shares
The net proceeds from the IPO will be utilized to meet long-term working capital requirements (₹70.00 Crore), fund capital expenditure towards the purchase of heavy equipment (₹25.53 Crore), and for General Corporate Purposes.
The anchor bidding took place on Monday, October 12, 2026. The issue opened for public bidding on Tuesday, October 13, 2026, and will close on Thursday, October 15, 2026.
The Book Running Lead Manager to the Issue is Vivro Financial Services Private Limited.The Registrar to the Issue is MUFG Intime India Private Limited.
Executive Commentary
Mr. Vibhoar Agrawal, Chairman & Executive Director of Ravita Engineering Services Limited, said:
"The IPO marks an important milestone in Ravita’s growth journey. Over the years, we have built capabilities in the EPIC and O&M of HVAC and electro-mechanical systems across onshore facilities, offshore rigs and platforms, and data centres. The proposed deployment of the Net Proceeds towards long-term working capital and heavy equipment is intended to support the execution of our order book and strengthen our in-house project delivery capabilities as we expand our presence, including in the data centre segment."
Mr. Roshan Vaishnav, Director of Vivro Financial Services Private Limited, said:
"Ravita operates in the HVAC market, serving industrial, commercial, infrastructure, and data centre applications. As per the D&B industry report, India’s HVAC EPC I&C market is estimated at ₹81,284 crore in FY25 and is projected to reach ₹1,69,723 crore by FY30, while the HVAC O&M market is expected to grow from ₹36,905 crore to ₹68,205 crore.
The Company operates across onshore, offshore, and data centre HVAC engineering through EPIC projects and O&M contracts. Revenue from operations increased from ₹1,349.25 lakhs in FY24 to ₹27,763.29 lakhs in FY26, while PAT stood at ₹2,804.16 lakhs in FY26.As of June 30, 2026, the Company had an order book of ₹49,112.12 lakhs across 21 ongoing projects, including data centre work orders of ₹12,000.00 lakhs.
The proposed fresh issue is intended to support working capital requirements and purchase of heavy equipment, supporting the Company’s execution capabilities and growth opportunities."
About Ravita Engineering Services Limited
Incorporated in 2007, Ravita Engineering Services Limited is an engineering solutions company engaged in Engineering, Procurement, Installation, and Commissioning (EPIC) of HVAC systems, central air-conditioning solutions, airflow systems, chiller plants, industrial compressors, and cooling equipment on a turnkey basis. It also provides comprehensive operation and maintenance (O&M) services for both in-house and third-party installed systems. Its business spans three primary segments: Onshore, Offshore, and Data Centres.
Onshore Operations: Covers commercial establishments, hospitality units, corporate parks, and industrial facilities in Maharashtra, Gujarat, Odisha, and Karnataka.
Offshore Operations:Carried out at rigs, platforms, and marine installations in the territorial waters of India.
Data Centre Segment:Focuses on O&M of cooling systems, chiller plants, HVAC equipment, and mechanical utilities, with recent work orders totaling ₹12,000.00 lakhs in Maharashtra.
Financial Highlights:
FY26 Financials:Achieved Revenue of ₹27,763.29 Lakhs, EBITDA Margin of 14.43%, and PAT Margin of 10.09%.
Q1 FY27 (Three months ended June 2026): Achieved Revenue of ₹9,731.36 Lakhs, EBITDA Margin of 14.42%, and PAT Margin of 10.40%.
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