A Deep-Dive on Business, Financials, Subscription Numbers, Anchor Book and the Road Ahead

Source: Company RHP / Chittorgarh.com IPO desk, as of September 4, 2026.

Incorporated in August 2017 and headquartered in New Delhi, Rays of Belief Ltd. is a for-profit social enterprise that designs personalised intervention plans for children living with Neurodevelopmental Disorders (NDDs) — a category that includes Autism Spectrum Disorder (ASD), ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities and Global Developmental Delays. The Company trades under the widely recognised consumer brand Mom's Belief, built around its very first therapy centre that opened in Gurgaon in 2018.

From that single centre, the network has scaled to 136 centres as of March 31, 2026, up from 71 centres in Fiscal 2023 — a footprint spread across 57 cities and 20 states and union territories. Distinctively, the network leans into smaller markets: it comprises 42 Tier 1, 77 Tier 2 and 17 Tier 3 centres, extending specialised developmental care to families in semi-urban India who have historically had little or no access to such services. According to a CARE Ratings assessment cited in the offer documents, Rays of Belief ranks first in India and seventh globally among listed players by number of centres offering NDD intervention programmes, as of March 31, 2026.

The Company primarily works with children between 18 months and 12 years of age, while dedicated programmes extend support up to age 15, with an emphasis on vocational training and independent-living skills for older children. Its multidisciplinary service basket spans early intervention, parental guidance, occupational therapy, speech and language therapy, and structured family-support programmes, delivered by a clinical bench of 340+ full-time professionals, including developmental and clinical psychologists, occupational therapists, speech-language pathologists and special educators.

Centres are equipped with 150+ proprietary teaching tools, while home-based learning kits extend access to a further 2,000+ tools, backed by structured follow-ups and progress-tracking systems designed to keep therapy consistent between centre visits and home practice.

■  International Foray: The U.S. Acquisition

In June 2025, Rays of Belief acquired Mom's Belief US, Inc. as a wholly owned subsidiary, along with Allergy and Immunology Virginia, LLC as a step-down subsidiary in the United States. The transaction added three operating centres in Virginia — in Salem, Lynchburg and Roanoke — marking the Company's first step outside India and giving it a toehold in a considerably larger, developed neurodevelopmental-care market.

Every Mom's Belief centre operates out of leased premises rather than owned real estate, a structural choice that keeps upfront capital intensity low and allows the network to be scaled or reconfigured relatively quickly as demand shifts across cities. This asset-light architecture underpins the Company's centre-addition strategy and is central to the growth capital being raised through this IPO.

■  Where the Fresh Issue Money Goes

The stated total of ₹130.89 crore against a ₹125 crore issue reflects the Company's own accrued and internal accruals supplementing net proceeds, as disclosed in the RHP.

On a restated standalone basis, Rays of Belief has grown its topline sharply over the last three fiscal years, while profitability has been more uneven — a pattern typical of a healthcare network in an aggressive centre-addition phase.

Note: FY2026 figures are presented on a consolidated basis following the U.S. acquisition, while FY2024 and FY2025 are standalone — the Company flags this basis change in its own disclosures. On this comparison, total income rose 125% year-on-year even as PAT declined by about 16%, reflecting higher operating scale, integration costs and investment in new centres.

■  Key Performance Indicators

A lower debt-to-equity ratio alongside a sharply improved ROCE in FY2026 points to more efficient capital deployment even as the net-margin profile compressed on a consolidated basis.

■  Valuation Snapshot

P/E figures are computed on FY2026 annualised earnings per the RHP methodology and should be read alongside sector growth expectations rather than in isolation.

The Rays of Belief IPO closed with overall subscription of 107.71 times as of the final bidding session on September 3, 2026, at 6:54:57 PM — a response led emphatically by non-institutional investors.

Total valid applications received: 15,56,764. Source: Chittorgarh.com live subscription tracker.

■  Anchor Book: ₹50 Crore Ahead of Opening

A day before the issue opened to the public, Rays of Belief raised ₹50.00 crore from five institutional anchor investors on August 31, 2026, at the top-end anchor price of ₹239 per share, covering 20,92,190 equity shares. The allocation was split with Viney Growth Fund and LRSD Securities Pvt Ltd each receiving 30% of the anchor book, Nova Global Opportunities Fund PCC – Touchstone taking 20%, and 31 Degrees North Fund I and Visionary Value Fund receiving 10% each. Fifty percent of the anchor shares carry a 30-day lock-in ending October 4, 2026, with the remainder locked in for 90 days until December 3, 2026.

■  Grey Market Signals — A Word of Caution

Promoter holding dilutes from 91.72% to 68.77% post-listing, comfortably above regulatory minimum public shareholding thresholds and leaving the founding group with clear majority control as the Company transitions into a listed entity.

The Company's own disclosures frame its growth ambitions around four connected levers: deeper penetration into Tier 2 and Tier 3 India, where demand for structured NDD care has historically outstripped supply; an expanded Centre-for-Excellence and research capability aimed at strengthening clinical protocols; a dedicated Upskilling Academy to widen the pipeline of trained therapists and educators, an acknowledged bottleneck for the sector at large; and continued investment behind Mom's Belief US, Inc. as a bridgehead for international scale-up beyond the three Virginia centres already operating.

Management has also earmarked a meaningful share of net proceeds — over ₹38 crore — toward inorganic growth through yet-to-be-identified acquisitions, signalling an intent to consolidate a still-fragmented neurodevelopmental care landscape in India rather than rely solely on organic centre rollouts. Alongside this, a dedicated outreach and brand-awareness budget points to a continued push to build category awareness among parents in smaller towns, where early diagnosis and intervention rates for NDDs remain low relative to Tier 1 metros.

Leading this expansion is Managing Director Nitin Bindlish, who has been associated with the neurodevelopmental care space for over a decade and has been the principal driver of the Company's scale-up from a single Gurgaon centre in 2018 to its current pan-India, and now trans-Atlantic, footprint.

Rays of Belief's IPO gives public-market investors a rare, focused entry point into India's organised neurodevelopmental-care sector — a category defined more by underserved demand than by competitive intensity. The Company's scale, Tier 2/3 reach and early U.S. foothold are genuine differentiators, while its still-evolving profitability and a rich earnings multiple are the natural trade-offs of a young, high-growth healthcare platform going public. As with any IPO, the subscription enthusiasm and grey-market chatter capture short-term sentiment; the more durable story will be told over the coming quarters, as centre-level economics, U.S. integration and margin trends play out on the exchanges.