Rays of Belief IPO

Rays of Belief Limited runs therapy centres for children with neurodevelopmental disorders under the Mom's Belief brand. Its clinicians build individual intervention plans for conditions including autism spectrum disorder, ADHD, Down syndrome, cerebral palsy, intellectual disability, learning disabilities and global developmental delay. Services span early intervention, occupational therapy, speech and language therapy, ABA-based behaviour support, special education and parent guidance, aimed at children from 18 months to 12 years, with vocational and life-skills programmes for older children up to 15. As of 31 March 2026 it operated 136 centres across 57 Indian cities in 20 states and union territories — 42 in Tier 1, 77 in Tier 2 and 17 in Tier 3 — plus three centres in the United States held through a step-down subsidiary. It has served upwards of 58,000 children since operations began in 2018.

Revenue comes from fees for subscription-based, age- and condition-specific therapy programmes delivered at leased centres. In Fiscal 2026, centre operations generated 73.79% of revenue from operations of ₹816.62 million, with the "Company Learning Centres in partnership with Licensed Professionals" format alone accounting for 26.52%; a further 25.56% came from exporting support services to promoter holding company Carving Futures Pte. Ltd. and group entity Carving Futures Inc. Labour is the dominant cost — employee benefit expense was ₹394.46 million in Fiscal 2026 against ₹211.11 million in Fiscal 2025. Every centre is leased, for tenures of 11 months to 3 years, which keeps upfront capital light but leaves immovable fit-out spend unrecoverable if a lease ends.