Mefcom Capital Markets Ltd.
Company Profile
Incorporated in 2017, Rays of Belief Ltd. is a specialized healthcare and developmental care provider delivering personalized intervention plans for children with Neurodevelopmental Disorders (NDDs), including Autism Spectrum Disorder (ASD), ADHD, Cerebral Palsy, Down Syndrome, Intellectual & Learning Disabilities, and Global Developmental Delays.
Operating commercially under the brand name Mom’s Belief, the company focuses primarily on early pediatric interventions for children aged 18 months to 12 years, alongside specialized vocational and life-skills training programs for adolescents up to 15 years. Its multidisciplinary care framework integrates clinical early intervention, occupational therapy (OT), speech and language therapy, parental training, and structured family support programs.
Pan-India Network & Tiered Geographic Expansion
Since launching its flagship center in Gurugram in 2018, the company has executed a rapid asset network expansion, scaling its operational footprint from 71 centers in FY23 to 136 centers across 57 cities and 20 states/UTs as of March 31, 2026.
The network features a balanced geographic mix weighted toward underserved Tier 2 and Tier 3 markets: comprising 42 Tier 1, 77 Tier 2, and 17 Tier 3 centers. This distributed delivery model extends specialized developmental healthcare into semi-urban and non-metro corridors.
Proprietary Tooling, Human Capital & In-Home Delivery
Rays of Belief supports its clinical therapies through a hybrid delivery model combining center-based care with home-based intervention. Centers are equipped with over 150 specialized teaching and diagnostic tools, while home-based learning kits provide families access to over 2,000 structured tools backed by continuous remote tracking and clinical progress monitoring. As of March 31, 2026, the company supported its care network with a clinical workforce of over 340 full-time healthcare professionals.
International Expansion & US Acquisition
In June 2025, the company initiated its cross-border expansion strategy through the 100% acquisition of Mom’s Belief US, Inc., along with its step-down subsidiary, Allergy and Immunology Virginia, LLC. This inorganic transaction established an operational footprint in the United States, adding three specialized clinical care centers across Salem, Lynchburg, and Roanoke in Virginia.
For the year/period ended (Rs. in Cr.)
| FY26 | FY25 | FY24 | |
|---|---|---|---|
| Total Revenue | 82.06 | 36.54 | 30.76 |
| Profit After Tax | 4.96 | 5.88 | 0.85 |
| EPS | 3.21 | 3.84 | 0.56 |
| EBITDA Margin (%) | 14.59 | 8.28 | 4.87 |
| PAT Margin (%) | 6.07 | 16.15 | 2.79 |
For year/ period ended ( in Cr.)
| Company Name | Market Cap (Cr.) | Price | P/BV | P/E | Sales (Cr.) FY26 |
Net Profits(Cr.) FY26 |
|---|---|---|---|---|---|---|
| Rays of Belief | 499.55* | 239 | 15.24 | 75.63 | 82.06 | 4.96 |
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*Market cap @upper band
The Company IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
At the upper band of IPO ₹ 239, the stock is valued at 75.63 P/E multiple. Hence, well-informed investors subscribe for medium to long term perspective.