Ravita Engineering Services Ltd. IPO Review, Financial Analysis & Valuation

Incorporated in December 2007, Ravita Engineering Services Limited is an engineering solutions provider. The company undertakes the Engineering, Procurement, Installation and Commissioning (EPIC) of HVAC systems, central air-conditioning solutions, air flow systems, chiller plants, industrial compressors, cooling equipment, and other electromechanical equipment on a turnkey basis. It also provides operations and maintenance (O&M) services for its own executed projects as well as for systems installed by third-party providers. The company operates across three primary verticals: Onshore, Offshore, and Data Center. Its Onshore operations serve commercial, hospitality, corporate, and industrial establishments, while its Offshore vertical caters to rigs, platforms, and other marine installations. During the last three fiscal years and the three months ended June 30, 2026, the company carried out work across 6 rigs and 16 associated offshore oil and gas platforms. For the Data Center segment, the company delivers O&M services for cooling systems, chiller plants, HVAC equipment, and mechanical utilities, and has secured data center infrastructure work orders totaling ₹12,000.00 lakhs in Maharashtra. As of June 30, 2026, the company maintained an order book across its Onshore, Offshore, and Data Center operations, consisting of EPIC, O&M, and hybrid projects. The leadership team comprises Vibhoar Agrawal, Chairman and Executive Director, and Sunildutt Narayan Goswami, Managing Director and Chief Executive Officer, supported by the Chief Operating Officer and dedicated engineering and execution teams. The company's revenue from operations grew from ₹1,349.25 lakhs in Fiscal 2024 to ₹27,763.29 lakhs in Fiscal 2026. In Fiscal 2026, EBITDA increased to ₹4,004.92 lakhs, while profit after tax reached ₹2,804.16 lakhs. As of June 30, 2026, the company had 399 permanent employees, which included 369 personnel in site operations.