This Newly Listed Stock, engaged in providing personalised intervention, developmental care and support services for children with neurodevelopmental disorders through its specialised centres and home-based programmes, hit a 20 percent upper circuit after the company reported June quarterly results with a 136.32 percent YoY increase in revenue.
With a market capitalization of Rs. 532.99 crores, the shares of Rays of Belief Limited hit a 20 percent upper circuit of Rs. 267.60 per share on Tuesday, up from its previous closing price of Rs. 223 per share. Since then, the stock has retreated and is currently trading at Rs. 253 per equity share.
Q1 FY27 Result Walkthrough
Looking at the quarterly results of Rays of Belief Limited, the company’s consolidated revenue from operations increased by 136.32 percent YOY, from Rs. 10.71 crore in Q1 FY26 to Rs. 25.31 crore in Q1 FY27, and grew by 1.20 percent QoQ from Rs. 25.01 crore in Q4 FY26.
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In Q1 FY27, Rays of Belief Limited’s consolidated net profit has shifted from negative to positive, reaching a net profit of Rs. 2.79 crore compared to a net loss of Rs. 0.54 crore during the same period last year. As compared to Q4 FY26, the net profit has increased by 16.74 percent, from Rs. 2.39 crore.
The basic earnings per share increased by 16.34 percent and stood at Rs. 1.78 as against Rs. 1.53 recorded in the previous quarter in the financial year 2025-26.
Geographical Diversification & Growing US Contribution
Rays of Belief Limited has a well-diversified revenue base across India and international markets, particularly the USA. In Q1 FY27, the USA contributed Rs. 12.82 crore, slightly higher than India’s Rs. 12.49 crore. This means the US market accounted for 50.66 percent of total revenue, while India contributed 49.34 percent.
The revenue mix also shows a gradual shift towards international markets. In FY26, India contributed Rs. 47.58 crore, or 58.26 percent of revenue, while USA contributed Rs. 34.09 crore, or 41.74 percent. The latest quarter indicates that the company is becoming less dependent on India, with the US business emerging as an increasingly important growth market.
Operational Performance
Rays of Belief Limited reported a significant improvement in operating performance, with EBITDA increasing to Rs. 5.03 crore from Rs. 0.47 crore YoY, marking a strong 969.57 percent growth. On a sequential basis, EBITDA grew 5.32 percent QoQ, reflecting continued operational improvement.
EBITDA margin also expanded sharply to 19.86 percent, compared with 4.39 percent in the same period last year and 19.09 percent in the previous quarter. The sharp margin expansion indicates improved operating efficiency, better cost control, and stronger profitability during the quarter.
IPO Details
Rays of Belief Limited raised Rs. 125 crore through its IPO, comprising a fresh issue of 52.30 lakh shares. The IPO opened for subscription from September 1 to September 3, 2026, and the shares were listed on NSE and BSE on September 8, 2026. The final issue price was fixed at Rs. 239 per share. The fresh capital will support the company’s expansion, centre development, technology investments and other growth initiatives.
Additionally, Rs. 14.45 crore is allocated for existing India centre leases, Rs. 10.13 crore for its US subsidiary’s lease payments, and Rs. 10.21 crore for brand awareness and inclusive outreach programmes.
Geographical Presence
Rays of Belief Limited has expanded its Mom’s Belief centre network significantly since opening its first centre in Gurgaon in 2018. The company grew from 71 centres in FY23 to 136 centres as of March 31, 2026, covering 57 cities across 20 states and union territories. Its network includes 42 Tier 1, 77 Tier 2 and 17 Tier 3 centres, giving the company a strong presence in smaller and underserved markets.
The company’s centres are equipped with more than 150 teaching tools, while home-based learning kits offer access to over 2,000 tools. Regular follow-ups and progress monitoring support service delivery. As of March 2026, the company had 340+ full-time clinical professionals.
Company Overview
Rays of Belief Limited was incorporated in 2017 and is a for-profit social enterprise focused on providing personalised intervention and developmental support for children with Neurodevelopmental Disorders (NDDs).
The company’s services cover conditions including Autism Spectrum Disorder (ASD), ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities, and Global Developmental Delays. The company operates under the Mom’s Belief brand and aims to provide accessible, structured, and personalised care through its expanding centre network.
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Annual Performance of FY26
Rays of Belief Limited’s total income has increased from Rs. 36.54 crore in FY25 to Rs. 82.06 crore in FY26, which has grown by 124.58 percent. The net profit has decreased by 15.65 percent from Rs. 5.88 crore in FY25 to Rs. 4.96 crore in FY26.
In terms of return ratios, the company’s ROCE and ROE stand at 21.64 percent and 16.1 percent, respectively. Rays of Belief Limited’s debt-to-equity ratio is 0.30x.