Rays of Belief IPO Recommendation: Apply or Avoid?

By Jagat Joshi
September 1, 2026

Rays of Belief operates under the Mom’s Belief brand and provides therapy/intervention plans for children with Neurodevelopmental Disorders (“NDDs”). They offer personalized intervention programs as per the child’s unique condition, including Autism Spectrum Disorder, Attention-Deficit/ Hyperactivity Disorder, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities, and Global Developmental Delays.

The IPO will be open for subscription on September 1, 2026, and close on September 3, 2026. Rays of Belief is a Mainboard IPO with a price band set between ₹227 to ₹239 per share. As per the RHP, the company plans to raise around ₹125 crores through an Initial Public Offering (IPO).

Reviewer	Recommendation
IPOWatch	May Apply
Capital Market	Neutral
Swastika Investmart Ltd.	Neutral
Axis Capital Ltd.	Not Rated
Beacon Capital Advisors Pvt. Ltd. (Equivision)	Not Rated
Dilip Davda	Not Rated

Mom’s Belief is the most trusted therapy care provider in India, offering specialized services to children from 18 months up to 12 years of age. As of March 2026, the firm operates 136 centres spread across 57 cities spanning 20 states and union territories in India.

For medium-term investment, this IPO might be a good fit. Overall, investors should carefully evaluate the company’s fundamentals, strengths, risks, and growth prospects before deciding whether to invest.

Strengths:

Mom’s Belief is India’s 1st-ranking firm based on the number of centers it operates that offer intervention/treatment plans for children with Neurodevelopmental Disorders (NDDs).
Its centers are situated across Tier 1, Tier 2, and Tier 3 cities, making it accessible for affected families and children.
The firm offers different types of specialised therapies, including Speech and language therapy, occupational therapy, and behavioural support, with an emphasis on helping children achieve measurable developmental milestones.
The company is backed by an experienced management team and over 340 full-time clinical professionals.

Weaknesses:

In FY26, about 15.36% of the company’s revenue comes from its centers in Uttar Pradesh, Karnataka, and Delhi, and about 17.58% of its revenue comes from centres in Tier-2 cities. If the company loses customers from those regions can negatively impact the business.
The firm is dependent on specialised treatment and therapy for children dealing with Neurodevelopmental Disorders (NDDs), which is a sensitive area to operate in. If fail to provide good-quality and reliable services or makes any mistakes in providing care can hurt its reputation and affect its overall business.
In FY26, the company has served 9,205 children; in FY25, it served 8,585 children; and in FY24, it served 9,344 children. Fail to keep existing clients, attract new ones, or maintain relationships with clients received through referral sources

Disclaimer

Investors are advised to make their own decisions and apply entirely at their own risk. This article is written using information from the company’s RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.

Jagat Joshi

Founder of IPOWatch, brings nearly 15 years of experience in IPO analysis and market research. He provides complete coverage of upcoming IPOs, subscription trends, grey market premiums (GMP), and post-listing performance, along with easy-to-understand reviews, insights, and analysis. In his working journey, he has worked with various platforms and received expertise in stock market analysis and primary markets.