Rays of Belief Ltd.
PROSPECTUS · filed 01 Sept 2026
Rays of Belief Ltd. operates a network of learning centres and school collaboration centres across India, with 17 centres in Tier 3 cities contributing 3.77% of revenue. The company's financial trajectory is supported by 42 centres in Tier 1 cities and 77 centres in Tier 2 cities, which together contributed 28.27% of revenue. The offer is structured as a fresh issue of shares, and the business is materially exposed to risks regarding the recoverability of capital expenditure on leased premises and concentration of revenue in specific regions like Uttar Pradesh, Karnataka, and Delhi.
What stands out
Risk factor. A significant portion of immovable capital expenditure (30-37% for Company Learning Centres and under 9% for School Collaboration Centres) is incurred on fit-outs for leased premises, which may not be recoverable if a lease is not renewed, terminated, or if a centre is closed or moved.
Risk factor. 15.36% of Revenue from Operations is derived from centres located in Uttar Pradesh, Karnataka, and the union territory of Delhi, and 17.58% is derived from centres in Tier 2 cities, making the business vulnerable to factors in these specific regions.
How the offer is structured
- Funding capital expenditure towards establishment of new centres on leased premises (tenure of 11 months - 3 years) and associated technology (hardware) costs₹41.4 Cr
- Expenditure for lease payments for our existing centres in India₹14.4 Cr
- Investment in our Subsidiary, Mom's Belief US Inc., for making lease / license payments for our existing centres in the USA₹10.1 Cr
- Expenditure for brand awareness and inclusive outreach programs₹10.2 Cr
- Funding inorganic growth through unidentified acquisition and General corporate purposes₹38.5 Cr
Promoters, litigation & related parties
Promoter (pre)
91.7%
Proceedings
2
The Company has filed a contempt petition against a Defendant for obstructing a Local Commissioner. Additionally, the Company has filed a civil suit against a former consultant, Dr. Manish Samnani, seeking permanent injunction and damages of ₹ 2.00 million, with an additional compensation of ₹ 2.49 million. The matter is currently pending.
Risks the company discloses
A significant portion of immovable capital expenditure (30-37% for Company Learning Centres and under 9% for School Collaboration Centres) is incurred on fit-outs for leased premises, which may not be recoverable if a lease is not renewed, terminated, or if a centre is closed or moved.(Operational)
15.36% of Revenue from Operations is derived from centres located in Uttar Pradesh, Karnataka, and the union territory of Delhi, and 17.58% is derived from centres in Tier 2 cities, making the business vulnerable to factors in these specific regions.(Operational)
The Company operates 27 centres in the state of Uttar Pradesh, which contributed 7.62% of Revenue from Operations in March 31, 2026, and 56.75 million in revenue in Fiscal 2026.(Operational)
The Company operates 20 centres in the state of Karnataka, which contributed 3.94% of Revenue from Operations in March 31, 2026, and 32.18 million in revenue in Fiscal 2026.(Operational)
The Company operates 5 centres in the union territory of Delhi, which contributed 3.80% of Revenue from Operations in March 31, 2026, and 31.04 million in revenue in Fiscal 2026.(Operational)
The Company operates 42 centres in Tier 1 cities, which contributed 10.69% of Revenue from Operations in March 31, 2026, and 87.33 million in revenue in Fiscal 2026.(Operational)
The Company operates 77 centres in Tier 2 cities, which contributed 17.58% of Revenue from Operations in March 31, 2026, and 143.60 million in revenue in Fiscal 2026.(Operational)
The Company operates 17 centres in Tier 3 cities, which contributed 3.77% of Revenue from Operations in March 31, 2026, and 30.75 million in revenue in Fiscal 2026.(Operational)
No dimension score is published for this filing. Too few sections could be read from the document to score it without guessing, and a score built on two fields would say more about our extraction than about the company.