Incorporated in 2017, Rays of Belief Ltd. is a for-profit social enterprise providing personalised intervention plans for children with Neurodevelopmental Disorders (NDDs), including Autism Spectrum Disorder (ASD), ADHD, Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities and Global Developmental Delays.
The Company started its first centre in Gurgaon in 2018 and has since expanded from 71 centres in Fiscal 2023 to 136 centres as of March 31, 2026, under its brand name Mom’s Belief. These centres are spread across 57 cities and 20 states and union territories in India, with a strong presence in Tier 2 cities. The network includes 42 Tier 1, 77 Tier 2 and 17 Tier 3 centres, helping extend developmental care to underserved and semi-urban areas.
The Company primarily serves children aged 18 months to 12 years, while specialised programs are available for children up to 15 years, focusing on vocational and life skills. Its multidisciplinary services include early intervention, parental guidance, occupational therapy, language therapy and family support programs.
The centres are equipped with 150+ teaching tools, while home-based learning kits provide access to 2,000+ teaching tools, supported by regular follow-ups and progress monitoring. As of March 31, 2026, the Company had a team of 340+ full-time clinical professionals.
In June 2025, Rays of Belief Ltd. acquired Mom's Belief US, Inc. as its wholly owned subsidiary and Allergy and Immunology Virginia, LLC as its step-down subsidiary in the USA. The acquisition added three centres in Virginia, located in Salem, Lynchburg and Roanoke.
| Purpose | Amount (₹ Cr) |
|---|---|
| Company Learning Centres and Company Learning Centres in partnership with Licensed Professionals | ₹27 |
| School Collaboration Centres | ₹6 |
| Centre for Excellence and Research | ₹2 |
| Upskilling Academy | ₹2 |
| Technology (hardware) costs | ₹4 |
| Expenditure for lease payments for existing centres in India | ₹14 |
| Investment in Subsidiary, Moms Belief US Inc., for making lease / license payments for existing centres in the USA | ₹10 |
| Expenditure for brand awareness and inclusive outreach programs | ₹10 |
| Funding inorganic growth through unidentified acquisition and General corporate purposes | — |
| — |
| Metric | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Total Assets | 51 | 26 | 13 |
| Revenue | 82 | 37 | 31 |
| PAT | 5 | 6 | 1 |
| EBITDA | 12 | 3 | 1 |
| Net Worth | 31 | 15 | 6 |
| Reserves | 15 | 15 | 5 |
| Total Borrowing | 4 | 4 | — |
| Category | Sub (x) | Offered | Bid For |
|---|---|---|---|
| QIB | — | Not less than 75% of the Issue size | — |
| NII / HNI | — | Not more than 15% of the Issue | — |
| Retail (RII) | — | Not more than 10% of the Issue | — |
* Amount calculated at upper price band (₹239) · ** Total includes all investor categories
- 1 Initiation of Refund 07 Sep 2026
- 2 Credit of Shares to Demat 07 Sep 2026
- Pre-issue EPS of ₹3 compares to post-issue EPS of ₹2 after dilution.
This IPO has relatively lower interest or stretched valuation. Proceed with thorough research and caution.
The information on mainboardgmp.com is provided for educational and informational purposes only.
We are not a Securities and Exchange Board of India (SEBI)-registered investment advisor, analyst, broker, or financial planner. The content, data, and insights on this website, including Grey Market Premium (GMP), subscription data, IPO dates, and market information, are not intended as financial advice or recommendations to buy, sell, or hold securities.
GMP and related IPO data are collected from unofficial market sources and may not reflect actual IPO listing performance or future price movements. You should not rely solely on the information provided here to make financial or investment decisions.
Investing in IPOs and securities involves risk. Always conduct your own research and consult a qualified SEBI-registered financial advisor before making investment decisions. mainboardgmp.com and its owners shall not be liable for any financial losses, trading losses, or damages arising from use of this website.
By accessing and using mainboardgmp.com, you agree to be bound by these Terms & Conditions. If you do not agree with any part of these terms, you should not use this website.
mainboardgmp.com provides information related to IPOs, including Grey Market Premium (GMP), subscription status, IPO dates, company details, and market trends. All content is for informational purposes only.
Nothing on this website constitutes financial, investment, tax, or legal advice. The content does not constitute a recommendation to invest in any securities, and no assurance is made regarding the accuracy, completeness, or reliability of any information. You should independently verify all information and consult qualified professionals before making investment decisions.
We strive to provide accurate and up-to-date information, but we do not guarantee that all content is correct, complete, or current at all times. IPO details and GMP data are subject to change without notice.
All content, design, graphics, and data on this website belong to mainboardgmp.com and may not be copied, reproduced, or redistributed without express written permission.
You agree not to use the website for unlawful purposes or in a way that may harm, disable, or impair the site's operation.
To the maximum extent permitted by law, mainboardgmp.com and its affiliates shall not be liable for any losses, damages, costs, or expenses arising out of your use of this website.
These Terms shall be governed by the laws of India. Any disputes will be subject to the exclusive jurisdiction of courts located in Kolkata, West Bengal.
We reserve the right to modify these Terms at any time. Continued use of the site constitutes acceptance of the updated Terms.
We may collect: email address (if submitted voluntarily), IP address, browser and device information, cookies and usage data. We do not collect sensitive personal information unless voluntarily provided.
Collected data may be used to improve website performance, respond to inquiries, send newsletters or updates (if you subscribe), and analyze traffic through analytics tools.
We use cookies and similar technologies to enhance user experience and track website usage. Users can disable cookies through browser settings.
We may use third-party services (e.g., Google Analytics) that collect demographic and usage data to help us understand traffic and improve services.
We do not sell personal information. We may share data with service providers (e.g., analytics providers) who assist with website operations.
Reasonable measures are taken to protect user data, but no online transmission can be guaranteed 100% secure.
This website is not directed at children under the age of 18.
We may update this Privacy Policy at any time. Continued use of the website constitutes acceptance of changes.
For privacy concerns, please contact us via the Support page.