Rays of Belief

About the company

Rays of Belief, operating under the brand name Mom’s Belief, is a for-profit social enterprise providing personalised intervention plans for children with neurodevelopmental disorders (NDDs), including Autism Spectrum Disorder (ASD), Attention-Deficit/Hyperactivity Disorder (ADHD), Down Syndrome, Cerebral Palsy, Intellectual Disability, Learning Disabilities and Global Developmental Delays. The company opened its first centre in Gurugram in 2018 and has since expanded its presence across India. As of March 31, 2026, it had served more than 58,000 children since inception. Overseas centres were the largest contributor to revenue in FY26, generating ₹34.09 crore or 41.7% of revenue from operations. Domestic centre operations contributed ₹26.17 crore or 32.1%, while exports of services contributed ₹20.87 crore or 25.56%. Online services accounted for ₹0.39 crore or 0.4%. Among domestic centre formats, centres operated in partnership with licensed professionals contributed ₹21.65 crore or 26.5% of revenue, while company learning centres contributed ₹3.84 crore or 4.7%. As of March 31, 2026, Mom’s Belief had 136 centres across 57 cities and 20 states and Union Territories in India, comprising 42 centres in Tier 1 cities, 77 in Tier 2 cities and 17 in Tier 3 cities. It also had three centres in the US, all located in Virginia, following the acquisition of Mom’s Belief US, Inc. and Allergy & Immunology Virginia, LLC. The US centres currently provide allergy, asthma and immunology services, with plans to add behaviour-therapy support. The company served 9,205 children in FY26, compared with 8,585 in FY25 and 9,344 in FY24, and recorded 6,903 fresh enrolments during the year. Mom’s Belief operates through Company Learning Centres, centres run in partnership with licensed professionals and school collaboration centres, supported by a Centre of Excellence and Research and an Upskilling Academy. During FY26, it added 17 centres through Licensed Professional partnerships and 10 School Collaboration Centres, taking the total network to 136. The partnership model brings paediatricians, developmental paediatricians, child psychiatrists, occupational therapists and speech-language pathologists into the network, with partners providing local presence and referrals while Mom’s Belief provides therapy services, standardised protocols, training and clinical support. As of March 31, 2026, the company had 521 permanent employees and 19 consultants, including 340 full-time clinical professionals. The company plans to continue expanding its centre network, particularly through Licensed Professional and school partnerships, while adding Centres of Excellence and Research and Upskilling Academies. It is also evaluating acquisitions and strategic alliances in India and overseas. Mom’s Belief operates in India's neurodevelopmental-disorders (NDD) therapy market, which includes services for ASD, ADHD, cerebral palsy, communication disorders, developmental delays, specific learning disorders, intellectual disability, Down Syndrome and motor disorders. The overall NDD market was valued at ₹526.23 crore in CY25. ADHD accounted for 33.43% of the market, followed by ASD at 20.85% and cerebral palsy at 18.44%. Communication disorders accounted for 12.10%, specific learning disorders 5.73%, developmental delays 4.57%, speech disorders 3.17%, intellectual disability 1.58% and motor disorders 0.13%. Growth in the NDD therapy market is being supported by greater awareness, earlier diagnosis, rising demand for specialised intervention, improving healthcare infrastructure and increasing availability of trained professionals. Government agencies and NGOs are also working to improve awareness among families and caregivers and encourage early intervention. Technology-enabled services such as teletherapy are helping improve access to specialised care, while the regulatory framework continues to evolve, with gaps remaining in standardised protocols and specialised resources across states. Mom’s Belief is expected to participate in this growth through its presence across Tier 2 and Tier 3 cities, multidisciplinary therapy offering and partnership-led centre model. Its three centres in Virginia also give it an overseas presence, while the expansion of the underlying NDD therapy markets provides room for further growth in demand for organised developmental-care services. Now, Rays of Belief is launching its initial public offering (IPO), which consists of a fresh issue of ₹125 crore. Its shares will be listed on the NSE and BSE. ### **How to apply for Rays of Belief IPO?** If you are interested in this investment opportunity but unsure how to apply for the Rays of Belief IPO, follow these steps. When the public issue opens for subscription, one can follow this step-by-step guide on how to apply for the Rays of Belief IPO on Upstox: - Log in to your Upstox account, using your six-digit PIN - After logging in, click on ‘Discover’ - On the ‘Discover’ tab, you will find the ‘Invest in IPO’ section - Under the Invest in IPO section, look for the ‘Rays of Belief IPO’ tab and click on it - Now fill in all the required information, like ‘bid price’ and ‘lot size’ - Confirm and click on ‘Apply’ - Accept the mandate on your UPI app

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Financial performance (₹ Cr)

Subscription breakup (final, times)

IPO Roadmap / Timeline

1. IPO Opens

   Completed
   01 Sept 2026

   Bidding starts for all investor categories

2. IPO Closes

   In Progress
   03 Sept 2026

   Last day to place your bid

   1d since ClosesToday · 04 Sept 20261d to Basis of Allotment

3. Basis of Allotment

   Upcoming
   05 Sept 2026

   Share allotment finalised

4. Refund Initiation

   Upcoming
   06 Sept 2026

   Refunds credited for non-allottees

5. Credit to Demat

   Upcoming
   07 Sept 2026

   Allotted shares credited to demat account

6. Listing on Exchange

   Upcoming
   08 Sept 2026

   Shares list on NSE / BSE

Post-close dates are indicative as per SEBI T+3 listing framework and may change per registrar updates.

Date-wise daily subscription (all categories)

Date-wise cumulative subscription figures per category, refreshed each bidding day.