- POSITIVE
Annual Revenue Ravelcare Mar-2026 Annual Revenue is Rs 27 Cr which is growth of 6.9% YoY.
- NEGATIVE
Annual Net Profit Ravelcare Mar-2026 Annual Net Profit is Rs 5 Cr which is growth of -1.9% YoY.
Ravelcare was incorporated on November 29, 2018. The company operates a digital-first distribution model in the beauty and personal care segment, offering haircare, skincare, and bodycare products through a D2C approach supported by e-commerce and data-driven development. Its products are sold via its website, major online marketplaces, and quick-commerce platforms, with international expansion into the UAE, Australia, Canada, Germany, the USA, and Saudi Arabia in FY25
| Bidding Dates |
|---|
| 01 Dec 2025 - 03 Dec 2025 |
| Subscription |
|---|
| 406.72x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹246,000 | 2 | 2 | 1000 | 1.9 M | ₹123 - ₹130 | 72.94 % | ₹228.0 M - ₹241.0 M | RHP DOC |
Ravelcare IPO SUBSCRIPTION STATUS
03 Dec '25Total406.72x
Retail Individual Investor617.3x
HNI (NII) Investors996.56x
Qualified Institutional Buyers82.36x
Ravelcare IPO overall subscription rate was 406.72 times the total available shares
Ravelcare IPO retail subscription rate was 617.3 times in the retail segment
Ravelcare IPO non-institutional investor subscription rate was 996.56 times in the non-institutional investor category
Ravelcare IPO Qualified Institutional Bidder subscription rate was 82.36 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers |
|---|---|---|---|
| Category Reservation | 35% | 15% | 50% |
03 Dec 2025 (Day 3) | 617.3x | 996.56x | 82.36x |
02 Dec 2025 (Day 2) | 127.25x | 196.68x | 3.62x |
01 Dec 2025 (Day 1) | 23.85x | 34.18x | 1.86x |
Ravelcare FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| H1FY26 | 14.4 | 3.2 | -0.3 | -0.3 | 30.1% |
| FY25 | 25.0 | 5.3 | -0.6 | -0.6 | 27.3% |
| FY24 | 22.1 | 5.0 | 6.4 | 6.2 | 30.1% |
| FY23 | 3.5 | 0.4 | 1.0 | 1.0 | 14.5% |
Ravelcare IPO SUBSCRIPTION STATUS DETAILS
Ravelcare had 1.9 M shares on offer
Ravelcare IPO offer price was in the range ₹123 - ₹130
Ravelcare IPO minimum Investment was ₹246000
Ravelcare IPO issue size was ₹ 228.0 M - ₹ 241.0 M
Ravelcare had a minimum lot size of 1000 Shares per application
Ravelcare NUMBER OF SHARES ON OFFER
Total1.9 M
Fresh Issue1.9 M
Offer for Sale0
Post Issue Promoter Holding %72.94 %
Ravelcare IPO IMPORTANT DATES
| Issue Open Date | 01 Dec 2025 |
| Issue close Date | 03 Dec 2025 |
| Allotment Date | 04 Dec 2025 |
| Refund Date | 05 Dec 2025 |
| Demat Account Credit Date | 05 Dec 2025 |
| Listing Date | 08 Dec 2025 |
| Listing on Exchange(s) | BSE |
| Ravelcare Allotment Status | Exchange/ Registrar |
Ravelcare IPO subscription opened on 01 Dec 2025, and closed on 03 Dec 2025
IPO allotment for Ravelcare was finalized on Thursday, 04 Dec 2025
IPO listing for Ravelcare was on BSE on Monday, 08 Dec 2025
Ravelcare IPO LISTING GAINS
| Issue Price (adjusted) | 130.0 |
| Listing Open Price | 201.0 |
| Listing Close Price | 190.9 |
| Listing Gain% | 54.6% |
| Current Gain% | -25.4% |
Ravelcare Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ravelcare Ltd. | 97 | 66.5 | 12.9 | -6.7 | 2.5 | 13.8 | 12.8 | 27 | 6.9 | 5.2 | -1.9 | 7.5 | -1.9 |
| Hindustan Unilever Ltd. | 1856.7 | 436248.6 | 29.2 | 0.8 | 6.6 | 30.8 | 18.8 | 65219 | 1.7 | 15040 | 41.2 | 63.7 | 38.6 |
| Marico Ltd. | 786.2 | 102215.5 | 54.1 | 4.1 | 7.1 | 41.8 | 17.5 | 13815 | 25.1 | 1762 | 8.2 | 14.5 | 13.1 |
| Godrej Consumer Products Ltd. | 860.5 | 88068.9 | 46 | 14.3 | 5.5 | 14.7 | 8.7 | 15444.1 | 5.2 | 1861.5 | 0.5 | 18.7 | 3.2 |
| Dabur India Ltd. | 386.7 | 68598.9 | 34.8 | 3.3 | 5.1 | 16.6 | 10.8 | 13792.3 | 5.2 | 1895 | 7.2 | 11.1 | 10.7 |
| Colgate-Palmolive (India) Ltd. | 1817.8 | 49441.5 | 36.7 | -11.2 | 8 | 83.7 | 38.9 | 6124.2 | -0.9 | 1325.3 | -7.8 | 49.6 | -3.3 |
Annual
Balance Sheet
Ratios
Cash Flow
Ravelcare annual results: revenue, profit, P&L, and margins as of Mar 2026 – 11 year history
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| Indicator | Graph | CAGR 3 Yrs | CAGR 5 Yrs | Mar '26 | Mar '25 | Mar '24 | Mar '23 | Mar '22 | Mar '21 | Mar '20 | Mar '19 |
|---|---|---|---|---|---|---|---|---|---|---|---|
97.6% | 206.4% | 27 | 25.3 | 22.3 | 3.5 | 0.8 | 0.1 | ||||
Operating Exp. Ann. | 87.9% | 150.9% | 19.9 | 18.2 | 15.5 | 3 | 1 | 0.2 | 0 | ||
Operating Profit Ann. | 142.2% | - | 7.1 | 6.8 | 6.6 | 0.5 | -0.2 | -0.1 | -0 | ||
OPM Ann. % | 21.6% | - | 26.11% | 26.96% | 29.81% | 14.51% | -28.48% | -153.42% | - | - | |
88.2% | 151.2% | 20 | 18.3 | 15.5 | 3 | 1 | 0.2 | 0 | |||
EBITDA Ann. | 142.2% | - | 7.1 | 7.1 | 6.8 | 0.5 | -0.2 | -0.1 | -0 | ||
EBITDA Ann. margin % | 22.1% | - | 26.42% | 28.22% | 30.67% | 14.51% | -28.48% | -153.42% | - | - | |
Interest Ann. | - | - | 0.1 | 0.1 | 0 | ||||||
Depr. | - | - | |||||||||
PBT Ann. | 142.2% | - | 7.1 | 7 | 6.8 | 0.5 | -0.2 | -0.1 | -0 | ||
Tax Ann. | 166.8% | - | 1.9 | 1.8 | 1.8 | 0.1 | |||||
135.1% | - | 5.2 | 5.3 | 5 | 0.4 | -0.2 | -0.1 | -0 | |||
Net Profit Ann. | 135.1% | - | 5.2 | 5.3 | 5 | 0.4 | -0.2 | -0.1 | -0 | ||
NPM Ann. % | 17.2% | - | 19.12% | 21.03% | 22.74% | 11.87% | -28.53% | -154.39% | |||
EPS Adj. latest Ann. | 132.1% | - | 7.5 | 7.7 | 7.3 | 0.6 | -0.3 | -0.2 | -0 |
*All financials are in INR Cr and price data in INR
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Total Rev. Ann.
1Y CHG
6.7%
2Y CAGR
10%
3Y CAGR
97.6%
5Y CAGR
206.4%
Total Revenue Annual growth is lower than historical averages.
Net Profit Ann.
1Y CHG
-1.9%
2Y CAGR
2%
3Y CAGR
135.1%
Net Profit Annual is falling faster than historical averages.
Operating Exp. Ann.
1Y CHG
9.3%
2Y CAGR
13.3%
3Y CAGR
87.9%
5Y CAGR
150.9%
Operating Expenses Annual Cr growth is lower than historical averages.
Ravelcare INFORMATION ON IPO ISSUE
About Ravelcare
Ravelcare was incorporated on November 29, 2018. The company operates a digital-first distribution model in the beauty and personal care segment, offering haircare, skincare, and bodycare products through a D2C approach supported by e-commerce and data-driven development. Its products are sold via its website, major online marketplaces, and quick-commerce platforms, with international expansion into the UAE, Australia, Canada, Germany, the USA, and Saudi Arabia in FY25
Object of the Issue
- Marketing and advertisement expenses toward enhancing the awareness and visibility of the brand
- Setting up a new manufacturing facility at Mauje-Peth in Amravati
- General corporate purposes
Ravelcare - PROMOTERS
| Name |
|---|
| Ayush Mahesh Varma |
| Maheshkumar Ramchandra Varma |
| Anita Mahesh Varma |
Ravelcare - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Ayush Mahesh Varma | Chairman & Managing Director |
| Maheshkumar Ramchandra Varma | Whole-time Director |
| Anita Mahesh Varma | Non-Executive Director |
| Shruti Rajesh Sohane | Independent Director |
| Bhuvnesh Kumar | Independent Director |
Ravelcare Book Running Lead Manager
Marwadi Chandarana Intermediaries Brokers Private Limited
mb@marwadichandarana.com
Ravelcare Registrar to the issue
Kfin Technologies Limited
ravelcare.ipo@kfintech.com
Ravelcare Strengths
Diversified customer base
The company has a wide geographical presence in India with a well-diversified customer base supported by an efficient supply chain and logistics network. Its multi-state fulfillment centers and monitored third-party logistics ensure timely delivery of customized products
Strength
Digital distribution channel
The company follows a digital-first, direct-to-consumer approach by selling through its own website, major e-commerce platforms, and quick-commerce apps like Blinkit. This reduces intermediary dependence, lowers distribution costs, and allows full control over the customer experience
Strength
Product innovations
The company uses customer interactions and feedback from its website to guide product improvements and new development across hair, skin, body, and scalp care. Insights drive end-to-end formulation, testing, and innovation, including launches like the “Expert Series” scalp care range
Strength
Ravelcare Risks
Dependent on website & digital media marketing
The company relies heavily on its website and digital marketing for advertising, customer engagement, and sales, making it vulnerable to changes in platform policies or costs. Any technical issues or disruptions in these channels could directly affect sales and profitability
Risk
Innovation & R&D risks
The company’s success depends on timely development and launch of new products, but R&D is costly, time-consuming, and uncertain. Unsuccessful trials, weak consumer acceptance, higher costs, or delays in manufacturing and distribution could hinder new product launches and negatively affect business performance
Risk
Material handling risks
Improper handling, processing, or storage of products or materials—along with risks like spoilage, contamination, or tampering—could lead to regulatory action, legal claims, and reputational damage. Any such incident may harm sales and financial performance, even if allegations lack factual basis
Risk
IPO FAQs
The promoters of the company are Ayush Mahesh Varma, Maheshkumar Ramchandra Varma and Anita Mahesh Varma.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 123.0 - 130.0.
The IPO application opens on Dec 01, 2025 and closes on Dec 03, 2025.
The minimum lot size for the IPO is 2000. The maximum lot size for the IPO is 2000.
For all category investors, the minimum application amount for this IPO is Rs. 246,000.0, the maximum value for this IPO is Rs 260,000.0.
This IPO will be allotted on Dec 04, 2025.
The refund will be credited to your account on Dec 05, 2025.
The allotted shares will be credited to your demat on Dec 05, 2025.
Ravelcare Ltd.’s shares listed on the stock exchanges on Dec 08, 2025.