Altman Z″
Needs current assets and current liabilities.
MOMSBELIEF · Hospital & Healthcare Services · INE1FCO01014
Analyst mean 0.00 · 0 analysts · 0% bullishThis company listed within the last twelve months, so its prospectus is still the primary source. The figures below were extracted from the DRHP and RHP before listing and scored then, and they are shown here as they stand in the IPO record rather than restated.
Each flag is a fact read in the filing, shown with the context that makes it meaningful.
Stated objects, as worded in the offer document. Deployment against them is tracked separately.
Claims made in the offer document, to be read against what the company has reported since.
Rays of Belief Limited, incorporated in 2017 and headquartered in New Delhi with corporate offices in Gurugram, operates a leading multi-channel behavioural health and child development platform under the brand 'Mom’s Belief'. The company provides evidence-based, personalized care and therapy plans for children aged 18 months up to 15 years presenting with Neurodevelopmental Disorders (NDDs), including Autism Spectrum Disorder (ASD), ADHD, developmental delays, and speech disorders. To scale geographically while maintaining capital efficiency, the company operates an asset-light leasing model through multiple formats: Company Learning Centres, School Collaboration Centres, and Company Learning Centres in partnership with Licensed Professionals. As of March 31, 2026, the company’s domestic footprint expanded to 136 operational centers across 57 cities in 20 Indian states and union territories. Following the strategic acquisition of Mom’s Belief US, Inc. and its step-down subsidiary Allergy & Immunology Virginia, LLC in June 2025, the group integrated three specialized medical centers in the United States, expanding its international footprint and clinical capabilities. Sourcing leverages a massive proprietary repository of over 150 assessment tools and 2,000+ home-based learning kits. For the fiscal year ended March 31, 2026, the company’s consolidated revenue from operations stood at ₹81.66 crore (₹816.62 million) with a profit after tax of ₹4.96 crore (₹49.59 million), serving over 9,205 children and families globally.
Rays of Belief's competitive moat is established by its status as India's largest and most geographically diversified For-Profit Social Enterprise in the NDD space. Operating 136 domestic centers across 20 states and union territories creates a deep network effect and massive barrier to entry. This physical scale is reinforced by its capital-efficient, asset-light lease model and partnership formats (e.g. licensed professional and school collaborations), enabling rapid expansion with minimal capital commitments. Furthermore, the company possesses highly specialized, proprietary clinical intellectual property, including a portfolio of 150+ in-center teaching tools and 2,000+ home-based developmental kits. The moat is deepened by its robust digital e-therapy ecosystem, a professional team of over 340 clinical psychologists and therapists, and strong clinical innovation from its dedicated in-house R&D wing, making it exceptionally difficult for unorganized local clinics or trusts to compete on scale, quality, or technological reach.
Rays of Belief Limited is India’s largest For-Profit Social Enterprise offering personalized intervention plans and therapy services for children with Neurodevelopmental Disorders (NDDs) such as Autism and ADHD. The company operates a multi-channel early intervention platform under the brand 'Mom's Belief', combining in-person care at physical learning centers with digital e-therapy programs.
Source: p. 21, 22, 204, 211, 221
Where the revenue came from, as the document splits it.
| Name | Pct | Source |
|---|---|---|
| Overseas Centres (US Segment) | 41.74 | p. 22, 221 |
| Domestic Centre Operations (India Segment) | 32.04 | p. 22, 221 |
| Export of Services (Clinical R&D and business support) | 25.56 | p. 22, 221, 224 |
| Domestic Online Services | 0.48 | p. 22, 221 |
| Other Domestic Operating Revenue | 0.18 | p. 22, 221 |
According to the CARE Report, the market for Neurodevelopmental Disorders (NDDs) in India represents a major, rapidly expanding, yet highly underserved healthcare vertical. The overall Indian NDD therapy market reached ₹5,262.30 crore (₹52,623 million) in CY2025. Within this, the market sizes for Autism Spectrum Disorder (ASD), ADHD, and Speech Disorders stood at ₹1,090.00 crore, ₹1,750.00 crore, and ₹166.00 crore respectively, and are projected to grow at strong CAGRs of 6.29%, 5.56%, and 11.76% through CY2034. This structural expansion is driven by increasing clinical awareness, rising diagnostic rates, the transition from unorganized trusts to organized multi-channel providers, and supportive government initiatives like the Niramaya Health Insurance Scheme, positioning Rays of Belief to capture substantial headroom.
6.29% CAGR (CY26 to CY34) for the Indian ASD therapy market, 5.56% CAGR (CY26 to CY34) for the Indian ADHD therapy market, and 11.76% CAGR (CY26 to CY34) for the Indian Speech Disorder therapy market.
₹5,262.30 crore for the overall Indian NDD therapy market in CY2025, and ₹1,090.00 crore for the Indian Autism Spectrum Disorder (ASD) therapy market in CY2025.
Sector slug: behavioural-health-and-child-development-services
Source: p. 149, 150, 155, 174, 197
As presented in the offer document. Post-listing figures are in the statements above.
The measures this sector is actually judged on, as disclosed in the document. No feed supplies these.
Written before listing, answered from the document itself.
How does the allocation of ₹41.36 crore for establishing new leased centers align with the company's lease management risk?
The company is directing 54.26% of its specific capex proceeds (₹41.36 crore out of the fresh issue) to establish 50 new leased centers. While this reinforces the asset-light model, these commercial leases are short-term (11 months to 3 years). Since the company's average lease payouts stand at ₹14.45 crore for existing domestic centers, utilizing public funds reduces reliance on working capital but exposes the new locations to rollover risk.
p. 31, 105, 125
What is the extent of revenue concentration in foreign jurisdictions and related-party entities?
The group exhibits high geographic and related-party concentration. The United States segment (Mom's Belief US) generated 41.74% (₹34.09 crore) of consolidated operational revenues in FY26. Furthermore, 25.56% (₹20.87 crore) of consolidated revenue was derived from export services provided to Singapore-based promoter entity Carving Futures, meaning 67.30% of total revenue is concentrated in international and related-party structures.
p. 22, 221
Why did the company report a consolidated net profit of ₹4.96 crore in Fiscal 2026 while standalone operations generated only minor operating profits?
In FY26, consolidated PAT stood at ₹4.96 crore. Standalone operations in India are near breakeven due to heavy employee costs (₹21.11 crore in FY25) and center rents. Profitability was significantly boosted by: (i) the newly consolidated US segment which operates higher-margin specialized medical billing, and (ii) consistent high-margin service exports of ₹20.87 crore to Carving Futures Singapore, which carries negligible direct material cost.
p. 22, 221
What are the material hidden risks disclosed in the financial footnotes regarding goodwill and lease liabilities?
The primary hidden risk is the ₹12.84 crore of goodwill recorded from the US acquisition, representing 41.67% of consolidated net worth, which carries high impairment risk if US Medicaid/insurance rates change. Additionally, the company's balance sheet includes lease liabilities representing future ROU commitments, while actual current lease contracts operate on very short roll-overs, presenting a mismatch between contract lengths and capital provisioning.
p. 28, 216, 282
What the issue priced at, on the figures in the document.
How the book filled. A category that bid far above the rest is a different signal from a uniformly covered issue.
| Date | Name | Shares | Price per share | Category | Source |
|---|---|---|---|---|---|
| 2017-08-23 | Neha Chawla and Rahul Khandelwal (Initial Subscription to MoA) | 2 | 10 | Others | p. 91 |
| 2018-05-15 | Nitin Bindlish (Rights Issue) | 1000 | 10 | Promoters | p. 91 |
| 2019-08-28 | Carving Futures Pte. Ltd. (Private Placement) | 10000 | 1000 | Promoters | p. 91 |
| 2020-06-26 | Carving Futures Pte. Ltd. (Rights Issue) | 120000 | 1000 | Promoters | p. 91 |
| 2021-07-09 | Carving Futures Pte. Ltd. (Rights Issue) | 29009 | 1121 | Promoters | p. 92 |
| 2021-10-05 | Carving Futures Pte. Ltd. (Rights Issue) | 33613 | 1121 | Promoters | p. 92 |
| 2021-12-29 | Carving Futures Pte. Ltd. (Rights Issue) | 26651 | 1121 | Promoters | p. 92 |
| 2022-04-21 | Carving Futures Pte. Ltd. (Rights Issue) | 19814 | 1121 | Promoters | p. 92 |
| 2022-07-12 | Carving Futures Pte. Ltd. (Rights Issue) | 16180 | 1121 | Promoters | p. 92 |
| 2022-12-09 | Carving Futures Pte. Ltd. (Rights Issue) | 20624 | 1121 | Promoters | p. 92 |
| 2023-02-13 | Carving Futures Pte. Ltd. (Rights Issue) | 13893 | 1121 | Promoters | p. 92 |
| 2023-03-30 | Carving Futures Pte. Ltd. (Rights Issue) | 10758 | 1121 | Promoters | p. 92 |
| 2023-05-27 | Carving Futures Pte. Ltd. (Rights Issue) | 10945 | 1121 | Promoters | p. 92 |
| 2025-03-06 | Manish Agarwal, NB Ventures Limited, and Coral Pebble LLP (Private Placement) | 7768 | 5150 | Others | p. 92 |
Ceo: Nitin Bindlish (Managing Director and Chief Executive Officer)
As of March 31, 2026, there are no outstanding criminal, material civil, or tax litigations pending against the Company, its Promoters, or its Directors. Outstanding direct or indirect tax demands are Nil.
Auditor name: A.P.G. & Associates, Chartered Accountants
Promoters Nitin Bindlish and Carving Futures Pte. Ltd. collectively hold 13,858,545 Equity Shares as of March 31, 2026, representing 91.72% of the pre-Offer paid-up Equity Share capital (15,109,215 total pre-Offer shares). No shares are pledged or encumbered.
None. The statutory auditors' examination report on the Restated Financial Information for Fiscals 2026, 2025, and 2024 is unmodified and contains no reservations, qualifications, or adverse remarks.
Auditor changed last 3y: No
Source: p. 10, 31, 88, 90, 215, 230, 245, 310, 311, 412
A change between the two filings is a disclosure in itself.
Numbered markers are corporate actions and, once the filings are read, capital and governance events. Prices are split-adjusted so the series is continuous.
What the numbers mean when read together — computed from the filings, not a score.
ROE of 16.1% is earned on modest leverage (equity multiplier 1.65x) — the return comes from margins and asset efficiency, not from gearing up the balance sheet.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
ROE 16.1% = net margin 6.1% × asset turnover 1.61x × equity multiplier 1.65x. Returns generated with low leverage are more durable through a downturn because there is no debt load magnifying a fall in earnings.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs current assets and current liabilities.
Needs at least two financial years.
Needs two financial years.
DuPont decomposition — Devised inside the DuPont Corporation in the 1920s and still the standard way to read a return on equity.
Splits return on equity into its three sources, so the same headline number can be traced to very different businesses.
How to read itA 20% ROE built on margin and turnover is a different proposition from a 20% ROE built on 3× leverage. The first survives a downturn; the second amplifies it.
Where it failsA single year. Negative equity makes it meaningless. Leverage is structural for lenders, so the third term carries no signal there.
(net profit − operating cash flow) ÷ average total assets
(₹5 − ₹-2) cr ÷ average assets
13.6%
The share of profit that is accounting entries rather than cash. Above ~10% is where accruals start to dominate.net margin × asset turnover × leverage
6.1% × 1.61 × 1.65
16.1%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹8 cr ÷ ₹2 cr
5.49×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹9 cr ÷ ₹31 cr
0.30×
Read against the sector — infrastructure carries more than software.Needs two financial years.
NOPAT over equity plus debt less cash, at a notional 25% tax. Incremental ROIC is the return on money put in since then — the number that decides whether growth creates value or consumes it.
Return on invested capital, and incremental ROIC — Standard in corporate finance; the incremental form was popularised by Michael Mauboussin as the test of whether growth creates value.
ROIC measures what the business earns on all the capital it employs — equity plus debt, less cash. Incremental ROIC asks a sharper question: what has it earned on the money put in since a chosen year?
How to read itROIC comfortably above the cost of capital — call it 11–13% in India — means growth compounds. Below it, growth consumes. Incremental below headline means recent investment is earning less than the legacy business.
Where it failsDistorted in the year of a large acquisition. Understated for companies mid-build, where capital is deployed but capacity has not yet been commissioned — an incubator will look poor until it does not.
Read downward. Cash can cover EBITDA and still not survive capex — the third rung is where a capital-hungry business shows itself.
The earnings quality ladder — Not a named model — the standard sequence an analyst walks when testing whether reported profit is real.
Three ratios read in order, each stricter than the last.
How to read itRead downward. Each rung failing where the one above passed tells you exactly where the cash is going.
Where it failsA single year of heavy capex depresses the third rung legitimately. Judge it across a cycle.
Some figures appear twice on this page with different values. That is not an error — they sit on different bases. The live feed reports a rolling twelve months; everything computed here comes from the last audited statements. Both are shown so you can see which is which.
Where the two disagree, every model, screen and ratio computed on this page uses the filed figure, because the rest of the page is on that basis.
Models that need these lines are withheld rather than estimated: two comparable financial years. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Median of the companies we hold in the same sector (Hospital & Healthcare Services). Every figure on both sides is the live feed's trailing twelve months, so the two are measured the same way whatever depth of extraction this company has had. A number only means something next to something else — expensive against the market and cheap against peers are different facts.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
Where cash gets stuck. A rising inventory or debtor line against flat sales is the earliest sign of trouble in the numbers.
| Measure | FY2026 |
|---|---|
| Debtor days
How long customers take to pay | 81 |
| Cash conversion cycle
Debtor + inventory − payable days | 81 |
| Working capital days | 58 |
The shape of the business over time (annual) — read the direction, not the single print.
| Item | FY2026 |
|---|---|
| Equity Capital | 16 |
| Reserves | 15 |
| Borrowings | 9 |
| Net block | 12 |
| CWIP | 0 |
| Investments | 0 |
| Total Assets | 51 |
| Line | FY2026 |
|---|---|
| Cash from operations | -2 |
| Cash from investing | -6 |
| Cash from financing | 6 |
| Free cash flow | -3 |
| Net change in cash | -2 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
The same read, applied to the companies this one competes with.