Rays of Belief gains as Q1 swings to profit
Revenue from India increased 27.33% YoY to Rs 12.49 crore, while revenue from the USA surged to Rs 12.82 crore from Rs 0.90 crore in Q1 FY26.
Profit before tax stood at Rs 3.76 crore in Q1 FY27, compared with a loss of Rs 0.37 crore in Q1 FY26. PBT increased 9.62% QoQ from Rs 3.43 crore in Q4 FY26.
Total expenditure increased 95.16% YoY but declined 0.37% QoQ to Rs 21.37 crore. Employee expenses increased 64.74% YoY but declined 5.82% QoQ to Rs 10.84 crore. Interest expense increased 33.33% YoY but declined 11.11% QoQ to Rs 0.24 crore. Depreciation increased 52.11% YoY but declined 11.48% QoQ to Rs 1.08 crore.
Other income stood at Rs 0.05 crore in Q1 FY27, compared with Rs 0.06 crore in Q1 FY26 and Rs 0.13 crore in Q4 FY26. Tax expense stood at Rs 0.45 crore compared with Rs 0.01 crore in Q1 FY26 and Rs 0.69 crore in Q4 FY26. Deferred tax stood at Rs 0.52 crore compared with Rs 0.16 crore in Q1 FY26 and Rs 0.35 crore in Q4 FY26.
Rays of Belief is a for-profit social enterprise focused on personalised intervention plans for children with neurodevelopmental disorders. The company operates 136 centres across 57 cities in 20 states and Union Territories under the Mom?s Belief brand as of 31 March 2026 and plans to add 319 centres between FY27 and FY29 using part of its IPO proceeds. The company also intends to pursue inorganic growth through acquisitions and strategic partnerships while expanding internationally through its existing US operations and plans to enter the UAE and UK markets.
Rays of Belief listed on the bourses on 8 September 2026 at Rs 239, matching its initial public offer (IPO) price. The IPO, which was open for subscription from 1 September to 3 September 2026, was subscribed 107.71 times.
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