Ravita Engineering Services Ltd

It designs, installs and maintains HVAC and cooling systems, buying equipment from OEMs for turnkey execution. Vibhoar and Rachita Agrawal took control of Ravita in February 2025. Revenue grew from INR 13.5 cr in FY24 to INR 278 cr in FY26, but we see some serious governance concerns. Vibhoar is named in an ED money laundering case, which alleges that Ganesh Infraworld, a listed company he chairs, claimed INR 11.9 cr of fake GST input tax credit. A Ganesh subsidiary rents equipment to Ravita for INR 3.7 cr a month, and all three of Ravita’s independent directors sit on the Ganesh board. Ravita also changed its statutory auditor three times in seven months around the change in control. Despite the growth in revenue, operations have used INR 66.8 cr of cash since FY24. We would avoid this IPO for both the long term and listing gains. 
