| Scrip Code | 544906 |
|---|---|
| NSE Symbol | MOMSBELIEF |
| MSEI Symbol | NOTLISTED |
| ISIN | INE1FCO01014 |
| Name of company | RAYS OF BELIEF LIMITED |
| Type of company | Main Board |
| Class of security | Equity |
| Date of start of financial year | 01-04-2026 |
| Date of end of financial year | 31-03-2027 |
| Date of board meeting when results were approved | 12-11-2026 |
| Date on which prior intimation of the meeting for considering financial results was informed to the exchange | 05-11-2026 |
| Description of presentation currency | INR |
| Level of rounding used in financial results | Lakhs |
| Reporting Type | Quarterly |
| Reporting Quarter | Second quarter |
| Nature of report standalone or consolidated | Consolidated |
| Whether results are audited or unaudited for the quarter ended | Unaudited |
| Whether results are audited or unaudited for the Year to date for current period ended/year ended | Unaudited |
| Segment Reporting | Geographical |
| Description of single segment | |
| Start date and time of board meeting | 12-11-2026 17:30:00 |
| End date and time of board meeting | 12-11-2026 17:55:00 |
| Whether cash flow statement is applicable on company | Yes |
| Type of cash flow statement | Cash Flow Indirect |
| Declaration of unmodified opinion or statement on impact of audit qualification | Not applicable |
| Particulars | 3 months/ 6 months ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |
|---|---|---|---|
| A | Date of start of reporting period | 01-07-2026 | 01-04-2026 |
| B | Date of end of reporting period | 30-09-2026 | 30-09-2026 |
| C | Whether results are audited or unaudited | Unaudited | Unaudited |
| D | Nature of report standalone or consolidated | Consolidated | Consolidated |
| 1 | Income | ||
| Revenue from operations | 2,709.00 | 5,240.40 | |
| Other income | 26.50 | 31.50 | |
| Total income | 2,735.50 | 5,271.90 | |
| 2 | Expenses | ||
| (a) | Cost of materials consumed | 0.00 | 0.00 |
| (b) | Purchases of stock-in-trade | 0.00 | 0.00 |
| (c) | Changes in inventories of finished goods, work-in-progress and stock-in-trade | 0.00 | 0.00 |
| (d) | Employee benefit expense | 1,134.50 | 2,218.90 |
| (e) | Finance costs | 58.80 | 83.20 |
| (f) | Depreciation, depletion and amortisation expense | 97.80 | 206.10 |
| (f) | Other Expenses | ||
| 1 | Other Expenses | 971.20 | 1,915.50 |
| Total other expenses | 971.20 | 1,915.50 | |
| Total expenses | 2,262.30 | 4,423.70 | |
| 3 | Total profit before exceptional items and tax | 473.20 | 848.20 |
| 4 | Exceptional items | 0.00 | 0.00 |
| 5 | Total profit before tax | 473.20 | 848.20 |
| 6 | Tax expense | ||
| 7 | Current tax | 68.60 | 113.40 |
| 8 | Deferred tax | 59.70 | 111.20 |
| 9 | Total tax expenses | 128.30 | 224.60 |
| 10 | Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement | 0.00 | 0.00 |
| 11 | Net Profit Loss for the period from continuing operations | 344.90 | 623.60 |
| 12 | Profit (loss) from discontinued operations before tax | 0.00 | 0.00 |
| 13 | Tax expense of discontinued operations | 0.00 | 0.00 |
| 14 | Net profit (loss) from discontinued operation after tax | 0.00 | 0.00 |
| 15 | Share of profit (loss) of associates and joint ventures accounted for using equity method | 0.00 | 0.00 |
| 16 | Total profit (loss) for period | 344.90 | 623.60 |
| 17 | Other comprehensive income net of taxes | 19.50 | 12.20 |
| 18 | Total Comprehensive Income for the period | 364.40 | 635.80 |
| 19 | Total profit or loss, attributable to | ||
| Profit or loss, attributable to owners of parent | 344.90 | 623.60 | |
| Total profit or loss, attributable to non-controlling interests | |||
| 20 | Total Comprehensive income for the period attributable to | ||
| Comprehensive income for the period attributable to owners of parent | 364.40 | 635.80 | |
| Total comprehensive income for the period attributable to owners of parent non-controlling interests | |||
| 21 | Details of equity share capital | ||
| Paid-up equity share capital | 2,090.20 | 2,090.20 | |
| Face value of equity share capital | 10 | 10 | |
| 27 | Details of debt securities | ||
| 22 | Reserves excluding revaluation reserve | ||
| 23 | Earnings per share | ||
| i | Earnings per equity share for continuing operations | ||
| Basic earnings (loss) per share from continuing operations | 2 | 3.8 | |
| Diluted earnings (loss) per share from continuing operations | 2 | 3.8 | |
| ii | Earnings per equity share for discontinued operations | ||
| Basic earnings (loss) per share from discontinued operations | 0 | 0 | |
| Diluted earnings (loss) per share from discontinued operations | 0 | 0 | |
| ii | Earnings per equity share | ||
| Basic earnings (loss) per share from continuing and discontinued operations | 2 | 3.8 | |
| Diluted earnings (loss) per share from continuing and discontinued operations | 2 | 3.8 | |
| 24 | Debt equity ratio | ||
| 25 | Debt service coverage ratio | ||
| 26 | Interest service coverage ratio | ||
| 27 | Disclosure of notes on financial results | Textual Information(1) | |
| Textual Information(1) | The standalone and consolidated financial results of the Company for the quarter and half year ended September 30, 2026 have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on November 12, 2026. The Statutory Auditors of the Company have carried out a limited review of these financial results. The above standalone and consolidated financial results have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 Interim Financial Reporting (Ind AS 34), prescribed under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, and in compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. The figures for the quarter and half year ended September 30, 2025 have been prepared by the Management and approved by the Board of Directors, but have not been subjected to limited review or audit by the Statutory Auditors, as the Company was not listed during that period. The standalone operations of the Company fall primarily in the business of providing therapy plans and programs for children with neurodevelopmental challenges, including Autism Spectrum Disorder (“ASD”), Attention-Deficit/Hyperactivity Disorder (“ADHD”), Down Syndrome (“DS”), Cerebral Palsy (“CP”), Intellectual Disability (“ID”), Learning Disabilities (“LD”), and Global Developmental Delays (“GDD”), which is considered by management to be the single reportable segment. For consolidated operations, the Group has two operating segments (India and USA), which have been determined and presented on a geographical basis. During the quarter, the Company completed its Initial Public Offering of 5,230,000 fresh equity shares of face value Rs. 10 each at an issue price of Rs. 239 per share (including a premium of Rs. 229 per share), aggregating Rs. 1,249.97 million. The equity shares were allotted on September 4, 2026 and listed on NSE and BSE on September 8, 2026. Share issue expenses of Rs. 121.23 million have been adjusted against securities premium in accordance with Ind AS 32. The unaudited results of the Company for the quarter and half year ended September 30, 2026 are also available on the Company’s website (www.momsbelief.com) and on the website of BSE Limited (www.bseindia.com) and National Stock Exchange of India Limited (www.nseindia.com) Significant events during the half year ended September 30, 2026:a) The Company was listed on the National Stock Exchange of India Limited (“NSE”) and BSE Limited (“BSE”) on September 8, 2026.b) Mom’s Belief US Inc., the wholly owned subsidiary of the Company, acquired 100% of the shareholding of City Pro Group Inc. with effect from September 18, 2026. Consequent to the aforesaid acquisition, City Pro Group Inc. became a wholly owned subsidiary of Mom’s Belief US Inc. and, accordingly, a step-down wholly owned subsidiary of the Company.c) During the half year ended September 30, 2026, the Company made an investment aggregating to USD 2,000,000 (United States Dollars Two Million only) in Mom’s Belief US Inc., its wholly owned subsidiary. The investment has been recorded in the standalone financial statements in accordance with the applicable Indian Accounting Standards and the Company’s accounting policies. Earnings per share for the quarters and half years are not annualised. Mom's Belief US Inc. acquired 100% of the shareholding of City Pro Group Inc. on September 18, 2026 for a total consideration of USD 2,060,630.62 (Rs. 197.39 million), of which USD 800,000 (Rs. 76.79 million at the closing rate) is deferred and included under other financial liabilities (current). The deferred consideration, being a non-cash transaction, has been excluded from investing cash flows. The acquisition has been accounted for provisionally in accordance with Ind AS 103 Business Combinations; goodwill of Rs. 197.78 million recognised as at September 30, 2026 is subject to adjustment within the measurement period of one year from the acquisition date. During the quarter, the Company issued unlisted, redeemable non-convertible debentures aggregating Rs. 150 million, backed by the personal guarantee of the Managing Director. The outstanding debentures are classified under current borrowings. Previous period figures have been regrouped / reclassified wherever necessary to conform to the current period classification. The Company has opted for the concessional tax regime under Section 115BAA of the Income-tax Act, 1961. No current tax is payable by the Company for the half year ended September 30, 2026 on account of set-off of brought forward business losses and unabsorbed depreciation; tax expense in the standalone results comprises deferred tax. The consolidated figures for the quarter and half year ended September 30, 2025 include the results of Mom's Belief US Inc. from June 23, 2025, the date of its acquisition, and the consolidated figures for the quarter and half year ended September 30, 2026 include the results of City Pro Group Inc. from September 18, 2026. To that extent, the figures are not comparable. |
|---|
| Debt equity ratio | |
|---|---|
| Debt service coverage ratio | |
| Interest service coverage ratio |
| Particulars | Year ended (dd-mm-yyyy) | |
|---|---|---|
| Date of start of reporting period | 01-04-2026 | |
| Date of end of reporting period | 30-09-2026 | |
| Whether results are audited or unaudited | Unaudited | |
| Nature of report standalone or consolidated | Consolidated | |
| Assets | ||
| 1 | Non-current assets | |
| Property, plant and equipment | 188.90 | |
| Capital work-in-progress | ||
| Investment property | ||
| Goodwill | 2,484.00 | |
| Other intangible assets | 4.30 | |
| Intangible assets under development | 136.80 | |
| Biological assets other than bearer plants | ||
| Investments accounted for using equity method | ||
| Non-current financial assets | ||
| Non-current investments | 0.00 | |
| Trade receivables, non-current | ||
| Loans, non-current | 0.00 | |
| Other non-current financial assets | ||
| 1 | Other Financial Assets | 34.20 |
| Total of other non-current financial assets | 34.20 | |
| Total non-current financial assets | 34.20 | |
| Deferred tax assets (net) | 447.80 | |
| Other non-current assets | ||
| 1 | Right-of-use assets | 375.80 |
| Total of other non-current assets | 375.80 | |
| Total non-current assets | 3,671.80 | |
| 2 | Current assets | |
| Inventories | 0.00 | |
| Current financial asset | ||
| Current investments | 0.00 | |
| Trade receivables, current | 2,830.10 | |
| Cash and cash equivalents | 2,166.00 | |
| Bank balance other than cash and cash equivalents | 6,914.10 | |
| Loans, current | 0.00 | |
| Other current financial assets | ||
| Total of other current financial assets | 403.70 | |
| Total current financial assets | 12,313.90 | |
| Current tax assets (net) | 26.20 | |
| Other current assets | ||
| 1 | Other current assets | 4,644.70 |
| Total of other current assets | 4,644.70 | |
| Total current assets | 16,984.80 | |
| 3 | Non-current assets classified as held for sale | |
| 4 | Regulatory deferral account debit balances and related deferred tax Assets | |
| Total assets | 20,656.60 | |
| Equity and liabilities | ||
| 1 | Equity | |
| Equity attributable to owners of parent | ||
| Equity share capital | 2,090.20 | |
| Other equity | 13,173.60 | |
| Total equity attributable to owners of parent | 15,263.80 | |
| Non controlling interest | ||
| Total equity | 15,263.80 | |
| 2 | Liabilities | |
| Non-current liabilities | ||
| Non-current financial liabilities | ||
| Borrowings, non-current | 226.90 | |
| Trade payables, non-current | ||
| (A) Total outstanding dues of micro enterprises and small enterprises | ||
| (B) Total outstanding dues of creditors other than micro enterprises and small enterprises | ||
| Total Trade payable | ||
| Other non-current financial liabilities | ||
| 1 | Lease Liabilities | 149.90 |
| 2 | Other Financial Liabilities | 11.20 |
| Total of other non-current financial liabilities | 161.10 | |
| Total non-current financial liabilities | 388.00 | |
| Provisions, non-current | 94.00 | |
| Deferred tax liabilities (net) | ||
| Deferred government grants, Non-current | ||
| Other non-current liabilities | ||
| Total of other non-current liabilities | ||
| Total non-current liabilities | 482.00 | |
| Current liabilities | ||
| Current financial liabilities | ||
| Borrowings, current | 1,993.60 | |
| Trade payables, current | ||
| (A) Total outstanding dues of micro enterprises and small enterprises | 14.90 | |
| (B) Total outstanding dues of creditors other than micro enterprises and small enterprises | 807.20 | |
| Total Trade payable | 822.10 | |
| Other current financial liabilities | ||
| 1 | Lease Liabilities | 256.80 |
| 2 | Other current financial liabilities | 1,047.30 |
| Total of other current financial liabilities | 1,304.10 | |
| Total current financial liabilities | 4,119.80 | |
| Other current liabilities | 519.80 | |
| 1 | Other current liabilities | 519.80 |
| Total of other current liabilities | 519.80 | |
| Provisions, current | 31.20 | |
| Current tax liabilities (Net) | 240.00 | |
| Deferred government grants, Current | ||
| Total current liabilities | 4,910.80 | |
| 3 | Liabilities directly associated with assets in disposal group classified as held for sale | |
| 4 | Regulatory deferral account credit balances and related deferred tax liability | |
| Total liabilities | 5,392.80 | |
| Total equity and liabilites | 20,656.60 | |
| Disclosure of notes on assets and liabilities | ||
| Particulars | 3 months/ 6 month ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |||||
|---|---|---|---|---|---|---|---|
| Date of start of reporting period | 01-07-2026 | 01-04-2026 | |||||
| Date of end of reporting period | 30-09-2026 | 30-09-2026 | |||||
| Whether results are audited or unaudited | Unaudited | Unaudited | |||||
| Nature of report standalone or consolidated | Consolidated | Consolidated | |||||
| 1 | Segment Revenue (Income) | ||||||
| (net sale/income from each segment should be disclosed) | |||||||
| 1 | India | 1,252.70 | 2,501.80 | ||||
| 2 | USA | 1,456.30 | 2,738.60 | ||||
| Total Segment Revenue | 2,709.00 | 5,240.40 | |||||
| Less: Inter segment revenue | 0.00 | 0.00 | |||||
| Revenue from operations | 2,709.00 | 5,240.40 | |||||
| 2 | Segment Result | ||||||
| Profit (+) / Loss (-) before tax and interest from each segment | |||||||
| 1 | India | 287.50 | 505.60 | ||||
| 2 | USA | 244.50 | 425.80 | ||||
| Total Profit before tax | 532.00 | 931.40 | |||||
| i. Finance cost | 58.80 | 83.20 | |||||
| ii. Other Unallocable Expenditure net off Unallocable income | 0.00 | 0.00 | |||||
| Profit before tax | 473.20 | 848.20 | |||||
| 3 | (Segment Asset - Segment Liabilities) | ||||||
| Segment Asset | |||||||
| 1 | India | 15,285.00 | 15,285.00 | ||||
| 2 | USA | 4,865.40 | 4,865.40 | ||||
| Total Segment Asset | 20,150.40 | 20,150.40 | |||||
| Un-allocable Assets | 506.20 | 506.20 | |||||
| Net Segment Asset | 20,656.60 | 20,656.60 | |||||
| 4 | Segment Liabilities | ||||||
| Segment Liabilities | |||||||
| 1 | India | 3,178.50 | 3,178.50 | ||||
| 2 | USA | 2,214.50 | 2,214.50 | ||||
| Total Segment Liabilities | 5,393.00 | 5,393.00 | |||||
| Un-allocable Liabilities | (0.20) | (0.20) | |||||
| Net Segment Liabilities | 5,392.80 | 5,392.80 | |||||
| Disclosure of notes on segments | |||||||
| Particulars | 3 months/ 6 months ended (dd-mm-yyyy) | Year to date figures for current period ended (dd-mm-yyyy) | |
|---|---|---|---|
| A | Date of start of reporting period | 01-07-2026 | 01-04-2026 |
| B | Date of end of reporting period | 30-09-2026 | 30-09-2026 |
| C | Whether results are audited or unaudited | Unaudited | Unaudited |
| D | Nature of report standalone or consolidated | Consolidated | Consolidated |
| Other comprehensive income [Abstract] | |||
| 1 | Amount of items that will not be reclassified to profit and loss | ||
| Total Amount of items that will not be reclassified to profit and loss | |||
| 2 | Income tax relating to items that will not be reclassified to profit or loss | (1.60) | (4.40) |
| 3 | Amount of items that will be reclassified to profit and loss | ||
| 1 | Income tax relating to items that will not be reclassified to Profit or Loss | (0.40) | (1.10) |
| Total Amount of items that will be reclassified to profit and loss | (0.40) | (1.10) | |
| 4 | Income tax relating to items that will be reclassified to profit or loss | (18.30) | (8.90) |
| 5 | Total Other comprehensive income | 19.50 | 12.20 |
| Particulars | Year ended (dd-mm-yyyy) | |||||
|---|---|---|---|---|---|---|
| A | Date of start of reporting period | 01-04-2026 | ||||
| B | Date of end of reporting period | 30-09-2026 | ||||
| C | Whether results are audited or unaudited | Unaudited | ||||
| D | Nature of report standalone or consolidated | Consolidated | ||||
| Statement of cash flows | ||||||
| Cash flows from used in operating activities | ||||||
| Profit before tax | 848.20 | |||||
| Adjustments for reconcile profit (loss) | ||||||
| Adjustments for finance costs | 0.00 | |||||
| Adjustments for decrease (increase) in inventories | 0.00 | |||||
| Adjustments for decrease (increase) in trade receivables, current | (1,028.70) | |||||
| Adjustments for decrease (increase) in trade receivables, non-current | 0.00 | |||||
| Adjustments for decrease (increase) in other current assets | (4,256.80) | |||||
| Adjustments for decrease (increase) in other non-current assets | 0.00 | |||||
| Adjustments for other financial assets, non-current | 0.00 | |||||
| Adjustments for other financial assets, current | 52.30 | |||||
| Adjustments for other bank balances | 0.00 | |||||
| Adjustments for increase (decrease) in trade payables, current | 451.90 | |||||
| Adjustments for increase (decrease) in trade payables, non-current | 0.00 | |||||
| Adjustments for increase (decrease) in other current liabilities | 369.40 | |||||
| Adjustments for increase (decrease) in other non-current liabilities | 0.00 | |||||
| Adjustments for depreciation and amortisation expense | 206.10 | |||||
| Adjustments for impairment loss reversal of impairment loss recognised in profit or loss | 7.00 | |||||
| Adjustments for provisions, current | 1.70 | |||||
| Adjustments for provisions, non-current | 0.00 | |||||
| Adjustments for other financial liabilities, current | (40.70) | |||||
| Adjustments for other financial liabilities, non-current | 0.00 | |||||
| Adjustments for unrealised foreign exchange losses gains | 0.00 | |||||
| Adjustments for dividend income | 0.00 | |||||
| Adjustments for interest income | 25.20 | |||||
| Adjustments for share-based payments | 0.00 | |||||
| Adjustments for fair value losses (gains) | 0.00 | |||||
| Adjustments for undistributed profits of associates | 0.00 | |||||
| Other adjustments for which cash effects are investing or financing cash flow | 0.00 | |||||
| Other adjustments to reconcile profit (loss) | 0.00 | |||||
| Other adjustments for non-cash items | 74.10 | |||||
| Share of profit and loss from partnership firm or association of persons or limited liability partnerships | 0.00 | |||||
| Total adjustments for reconcile profit (loss) | (4,188.90) | |||||
| Net cash flows from (used in) operations | (3,340.70) | |||||
| Dividends received | 0.00 | |||||
| Interest paid | 0.00 | |||||
| Interest received | 0.00 | |||||
| Income taxes paid (refund) | 1.70 | |||||
| Other inflows (outflows) of cash | 0.00 | |||||
| Net cash flows from (used in) operating activities | (3,342.40) | |||||
| Cash flows from used in investing activities | ||||||
| Cash flows from losing control of subsidiaries or other businesses | 0.00 | |||||
| Cash flows used in obtaining control of subsidiaries or other businesses | 1,207.10 | |||||
| Other cash receipts from sales of equity or debt instruments of other entities | 0.00 | |||||
| Other cash payments to acquire equity or debt instruments of other entities | 0.00 | |||||
| Other cash receipts from sales of interests in joint ventures | 0.00 | |||||
| Other cash payments to acquire interests in joint ventures | 0.00 | |||||
| Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships | 0.00 | |||||
| Cash payment for investment in partnership firm or association of persons or limited liability partnerships | 0.00 | |||||
| Proceeds from sales of property, plant and equipment | 2.70 | |||||
| Purchase of property, plant and equipment | 55.70 | |||||
| Proceeds from sales of investment property | 0.00 | |||||
| Purchase of investment property | 0.00 | |||||
| Proceeds from sales of intangible assets | 0.00 | |||||
| Purchase of intangible assets | 0.00 | |||||
| Proceeds from sales of intangible assets under development | 0.00 | |||||
| Purchase of intangible assets under development | 136.80 | |||||
| Proceeds from sales of goodwill | 0.00 | |||||
| Purchase of goodwill | 0.00 | |||||
| Proceeds from biological assets other than bearer plants | 0.00 | |||||
| Purchase of biological assets other than bearer plants | 0.00 | |||||
| Proceeds from government grants | 0.00 | |||||
| Proceeds from sales of other long-term assets | 0.00 | |||||
| Purchase of other long-term assets | 0.00 | |||||
| Cash advances and loans made to other parties | 0.00 | |||||
| Cash receipts from repayment of advances and loans made to other parties | 0.00 | |||||
| Cash payments for future contracts, forward contracts, option contracts and swap contracts | 0.00 | |||||
| Cash receipts from future contracts, forward contracts, option contracts and swap contracts | 0.00 | |||||
| Dividends received | 0.00 | |||||
| Interest received | 7.80 | |||||
| Income taxes paid (refund) | 0.00 | |||||
| Other inflows (outflows) of cash | (6,611.30) | |||||
| Net cash flows from (used in) investing activities | (8,000.40) | |||||
| Cash flows from used in financing activities | ||||||
| Proceeds from changes in ownership interests in subsidiaries | 0.00 | |||||
| Payments from changes in ownership interests in subsidiaries | 0.00 | |||||
| Proceeds from issuing shares | 12,747.90 | |||||
| Proceeds from issuing other equity instruments | 0.00 | |||||
| Payments to acquire or redeem entity's shares | 0.00 | |||||
| Payments of other equity instruments | 0.00 | |||||
| Proceeds from exercise of stock options | 0.00 | |||||
| Proceeds from issuing debentures notes bonds etc | 0.00 | |||||
| Proceeds from borrowings | 1,901.30 | |||||
| Repayments of borrowings | 41.50 | |||||
| Payments of lease liabilities | 186.30 | |||||
| Dividends paid | 0.00 | |||||
| Interest paid | 25.40 | |||||
| Income taxes paid (refund) | 0.00 | |||||
| Other inflows (outflows) of cash | (1,212.70) | |||||
| Net cash flows from (used in) financing activities | 13,183.30 | |||||
| Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes | 1,840.50 | |||||
| Effect of exchange rate changes on cash and cash equivalents | ||||||
| Effect of exchange rate changes on cash and cash equivalents | 0.00 | |||||
| Net increase (decrease) in cash and cash equivalents | 1,840.50 | |||||
| Cash and cash equivalents cash flow statement at beginning of period | 325.50 | |||||
| Cash and cash equivalents cash flow statement at end of period | 2,166.00 | |||||