1.At a Glance
Ravelcare Ltd, the digital-first beauty and personal care brand, has decided to sprinkle some IPO glitter worth ₹24.10 crore into the Indian SME market. With its issue opening onDecember 1, 2025and closing onDecember 3, 2025, the company aims to list on theBSE SMEbyDecember 8, 2025. The IPO price band is ₹123–₹130 per share — because apparently, even valuations need a touch of vanity.
At the upper price band, the company’smarket cap is around ₹89.17 crore, which is roughly what Nykaa spends on influencer campaigns in a week. The minimum retail investment? ₹2.6 lakh for just two lots — because beauty ain’t cheap, even for investors.
WithPAT of ₹5.26 croreand anEPS of ₹10.5 (pre-issue), Ravelcare trades at aP/E of ~12.4x, which isn’t bad — if you believe the beauty sector has margins thicker than your favourite concealer. But after the issue, the P/E inflates to ~13.95x, which is as stretched as a marketing intern’s content calendar before launch week.
Now here’s the punch: most of the issue proceeds (₹11.50 crore) go towardmarketing and brand visibility. Translation: a massive influencer campaign is probably already filming somewhere in Bandra.
So — is this an exciting digital beauty unicorn in the making or just another Instagram filter with a valuation? Let’s dig in.
2.Introduction
Welcome to Ravelcare, where science meets selfies. Founded in 2018, this Mumbai-based beauty brand has a simple mission — to personalize your hair and skin routine while making your wallet feel the exfoliation.
Ravelcare is part of India’s boomingBPC (Beauty and Personal Care)market — a segment growing faster than the number of “Get Ready With Me” videos on YouTube. With operations that began humbly through online platforms likeAmazon, Flipkart, and Myntra, the company has since expanded intoBlinkit, UAE, Canada, and the USA— because if your shampoo can’t ship internationally, are you even a D2C brand?
The IPO’s timing is no coincidence. The D2C wave is real — India’s young consumers want personalized everything, from skincare to investment advice (hi 👋). And Ravelcare’s strategy is to milk this personalization obsession with data-driven product lines.
But the real twist? Despite being “digital-first,” Ravelcare plans to invest ₹7.84 crore to build amanufacturing facility in Amravati. Nothing screams startup maturity like shifting from influencer tie-ups to industrial land acquisition.
So yes, they’ve got ambition. They’ve got growth. And most importantly, they’ve got marketing spend. But whether that converts into long-term shareholder glow-up is a story that’s just beginning.
3.Business Model – WTF Do They Even Do?
Ravelcare’s business model is textbook D2C (Direct-to-Consumer) with a twist of digital glam. It’s built on four pillars —Haircare, Skincare, Bodycare, and Scalpcare— each designed to make you believe your hair fall has a unique personality.
The magic lies in theirpersonalized consultation system. Customers fill out forms online — telling Ravelcare their skin type, hair woes, and existential concerns — and in return, get “customized” product suggestions. Essentially, it’s like Tinder for skincare, but with less heartbreak and more serums.
Here’s the punchline:They don’t actually manufacture most of it yet. As of now,Ravelcare uses contract manufacturing, but plans to shift production in-house via its Amravati facility. This move aims to reduce dependency and improve margins (and maybe even ensure the shampoos stop smelling suspiciously like competitors’).
The brand also relies heavily on online channels —Amazon, Flipkart, Myntra, and Blinkit— to push volumes. They’ve also started global shipping tothe UAE, USA, Canada, Germany, and Saudi Arabia, which sounds fancy until you realize “international presence” in startup speak could mean one order a week from a cousin abroad.
Their digital-first DNA means lower retail costs and higher customer engagement. Every click, every review, and every abandoned cart is data. And in 2025, data is sexier than collagen peptides.
4.Financials Overview
Let’s see what’s brewing beneath that serum bottle:
| Metric | Latest Half-Year (Sep 2025) | FY25 | FY24 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | ₹14.44 cr | ₹25.30 cr | ₹22.28 cr | 13.5% | — |
| EBITDA | ₹4.33 cr | ₹6.82 cr | ₹6.64 cr | 2.7% | — |
| PAT | ₹3.20 cr | ₹5.26 cr | ₹5.02 cr | 4.8% | — |
| EPS (₹) | 9.32 (annualized) | 10.50 | 9.75 | — | — |
Commentary:Revenue is growing, albeit modestly, like
a good face serum — not fast, but consistent. PAT margins at21%are impressive for a D2C player in personal care, especially considering marketing expenses eat up more than most brands’ patience levels.
The annualized EPS of ₹9.32 post-issue gives a valuation around13.9x P/E, which puts Ravelcare somewhere betweenreasonably valuedandInstagram-influencer overpriced.
5.Valuation Discussion – Fair Value Range Only
Let’s crunch the numbers like a financial facial scrub:
Method 1: P/E Approach
- Post-issue EPS: ₹9.32
- Fair P/E range (industry average): 12x – 16x→Fair Value Range = ₹112 – ₹149 per share
Method 2: EV/EBITDA Approach
- FY25 EBITDA: ₹6.82 crore
- EV/EBITDA typical for small BPC brands: 10x – 12x→ EV = ₹68 – ₹82 crore→ Equity value per share ≈ ₹115 – ₹138
Method 3: DCF (Discounted Cash Flow)Assume moderate revenue growth (15%) and PAT margin ~20%. Discount rate 12%.→ Implied fair range: ₹118 – ₹145
🧾Fair Value Range (Consolidated): ₹112 – ₹149 per share
Disclaimer:This fair value range is for educational purposes only and not investment advice.
6.What’s Cooking – News, Triggers, Drama
Oh, there’s plenty of drama.
Ravelcare raised₹6.83 crore from anchor investorsonNovember 28, 2025— a decent validation for a smallcap D2C brand. Their anchor list includes early believers in digital beauty and maybe one intern from a VC firm trying to prove skincare counts as a portfolio theme.
The biggest trigger ahead? TheAmravati manufacturing plant, expected to be operational soon. This could bring better control over formulations and margins.
But here’s the twist —₹11.5 croreof IPO proceeds are earmarked purely formarketing and brand visibility. Translation: expect every influencer with a ring light to suddenly “discover” Ravelcare.
The company also boasts a highROE and ROCE (both ~68%), which looks phenomenal — though partly due to a small equity base. Still, that’s the kind of number that makes Excel sheets blush.
So yeah — Ravelcare’s story is equal parts data, dopamine, and digital glam. The real test begins post-listing — when quarterly
