Rays of Belief Limited IPO

Our centres operate on leased premises with lease tenures ranging from 11 months to 3 years, and a significant portion of our capital expenditure comprises immovable fit-outs on such leased properties, which may not be recoverable if a lease is not renewed or if a centre is closed or moved to some other location.

During Fiscal 2025, 29.93% of our Revenue from Operations was derived from our centres located in the states of Uttar Pradesh and Karnataka and union territory of Delhi. Additionally, 31.50% of our Revenue from Operations was derived from centres in Tier 2 cities. Any loss of business from these regions may adversely affect our revenues and profitability.

In Fiscal 2025, the company deriveds 39.64% of the company's Revenue from Operations from the export of support services to Carving Futures Pte. Ltd., the company's Holding Company, who is also the company's Corporate Promoter, and Carving Futures Inc., the company's Promoter Group entity. Any adverse change in, or termination of, this agreement, or any conflict of interest arising from such related party arrangements, could adversely affect its business, financial condition, results of operations and cash flows. Further, 50.21% of the company's Revenue from Operations for Fiscal 2025, as reflected in the company's Pro Forma Consolidated Financial Information, was derived from 3 (three) newly acquired centres in the United States. Any loss of business from these centres may adversely affect our revenues and profitability.

and the company's Registered Office, Corporate Office, 90 out of 136 of our centres in India and our newly acquired centres in the United States are in premises not owned by the company and the company has only leasehold rights. Lease amount paid for the company's centres was Rs.22.41 million as on September 30, 2025. Additionally, monies from our net issue under capital expenditure object will be utilized towards leased premises rent payment, for premises having leased for tenure of 11 months - 3 years. the company's landlords may not renew leases of existing centres with us or renegotiate terms of the company's leases, which could adversely affect its business, financial condition and results of operations.

We operate in a highly specialized and sensitive domain, providing care to children with Neurodevelopmental Disorders. Till date, we have served upwards of 56,500 children since commencement of our operations in 2018. Our business depends on our continued ability to maintain standardised and reliable quality of services at all our centres. Any disruption, limitation, or deficiency in the delivery of our services may adversely affect our reputation, business operations and financial performance.

During the six months period ended September 30, 2025 and Fiscal 2025, we derived 29.92% and 58.51% of our revenue from our centre operations, of which, 24.77% and 50.56% was derived from our centre type - "Company Learning Centres in partnership with Licensed Professionals". Under this model, we are dependent on the arrangements with these Licensed Professionals, and our business would be harmed, and revenue would be affected if our arrangements with these Licensed Professionals are terminated or suspended.

As of September 30, 2025, we operated 34 Early Intervention Centres ("EICs") under the centre type - "Company Learning Centres in partnership with Licensed Professionals" model. Our ability to provide effective early intervention services through this model is highly dependent on the availability, cooperation, continued relationship with as well as the best practices adopted by such Licensed Professionals. Lapses in coordination or termination of such partnerships could impact service quality, and adversely affect our reputation, business, and growth.

The Objects of the Issue include expansion of the company's business by setting up New Centres across India. The company may not be able to successfully implement this, or may face delays in the implementation schedule, causing a material adverse effect on its business, financial condition, and results of operations.

Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.

We are yet to identify the exact locations or properties for the setting up our centres in India, for which we intend to utilize the amount from Net Proceeds.