Ravelcare Limited operates in India’s beauty and personal care (BPC) segment through a digital-first, direct-to-consumer model. It earns revenue primarily by selling haircare, skincare, bodycare and scalpcare products through its website, e-commerce marketplaces and quick-commerce platforms. The company focuses on personalized and concern-specific formulations developed using customer data. Its products address hair fall, frizz, dryness, acne, pigmentation and other skin-and-hair-related concerns.

Key Clients & Manufacturing Facilities
The company sells directly to retail customers and does not list institutional clients. Currently, it relies fully on third-party manufacturers for all its products but plans to establish its own integrated manufacturing facility at Mauje-Peth, Amravati (Maharashtra), with a 1,050 TPA capacity. The upcoming facility will house R&D, manufacturing, packaging, warehousing and dispatch under one roof, reducing contract-manufacturing dependency and improving margins.

Product Portfolio & Order Book
Ravelcare’s portfolio spans haircare (93–95% of sales), skincare, bodycare and newly launched scalpcare. Products include shampoos, conditioners, serums, lotions and personalized treatments. These products sit at the usage and replenishment stage of the customer lifecycle, supporting recurring orders—repeat orders rose to 36.86% in FY2025. Revenue is diversified across categories, but the RHP does not mention any order book or segment-wise outstanding orders.

Mergers, Expansion Plans & Capex
The company has not undertaken any mergers or acquisitions in the last ten years. It plans a major capex project of ₹780.60 lakh for setting up an in-house manufacturing facility, covering building construction and machinery purchase. The expansion aims to reduce outsourcing costs, improve quality control, accelerate product development and enhance margins. The project is subject to statutory approvals and potential implementation delays.

Employees & Bankers
As of September, 30, 2025, our Company had a total of 20 employees. The Banker to the Company is ICICI Bank Limited.

MANAGEMENT & VISION

Ravelcare is led by promoters Ayush Mahesh Varma, Maheshkumar Ramchandra Varma and Anita Mahesh Varma. Management aims to strengthen the brand through digital-first customer acquisition, personalization and in-house manufacturing. Their near-term strategy focuses on commissioning the Amravati facility to improve margins, scale product innovation and reduce third-party dependency. Long-term targets include expanding geographical reach, increasing product categories, and enhancing D2C engagement. Capex funding will be sourced from IPO proceeds (₹780.60 lakh allocated for the project).

INDUSTRY OVERVIEW

India’s beauty and personal care (BPC) market is valued at ₹2,43,236 crore (US$ 28 billion) and expected to grow to ₹2,95,358 crore (US$ 34 billion) by 2028 at a CAGR of 10–11%. India is the world’s fastest-growing online beauty market, with e-commerce and quick-commerce sales rising 39% in value between June–November 2024, compared to just 3% growth in offline channels. Approximately 17% of Indian consumers now buy beauty products online. Major industry leaders include Amazon, Myntra, Nykaa, Blinkit, Tira and multiple D2C brands.

KEY RISK FACTORS

1. High dependency on third-party manufacturers
   Ravelcare fully relies on external manufacturers, exposing it to risks such as quality issues, capacity constraints, regulatory failures and delays. Limited control over production can affect product consistency and timely delivery, impacting brand trust.
2. Execution risk of new manufacturing facility
   The proposed Amravati plant requires multiple approvals and is vulnerable to cost overruns, construction delays and machinery issues. Any failure to complete the project on time may affect expansion plans, margins and operational efficiency.
3. Intense competition in the BPC market
   The company competes with large, well-funded brands and new D2C entrants. Competitors may offer lower prices, stronger marketing or faster innovation, potentially reducing Ravelcare’s market share and increasing promotional expenses.
4. Reliance on third-party logistics and technology providers
   Operational disruptions at courier partners, e-commerce warehouses or digital service providers may cause delivery delays, customer dissatisfaction or data issues, negatively affecting sales and brand reputation.
5. Limited manufacturing experience of promoter
   The promoter has limited experience in manufacturing operations, posing challenges in managing the upcoming facility efficiently and ensuring smooth transitions from outsourced to in-house production.
6. Revenue concentration in haircare
   More than 93% of revenue comes from the haircare segment. Any slowdown in this segment, consumer preference shift or competitive pricing may significantly affect overall financial performance.
7. Dependency on digital sales channels
   With over 95% revenue from online platforms, disruptions in marketplaces, algorithm changes, increased commissions or logistics issues can materially impact sales and customer acquisition costs.

KEY STRENGTHS & OPPORTUNITIES

1. Strong digital-first D2C model
   The company’s digital distribution through its website, e-commerce and quick-commerce platforms enables full control over consumer interaction, lower distribution costs and high repeat purchase rates, supporting scalable growth.
2. Personalized and data-driven product innovation
   Customer profiling through online consultations allows the company to create personalized formulations. This enhances user experience, drives loyalty and differentiates the brand in a crowded market.
3. High repeat order rate improvement
   Repeat customer orders increased significantly from 16.81% in FY2023 to 36.86% in FY2025, reflecting rising customer satisfaction and brand acceptance, which strengthens revenue stability.
4. Upcoming in-house manufacturing facility
   The proposed plant will reduce outsourcing costs, improve quality control and accelerate R&D. Over time, this may expand margins and enable quicker product launches, strengthening the company’s competitive position.
5. Diversification across skincare, bodycare and scalpcare
   While haircare dominates revenue, the company is expanding into adjacent categories with higher growth potential, improving cross-selling opportunities and reducing category concentration risk.
6. Strong financial performance and profitability
   The company maintains healthy EBITDA margins (27–30%) and PAT margins above 21%, supported by efficient digital marketing, high D2C penetration and controlled operating costs.

Ravelcare Limited operates in India’s beauty and personal care (BPC) segment through a digital-first, direct-to-consumer model. It earns revenue primarily by selling haircare, skincare, bodycare and scalpcare products through its website, e-commerce marketplaces and quick-commerce platforms. The company focuses on personalized and concern-specific formulations developed using customer data. Its products address hair fall, frizz, dryness, acne, pigmentation and other skin-and-hair-related concerns.

Key Clients & Manufacturing Facilities
The company sells directly to retail customers and does not list institutional clients. Currently, it relies fully on third-party manufacturers for all its products but plans to establish its own integrated manufacturing facility at Mauje-Peth, Amravati (Maharashtra), with a 1,050 TPA capacity. The upcoming facility will house R&D, manufacturing, packaging, warehousing and dispatch under one roof, reducing contract-manufacturing dependency and improving margins.

Product Portfolio & Order Book
Ravelcare’s portfolio spans haircare (93–95% of sales), skincare, bodycare and newly launched scalpcare. Products include shampoos, conditioners, serums, lotions and personalized treatments. These products sit at the usage and replenishment stage of the customer lifecycle, supporting recurring orders—repeat orders rose to 36.86% in FY2025. Revenue is diversified across categories, but the RHP does not mention any order book or segment-wise outstanding orders.

Mergers, Expansion Plans & Capex
The company has not undertaken any mergers or acquisitions in the last ten years. It plans a major capex project of ₹780.60 lakh for setting up an in-house manufacturing facility, covering building construction and machinery purchase. The expansion aims to reduce outsourcing costs, improve quality control, accelerate product development and enhance margins. The project is subject to statutory approvals and potential implementation delays.

Employees & Bankers
As of September, 30, 2025, our Company had a total of 20 employees. The Banker to the Company is ICICI Bank Limited.

MANAGEMENT & VISION

Ravelcare is led by promoters Ayush Mahesh Varma, Maheshkumar Ramchandra Varma and Anita Mahesh Varma. Management aims to strengthen the brand through digital-first customer acquisition, personalization and in-house manufacturing. Their near-term strategy focuses on commissioning the Amravati facility to improve margins, scale product innovation and reduce third-party dependency. Long-term targets include expanding geographical reach, increasing product categories, and enhancing D2C engagement. Capex funding will be sourced from IPO proceeds (₹780.60 lakh allocated for the project).

INDUSTRY OVERVIEW

India’s beauty and personal care (BPC) market is valued at ₹2,43,236 crore (US$ 28 billion) and expected to grow to ₹2,95,358 crore (US$ 34 billion) by 2028 at a CAGR of 10–11%. India is the world’s fastest-growing online beauty market, with e-commerce and quick-commerce sales rising 39% in value between June–November 2024, compared to just 3% growth in offline channels. Approximately 17% of Indian consumers now buy beauty products online. Major industry leaders include Amazon, Myntra, Nykaa, Blinkit, Tira and multiple D2C brands.

KEY RISK FACTORS

1. High dependency on third-party manufacturers
   Ravelcare fully relies on external manufacturers, exposing it to risks such as quality issues, capacity constraints, regulatory failures and delays. Limited control over production can affect product consistency and timely delivery, impacting brand trust.
2. Execution risk of new manufacturing facility
   The proposed Amravati plant requires multiple approvals and is vulnerable to cost overruns, construction delays and machinery issues. Any failure to complete the project on time may affect expansion plans, margins and operational efficiency.
3. Intense competition in the BPC market
   The company competes with large, well-funded brands and new D2C entrants. Competitors may offer lower prices, stronger marketing or faster innovation, potentially reducing Ravelcare’s market share and increasing promotional expenses.
4. Reliance on third-party logistics and technology providers
   Operational disruptions at courier partners, e-commerce warehouses or digital service providers may cause delivery delays, customer dissatisfaction or data issues, negatively affecting sales and brand reputation.
5. Limited manufacturing experience of promoter
   The promoter has limited experience in manufacturing operations, posing challenges in managing the upcoming facility efficiently and ensuring smooth transitions from outsourced to in-house production.
6. Revenue concentration in haircare
   More than 93% of revenue comes from the haircare segment. Any slowdown in this segment, consumer preference shift or competitive pricing may significantly affect overall financial performance.
7. Dependency on digital sales channels
   With over 95% revenue from online platforms, disruptions in marketplaces, algorithm changes, increased commissions or logistics issues can materially impact sales and customer acquisition costs.

KEY STRENGTHS & OPPORTUNITIES

1. Strong digital-first D2C model
   The company’s digital distribution through its website, e-commerce and quick-commerce platforms enables full control over consumer interaction, lower distribution costs and high repeat purchase rates, supporting scalable growth.
2. Personalized and data-driven product innovation
   Customer profiling through online consultations allows the company to create personalized formulations. This enhances user experience, drives loyalty and differentiates the brand in a crowded market.
3. High repeat order rate improvement
   Repeat customer orders increased significantly from 16.81% in FY2023 to 36.86% in FY2025, reflecting rising customer satisfaction and brand acceptance, which strengthens revenue stability.
4. Upcoming in-house manufacturing facility
   The proposed plant will reduce outsourcing costs, improve quality control and accelerate R&D. Over time, this may expand margins and enable quicker product launches, strengthening the company’s competitive position.
5. Diversification across skincare, bodycare and scalpcare
   While haircare dominates revenue, the company is expanding into adjacent categories with higher growth potential, improving cross-selling opportunities and reducing category concentration risk.
6. Strong financial performance and profitability
   The company maintains healthy EBITDA margins (27–30%) and PAT margins above 21%, supported by efficient digital marketing, high D2C penetration and controlled operating costs.