1. IPO Snapshot
| Particular | Details |
|---|
| Company Name | Runwal Enterprises Limited |
| IPO Type | 100% Book Built Issue; Fresh Issue |
| Fresh Issue | ₹5,000.00 million |
| Total Issue Size | ₹5,000.00 million |
| Face Value | ₹2 per Equity Share |
| Price Band | ₹290–₹305 per Equity Share |
| Lot Size | 49 Equity Shares |
| Opening Date | September 25, 2026 |
| Closing Date | September 29, 2026 |
| Listing Exchange | BSE and NSE; NSE is the Designated Stock Exchange |
| Registrar | MUFG Intime India Private Limited (formerly Link Intime India Private Limited) |
| Lead Managers | ICICI Securities Limited; Jefferies India Private Limited |
2. IPO Details
| Particular | At Floor Price ₹290 | At Cap Price ₹305 |
|---|
| Fresh Issue Shares | 1,72,47,500 | 1,63,98,362 |
| Fresh Issue Amount | ₹5,000.00 million | ₹5,000.00 million |
| Total Offer Shares | 1,72,47,500 | 1,63,98,362 |
| Total Offer Value | ₹5,000.00 million | ₹5,000.00 million |
| Pre-Issue Shares | 13,13,91,436 | 13,13,91,436 |
| Post-Offer Shares | 14,86,38,936 | 14,77,89,798 |
| Post-Offer Market Capitalisation | ₹43,105.29 million | ₹45,076.07 million |
3. Issue Reservation
| Category | Reservation / Allocation |
|---|
| QIB | Not more than 50% of Net Issue; up to 60% of QIB Portion may be allocated to Anchor Investors |
| Anchor Investors | Up to 60% of QIB Portion; 40% of Anchor Investor Portion is reserved as specified in the RHP |
| NII | Not less than 15% of Net Issue; one-third / two-thirds sub-categories as disclosed |
| Retail | Not less than 35% of Net Issue |
| Employee | Up to ₹35.00 million; not more than 5% of post-Issue paid-up capital; ₹14 discount per share |
4. IPO Lot Size
| Application | Lots | Shares | Amount at ₹290 | Amount at ₹305 |
|---|
| Retail (Min) | 1 | 49 | ₹14,210 | ₹14,945 |
| Retail (Max) | 13 | 637 | ₹1,84,730 | ₹1,94,285 |
| S-HNI (Min) | 14 | 686 | ₹1,98,940 | ₹2,09,230 |
| S-HNI (Max) | 66 | 3,234 | ₹9,37,860 | ₹9,86,370 |
| B-HNI (Min) | 67 | 3,283 | ₹9,51,070 | ₹10,01,315 |
5. About the Company
Runwal Enterprises Limited is a real estate developer operating across residential projects covering affordable, mid-income and luxury segments, along with commercial spaces, retail malls and educational buildings. The RHP describes the business as covering land identification/acquisition, planning, execution, marketing and sales.
The Group traces its origins to the Runwal group established in 1978; the present company was incorporated in 2016 and operated through successive name changes before conversion into a public company in 2024.
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As of March 31, 2026, the Group had 19 Completed Projects, 28 Ongoing Projects and 33 Upcoming Projects.
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The RHP states total project developable area of 88.37 million sq. ft. across greenfield and non-greenfield projects as of March 31, 2026; 94.56% was classified as greenfield.
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The residential portfolio comprised 74.58 million sq. ft. of Developable/Estimated Developable Area across completed, ongoing and upcoming projects, segmented into affordable, mid-income and luxury markets.
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As of March 31, 2026, ongoing projects had 19.88 million sq. ft. of Developable Area and upcoming projects had 56.41 million sq. ft. of Estimated Developable Area.
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The RHP states that the Group has developed 19 completed projects comprising 12.09 million sq. ft. of Developable Area and sold 11,400 units as of March 31, 2026.
6. Restated Financial Information
| Particulars (₹ million unless stated) | FY2026 | FY2025 | FY2024 |
|---|
| Revenue from operations | 17,989.49 | 10,077.66 | 24,088.65 |
| Other income | 518.44 | 429.48 | 278.10 |
| Total revenue | 18,507.93 | 10,507.14 | 24,366.75 |
| EBITDA | 3,498.05 | 1,801.10 | 2,017.34 |
| Profit before tax | 2,239.15 | 975.56 | 1,567.71 |
| Restated net profit | 1,857.63 | 556.48 | 937.00 |
| Basic EPS (₹) | 16.74 | 6.27 | 6.04 |
| Diluted EPS (₹) | 16.74 | 6.27 | 6.04 |
| Net worth | 7,681.99 | 4,558.62 | 3,726.47 |
| Equity share capital | 250.10 | 250.10 | 250.10 |
| Other equity | 8,085.27 | 4,846.16 | 3,906.61 |
| Total assets | 102,544.96 | 83,281.39 | 70,797.38 |
| Finance costs | 1,151.55 | 788.61 | 417.82 |
| Depreciation & amortisation | 107.20 | 36.89 | 31.79 |
| CFO | (1,807.13) | (1,981.36) | (5,494.82) |
| CFI | (2,132.31) | (1,676.74) | 2,514.86 |
| CFF | 4,960.10 | 3,097.63 | 3,518.10 |
| Purchase of PPE & intangible assets | (2,316.21) | (751.09) | (1,283.32) |
| Inventory | 84,508.35 | 68,112.11 | 59,405.50 |
| Trade receivables | 1.35 | 3.42 | 1.18 |
| Trade payables – MSME | 2,462.30 | 2,485.78 | 1,754.25 |
| Trade payables – other | 2,190.36 | 1,899.53 | 2,519.53 |
7. Key Performance Indicators
| KPI | FY2026 | FY2025 | FY2024 |
|---|
| Revenue from operations (₹m) | 17,989.49 | 10,077.66 | 24,088.65 |
| Gross Margin (₹m) | 6,022.94 | 3,617.72 | 4,741.96 |
| Gross Margin (%) | 33.48% | 35.90% | 19.69% |
| EBITDA (₹m) | 3,498.05 | 1,801.10 | 2,017.34 |
| EBITDA Margin (%) | 19.44% | 17.87% | 8.37% |
| Adjusted EBITDA (₹m) | 5,922.60 | 3,939.90 | 3,944.97 |
| Adjusted EBITDA Margin (%) | 32.92% | 39.10% | 16.38% |
| Total Equity (₹m) | 8,448.16 | 4,850.75 | 4,510.81 |
| Net Debt (₹m) | 27,781.10 | 22,506.60 | 16,312.27 |
| Net Debt / Equity (x) | 3.29 | 4.64 | 3.62 |
| Sales Value (₹m) | 23,535.05 | 18,990.49 | 15,276.41 |
| Sales Area (msf) | 2.07 | 1.62 | 1.62 |
| Sales (units) | 2,182 | 1,700 | 1,688 |
| Gross Collections (₹m) | 18,546.13 | 15,562.29 | 19,239.85 |
| Launches (msf) | 2.06 | 1.10 | 1.89 |
| Deliveries (msf) | 1.17 | 1.33 | 2.23 |
| Average Sale Price (₹/sq. ft.) | 11,365.98 | 11,753.69 | 9,429.65 |
8. IPO Valuation
| Metric | Disclosure |
|---|
| Price Band | ₹290–₹305 |
| FY2026 Basic EPS | ₹16.74 |
| FY2026 Diluted EPS | ₹16.74 |
| P/E at floor | 17.32x |
| P/E at cap | 18.22x |
| Industry peer P/E – highest | 57.66x |
| Industry peer P/E – lowest | 21.09x |
| Industry composite P/E | 39.18x |
| Weighted average RoNW | 22.73% |
| NAV/share, Mar. 31, 2026 – before CCD conversion | ₹61.43 |
| NAV/share, Mar. 31, 2026 – post CCD conversion | ₹75.00 |
| NAV/share after issue – floor | ₹99.53 |
| NAV/share after issue – cap | ₹100.51 |
| Post-issue market cap – floor | ₹43,105.29 million |
| Post-issue market cap – cap | ₹45,076.07 million |
| WACA of equity shares – last three years | ₹342.49; floor 0.85x; cap 0.89x |
9. Shareholding & Capital Structure
** Shareholding Structure**
| Particular | Pre-Issue | Post-Issue at ₹290 | Post-Issue at ₹305 |
|---|
| Promoter – Subodh Subhash Runwal | 106,281,849 (80.89%) | 106,281,849 (71.50%) | 106,281,849 (71.91%) |
| Promoter Group – Total | 18,755,646 (14.27%) | 18,755,646 (12.62%) | 18,755,646 (12.69%) |
| Additional Top 10 Shareholders – Total | 6,353,941 (4.84%) | 6,353,941 (4.28%) | 6,353,941 (4.30%) |
| Total (A+B+C) | 131,391,436 (100.00%) | 131,391,436 (88.40%) | 131,391,436 (88.90%) |
** Individual Promoter Group / Top Shareholders**
| Shareholder | Pre-Issue Shares | Pre-Issue % | Post-Issue % at ₹290 | Post-Issue % at ₹305 |
|---|
| Subodh Subhash Runwal | 106,281,849 | 80.89% | 71.50% | 71.91% |
| Subhash Suganlal Runwal | 10,003,003 | 7.61% | 6.73% | 6.77% |
| Chanda Subhash Runwal | 8,752,628 | 6.66% | 5.89% | 5.92% |
| Snehal Subodh Runwal | 5 | Negligible | Negligible | Negligible |
| Sangeeta Vikas Lalwani | 5 | Negligible | Negligible | Negligible |
| Sidharth Subodh Runwal | 5 | Negligible | Negligible | Negligible |
| HDFC Capital Affordable Real Estate Fund - 3 | 6,341,436 | 4.83% | 4.27% | 4.29% |
| Vikas Prakashchandra Lalwani | 12,505 | 0.01% | 0.01% | 0.01% |
10. Objects of the Issue
| Object | Amount / Limit | Deployment |
|---|
| Repayment / pre-payment of certain Company borrowings | ₹1,000.00m | Fiscal 2027 |
| Investment in Runwal Residency Private Limited and Evie Real Estate Private Limited for repayment / pre-payment of their borrowings | ₹2,250.00m | Fiscal 2027 |
11. Key Risks Highlighted in the RHP
| Editorial category | RHP disclosure / potential impact |
|---|
| Business / Geographic | The RHP states that 66.65% of real estate development projects were located in Mumbai as of March 31, 2026, creating geographic concentration exposure to the Mumbai market. |
| Project execution / cost | The RHP identifies execution delays, cost overruns, contractor dependence, approvals and other project-delivery factors as risks to operations, cash flows and financial condition. |
| Inventory | The RHP identifies unsold inventory and the ability to monetize completed or ongoing projects as relevant to cash flows and performance. |
| Land / title | The RHP describes risks relating to land acquisition, title, development rights, approvals and disputes concerning project land. |
| Customer / residential concentration | Residential projects represented 84.39% of the Group’s Developable/Estimated Developable Area as of March 31, 2026, and the RHP identifies customer preference and delivery risks. |
| Financial / cash flow | The RHP states that the Company had negative operating cash flow in FY2026 and FY2025 and may experience negative cash flows in the future. |
| Debt / liquidity | The RHP discloses substantial borrowings and states that debt servicing, refinancing and access to capital can affect financial condition and operations. |
| Subsidiaries / profitability | The RHP discloses losses and/or negative net worth at certain subsidiaries and states that continued losses could affect consolidated net worth and the value of the Equity Shares. |
| Regulatory / approvals | Project development depends on RERA, planning, environmental, land-use and other approvals; delays or changes in regulations can affect project implementation. |
| Construction materials | The RHP identifies price increases, shortages or supply disruptions for materials such as steel and cement as potential impacts on cost and schedules. |
| Related parties | The RHP discloses transactions with related parties and identifies related-party dependence and transactions as an area requiring attention in assessing operations. |
| Contingent liabilities / litigation | The RHP reports contingent liabilities of ₹79,800.81 million as at March 31, 2026 and extensive pending litigation and tax matters. |
12. Litigation & Contingent Liabilities
| Area | Disclosure |
|---|
| Materiality threshold | ₹55.85 million, being the lowest of the RHP’s turnover/net worth/average PAT tests for material litigation; land title/development-right disputes are disclosed irrespective of amount. |
| Company – criminal | One criminal complaint is disclosed from crime-check searches; the Company states it has not been served with notice or summons. |
| Company – material civil | Includes claims/arbitrations involving Gammon India, Runwal Chestnut, Neeraj Jain, Runwal Ebony, Pratibha Industries and Bridge Water Realty; disclosed claim amounts include ₹408.05m, ₹186.69m, ₹85.52m, approximately ₹173.81m and approximately ₹8,323.73m in specified matters. |
| Company – tax | Disclosed matters include an Income Tax demand of ₹91.25m; GST matters including ₹1,890.68m, ₹64.96m, ₹67.37m and ₹69.01m in specified proceedings. |
| Subsidiaries – criminal/civil/RERA | The RHP discloses criminal, civil and RERA proceedings involving subsidiaries, including purchaser complaints and appeals. |
| Promoter / Directors | The RHP discloses criminal and civil matters involving the Promoter and Directors and states nil for specified regulatory/statutory actions and material tax matters where applicable. |
| Joint Ventures / Associate | The RHP states nil for the listed criminal, regulatory, material civil, claims-before-real-estate-authorities and tax categories for JVs/Associate in the relevant summary. |
| Contingent liabilities | Direct/indirect tax disputes ₹6,292.78m; bank guarantees ₹21.66m; corporate guarantees ₹18,400.00m; personal guarantee received ₹54,900.00m; claims not acknowledged as debt ₹70.47m; MahaRERA ₹1.27m; contractual agreements ₹114.63m; total ₹79,800.81m. |
| Creditor dues | Trade payables disclosed as ₹2,462.30m to MSMEs and ₹2,190.36m to other than MSMEs as at March 31, 2026. A material creditor is defined using a 5% of total consolidated trade payables threshold. |
13. Registrar
| Particular | Disclosure |
|---|
| Name | MUFG Intime India Private Limited (formerly Link Intime India Private Limited) |
| Address | C-101, Embassy 247, L.B.S. Marg, Vikhroli (West), Mumbai – 400 083, Maharashtra, India |
| Contact person | Shanti Gopalkrishnan |
| Email | runwalenterprises.ipo@in.mpms.mufg.com |
| Telephone | +91 81081 14949 |
| Website | www.in.mpms.mufg.com |
| SEBI registration | INR000004058 |
14. Lead Manager(s)
16. Company Contact Details
| Particular | Disclosure |
|---|
| Registered & corporate office | Runwal & Omkar Esquare, 4th Floor, Off Eastern Exp Highway, Opp. Sion Chunabhatti Signal, Sion (E), Mumbai City, Mumbai – 400 022, Maharashtra, India |
| CIN | U70109MH2016PLC273223 |
| Telephone | +91 22 6116 2422 |
| Email | company.secretaries@runwalgroup.in |
| Website | www.runwalenterprises.com |
| Company Secretary / Compliance Officer | Abhishek Kumar Jain |
| Investor grievance | Company Secretary / Compliance Officer or Registrar; BRLMs may also be contacted for Issue-related queries |
