Runwal Enterprises IPO

Mainboard • Equity • Fresh capital only

LISTEDMAINBOARDEquity

Runwal Enterprises

Price band

₹290 – ₹305

Lot size

49 shares

Min investment

₹14,945

Issue size

₹500 Cr

About the company

Runwal Enterprises Limited was started in February 2016. It is a real estate developer working across the full range of development, with its main focus on residential projects in the affordable, mid-income and luxury segments, alongside commercial space, retail malls and educational buildings. Its strength is in Mumbai. According to the JLL Report, between January 2023 and 31 March 2026 it ranked third in Mumbai both for new launches and for sales, with market shares of about 2.33% and 2.46%. In the eastern suburbs of Mumbai it ranked first in sales with a share of about 7.88%, and fourth in new launches. In Kalyan-Dombivli it ranked first in new launches with about 11.41% share and second in sales with about 6.33%. As on 31 March 2026 it had 19 completed projects, 28 ongoing projects and 33 upcoming projects. It develops in two ways. Greenfield development means buying the land itself, while asset-light models such as joint development agreements let it build on someone else's land and share the result, which needs far less capital upfront.

Runwal Enterprises Limited is a Mumbai real estate developer building residential projects across affordable, mid-income and luxury segments along with commercial space, retail malls and educational buildings. As on 31 March 2026 it had 19 completed, 28 ongoing and 33 upcoming projects, and ranks third in Mumbai by new launches and sales.

IPO details

Issue price: ₹305
Price band: ₹290 – ₹305
Face value: ₹2
Lot size: 49
Min investment: ₹14,945
Issue size: ₹500 Cr
Sale type: Fresh capital only
Listing on: BSE, NSE
BSE scrip code: 8003
NSE symbol: RUNWALENTR.NS
Employee discount: Rs 14.00 per share

Lot size & investment by category

APPLICATION	LOTS	SHARES	AMOUNT
Retail (Min)	1	49	₹14,945
Retail (Max)	13	637	₹1,94,285
S-HNI (Min)	14	686	₹2,09,230
B-HNI (Min)	67	3,283	₹10,01,315

Investor reservation

CATEGORY	RESERVED
QIB	81,39,343 shares (50.00% of the Offer)
NII	24,41,804 shares (15.00% of the Offer)
Retail	56,97,541 shares (35.00% of the Offer)
Employee	1,20,274 shares (0.73% of the Offer)

Objects of the issue

1Repayment/ pre-payment, in full or in part, of certain outstanding borrowings availed by the Company100.00

2Investment in the Material Subsidiaries namely Susneh Infrapark Pvt.Ltd. and Runwal Residency Pvt.Ltd. and Subsidiary namely Evie Real Estate Pvt.Ltd., for repayment/ pre-payment, in full or in part, of all or a portion of certain of their outstanding borrowings.225.00

3Funding acquisitions of future real estate projects and general corporate purposes.

Financials

Rs. Crore • restated

METRIC	31 Mar 2026	31 Mar 2025	31 Mar 2024
Assets	10,254.50	8,328.14	7,079.74
Total Income	1,850.79	1,050.71	2,436.68
Profit After Tax	185.76	55.65	93.70
EBITDA	349.81	180.11	201.73
NET Worth	768.20	455.86	372.65
Reserves and Surplus	819.81	460.07	426.07
Total Borrowing	2,909.13	2,312.58	1,783.65

Key performance indicators

P/E Ratio

24.26

EPS (₹)

12.57

RoNW

27.24%

EBITDA Margin

19.44%

Debt / Equity

3.29

NAV (₹)

61.43

✓ Strengths

• Profit more than tripled in FY2026, from Rs 55.65 crore to Rs 185.76 crore.

• EBITDA nearly doubled over the same year, from Rs 180.11 crore to Rs 349.81 crore.

• Return on net worth was 27.24% and the EBITDA margin was 19.44%.

• The market position is strong, ranking third in Mumbai for both new launches and sales, first in eastern suburbs sales and first in Kalyan-Dombivli launches.

• The pipeline is large and visible, with 28 ongoing and 33 upcoming projects on top of 19 already completed.

• It builds across affordable, mid-income and luxury housing as well as commercial, retail and educational buildings, so it is not tied to one price segment.

• Using joint development agreements alongside outright land purchase lets it add projects without funding every plot.

• The whole issue is fresh capital with no offer for sale.

⚠ Risks

• Debt is very high. Total borrowing was Rs 2,909.13 crore against a net worth of Rs 768.20 crore, a debt to equity ratio of 3.29, and it has risen every year from Rs 1,783.65 crore in FY2024.

• Only Rs 100 crore of the Rs 499.83 crore issue repays borrowings, so most of that debt stays on the books.

• Revenue is extremely volatile because real estate income is booked when projects complete. Total income was Rs 2,436.68 crore in FY2024, fell to Rs 1,050.71 crore in FY2025 and recovered to Rs 1,850.79 crore in FY2026.

• The issue is priced at about 24.26 times earnings on an EPS of Rs 12.57, on a profit figure that swings widely from year to year.

• Control stays with a single promoter, Subodh Subhash Runwal, who holds 95.16% before the issue and 84.61% after it, so the public float is only 15.39%.

• The business is concentrated in Mumbai and Kalyan-Dombivli, so it depends heavily on one property market.

• Total assets of Rs 10,254.50 crore are largely funded by borrowing, and carrying cost on that runs whether or not projects sell.

• Housing demand moves with interest rates, and delays in approvals or completion push both revenue and cash flow further out.

Promoters & holding

Subodh Subhash Runwal

Pre-issue promoter holding

95.16%

Post-issue promoter holding

84.61%

Promoters hold 95.16% before the issue and will hold 84.61% after it.

Data refreshed 07 Nov 2026, 04:50 pm IST. GMP is unofficial market sentiment, not investment advice.