IPO Overview
Runwal Enterprises Limited is a leading urban real estate developer with nearly five decades of experience, primarily focused on the Mumbai Metropolitan Region (MMR). The company develops residential projects across affordable, mid-income, and luxury segments, alongside commercial offices, retail malls, and educational buildings as part of mixed-use and township-style developments. Its residential portfolio spans three distinct micro-markets: the affordable segment is concentrated in Dombivli, mid-income offerings are located in Mulund, Kanjurmarg, Bandra, Chembur, and Alibaug, while the luxury segment caters to South Mumbai. The company executes projects through a mix of land acquisition, redevelopment, joint development agreements (JDAs), and joint ventures (JVs). As of March 31, 2026, the company had developed a total developable area of 31.96 million sq ft, comprising 19 completed projects, 28 ongoing projects, and 33 upcoming projects.
Runwal Enterprises is now launching its mainboard IPO on BSE and NSE, aiming to raise ₹500 crore entirely through a fresh issue of equity shares. Revenue from operations for FY26 stood at ₹1,798.95 crore, up 78.5% YoY, and net profit for FY26 was ₹185.76 crore — nearly double that of FY25. The IPO opens on 25 September 2026 and closes on 29 September 2026, with listing expected around 5 October 2026 on both BSE and NSE.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| IPO Open Date | 25 September 2026 |
| IPO Close Date | 29 September 2026 |
| Allotment Date | 30 September 2026 (Expected) |
| Refund Initiation | 2 October 2026 |
| Credit to Demat | 2 October 2026 |
| Listing Date | 5 October 2026 (Tentative) |
| Price Band | ₹290 – ₹305 per share |
| Face Value | ₹2 per share |
| Lot Size | 49 shares |
| Minimum Investment (Retail) | ₹14,945 (1 lot = 49 shares) |
| Issue Size | ₹499.83 crore (~₹500 crore) |
| Fresh Issue | 1,63,93,442 shares (₹499.83 crore) |
| Offer For Sale (OFS) | Nil |
Note: The entire IPO is a fresh issue — no offer-for-sale component. All proceeds will go directly to the company.
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | Not more than 50% |
| Non-Institutional Investors (NII/HNI) | Not less than 15% |
| Retail Individual Investors (RII) | Not less than 35% |
OFS / Selling Shareholders
There is no Offer For Sale (OFS) in this IPO. The entire issue is a 100% fresh issue, meaning all ₹499.83 crore raised will go directly into the company’s balance sheet, with no promoter exit.
Objects of the Issue (Fund Utilization)
The company proposes to utilise the net IPO proceeds as follows: ₹100 crore for repayment/prepayment of certain outstanding borrowings of the company, ₹225 crore as investment in material subsidiaries (Susneh Infrapark, Runwal Residency, and Evie Real Estate) for debt reduction at the subsidiary level, and the balance for funding acquisitions of future real estate projects and general corporate purposes.
- Repayment / prepayment of standalone borrowings — ₹100 crore
- Investment in material subsidiaries for debt reduction — ₹225 crore
- Funding acquisitions of future real estate projects — balance proceeds
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Managers: ICICI Securities Ltd. and Jefferies India Pvt. Ltd.
- Registrar to the Issue: MUFG Intime India Pvt. Ltd.
Promoters & Management
Runwal Enterprises was originally incorporated as Propel Developers Private Limited in February 2016, and subsequently renamed to Runwal Enterprises Private Limited in January 2024, before being converted to a public limited company in October 2024.
The company is backed by the Runwal Group — one of Mumbai’s most established real estate conglomerates with nearly five decades of presence in the city. The group’s long-standing brand equity, local market expertise, and deep execution capabilities form the core promoter strength of the company.
Company Details
Runwal Enterprises is a Mumbai-focused real estate developer operating across the full spectrum of the residential market — affordable, mid-income, and luxury — while also selectively developing retail malls, commercial offices, and educational buildings as part of larger mixed-use townships.
Sectors / Segments:
- Affordable Residential (Dombivli / Kalyan-Dombivli market)
- Mid-Income Residential (Mulund, Kanjurmarg, Bandra, Chembur, Alibaug)
- Luxury Residential (South Mumbai)
- Commercial Offices
- Retail Malls
- Educational Buildings
Key Capabilities:
- Mixed-use and township-style developments creating live-work-play ecosystems that boost repeat demand and pricing power
- Executes projects through land acquisition, redevelopment, JDAs, and JVs — maintaining both direct ownership and asset-light models
- Total developable and estimated developable area of 88.37 million sq ft as of March 31, 2026, across 19 completed, 28 ongoing, and 33 upcoming projects — residential projects account for approximately 74.58 million sq ft, while non-residential accounts for around 13.80 million sq ft
Market Position:
- Ranked third in terms of new launches and sales in Mumbai, with approximate market shares of 2.33% and 2.46% respectively between January 2023 and March 31, 2026, as per property consultancy JLL
- Ranked first in the eastern suburbs submarket in terms of sales at approximately 7.88% between January 2023 and March 2026
Financial Snapshot
| Period | Total Income (₹ Cr) | PAT (₹ Cr) | EBITDA (₹ Cr) |
| FY24 | ₹2,436.68 | ₹93.70 | ₹201.73 |
| FY25 | ₹1,050.71 | ₹55.65 | ₹180.11 |
| FY26 | ₹1,850.79 | ₹185.76 | ₹349.81 |
Key Financial Metrics
- Revenue expanded 76% in FY26 to ₹1,850.79 crore, while PAT climbed 234% to ₹185.76 crore. Net worth expanded from ₹455.86 crore to ₹768.20 crore during the same period.
- EBITDA margin improved from 17.87% in FY25 to 19.44% in FY26, significantly better than the 8.37% recorded in FY24.
- Average EPS (last two fiscals): ₹25.00 | Average RoNW: 23.17% | P/BV: 2.44x (based on NAV of ₹140.81 per share) | P/E at upper band: 15.51x (on FY26 earnings) | 28.44x (on FY25 earnings)
- Net debt increased from ₹2,250.66 crore in FY25 to ₹2,778.11 crore in FY26 — the balance sheet remains highly leveraged with a Net Debt-to-Equity ratio of approximately 3.29x
- Sales bookings of ₹2,353.50 crore in FY26, up 23.93% YoY; Collections of ₹1,854.61 crore, up 19.17% YoY
Company Strengths
- Nearly five decades of brand equity and execution track record in Mumbai’s competitive real estate market — a city where buyer trust, local approvals, and vendor networks are hard to replicate
- Massive upcoming project pipeline of 56.41 million sq ft, providing strong long-term revenue visibility well beyond FY26
- Township-style, mixed-use developments create “live-work-play” ecosystems that boost repeat demand and pricing power — families pay a premium for integrated convenience, not just square footage
- Strong FY26 recovery — PAT up 234% and EBITDA margin at 19.44% — signalling a meaningful operational turnaround
- Entire IPO is a fresh issue — 100% of proceeds enter the balance sheet; no promoter exit signals long-term commitment
- Dominant position in the eastern suburbs submarket of Mumbai — ranked #1 in sales with ~7.88% market share
Key Risks & Challenges
- Highly leveraged balance sheet: Net debt rose to ₹2,778.11 crore in FY26 against total equity of ₹844.82 crore, resulting in a net debt-to-equity ratio that demands careful monitoring even after partial IPO debt repayment
- Geographic concentration risk: The company’s entire business is concentrated in the Mumbai Metropolitan Region — any downturn in MMR property demand, policy change, or regulatory delay directly impacts the business
- Revenue volatility: FY26 revenue of ₹1,798.95 crore was still below the FY24 level of ₹2,408.65 crore, highlighting that real estate revenues are lumpy and project-completion driven rather than steady
- PAT inconsistency: PAT margins have fluctuated — 17.56% in FY23, 16.92% in FY24, 8.97% in FY25, and 16.65% in 9M-FY26 — raising questions about sustainability of FY26 profitability levels
- Valuation risk: The issue appears fully priced at P/E of 28.44x on FY25 earnings; if FY26 bumper earnings are not sustained, current valuations may seem stretched
- Regulatory and execution risks: Large ongoing and upcoming project pipeline of 61 projects means significant dependency on timely regulatory approvals, construction timelines, and labour/material availability
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
