| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 2408.87 | 1007.77 | 1798.95 |
| Expenses | 2279.90 | 953.15 | 1626.86 |
| Other Income | 27.81 | 42.95 | 51.84 |
| Total Revenue | 2436.68 | 1050.71 | 1850.79 |
| Profit Before Tax | 156.77 | 97.56 | 223.92 |
| Net Profit | 93.70 | 55.65 | 185.76 |
Runwal Enterprises
Runwal Enterprises IPO
₹14,210
0.54 xOver-subscribedBidding Dates 25 Sept, 26 -29 Sept, 26
Min Investment ₹14,210
Lot Size49
Price Range ₹290 – ₹305
Issue Size ₹500.00 Cr.
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IPO Subscription Details
Retail Subscription Details
0.34 x
Non-Institutional Buyers (sHNI)
0.38 x
Non-Institutional Buyers (bHNI)
0.5 x
Qualified Institutional Buyers (QIB)
0.96 x
Employees
0.32 x
Total0.54 x
0.54 x IPO Timeline
IPO Offer Start
25 Sept,26
IPO Offer Ends
29 Sept,26
Allotment Finalisation
30 Sept,26
Refund Initiation
01 Oct,26
Listing of Shares
05 Oct,26
IPO Analysis
Strengths
The company is ranked third in new launches and sales in Mumbai with market shares of 2.33% and 2.46% respectively (Jan 2023–Mar 2026), with 12 completed residential projects comprising 11.55 million sq. ft. and 17 Ongoing Projects with 18.11 million sq. ft. of Developable Area.
The company ranks first in sales in the eastern suburbs submarket (~7.88% share) and first in new launches in the Kalyan-Dombivli submarket (~11.41% share), with approximately 3,857 units sold in Kalyan-Dombivli between Jan 2023 and Mar 2026.
The company builds on the legacy of the 'Runwal group' established in 1978, having launched ~5,875 residential units and sold 6,309 units between Jan 2023 and Mar 2026, and has received awards such as 'Developer of the Year (Residential)' multiple times across industry platforms.
Risks
As of March 31, 2026, 66.65% of the company's real estate development projects (58.89 million sq. ft.) were located in Mumbai, making its financial performance closely tied to local market conditions, regulatory changes, and natural disasters. Any downturn in Mumbai's real estate market could materially and adversely affect the company's business, financial condition, and results of operations.
As of March 31, 2026, the company had 28 Ongoing Projects and 33 Upcoming Projects constituting 86.33% of total Developable Area (76.29 million sq. ft.), with multiple projects already experiencing construction delays ranging from 12 to 54 months. Failure to complete these projects on time or within budget could result in cost overruns, customer refund obligations, reputational damage, and adverse financial impacts.
As of March 31, 2026, the company's total financial indebtedness stood at ₹29,091.28 million on a consolidated basis, with a debt-to-equity ratio of 3.29x, and the company experienced negative cash flows from operating activities of ₹1,807.13 million in Fiscal 2026 and ₹1,981.36 million in Fiscal 2025. The company's heavy reliance on external financing exposes it to risks of unavailability of credit, restrictive covenants, and potential default events that could materially impair business operations.
Objectives
The company intends to utilize a portion of the Net Proceeds towards full or partial repayment/pre-payment of certain outstanding borrowings availed by the company, to reduce indebtedness and debt servicing costs, and improve ability to raise additional capital in the future.
The company plans to invest in its wholly owned Material Subsidiaries, Runwal Residency Private Limited and Evie Real Estate Private Limited, for full or partial repayment/pre-payment of their outstanding borrowings, to reduce subsidiary indebtedness and support business growth.
The company intends to utilize a portion of the Net Proceeds (not exceeding a specified percentage of Gross Proceeds) towards acquiring future real estate projects in Mumbai through joint development agreements, redevelopment agreements, land acquisition, or acquisition of development rights.
The company proposes to utilize a portion of the Net Proceeds (individually not exceeding a specified percentage of Gross Proceeds) for general corporate purposes including funding growth opportunities, meeting ordinary business expenses, servicing borrowings, brand building, strategic initiatives, and other permitted purposes.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 7079.74 | 8328.14 | 10254.50 |
| Current Assets | 6688.18 | 7808.69 | 9445.01 |
| Fixed Assets | 391.56 | 519.45 | 809.48 |
| Total Equity & Liabilities | 7079.74 | 8328.14 | 10254.50 |
| Total Liabilities | 6628.66 | 7843.06 | 9409.68 |
| Current Liabilities | 5247.18 | 6054.61 | 7720.90 |
| Non Current Liabilities | 1381.48 | 1788.46 | 1688.78 |
| Total Equity | 451.08 | 485.08 | 844.82 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | 53.81 | -56.04 | 102.07 |
| Investing Activities | 251.49 | -167.67 | -213.23 |
| Operating Activities | -549.48 | -198.14 | -180.71 |
| Financing Activities | 351.81 | 309.76 | 496.01 |
About Runwal Enterprises
Runwal Enterprises Limited is a Mumbai-based real estate developer operating across the full spectrum of real estate development, specializing in residential projects catering to affordable, mid-income, and luxury segments, as well as commercial spaces, retail malls, and educational buildings. The company is ranked third in new launches and sales in...more
Website
Managing DirectorSubodh Subhash Runwal
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