Runwal Enterprises
- Issue price
- ₹ 305
- Issue size
- ₹ 500 Cr.
- Min. investment
- ₹ 14,945
- Listing price
- ₹ 305
- Subscribed
- 2.5x
- Lot size
- 49 shares
- P/E
- 24.26
- RoNW
- 27.24%
- Debt / Equity
- 3.29
- EBITDA margin
- 19.44%
- EPS
- ₹ 12.57
- NAV
- ₹ 61.43
- Promoter stake
- 84.61%
About
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.
Timeline
- doneOpens25 Sep
- doneCloses29 Sep
- doneAllotment30 Sep
- doneRefunds1 Oct
- doneDemat credit1 Oct
- doneListing5 Oct
Grey market premium (GMP)
GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
- Highest
- ₹ 37 on 24 Sep 2026
- Lowest
- ₹ −5 on 1 Oct 2026
- First quoted
- ₹ 18 on 22 Sep 2026
Subscription
How many times each investor group bid for its share, as of 05 Oct 2026, 06:30 PM IST.
How much to apply for
The smallest and largest bids for each kind of investor at the upper price band.
| 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 |
Company overview
Financials
| Assets | 10,254.5 | 8,328.14 | 7,079.74 |
| Total Income | 1,850.79 | 1,050.71 | 2,436.68 |
| Profit After Tax | 185.76 | 55.65 | 93.7 |
| EBITDA | 349.81 | 180.11 | 201.73 |
| NET Worth | 768.2 | 455.86 | 372.65 |
| Reserves and Surplus | 819.81 | 460.07 | 426.07 |
| Total Borrowing | 2,909.13 | 2,312.58 | 1,783.65 |
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.
What the money is for
| Repayment/ pre-payment, in full or in part, of certain outstanding borrowings availed by the Company | 100 |
| Investment 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 |
| Funding acquisitions of future real estate projects and general corporate purposes. | — |
Promoters
- Subodh Subhash Runwal
Registrar, lead managers and documents
- Listing on
- BSE, NSE
- Face value
- ₹ 2 a share
- Registrar
- MUFG Intime India Private Limited
- Lead managers
- ICICI Securities, Jefferies India Private Limited
- Red herring prospectus (RHP)
- Open
- Basis of allotment
- Open
IPO dates, prices, grey market premium (GMP), subscription and the company overview: IPO Guru, updated three times a day. GMP is an unofficial premium from the unregulated grey market. It is not published, verified or regulated by SEBI, NSE or BSE, grey market deals are not legally enforceable, and it is not a reliable indicator of the listing price. Do not apply for an IPO on the basis of GMP. It is not a recommendation of Minerva Capital Research Solutions.
Our recommendations are research opinions, not investment advice. Read the offer document (RHP) and consult your financial adviser before investing.