Runwal Enterprises IPO
Runwal Enterprises shares listed on BSE and NSE on 5 October 2026 after an IPO priced at ₹305, an issue of ₹500 crore.
- Minimum investment
- ₹14,9451 lot of 49 shares, at the issue price
- Issue price
- ₹305
- Lot size
- 49 shares
- Issue size
- ₹500 croreFresh issue only
- Bidding
- 25 Sep to 29 Sep
- Listing
- 5 OctBSE, NSE
Dates
Runwal Enterprises IPO dates
RHP cover page and Terms of the Issue (p. 528)- 24 SepAnchor bidding
- 25 SepBidding opens
- 29 SepBidding closes, UPI by 5 pm
- 30 SepAllotment
- 1 OctRefunds and demat credit
- 5 OctListing
- Today7 Nov
Read before you apply
Runwal Enterprises IPO review: read before you apply
Worth checking
- SeriousHigh debt and negative operating cash flow
Net debt was ₹2,778.11 crore in March 2026, 3.29 times equity. Cash from operations was negative in all three years: -₹549.48 crore in FY24, -₹198.14 crore in FY25 and -₹180.71 crore in FY26 (Risk factor 8; RHP, Basis for Issue Price, KPIs).
- SeriousRelated party deals flagged by auditors
Auditors of subsidiary Runwal Residency said its money placed with partnership firm SR Constructions was prejudicial to the company. The balance was ₹86.23 crore in March 2025 and ₹17.97 crore in March 2026 (Risk factor 4).
- Almost all in Mumbai
66.65% of its projects were in Mumbai in March 2026. The only projects outside Mumbai are two upcoming ones near Alibaug (Risk factor 1).
- Unsold homes
It had 7,072 unsold units, 7.55 million sq ft, across completed and ongoing projects in March 2026 (Risk factor 3).
- Pending cases
34 cases are pending against the company with ₹1,366.31 crore involved, and 153 against its subsidiaries with ₹240.58 crore involved (Risk factor 28).
- Promoter control and pledge
The promoter and promoter group own 95.16% before the IPO. The promoter's pledged shares were released for lock-in rules and are to be pledged again within 30 days of listing (RHP, Capital Structure).
Strengths
- Large Mumbai player
It ranked third in Mumbai by new launches and sales from January 2023 to March 2026, with market shares of about 2.33% and 2.46% (RHP, Our Business, citing JLL report).
- Bookings growing
Sales value rose from ₹1,527.64 crore in FY24 to ₹2,353.51 crore in FY26, about 24.1% a year (our calculation from RHP KPIs).
- Profit and margins up
Profit after tax rose from ₹55.65 crore in FY25 to ₹185.76 crore in FY26. EBITDA margin rose from 8.37% in FY24 to 19.44% in FY26 (RHP, Restated financial information and KPIs).
- Big project pipeline
It had 28 ongoing and 33 upcoming projects in March 2026, making up 86.33% of its total developable area (Risk factor 2).
- Return on net worth
Return on net worth was 27.24% in FY26, against 1.94% to 14.73% for the listed peers in the RHP (RHP, Basis for Issue Price).
What Runwal Enterprises does
Runwal Enterprises develops homes in Mumbai in three segments: affordable (Dombivli), mid-income (Mulund, Kanjurmarg, Bandra, Chembur and Alibaug) and luxury (South Mumbai). It also builds offices, retail malls and schools.
In March 2026 it had 19 completed, 28 ongoing and 33 upcoming projects, with 88.37 million sq ft of developable area. The wider Runwal group began in 1978 under Subhash Runwal. The company's promoter is his son Subodh Subhash Runwal.
Listing and subscription
Runwal Enterprises IPO subscription status
NSE IPO details, final figuresListing day
Our calculation: gain vs upper price- Issue price
- ₹305
- Listing price
- ₹305
- Gain at open
- 0.0%
- Day close
- ₹301.45
Subscription
- Total
- 2.50x
- Retail
- 1.12x
- Updated
- 29 Sep 2026, 5:00 pm IST
- QIB50% of offer3.89x
- NII15% of offer3.94x
- Big NII4.35x
- Small NII3.12x
- Retail35% of offer1.12x
- Employee1.13x
- Total2.50x
As of 29 Sep 2026, 5:00 pm IST. Times subscribed is a fact about demand, not a sign of quality. Share of offer is from the RHP offer structure.
Grey market premium. GMP is unofficial. It is not regulated or published by any exchange. If we show it, it carries its source and time, never as a forecast. What GMP means
Price and lots
Runwal Enterprises IPO price band, lot size and issue size
RHP cover page, The Issue (p. 68) and Issue Structure (p. 532)| Issue price | ₹305 |
| Lot size | 49 shares |
| Issue size | ₹500 crore at the upper price |
| Fresh issue | ₹500 crore |
| Offer for sale | Nil |
| Face value | ₹2 per share |
| Employee quota | Up to ₹3.50 crore of shares for eligible employees |
| Employee discount | ₹14 per share |
| Issue type | Book built, fresh issue only |
Where the money goes
Percentages are our calculation.
Who gets how much of the net offer
What the company will do with the money
RHP, Objects of the Issue (p. 100)| Object of the issue | ₹ crore |
|---|---|
| Repay or prepay borrowings of the company | 100.00 |
| Invest in subsidiaries Runwal Residency and Evie Real Estate to repay their borrowings | 225.00 |
| Acquire future real estate projects and general corporate purposes (amount not fixed in the RHP; capped at 35% of gross proceeds) |
Minimum and maximum investment
Our calculation: at ₹305 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min)Minimum application | 1 | 49 | ₹14,945 |
| Retail (max) | 13 | 637 | ₹1,94,285 |
| Small NII (min) | 14 | 686 | ₹2,09,230 |
| Small NII (max) | 66 | 3,234 | ₹9,86,370 |
| Big NII (min) | 67 | 3,283 | ₹10,01,315 |
Retail bids are capped at ₹2 lakh and small NII bids at ₹10 lakh.
Valuation calculator
Our calculation: inputs from RHP, Restated Consolidated Financial Information and Basis for Issue Price (p. 113 to 115)Set to the issue price, ₹305. Change it to see what you would be paying for.
- Market cap
- ₹4,507 cr
- P/E (FY26, diluted)
- 18.2x
- Price to book
- 5.9x
- Market cap to sales
- 2.5x
- Peer average P/E
- 39.18x
Based on FY26, diluted EPS of ₹16.74, 14.78 crore shares, net worth of ₹768.20 crore (March 2026) and revenue of ₹1,798.95 crore. Net worth as defined in the RHP (p. 114). Shares are after the IPO (our calculation at the issue price of ₹305). The peer average P/E of 39.18x is the RHP's industry composite (p. 114), across seven listed developers, with prices as of 18 Sep 2026.
Financials
Runwal Enterprises financials
RHP, Restated Consolidated Financial Information (p. 70 to 73) and KPIs (p. 116), ₹ croreRevenue and EBITDA
Revenue fell from ₹2,408.87 crore in FY24 to ₹1,798.95 crore in FY26, while sales value rose about 24.1% a year (our calculation).
| ₹ crore | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue from operations | 2,408.87 | 1,007.77−58.2% | 1,798.95+78.5% |
| EBITDA | 201.73 | 180.11 | 349.81 |
| EBITDA margin | 8.37% | 17.87% | 19.44% |
| Profit after tax | 93.70 | 55.65−40.6% | 185.76+233.8% |
| Profit for owners of the company | 75.49 | 78.39 | 209.29 |
| Diluted EPS (₹) | 6.04 | 6.27 | 16.74 |
| Total equity | 451.08 | 485.08 | 844.82 |
| Net debt | 1,631.23 | 2,250.66 | 2,778.11 |
| Cash from operations | -549.48 | -198.14 | -180.71 |
Consolidated figures for years ending March. The RHP has no stub period. Revenue swings from year to year with project timing (Risk factor 35). EPS uses profit for owners of the company, which is higher than total profit in FY25 and FY26 because of losses at partly owned subsidiaries.
The small figures under revenue and profit are the change from the previous full year, our calculation.
Compared with listed peers
RHP, Basis for Issue Price (p. 115). Peer prices as of 18 Sep 2026.| Company | Revenue (₹ crore) | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|---|
| Runwal Enterprises | 1,798.95 | 16.74 | 18.22x at issue price (ours) | 27.24% |
| Oberoi Realty | 6,009.06 | 68.96 | 25.88x | 13.99% |
| Lodha Developers | 16,676.20 | 34.25 | 33.42x | 14.73% |
| Godrej Properties | 5,131.43 | 61.42 | 27.53x | 9.61% |
| Sunteck Realty | 1,123.94 | 13.94 | 21.09x | 5.60% |
| Keystone Realtors | 2,634.50 | 6.21 | 56.96x | 3.32% |
| Prestige Estates Projects | 12,685.40 | 27.76 | 51.70x | 8.02% |
| Kalpataru | 3,435.62 | 4.76 | 57.66x | 1.94% |
The peer average P/E of 39.18x is our calculation, a simple average of the peers listed.
Key performance indicatorsGross margin, Return on net worth, Net debt to equity and more
| Metric | FY24 | FY25 | FY26 |
|---|---|---|---|
| Gross margin | 19.69% | 35.90% | 33.48% |
| Return on net worth | 20.26% | 17.20% | 27.24% |
| Net debt to equity | 3.62 | 4.64 | 3.29 |
| Sales value (₹ crore) | 1,527.64 | 1,899.05 | 2,353.51 |
| Units sold | 1,688 | 1,700 | 2,182 |
| Gross collections (₹ crore) | 1,923.99 | 1,556.23 | 1,854.61 |
| Average sale price (₹ per sq ft) | 9,429.65 | 11,753.69 | 11,365.98 |
| Sales value via channel partners | 44.38% | 53.87% | 58.60% |
Sales value is the agreement value of units booked in the year, net of cancellations. It is not the same as revenue.
RHP, Basis for Issue Price, KPIs (p. 114 and 116) and Risk factor 34
Company
About Runwal Enterprises
Business
RHP, Our Business (p. 184 to 186) and Basis for Issue Price, KPIs (p. 116)Most of its land is greenfield: 94.56% of developable area in March 2026. Residential projects were 84.39% of developable area and 93.93% of sales. Channel partners brought in 58.60% of FY26 sales value (Risk factor 34).
Residential portfolio by segment, developable area, March 2026
- Projects (completed, ongoing, upcoming)
- 19, 28, 33
- Total developable area
- 88.37 million sq ft
- Units sold, FY26
- 2,182
- Sales value, FY26
- ₹2,353.51 crore
Key risks
RHP, Risk Factors- Geographic concentrationTwo-thirds of its projects are in Mumbai.
- Project delaysOngoing and upcoming projects are 86.33% of its area; delays or cost overruns would hurt.
- Unsold inventoryIt had 7,072 unsold units in March 2026.
- Related party dealsAuditors called some subsidiary deals with a partnership firm prejudicial.
- Negative cash flowCash from operations was negative in FY24, FY25 and FY26.
- Loss-making subsidiariesMany subsidiaries had losses or negative net worth in recent years.
- Land and titleUncertainty in land acquisition and title could affect growth.
- Use of proceedsPart of the money for acquiring future projects is not tied to any identified project.
Read before you apply puts the most important of these beside the strengths.
Promoters and shareholdingAfter-IPO percentages are not shown.
Promoter Subodh Subhash Runwal owns 80.89% before the IPO, and his family (promoter group) another 14.27%. HDFC Capital Affordable Real Estate Fund - 3 got its 63,41,436 shares in August 2026 by converting ₹150 crore of debentures, at about ₹342.49 a share. No one sells shares in the IPO. After-IPO percentages are not shown.
| Shareholder | Before IPO | Selling (shares) |
|---|---|---|
| Subodh Subhash Runwal (promoter) | 80.89% | Nil |
| Subhash Suganlal Runwal (promoter group) | 7.61% | Nil |
| Chanda Subhash Runwal (promoter group) | 6.66% | Nil |
| HDFC Capital Affordable Real Estate Fund - 3 | 4.83% | Nil |
RHP, Capital Structure (p. 88 to 97)
IndustryMumbai residential sales CY2025: 73,246 units
- Mumbai residential sales CY2025
- 73,246 units
- Mumbai residential sales value, expected CY2028
- About ₹2,22,000 crore
The report gives the sales value as ₹2,220 billion; ₹ crore is our conversion.
JLL report 'Overview of India's Real Estate Market' in the RHP, commissioned and paid for by the company (p. 147 to 148)
LitigationAgainst the company: criminal, tax, civil and real estate: 34 · Against subsidiaries: criminal, tax, civil and real estate: 153 · Against directors: criminal, tax and civil: 8
| Type | Cases | Amount |
|---|---|---|
| Against the company: criminal, tax, civil and real estate | 34 | ₹1,366.31 crore |
| Against subsidiaries: criminal, tax, civil and real estate | 153 | ₹240.58 crore |
| Against directors: criminal, tax and civil | 8 | ₹18.78 crore |
| Against the promoter: criminal, tax and civil | 14 | ₹6.26 crore |
| By the company: criminal and civil | 4 | ₹262.27 crore |
RHP, Risk factor 28 (summary of outstanding litigation, p. 46)
Company detailsLegal name, registered office, CIN and website
| Legal name | Runwal Enterprises Limited |
| Incorporated | 2016, as Propel Developers Private Limited |
| Group origins | 1978, Runwal group founded by Subhash Runwal |
| Promoter | Subodh Subhash Runwal |
| Credit rating | IND BBB+/Stable (India Ratings, Nov 2025) |
RHP, General Information
Lead managers and registrar
RHP cover pageAllotment
Runwal Enterprises IPO allotment status
Out from 30 Sep 2026- Open the registrar's pageMUFG Intime India Private Limited is the registrar. Open its allotment page.
- Select Runwal Enterprises LimitedIt appears once the basis of allotment is final.
- Enter your PAN, application number or DP IDUse the details you applied with.
- Or check on the exchangeBSE's application status page works too.
Documents
Questions
Runwal Enterprises IPO FAQs
When does the Runwal Enterprises IPO open and close?
The Runwal Enterprises IPO opens on Friday, 25 September 2026 and closes on Tuesday, 29 September 2026. Anchor bidding is on 24 September 2026. UPI mandates must be approved by 5 pm on the closing day.
What is the Runwal Enterprises IPO price band and lot size?
The price is ₹305 per share. The lot size is 49 shares, so the minimum bid is 49 shares, or ₹14,945 at the upper price.
What is the Runwal Enterprises IPO size?
The Runwal Enterprises IPO is of ₹500 crore at the upper end of the price band. It is a fresh issue only by None. The IPO is a fresh issue only.
What is the Runwal Enterprises IPO allotment date?
Allotment is on Wednesday, 30 September 2026. Refunds and demat credit are expected on 1 October 2026.
What is the Runwal Enterprises IPO listing date?
Runwal Enterprises shares are due to list on BSE and NSE on Monday, 5 October 2026.
Who is the registrar of the Runwal Enterprises IPO?
MUFG Intime India Private Limited is the registrar. Allotment status can be checked on its website or on BSE using your PAN or application number.
What does Runwal Enterprises do?
Runwal Enterprises is a Mumbai real estate developer of affordable, mid-income and luxury homes, plus offices, retail malls and schools.
Does Runwal Enterprises get money from the IPO?
Yes. It is a fresh issue of up to ₹500 crore with no offer for sale, so all the money goes to the company.
How will Runwal Enterprises use the IPO money?
₹100 crore to repay its own loans and ₹225 crore to help two subsidiaries repay loans. The rest is for acquiring future projects and general corporate purposes.
What does Runwal Enterprises do?
It develops homes, offices, malls and schools, almost all in Mumbai. In March 2026 it had 28 ongoing and 33 upcoming projects.
When does the Runwal Enterprises IPO open and close?
It opens on 25 Sep 2026 and closes on 29 Sep 2026. Listing on BSE and NSE is planned for about 5 Oct 2026.
Who is the registrar of the Runwal Enterprises IPO?
MUFG Intime India Private Limited. The lead managers are ICICI Securities and Jefferies India.
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