Runwal Enterprises IPO

Strengths · 8

• 01Profit more than tripled in FY2026, from Rs 55.65 crore to Rs 185.76 crore.
• 02EBITDA nearly doubled over the same year, from Rs 180.11 crore to Rs 349.81 crore.
• 03Return on net worth was 27.24% and the EBITDA margin was 19.44%.
• 04The 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.
• 05The pipeline is large and visible, with 28 ongoing and 33 upcoming projects on top of 19 already completed.
• 06It 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.
• 07Using joint development agreements alongside outright land purchase lets it add projects without funding every plot.
• 08The whole issue is fresh capital with no offer for sale.

Risks · 8

• 01Debt 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.
• 02Only Rs 100 crore of the Rs 499.83 crore issue repays borrowings, so most of that debt stays on the books.
• 03Revenue 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.
• 04The 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.
• 05The promoter details are not stated in the data available to us.
• 06The business is concentrated in Mumbai and Kalyan-Dombivli, so it depends heavily on one property market.
• 07Total assets of Rs 10,254.50 crore are largely funded by borrowing, and carrying cost on that runs whether or not projects sell.
• 08Housing demand moves with interest rates, and delays in approvals or completion push both revenue and cash flow further out.

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.

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