Runwal Enterprises Limited
RHP · filed 24 Sept 2026
Runwal Enterprises Limited is a real estate developer focused on residential projects in Mumbai, with no planned developments outside the city. The company is not loss-making, reporting a profit of Rs 185.76 crore on revenue of Rs 1798.95 crore, though its revenue has declined at a CAGR of -13.58%. The IPO consists entirely of a fresh issue of Rs 500 crore with no offer for sale. The most material risks include a high geographic concentration in Mumbai, a heavy reliance on a large number of ongoing and upcoming projects, and the potential for delays or cost overruns due to regulatory changes, supply chain issues, or legal disputes.
What stands out
High leverage. Debt-to-equity of 3.49x.
Shrinking revenue. Restated revenue CAGR of -13.6%.
Risk factor. As of March 31, 2026, 66.65% of our real estate development projects were located in Mumbai, and there are no Ongoing Projects or Upcoming Projects planned outside of Mumbai as of the date of this Red Herring Prospectus.
Risk factor. As of March 31, 2026, we had 28 Ongoing Projects and 33 Upcoming Projects which consists of 86.33% of our total Developable Area.
Risk factor. Failure to complete these projects or future projects within their expected timelines, or at all, and any cost overruns could adversely affect our business, reputation, financial condition and results of operations.
Primarily fresh capital. 100% of the offer is fresh issue, so most proceeds fund the company.
Healthy return on equity. ROE of 22.0%.
How the offer is structured
Fresh issue
₹500 Cr
New capital into the company
OFS share
0%
- Repayment/ pre-payment, in full or in part, of certain outstanding borrowings availed by our Company₹100 Cr
- Investment in our wholly owned Material Subsidiaries namely Runwal Residency Private Limited and Evie Real Estate Private Limited, for repayment/ pre-payment, in full or in part, of all or a portion of certain of their outstanding borrowings₹225 Cr
- Funding acquisitions of future real estate projects and general corporate purposes
Restated financials
Revenue
₹1.80k Cr
Latest fiscal year
Profit after tax
₹186 Cr
Revenue CAGR
-13.6%
Return on equity
22.0%
Debt / equity
3.49
PAT CAGR
40.8%
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2024 | ₹2.41k Cr | ₹93.7 Cr | ₹451 Cr | |
| 2025 | ₹1.01k Cr | ₹55.6 Cr | ₹485 Cr | |
| 2026 | ₹1.80k Cr | ₹186 Cr | ₹845 Cr |
Risks the company discloses
As of March 31, 2026, 66.65% of our real estate development projects were located in Mumbai, and there are no Ongoing Projects or Upcoming Projects planned outside of Mumbai as of the date of this Red Herring Prospectus.(Geographic Concentration)
As of March 31, 2026, we had 28 Ongoing Projects and 33 Upcoming Projects which consists of 86.33% of our total Developable Area.(Project Execution)
Failure to complete these projects or future projects within their expected timelines, or at all, and any cost overruns could adversely affect our business, reputation, financial condition and results of operations.(Project Execution)
Revisions to the existing plans, permits or licenses by relevant authorities may necessitate unplanned rework or even demolition of parts of the Ongoing Projects.(Regulatory)
We face risks related to a shortage of labor and supply chain disruptions for raw materials, which could lead to delays in project timelines.(Operational)
Reliance on third-party contractors may subject us to additional uncertainties; any delays or failures on their part to deliver services or complete work to standards can stall project progress.(Operational)
Prolonged legal disputes associated with the title of land plots can introduce significant delays and additional costs.(Legal)
Construction activities were notably delayed in 2020 and 2021 due to lockdowns imposed in India to control the COVID-19 pandemic. Any pandemics or health epidemics in the future could have a similar effect on our project timelines.(Health)
How this document reads, dimension by dimension
Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.