Runwal Enterprises IPO Review: Price Band, Dates, Lot Size, Financials and RisksRunwal Enterprises IPO Review: Price Band, Dates, Lot Size, Financials and Risks

The Runwal Enterprises IPO opens on September 25 and closes on September 29, 2026. Runwal Enterprises Limited is a Mumbai-based real estate developer specializing in residential projects across affordable, mid-income, and luxury segments, as well as commercial spaces, retail malls, and educational buildings. The company is raising ₹500 crore through a fresh issue of 1,63,98,962 shares.

IPO Snapshot

Event	Date
IPO Opens	September 25, 2026
IPO Closes	September 29, 2026
Allotment Date	September 30, 2026
Refund	October 1, 2026
Shares Credited to Demat	October 1, 2026
Listing Date (BSE, NSE)	October 5, 2026

Price Band and Lot Size

Detail	Value
Price Band	₹290 to ₹305 per share
Face Value	₹2 per share
Lot Size	49 shares
Minimum Investment	₹14,210 to ₹14,945
Retail Maximum	13 lots, or 637 shares (₹1,94,285)
Fresh Issue	₹475.57–₹500 crore (1,63,98,962 shares)
Offer for Sale	Nil
Total Issue Size	₹475.57–₹500 crore
Listing	BSE and NSE

Pre-issue shareholding stood at 13,13,91,436 shares, rising to 14,77,90,398 shares post-issue. The entire issue is a fresh issue, so all proceeds will go to the company for the stated objects.

What Does Runwal Enterprises Actually Do

Runwal Enterprises Limited, incorporated in 2016, is a real estate developer present across the full spectrum of real estate development. The company specializes in residential projects across the affordable, mid-income, and luxury segments, as well as in the development of commercial spaces, retail malls, and educational buildings.

As of September 30, 2024, Runwal Enterprises Limited has 15 completed projects, 25 ongoing projects, and 32 upcoming projects. The residential portfolio includes an aggregate Developable Area and Estimated Developable Area of 48.71 million square feet across completed, ongoing, and upcoming projects.

In the Eastern Suburbs submarket, the company launched approximately 4,688 units and sold around 4,198 units between January 2019 and September 2024. In the Kalyan-Dombivli submarket, Runwal Enterprises Limited ranked as the top developer in new launches and sales during the same period, launching approximately 16,043 units and selling approximately 11,481 units.

The company is promoted by Subodh Subhash Runwal. As of September 30, 2024, Runwal Enterprises Limited (including its subsidiaries) had 791 permanent employees.

The Money Numbers

Metric	FY24	FY25	FY26
Total Income (₹ Crore)	2,408.87	1,007.77	1,798.95
Profit After Tax (₹ Crore)	107.28	-6.74	250.74
Total Assets (₹ Crore)	6,240.48	5,250.74	7,002.81
Net Worth (₹ Crore)	407.02	298.83	434.91

All numbers are taken from the company’s official IPO document (RHP) and cross-checked with trusted sources.

Total income grew from ₹2,408.87 crore in FY24 to ₹1,798.95 crore in FY26, with a dip to ₹1,007.77 crore in FY25. Profit after tax declined from ₹107.28 crore in FY24 to a loss of ₹6.74 crore in FY25 before surging to ₹250.74 crore in FY26, up 174.9%. Total assets increased from ₹6,240.48 crore to ₹7,002.81 crore, while net worth grew from ₹407.02 crore to ₹434.91 crore over the same period.

EBITDA stood at ₹349.72 crore in FY26, with EBITDA margin at 19.44%. Total borrowings stood at ₹1,497.83 crore as of September 30, 2024.

Return ratios were strong: RoNW stood at 26.69% and PAT margin at 1.68% as of March 31, 2024. NAV was ₹32.55 per share.

Objects of the Issue

Purpose	Amount (₹ Crore)
Repayment/ pre-payment, in full or in part, of certain outstanding borrowings availed by the Company	200.00
Investment in the Material Subsidiaries (Susneh Infrapark, Runwal Residency) and Subsidiary (Evie Real Estate) for repayment/ pre-payment of borrowings	450.00
Funding acquisitions of future real estate projects and general corporate purposes	Balance amount
Total identified objects	650.00

Strengths

• Strong profitability recovery in FY26, with PAT surging 174.9% to ₹250.74 crore.
• Diversified portfolio across residential (affordable, mid-income, luxury), commercial, retail, and educational segments.
• Strong market position in Mumbai, particularly in Eastern Suburbs and Kalyan-Dombivli submarkets.
• Large land bank with 48.71 million square feet of developable area across completed, ongoing and upcoming projects.
• Experienced promoter with established track record in real estate development.
• Strong return ratios: RoNW of 26.69% and NAV of ₹32.55 per share as of March 31, 2024.
• Healthy project pipeline with 25 ongoing and 32 upcoming projects as of September 30, 2024.
• Strong financing partnerships with IndusInd Bank, Kotak Mahindra Bank, ICICI Bank and Piramal Capital.

Risks

• Revenue volatility, with total income declining from ₹2,408.87 crore in FY24 to ₹1,007.77 crore in FY25 before recovering to ₹1,798.95 crore in FY26.
• PAT volatility, with a loss of ₹6.74 crore in FY25 before recovering to ₹250.74 crore in FY26.
• The company operates in the highly competitive real estate sector with exposure to cyclicality in property demand, regulatory changes, and competition from both organized and unorganized players.
• High borrowings of ₹1,497.83 crore as of September 30, 2024.
• A significant portion of the fresh-issue proceeds (₹650 crore out of ₹500 crore) is earmarked for debt repayment, indicating high leverage.ipocentral+1
• The company’s expansion depends on securing new land parcels and project approvals.
• The real estate sector is subject to regulatory changes by RERA and other authorities.
• Geographic concentration in Mumbai and surrounding areas.
• The business is capital intensive, with total assets of ₹7,002.81 crore as of September 30, 2024.

How to Apply

You can apply through Alice Blue by selecting your investor category, choosing the number of lots, and submitting your bid between September 25 and September 29.

If you do not want to track subscription numbers throughout the bidding window, Alice Blue’s IPO feature can apply on your behalf. Choose your category and lot size, confirm your UPI ID, and set a subscription trigger, such as below 1x, between 1x and 5x, or above 5x. The system tracks Runwal Enterprises’ live subscription numbers and submits the application once the selected condition is met. You then receive a UPI payment request to approve. Funds are not deducted until shares are allotted.

Frequently Asked Questions