Runwal Enterprises IPO
Runwal Enterprises IPO is a mainboard IPO raising ₹500 Cr at ₹290 – ₹305 a share. It listed on 5 Oct 2026 at ₹305, 0.0% against its issue price of ₹305, and trades at ₹206 today (−32.4% since issue). It was subscribed 2.50× in total.
2.5 times more demand than shares on offer
populated partly populated we hold nothing here — the tab says why
What this company actually does
Read out of the prospectus’s business section, stripped of its marketing language.
Runwal Enterprises is a Mumbai-based real estate developer that builds residential projects across the affordable, mid-income and luxury price spectrum, along with commercial offices, retail malls and educational buildings. As of March 31, 2026, the Group has 80 projects (19 completed, 28 ongoing, 33 upcoming) covering 88.37 million square feet of Developable Area across the eastern, central, peripheral central, south central and western suburbs of Mumbai, with recent expansion toward Mahalaxmi, Girgaum, Bandra and Alibaug.
How it earns
Revenue comes from developing, selling and leasing residential and commercial units; Revenue from Operations was ₹1,798.95 crore in FY2026, ₹1,007.77 crore in FY2025 and ₹2,408.87 crore in FY2024 (converted from ₹ million at 1 crore = 10 million).
Who buys
Sales are B2C to individual home buyers; between January 2023 and March 31, 2026 the Group launched 5,875 residential units and sold 6,309 units. In FY2026 it sold 2,182 units (saleable area 2.07 msf) at an average realisation of ₹11,365.98/sq ft, with Sales Value of ₹2,353.51 crore. Anchor projects include Runwal Bliss, Runwal Gardens, Runwal My City, Runwal Greens, Runwal Pinnacle, Runwal Forests, Runwal Avenue, Runwal BKC and 7 Mahalaxmi.
Scale
As of March 31, 2026: 19 completed, 28 ongoing and 33 upcoming projects totalling 88.37 msf of Developable Area (74.58 msf residential + 13.80 msf non-residential); 6,309 residential units sold between January 2023 and March 2026. In-house teams: construction management 412 employees, sales and marketing 210, contracts and procurement 76, liaison 19, design and architecture 17, business development 10.
What it says sets it apart
- Ranked #3 in Mumbai residential market for both new launches (2.33% market share) and sales (2.46% market share) between January 2023 and March 2026 (Source: JLL Report).
- #1 in sales in Mumbai's Eastern suburbs submarket (7.88% share) and #1 in new launches in Kalyan-Dombivli (11.41% share) over January 2023 to March 2026 (Source: JLL Report).
- Large, locked-in pipeline providing cash-flow visibility: 19 completed (12.09 msf), 28 ongoing (19.88 msf) and 33 upcoming (56.41 msf) projects totalling 88.37 msf of Developable Area as of March 31, 2026.
- Capability to execute large integrated townships — Runwal Gardens and Runwal My City together span 250 acres in Dombivli, planned with 100+ residential towers, two schools, retail malls and commercial offices.
- Demonstrated on-time/early delivery track record versus RERA schedule, e.g., Runwal Forests Phase 1 delivered 11 months early, Runwal Gardens Phase 2 (Towers 15-17) 10 months early, and the ability to sell ~89% of phase inventory before the occupancy certificate across recent projects.
Revenue mix
The prospectus gives overlapping breakdowns here, so the shares are not shown.
The numbers at a glance
The price they’re asking →derived: cut-off price Rs305 / stated EPS Rs16.74 (FY2026 (year ended March 31, 2026) diluted EPS, restated consolidated). Stated figures are as printed in the prospectus; margins, growth and the borrowing ratio are computed from its own summary table. A multiple is one lens, not a verdict.
The last few years in numbers
From the prospectus’s own summary financial table (restated consolidated). Margins and growth are computed from the stated figures; everything else is as printed.
| Period | Revenue | Profit after tax | PAT margin | Net worth | Borrowings |
|---|---|---|---|---|---|
| FY2026 | ₹1,799 Cr+79% | ₹186 Cr+234% | 10.3% | ₹845 Cr | ₹2,909 Cr |
| FY2025 | ₹1,008 Cr-58% | ₹56 Cr-41% | 5.5% | ₹485 Cr | ₹2,313 Cr |
| FY2024 | ₹2,409 Cr | ₹94 Cr | 3.9% | ₹451 Cr | ₹1,784 Cr |
Where the money goes
The offer →Most of this issue is new shares — the money raised goes to the company, not to exiting shareholders.
How its cohort has done
101 mainboard issues listed in 2026 that we can price today. This is the group this issue belongs to.
Neither figure is a forecast for this issue — they describe what happened to comparable issues. Full cohort analytics →
How the book finished
The category split is the number worth reading, not the total.
Non-institutional: 3.94× their allocation. Retail: 1.12×.
What we hold for this issue
Stated up front on every issue, so a sparse page reads as a fact about the source rather than a broken one.
Led by ICICI Securities — median +7.1% across the 111 of its issues we can price. All lead managers →
What happens when
Next: the UPI mandate expires on 10 Nov 2026.
What to watch
- Priced at 18.2× earnings — 46% below the median of the peers the issuer itself names.
- Its cohort's record: median +9.4% since issue price, 36.6% now below it — a base rate, not a forecast.
Each line restates a disclosure from the prospectus or the exchanges — nothing here is a recommendation to apply to this issue.
Track RUNWAL ENTERPRISES LTD
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Figures are as published by the exchanges and the issuer’s prospectus. MarketPing publishes facts, comparisons and history only — nothing here is a recommendation to apply to this issue, and we do not publish grey market premium.