Runwal Enterprises
What they do: The company operates in a sector with high revenue growth potential, as evidenced by its significant revenue increase over the past fiscal years. It focuses on maintaining strong EBITDA margins, indicating efficient operational management.
By IPO Milega Research · Published · Updated
The company shows strong revenue growth and profitability with a significant increase in net profit and EBITDA margins.
- GMP (unofficial)
- +0%
- ₹0 a share
- Subscribed
- 2.64x
- Total
- Retail odds
- 84%
- 1 in 1.2
GMP is an unofficial grey market indication.
- Price band
- ₹290-305
- Lot size
- 49 shares
- Min. investment
- ₹14,945
- Issue size
- 500 Cr.
- Open25 Sept 2026
- Close29 Sept 2026
- Allotment30 Sept 2026
- Listing5 Oct 2026
Overview
Estimated from the current subscription figures. Tap a category to work it out for your application size.
- QIB
- 4.1x
- S-HNI
- 3.12x
- B-HNI
- 4.35x
- Retail
- 1.19x
₹305 (+0.00%)
GMP trend
Unofficial grey market quotes, times in IST
Outer ring: estimated gain
How the score adds up
The overall score is the average of these five, nudged by QIB demand once bidding closes.
- Financials7.0
- Performance5.0
- Flexibility7.0
- Timing6.0
- Risk4.0
The expected gains on listing are primarily informed by the Grey Market Premium (GMP) of 335, which suggests a 9.84% increase over the issue price. This indicates positive market sentiment despite the company's high debt levels and operational challenges.
Strengths3
- Completion of 19 projects
- Ongoing development of 28 projects
- Upcoming 33 projects planned
Concerns5
- 66.65% of projects concentrated in Mumbai, exposing to local risks.
- Delays in Runwal Gardens Phase 5B with 18.31% unsold inventory.
- High financial indebtedness of ₹29,091.28 million.
- Reliance on third-party contractors for construction.
- Outstanding legal proceedings with potential liabilities.
Who gets shares
- QIB50%
- NII15%
- Retail35%
- Retail Minimum14,9451 lots, 49 shares
- Retail Maximum1,94,28513 lots, 637 shares
- S-HNI Minimum2,09,23014 lots, 686 shares
- S-HNI Maximum9,86,37066 lots, 3234 shares
- B-HNI Minimum10,01,31567 lots, 3283 shares
| Application | Lot size | Shares | Amount |
|---|---|---|---|
| Retail Minimum | 1 | 49 | 14,945 |
| Retail Maximum | 13 | 637 | 1,94,285 |
| S-HNI Minimum | 14 | 686 | 2,09,230 |
| S-HNI Maximum | 66 | 3234 | 9,86,370 |
| B-HNI Minimum | 67 | 3283 | 10,01,315 |
Timing
6.0/10The timing of the IPO is moderate. While the company is entering a market with regulatory challenges, these are not uncommon in the Indian context. The IPO size is substantial, which may attract institutional investors, but the regulatory environment could pose risks to foreign investment and market volatility.
- Time to market
- The IPO is being launched in a period of regulatory scrutiny and potential tax changes, which could delay investment decisions and affect market conditions. However, the company's established presence and strategic positioning in the market may mitigate some of these risks.
- How allotment works
- Basis of allotment finalized and shares credited to demat
- Market timing
- Neutral
- Time to market
- 5.0
- Listing on
- BSE, NSE
Key milestones
- 25 Sept 2026IPO Opens
- 29 Sept 2026IPO Closes
- 30 Sept 2026Basis of Allotment
- 1 Oct 2026Refunds Initiated
- 1 Oct 2026Credit to Demat Account
- 5 Oct 2026Listing Date
Financials
7.0/10- Revenue
- ₹1,851 Cr
- +76.1%
- Profit after tax
- ₹186 Cr
- +233.8%
- Net margin
- 10.0%
- +4.7 pts
- Assets
- ₹10,255 Cr
- +23.1%
- Return on equity
- 27.24%
- Debt to equity
- 3.29
- Revenue CAGR
- -13.02%
- ROCE
- -%
- Return on net worth
- 27.24%
- NAV per share (₹)
- 61.43
Financial performance trend
Amount ₹ in croresThe company shows strong revenue growth and profitability with a significant increase in net profit and EBITDA margins. However, the high debt-to-equity ratio indicates a leveraged capital structure, which could pose financial risks.
Risk
4.0/10Read this score as a safety rating: 10/10 means the lowest risk, 1/10 the highest.
Where the risks sit
- Financial risks2
- Market risks2
- Operational risks2
- Regulatory risks1
High concentration in Mumbai and reliance on third-party contractors pose significant risks. Financial health depends on timely project completion and sales.
How the company offsets these
Diversify project locations and enhance contractor management to mitigate risks.
Financial risks2
- High financial indebtedness of ₹29,091.28 million.
- Rising material and labor costs affecting project costs.
Market risks2
- 66.65% of projects concentrated in Mumbai, exposing to local risks.
- Significant reliance on residential developments for revenue.
Operational risks2
- Delays in Runwal Gardens Phase 5B with 18.31% unsold inventory.
- Reliance on third-party contractors for construction.
Regulatory risks1
- Outstanding legal proceedings with potential liabilities.
Performance
5.0/10Runwal Enterprises Limited, a real estate developer in Mumbai, faces significant operational and financial challenges. Despite a moderate market share and ongoing projects, the company struggles with high debt levels, cash losses, and regulatory risks. The management's experience is not detailed, but the company's financial health and operational consistency are concerning. Future growth potential exists, but is hindered by competition and market risks.
- Historical growth
- The company has experienced cash losses in recent years, indicating financial instability., Negative
- Market comparison
- Runwal Enterprises holds a small market share in Mumbai's competitive real estate market, facing strong competition from established players like Lodha Group and Godrej Properties.
- Future potential
- The company has potential for growth with several ongoing and upcoming projects, but faces significant risks from competition and regulatory challenges.
- Operational consistency
- The company has reported cash losses and high debt levels, indicating financial instability and inconsistent revenue generation.
- Experience
- Not detailed in the prospectus.
- Track record
- The company has faced financial and operational challenges, indicating potential management issues.
Key achievements
- 01Completion of 19 projects
- 02Ongoing development of 28 projects
- 03Upcoming 33 projects planned
Flexibility
7.0/10The company is adapting to evolving consumer preferences by expanding its focus from affordable and mid-income segments to include luxury residential projects. It is also leveraging infrastructure developments in Mumbai to enhance market reach.
Runwal Enterprises has a systematic real estate development process and a robust pipeline of ongoing and upcoming projects. However, regulatory and land acquisition challenges could affect its agility.
Runwal Enterprises Limited demonstrates moderate flexibility and adaptability in the real estate sector, with a focus on residential projects in Mumbai. The company is expanding its geographical reach and product offerings, including luxury segments, which indicates adaptability to market demands. However, challenges such as regulatory complexities and land acquisition issues may impact its operational agility.
- Product diversification
- The company offers a diversified portfolio, including affordable, mid-income, and luxury residential projects, as well as commercial spaces, retail malls, and educational buildings.
- Future adaptability
- The company's focus on sustainable development and its ability to leverage infrastructure projects in Mumbai position it well for future adaptability.
The data on this page has been reviewed manually by the IPO Milega research team. It is not investment advice, and IPO Milega accepts no responsibility for losses arising from any investment decision. Investments in the securities market are subject to market risks. Read all the related documents, including the full prospectus, carefully before investing.