Runwal Enterprises Limited

Incorporated as a private limited company and evolved into a flagship entity of the Runwal Group, Runwal Enterprises Limited is a premier real estate developer operating primarily in the Mumbai Metropolitan Region (MMR). Built on a legacy spanning over four decades under the established 'Runwal' brand, the company's core value proposition centers on developing high-quality residential, commercial, and mixed-use real estate projects. Its underlying business model encompasses the full real estate development lifecycle, including land acquisition, project planning, architectural design, securing statutory approvals, construction management, marketing, sales, and post-possession property management.

The company caters to a diverse range of buyer demographics, from aspirational middle-income households to high-net-worth individuals and corporate commercial entities:

Target Segments: Premium aspirational housing, luxury and super-luxury residential apartments, and integrated retail/office spaces.

Strategic Geography: Operations and land banks are heavily concentrated within the MMR—one of India's largest and most lucrative real estate markets. Major developments are situated in high-growth micro-markets such as South Mumbai (Mahalaxmi), Central Suburbs (Kanjurmarg, Bhandup, Mulund), Thane, and Dombivli/Kalyan.

As a real estate development enterprise, traditional manufacturing metrics are not applicable. Instead, operational scale is defined by project execution capacity, total developable area, and construction velocity. As of March 31, 2026, the company holds an extensive portfolio of ongoing, upcoming, and completed projects.

Flagship Projects: Major residential and integrated township developments include 7 Mahalaxmi, Runwal Bliss, Runwal Forests, Runwal Pinnacle, and the large-scale integrated township Runwal Gardens.

Operational Strengths: The company leverages architectural innovation, sustainable construction technologies, and green building practices (such as IGBC-certified developments). It maintains centralized procurement, robust quality assurance (QA/QC) protocols, and a strong direct-to-consumer digital marketing ecosystem driving high customer advance collections.

Based on its historical financial data, Runwal Enterprises Limited posted total income and net profits (Total Restated PAT) of ₹2,436.68 Cr / ₹93.70 Cr in FY24, ₹1,050.71 Cr / ₹55.65 Cr in FY25, and ₹1,850.79 Cr / ₹185.76 Cr in FY26. The company has exhibited lumpy top-line growth, which is typical in the real estate sector due to Ind AS 115 revenue recognition timing linked to project handovers. Total borrowings increased from ₹1,783.65 Cr in FY24 to ₹2,909.13 Cr in FY26 to fund ongoing project construction. It boasts an average EPS of ₹11.46 and an average RoNW of 22.73% for the last three fiscals. Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 4.97 against a NAV of ₹61.43 (as of March 31, 2026). Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 3.55. Attributing the latest earnings to the expanded post-issue equity base, the asking price translates to a Post-Issue P/E of approximately 48.11x (FY24), 81.00x (FY25), and 24.26x (FY26) based on total PAT. According to the RHP, a comparison between listed peers is shown in above table.

On the Book Running Lead Manager (BRLM) front, the issue is managed by ICICI Securities Limited and Jefferies India Private Limited. MUFG Intime India Private Limited, which has handled over 50 public issues in the last three fiscal years, is acting as the Registrar to the Issue.

• 1 Subodh Subhash Runwal