Runwal Enterprises Limited

This section provides an overview of the Indian economy, highlighting its status as the world's fastest-growing major economy with strong fundamentals, projected to surpass Germany by 2031. It discusses the global economic context, noting uncertainties in the global economy but emphasizing India's resilient growth trajectory. The text details trends in the Indian real estate sector, noting its significant contribution to Gross Value Added and its resilience despite past disruptions. It further outlines drivers for the real estate market, including demographic advantages, increasing urbanization, nuclearization of families, rising per capita income, and improving home purchase affordability.

This section details various key reforms and initiatives within the Indian real estate sector, including the Real Estate (Regulation and Development) Act (RERA) and its subsequent version (RERA 2.0), which introduced stricter measures like escrow systems and faster dispute resolution. It also covers tax changes such as GST, the implementation of the Insolvency and Bankruptcy Code (IBC), and regulatory changes concerning Foreign Direct Investment (FDI) and Small and Medium Real Estate Investment Trusts (SM REITs). Furthermore, the text discusses government efforts in infrastructure development, such as the National Infrastructure Pipeline (NIP) and the PM Gati Shakti plan, alongside market observations on institutional investments and the growth of the technology and startup ecosystems in India.

The residential market is showing signs of improvement, with decreasing Years to Sell (YTS) indicating better market fundamentals. Consumer dynamics have shifted towards prioritizing superior housing options and modern amenities, leading developers to launch lifestyle-oriented premium products. Residential prices have seen an upward trend starting from CY 2023 due to rising input costs, and capital values have appreciated in top markets. While the market is poised for growth, there is an expectation for some moderation in capital value appreciation, though high-quality projects will continue to perform well. Furthermore, there is a trend towards sustainability, expansion into smaller cities, and a preference for branded developers.

The section details various infrastructure developments in Mumbai, including metro lines and a coastal road, which are expected to reduce travel times in certain areas. It also covers dynamics in the Mumbai residential market, noting a strong sales recovery and resilience, with sales reaching historic milestones in recent years. Furthermore, the text outlines government measures implemented to support the housing sector, such as stamp duty reductions, construction premium waivers, and the introduction of MahaRERA, alongside structural changes like Unified Development Control and Promotion Regulations.

Runwal Enterprises Limited is a prominent real estate developer in Mumbai, known for its established presence, particularly in the Eastern Suburbs and Kalyan Dombivli submarkets. The company specializes in residential projects spanning affordable, mid-income, and luxury segments, as well as commercial spaces, retail malls, and educational buildings. The company utilizes various development models, including greenfield projects and flexible models like Joint Development Agreements (JDAs). Runwal is expanding its portfolio into South Mumbai, Central Mumbai, and the Western Suburbs, with planned projects in areas like Mahalaxmi and Chembur, and commercial projects in Bandra. The company has demonstrated strong performance in the market, with significant unit launches and sales, and holds a notable market share in the affordable housing segment.

The analysis covers the real estate market dynamics in Mumbai, focusing on the Kalyan-Dombivli and South Mumbai submarkets. The Kalyan-Dombivli market is characterized by affordable and lower-mid-range apartments, with activity dominated by properties under INR 5 mn and INR 5 – 7.5 mn. The market has shown a strong recovery post-pandemic, with sales increasing significantly in 2023 and 2024, although new launches and sales have seen some moderation in 2025. In contrast, the South Mumbai market is positioned as a luxury segment, commanding high property values and prestige.

This section provides an overview of the Central Mumbai and North Mumbai residential submarkets, detailing market dynamics, trends in sales, and capital values. The Central Mumbai submarket is characterized by prime connectivity and proximity to key business districts, while the North Mumbai submarket offers a blend of urban sophistication and cultural heritage. The text also discusses the performance of township projects, noting their focus on comprehensive lifestyle experiences, sustainability, and security, and where these projects are concentrated geographically.

The text discusses trends in residential launches and sales, particularly focusing on township projects in Mumbai and the broader redevelopment market. It highlights that township projects command a price premium due to their integrated amenities, such as educational institutes and healthcare facilities. The text also details various types of redevelopment in Mumbai, including self-redevelopment, MHADA redevelopment, co-operative housing society redevelopment, slum redevelopment, cessed building redevelopment, and cluster redevelopment. Challenges in redevelopment projects include issues like obtaining consent, delays in approvals, rehabilitation, infrastructure constraints, and litigation. Furthermore, the text analyzes the market dynamics in various locations, including Mumbai, suburban markets, and tourism destinations like Dombivli, Alibaug, and Murud-Janjira.

The provided text discusses various aspects of real estate and office markets, including pricing in certain plots, the overview of India's top seven office markets, and a detailed snapshot of the Mumbai office market. It highlights trends in net absorption, gross leasing, and rental movements across different years and submarkets.

The analysis covers various aspects of the Indian market, including office leasing trends, the retail sector overview, and specific market dynamics in Mumbai. For office space, demand is expected to be driven by various sectors like BFSI, fintech, consulting, healthcare, and manufacturing, with preference for suburbs and sectors related to sustainability and business continuity planning. In the retail market, the sector showed a strong comeback post-COVID, with growth fueled by consumer sentiment and new store launches. Mumbai's retail market benefits from high per capita retail expenditures, making it attractive for retailers. The retail market has seen limited new supply but healthy net absorption due to retailer interest in high-quality developments.

The retail real estate market in Mumbai is anticipated to see a significant supply influx of over 6.0 million square feet of retail mall space over the next five years, with major additions concentrated in peripheral markets like Dombivli, Borivali, and Thane. This anticipated growth is expected to enhance the overall retail inventory and attract retailers looking to expand in Mumbai. Demand for retail space is expected to remain robust, with upcoming locations featuring superior malls attracting significant retailer interest, while existing malls will face intense competition. The market is also subject to various challenges, including economic uncertainty, affordability issues, market dynamics, infrastructure constraints, financing challenges, evolving consumer preferences, regulatory hurdles, land acquisition complexities, construction quality concerns, and the impact of technology.

The issuer is a real estate developer specializing in residential projects across affordable, mid-income, and luxury segments, alongside commercial spaces, retail malls, and educational buildings. The company has a strong presence in Mumbai and has achieved significant market rankings in new launches and sales within the city and in specific suburbs. The company has a structured process for real estate development, involving land acquisition, regulatory approvals, design, construction, and marketing. The residential portfolio is segmented across different income levels, and the company is expanding its geographical reach within Mumbai and outside the MMR.

The company provides operational performance metrics across fiscal years 2026, 2025, and 2024, including sales value, area, unit sales, gross collections, launches, deliveries, and average sale prices. A subsidiary, Runwal My City, became effective on April 1, 2025. The company emphasizes a commitment to sustainable development, integrating economic, social, and environmental considerations in its operations. The management team comprises experienced individuals from the real estate development industry, with some holding advanced degrees. The company has utilized relationships with various international and domestic financiers to secure favorable capital terms for its projects, although no credit ratings were obtained for certain loans. The company highlights its strengths as a prominent residential real estate developer in Mumbai, detailing its market share in new launches and sales in specific submarkets, and emphasizing its well-established brand legacy.

The company specializes in developing large townships that combine residential, educational, commercial, and recreational facilities into integrated "township and campus" style developments to meet the demand in metropolitan regions. They have a proven track record in project execution, supported by internal expertise and external partnerships. The operational model integrates various functions and utilizes technology like SAP for efficiency. A core strength is their commitment to sustainable development, incorporating environmental, social, and governance aspects into their practices and building standards. Furthermore, the company is strategically focusing on asset-light growth through redevelopment and joint ventures, while also exploring expansion into suburban areas.

The company's group structure has evolved over time, with the incorporation of a separate entity in 2016, followed by name changes, and conversion to a public limited company in 2024. The group structure details various real estate projects categorized into Completed, Ongoing, and Upcoming projects, with all projects situated in Mumbai. Residential projects cater to affordable, middle-income, and luxury customers, incorporating lifestyle amenities, and involve phased development and sales models. The company has a portfolio of completed projects, including those in Mulund West and Kanjurmarg West, which feature various amenities and infrastructure development.

The provided text details various aspects of the issuer's real estate portfolio, including residential and commercial projects. Residential projects feature various amenities, such as sports courts, pools, and community spaces, and are often designed around a 'live, learn, work, play' theme. The company develops integrated townships combining residential, commercial, retail, and recreational areas with shared waste and water management systems. The portfolio includes numerous ongoing and upcoming projects across different locations in Mumbai and Dombivli.

The company has a commercial portfolio involving both developed and upcoming projects, primarily in the Mumbai and Dombivli regions. The company is involved in developing Grade A commercial buildings and retail outlets, with projects situated in key commercial districts and residential areas. The company collaborates with various financial institutions and construction companies for project development. The business involves a systematic five-step process for real estate development, covering land acquisition, regulatory approvals, design, execution, and sales and marketing.

The company outlines a compliance-driven approach to navigate the evolving framework of land development approvals in India, requiring careful management of various government and environmental regulations. The process involves concept design, schematic design, and detailed value engineering, which are then managed by an internal team for budgeting and execution planning. Project execution involves a mix of internal and outsourced personnel, with rigorous monitoring to ensure adherence to specifications and timelines. The company emphasizes quality control throughout the project lifecycle and utilizes advanced technologies, such as wind tunnel modelling, to ensure structural integrity. Furthermore, the company details its procurement, sales and marketing strategies, competitive landscape, employee relations, intellectual property status, and commitment to Health, Safety, and Environment (HSE) standards, including various awards and CSR activities.

The section details various awards and recognitions received by the company and its projects, including precertification from the Indian Green Building Council and several industry awards. It also outlines the legal framework applicable to the business operations in India, covering various central and state laws related to real estate, property transfer, and building codes. The text discusses regulations concerning the marketing and sale of real estate projects under the Real Estate (Regulation and Development) Act, 2016 (RERA), and various other acts and rules.

The section details various laws and regulations applicable to the company's operations, primarily focusing on municipal, housing, fire safety, and environmental compliance in Maharashtra. It lists numerous acts such as the Municipal Corporation Act, MMRDA Act, Slums Act, Fire Safety Act, Ownership of Flats Act, and various environmental laws. Furthermore, it covers regulations concerning hazardous waste, public liability insurance, digital personal data protection, and a comprehensive list of labour laws, including various codes and acts related to wages, industrial relations, and occupational safety.

The section primarily discusses the various legal and regulatory frameworks applicable to the company's business operations and listing requirements in India. It details compliance with various tax laws, including the Income Tax Act, and Goods and Services Tax (GST) laws. Furthermore, it outlines regulations concerning customs duties, intellectual property protection, and various SEBI regulations governing the listing and issuance of securities, including insider trading and fraudulent practices.

The company's history began with its incorporation as Propel Developers Private Limited on February 17, 2016. The company underwent several name changes, including transitions to Runwal Apartments Private Limited and subsequently to Runwal Enterprises Private Limited, culminating in its conversion to a public limited company, Runwal Enterprises Limited, on October 4, 2024. Various amendments to the Memorandum of Association occurred over the last ten years, involving changes to authorized share capital and objects. The company has been involved in several amalgamation schemes with other entities, such as Runwal Homes Private Limited and Ruhel Media and Entertainment Private Limited, which resulted in the consolidation of assets and share capital. Furthermore, there are significant strategic partnerships, including an investment agreement for a commercial space development and a forward sale structure with Nexus Select Trust.

This section details various agreements and transactions involving the company, including subscription agreements, share purchase agreements, and amendments to existing agreements. It outlines several past transactions where the company purchased equity shares from various entities, some of whom were related to the promoter group. The text also specifies the current corporate structure, identifying thirteen direct subsidiaries and eight indirect subsidiaries, along with two joint ventures and one associate.

This section details the corporate structure and various entities involved in the business, including Runwal Real Estates Private Limited, Evie Holdings Private Limited, Runwal Residency Private Limited, Wheelabrator Realty Private Limited, and Runwal Milestone Developers Private Limited. It provides incorporation dates, registered offices, nature of business, capital structures, and shareholding patterns for each entity. The text also includes financial data for some of these entities across fiscal years.

This section details the corporate structure and various entities involved, including Runwal Highrise Private Limited, Shubhsneh Infraheights Private Limited, Runwal Commercial Plaza Private Limited, Evie Infrapark Private Limited, Susneh Developers Private Limited, and Horizon Projects Private Limited. It outlines the broad scope of business activities which includes the development and management of various commercial, retail, and residential properties, as well as construction and land development services. The text provides details on the authorized and issued share capital, shareholding patterns, and some financial data for these entities.

This section details the capital structure and shareholding patterns for several entities, including Horizon Projects, Evie Real Estate Private Limited, Evie Construction Private Limited, Evie Developers Private Limited, Wheelabrator Alloy Castings Limited, and Susneh Infrapark Private Limited. It outlines the business scope for various entities, including property dealing, construction, and retail operations. Furthermore, it provides financial data, such as revenue, profit, net profit margins, borrowings, and net worth, for the fiscal years 2026, 2025, and 2024 for these companies.

The provided text details the corporate structure and various entities related to the company, including different private limited companies and joint ventures. It outlines the business scope for several entities, primarily revolving around property development, construction, and the operation of various commercial and entertainment facilities. Key entities mentioned include Susneh Infrapark Private Limited, Susneh Homes Private Limited, Susneh Real Estate Private Limited, Garden City Malls Private Limited, and the joint ventures Runwal Wonder Venture and Shubhsneh Shreepati Bayview LLP. The text also describes the nature of business for SR Constructions, which covers similar construction and property development activities.

This section details the capital contribution and profit-sharing ratios among various entities, including the company itself and several subsidiaries and joint ventures. It specifies that there are no accumulated profits or losses among the subsidiaries, and confirms that there are no business conflicts of interest between the company and its related parties. Furthermore, it states that none of the subsidiaries or joint ventures have securities listed on any stock exchange in India or abroad, nor have they failed to meet listing requirements.

This section provides various definitions and abbreviations used within the Draft Red Herring Prospectus. It defines terms related to the company, such as 'our Company' as Runwal Enterprises Limited, and specifies various corporate and issue-related terms. It details definitions for key personnel, such as the Chairman and Managing Director and Chief Financial Officer, as well as various agreements and financial information.

This section details various terms related to the issuance process, including employee discounts, escrow accounts, and the structure of the fresh issue. It specifies that certain portions of the issue are reserved for eligible employees, and outlines the process for handling bids, including the floor price and price band. The section also defines various investor categories such as QIBs, Retail Individual Bidders, and the different portions of the issue available to them. Furthermore, it lists various legal and procedural terms related to the issuance, such as the prospectus, agreements, and the role of different parties involved.

This section primarily defines various legal, financial, and regulatory terms used within the Draft Red Herring Prospectus. It includes definitions for various investment funds, corporate laws, financial standards, and market data sources. It also specifies conventions regarding the use of time periods, currency, and the source of financial data. Furthermore, it details the source of industry and market data used in the prospectus.

This section discusses various aspects related to the use of industry and market data in the Red Herring Prospectus, noting that the data is derived from reports commissioned and paid for by the company. It also includes forward-looking statements, which are based on current plans, estimates, and expectations, and carry risks and uncertainties that could cause actual results to differ materially. The text details risks related to various factors, including regulatory changes, economic and political conditions, market fluctuations, and potential supply chain disruptions. Furthermore, it outlines risks associated with project timelines, such as delays due to various factors, including COVID-19 and potential legal disputes.

This section details various project timelines, delays, and inventory status across different projects, including those of Runwal Gardens, Betawde, and Runwal Enterprises. It outlines expected completion dates as per RERA, details concerning construction delays, cost overruns, and the percentage of unsold inventory for numerous projects. The text also discusses the impact of market conditions, potential cost overruns from various factors, and the risks associated with delays in project completion and inventory sales.

The section discusses various risks related to inventory management, related party transactions, and financing arrangements. It notes that there is no assurance regarding the timely sale of existing or future inventory, which could negatively impact the business. Furthermore, it details instances where related party transactions were identified by auditors as prejudicial to the interest of the entity. The company proposes to repay or pre-pay certain outstanding borrowings from wholly owned material subsidiaries. Risks concerning land acquisition and title issues are highlighted, including potential title irregularities and disputes, and the possibility of claims arising after public notices are issued. Finally, it lists various subsidiaries that have incurred losses or negative net worth in recent fiscal years.

The provided text details various financial and legal aspects of the company's subsidiaries and the status of its projects. Several subsidiaries were incorporated under the Companies Act, 2013, with incorporation certificates dated in 2024. The text discusses negative cash flows experienced in certain fiscal years and the reliance on residential projects, which are categorized into affordable, mid-income, and luxury segments. Furthermore, the text highlights that development plans for all 33 upcoming projects are still pending finalization and approval, and the company may face difficulties in obtaining necessary statutory and regulatory approvals for its projects.

This section discusses various risks related to the company's operations, including dependence on third-party suppliers for building materials, potential disruptions in the supply chain, and the impact of economic conditions on operations. It details risks associated with delays and cost overruns in development projects, such as changes in local regulations, natural disasters, and legal proceedings. Furthermore, the text covers risks related to employee statutory dues and the potential for delays in payments, as well as restrictions imposed by financing agreements. It also outlines issues concerning the appointment of nominee directors by lenders and potential conflicts of interest arising from the promoter's interests in competing businesses.

The section discusses various risks related to corporate filings, funding utilization, and operational dependencies. It notes that funding requirements are estimates and subject to change, with utilization of net proceeds requiring shareholder approval for certain variations. The company intends to use net proceeds for loan repayment, investment in wholly-owned subsidiaries, and funding future real estate projects. Furthermore, the company faces risks from third-party vendors, reliance on contractors for construction, and potential liabilities arising from investments in partnership firms and associations of persons.

The provided text details various legal and operational risks concerning the company, including outstanding proceedings, customer complaints, intellectual property issues, and reliance on third-party channel partners. It mentions that certain entities have received notices under the Income Tax Act, and there are concerns about the ability to resolve customer complaints in a timely manner. Furthermore, the company faces risks related to trademark infringement and the potential for liabilities arising from various contractual agreements and guarantees. The text also highlights dependencies on key personnel for company growth and the uncertainty inherent in real estate development estimates.

This section details various risk factors related to the company's operations, including human resource attrition, insurance coverage, competition, and regulatory risks. It discusses potential losses due to uninsured events, the impact of property taxes and stamp duties, and the challenges associated with project execution and market dynamics. Furthermore, it outlines risks related to financing availability for customers and the potential for delays in project completion due to various factors.

This section discusses various risks related to the company's operations, including stamp duty compliance, the comparability of non-GAAP financial measures, and the potential impact of financing arrangements. It details risks associated with mortgaged projects and the potential for lenders to enforce security interests, which could negatively affect the business. Furthermore, the text covers risks from competition in the real estate industry, challenges in executing redevelopment projects, reliance on IT systems, exposure to safety and environmental regulations, and potential fraud. It also mentions risks from market downturns, credit volatility, and the potential for third-party indemnification claims related to joint development agreements.

The company faces various regulatory and legal risks, including compliance with the RERA regime, potential challenges from legal complaints, and uncertainty regarding evolving laws and regulations. The text details concerns about the interpretation and compliance with RERA provisions, the impact of changes in tax laws like GST and the changes to the DDT regime, and the uncertainty surrounding new Labour Codes. Furthermore, there are risks related to credit ratings, the impact of global financial instability, and potential adverse effects from competition law. The company also notes that the trading of its Equity Shares may be subject to surveillance measures by SEBI and Stock Exchanges, and the market for the shares may not develop after the issue.

The provided text discusses various risks associated with the equity shares, including market fluctuations, changes in management, macroeconomic conditions, and changes in accounting standards. It also details the process for the issuance of equity shares, including different portions such as QIB, Non-Institutional, and Retail, and the allocation procedures for various investor categories. Furthermore, the text highlights differences between Indian accounting standards (Ind AS) and other international principles, and potential risks related to property litigation and government actions concerning land acquisition.

This section provides a summary of the restated consolidated financial statements, including the statement of assets and liabilities, profit and loss, cash flows, and contingent liabilities as of March 31, 2026. The financial data shows significant balances across various categories, including non-current and current assets, equity, and various liabilities. The profit and loss statement details revenue, expenses, and resulting profit before tax, while the cash flow statement details cash movements from operating, investing, and financing activities. Furthermore, the document lists contingent liabilities, including various guarantees provided by the company to other entities.

This section details the corporate and regulatory filings related to the Draft Red Herring Prospectus (DRHP). It specifies the addresses for the Registered and Corporate Office and the Registrar of Companies. Furthermore, it lists the Board of Directors, including their names and designations, along with their DIN and addresses. The text also outlines the filing process for the DRHP with the SEBI intermediary portal and the required documentation submission.

This section details various procedural and regulatory aspects related to the issuance process, including who can submit bids and how the book-building process is conducted. It outlines different avenues for bidders, such as through Syndicate Banks, Registered Brokers, RTAs, and Collecting Depository Participants (CDPs). Furthermore, it specifies the process for determining the issue price and the subsequent entry into an Underwriting Agreement with underwriters.

The section details the share capital structure of the company as of the Draft Red Herring Prospectus date, including authorized, issued, and present issue share capital. It also provides a history of equity share allotments, including various transfers, bonus issues, and conversions of Compulsorily Convertible Debentures (CCDs). Furthermore, it outlines the promoter's shareholding, which constitutes a significant portion of the issued capital, and details of pledged shares and non-disposal undertakings related to promoter loans.

The section details various restrictions and confirmations related to the equity shares held by the Promoter, including conditions for the computation of Promoter's Contribution. It specifies that equity shares offered for Promoter's Contribution must not be acquired within the three years preceding the DRHP date or at a price lower than the issue price. Furthermore, it outlines rules regarding pledged shares and the lock-in periods for different classes of equity shares depending on who holds them. The text also confirms that no purchases or sales of equity shares by the Promoter, Promoter Group, Directors, or their relatives occurred in the six months before the filing date.

The section details various transactions involving promoters and shareholders, including the acquisition of equity shares by different parties over time. It also outlines the pre-issue and post-issue shareholding percentages of the promoter group and additional top shareholders. Furthermore, the text specifies restrictions on secondary transactions, financing arrangements, buy-back arrangements, and future issues of securities. It also confirms that equity shares are fully paid-up and details compliance with SEBI norms regarding transactions by promoters.

The company proposes to use the net proceeds from the fresh issue for several key purposes, including repaying outstanding borrowings, investing in wholly-owned material subsidiaries, and funding future real estate projects and general corporate purposes. The proposed utilization of funds is detailed across various financial years, with specific amounts earmarked for debt repayment and subsidiary investments. Furthermore, the prospectus outlines the details of the outstanding borrowings and loans from the company and its subsidiaries that are proposed to be prepaid or repaid using the net proceeds.

The section details various aspects related to borrowings, including lender details, nature of borrowing, and estimated completion dates, which are presented in a tabular format across different phases. It also outlines the intended use of Net Proceeds, specifying limits on how much can be allocated towards funding acquisitions of future real estate projects and general corporate purposes. The company emphasizes its strategy for acquiring real estate through joint development and redevelopment agreements, focusing on asset-light growth in Mumbai. Furthermore, it lists the general corporate purposes for utilizing Net Proceeds, which include funding growth, meeting ordinary business expenses, servicing borrowings, and marketing activities.

This section details the various estimated expenses associated with the issuance of equity shares, including fees payable to various parties and advertising and marketing costs. It breaks down the estimated issue expenses into several categories, such as fees for various services, printing and distribution, and regulatory expenses. The text also outlines different commission structures for various bidder types and clarifies the handling of processing and uploading charges.

The section discusses various financial comparisons and Key Performance Indicators (KPIs) used to assess the company's performance for the purpose of the issue. It details the comparison of accounting ratios with industry peers, lists various financial and operational KPIs, and outlines the historical use of these KPIs. Furthermore, it confirms that no material acquisitions or dispositions of assets or business have been undertaken during the periods covered by the KPIs.

This section details various transactions and justifications related to the issue of equity shares, including the splitting of equity shares. It also outlines the possible special tax benefits available to the company and its shareholders under Indian tax laws. The text discusses provisions related to the Income Tax Act, 2025, concerning corporate tax rates and the treatment of tax credits for financial years. Furthermore, it addresses the tax implications for shareholders, particularly concerning income tax on their worldwide or India-sourced income and the deduction of tax at source on dividends.

This section primarily discusses various provisions related to tax deductions and capital gains/losses under different sections of the 2025 Act, including rules concerning dividends, capital gains tax rates, and loss set-off provisions. It also details special tax benefits for material subsidiaries and the company itself under various tax laws. The text outlines specific rules regarding the treatment of dividends, the taxation of capital gains, and the applicability of certain tax benefits for various entities involved in transactions.

This section primarily details the scope and responsibilities of the auditors in examining the Restated Consolidated Financial Information of Runwal Enterprises Limited. It outlines the engagement terms, the reliance placed on various audited financial statements from subsidiaries and joint ventures, and the basis for the opinion provided. The auditors confirm that the financial information has been prepared in accordance with applicable accounting standards and regulations, and they have disclosed any necessary adjustments or qualifications.

This section provides a snapshot of the company's financial position as of March 31, 2026, detailing the breakdown of assets, liabilities, and equity. The balance sheet shows significant investment in various assets, including property, plant and equipment and financial assets. The liabilities side includes substantial borrowings and various provisions. The profit and loss statement details the revenue, expenses, and resulting profit for the year ended March 31, 2026, compared to the previous year. The cash flow statement outlines the movement of cash from operating, investing, and financing activities.

This section details the accounting policies applied by the Group in preparing the Restated Consolidated Financial Statements, which are prepared in accordance with Indian Accounting Standards (Ind AS). The policies cover various aspects such as the treatment of subsidiaries, the classification of assets and liabilities (current vs. non-current), business combinations, provision and contingent liabilities, fair value measurement, and the useful lives and depreciation methods for different asset classes. It also outlines specific rules for recognizing and measuring financial instruments and investment properties.

This section details various accounting policies related to the financial statements, including inventory valuation, classification of financial assets and liabilities, treatment of financial instruments, revenue recognition criteria, contract balances, and various accounting treatments for employee benefits, leases, and tax provisions. It also provides schedules for Property, Plant and Equipment, including historical carrying values and movements, and outlines various rules for borrowing costs and cash and cash equivalents.

This section details various financial statement components, including Investment Property, Intangible Assets, Investment Property Under Construction (IPUC), Right of Use Assets, and various Investment Accounts. It provides historical data for these assets and liabilities across different fiscal years, including carrying values, depreciation, and various components of investment property. It also lists details regarding the structure of investment partnerships and other non-current financial assets.

This section details various balance sheet and cash flow line items, including provisions, inventory, receivables, cash balances, and various financial assets and liabilities. It also provides reconciliation details for tax expenses and information regarding the movement and composition of equity, including capital reserves and adjustments related to business combinations and mergers.

This section details the financial position of Runwal Enterprises Limited, including various investment and liability balances as of March 31, 2026, 2025, and 2024. It also provides extensive information regarding borrowings, including term loans, various security arrangements, and repayment schedules for different facilities. The text covers balances for different entities like M/s Evie Real Estate Private Limited and M/s Susneh Infrapark Private Limited, along with details on the structure and terms of loans from various banks and NBFCs.

This section details various loan facilities and security arrangements with different banks, including ICICI Bank Ltd and IndusInd Bank Limited, for different projects. It outlines sanction details, including loan amounts, tenure, interest rates, and various forms of security such as mortgages, hypothecations, and pledges over project assets and receivables. The text also specifies various tranches and repayment schedules for these facilities, along with the transfer of loan liabilities between banks.

This section details various financial obligations and loan arrangements for Runwal Enterprises Limited, including repayment schedules for different types of financing. It outlines terms for various loans, including car loans, term loans from NBFCs, and non-convertible debentures (NCDs), specifying interest rates, tenure, and principal repayment structures. Several loan outstanding balances and sanction details are provided for different dates.

This section details various financial liabilities and provisions as of March 31, 2026, including lease liabilities, non-current provisions, current financial liabilities, and tax liabilities. Key movements in lease liabilities show additions, amortizations, and payments during the year. The statement also provides breakdowns of various provisions, such as employee benefits and deferred tax liabilities, and details of borrowings from banks and other sources.

This section details various financial line items for the year ended March 31, 2026, including revenue, other income, cost of projects, employee benefits, finance costs, depreciation, and other expenses. It also provides information on changes in inventories, employee benefits expenses, finance costs, depreciation, and other expenses, with figures presented for the years ended March 31, 2026, 2025, and 2024. Furthermore, the text includes details regarding business combinations under common control, such as acquisitions of various real estate companies and the amalgamation of Horizon Projects Private Limited with Evie Realty Private Limited.

This section details various financial and contingent liabilities of the company, including the statement of assets, liabilities, and reserves across different reporting periods. It includes a breakdown of non-current and current assets and liabilities, as well as provisions related to employee benefits, leases, and various tax and dispute matters. The data is presented in ₹ Millions unless otherwise specified.

This section details a wide array of tax and audit disputes, including various demands, observations, and appeals raised by GST and Central Excise authorities across different financial years. It documents numerous demands ranging from a few million to over 3,781 million rupees, along with subsequent actions taken by the company, such as filing writ petitions or appeals with various appellate authorities. Furthermore, the text covers issues related to bank guarantees, search operations, and various transactions with related parties, including corporate guarantees and personal guarantees. It also mentions disputes concerning the mismatch of Input Tax Credit (ITC) in GST returns and various provisions related to contractual agreements and liabilities.

This section presents detailed transactional data, including capital movements, expenses, and inter-company interest transactions for Runwal Enterprises Limited across three fiscal years. The data covers various related parties and subsidiaries, detailing movements in partnership capital, various payments, and interest flows between entities. The information is structured across different statements for March 31, 2026, March 31, 2025, and March 31, 2024.

This section presents detailed transactional data for Runwal Enterprises Limited and its related entities, covering various financial movements across fiscal years ending March 31, 2026, 2025, and 2024. The data includes figures for profit/loss on asset transactions, reimbursements, various income and expense streams, and inter-company dealings. It also details closing balances for inter-corporate deposits and various investment figures.

This section presents a detailed breakdown of transactions between the company and various related parties across three fiscal years, categorized by different subsidiaries. The data includes figures for various transactions, such as those involving subsidiaries like Runwal Commercial Plaza Private Limited and Evie Infrapark Private Limited. The information is structured in tables showing the flow of these transactions over the periods ending March 31, 2026, 2025, and 2024.

This section details the financial assets and liabilities of the company as of March 31, 2026, and March 31, 2025, including various components such as financial assets, financial liabilities, and their respective current and non-current classifications. It also provides comparative data for March 31, 2024, and notes on the fair value measurement methodology used for financial instruments.

This section details various aspects of the Group's financial management, including capital structure, risk management policies, and disclosures related to financial instruments and associates. The Group aims to ensure it meets financial covenants attached to loans and borrowings, and management monitors the return on capital and dividend payments. The text also covers sensitivity analysis for interest rate risk, credit risk, and liquidity risk, outlining how the Group manages exposure to market fluctuations. Furthermore, it provides details on credit risk assessment, concentration of credit risk in trade receivables, and the maturity profile of financial liabilities. Disclosures also include information on loans to group entities, transactions with struck-off companies, and compliance with various statutory requirements.

This section details the summarized financial positions of the company's associates and joint ventures as of March 31, 2026, including their respective balance sheets and profit and loss summaries. The data includes figures for current and non-current assets and liabilities, as well as profitability metrics for the associates and joint ventures. It also provides reconciliation details for the carrying amounts of these investments.

This section provides a detailed breakdown of the consolidated financial statements for Runwal Enterprises Limited as of March 31, 2025, and March 31, 2024, including various subsidiary and associate holdings. It lists the percentage of ownership and profit/loss share for numerous entities, including subsidiaries and associates. Furthermore, it details various agreements, such as a Joint Development Agreement (JDA) with Shreepati Build Infra Investment Limited, and mentions future regulatory changes and corporate actions like the conversion of Compulsorily Convertible Debentures and a demerger scheme.

This section details the financial statements of various subsidiaries, associate companies, and joint ventures as of March 31, 2026, and provides comparative data for the same period. It includes breakdowns of capital, reserves, assets, liabilities, turnover, and various profit/loss figures for multiple entities. Furthermore, the text includes observations regarding the maintenance of audit trails in accounting software and limitations related to third-party service providers.

This section primarily details various auditor observations related to the maintenance of audit trails and loans/advances across different entities. Several observations noted exceptions regarding the audit trail feature not being enabled at the database level for certain transactions, and the use of third-party service providers for accounting software. Furthermore, there are numerous observations concerning the granting or providing of loans and advances to promoters and related parties, with some reports concluding that no such loans were granted during the year, while others listed specific loans.

This section primarily contains auditor's observations related to loans, advances, and statutory dues for various entities, including Runwal Enterprises Limited, Runwal Residency Private Limited, and Susneh Infrapark Private Limited. The observations detail the nature of loans granted, the period to which they relate, and various disputes or pending matters concerning statutory dues such as Income Tax and Goods and Services Tax (GST). The auditors have provided opinions regarding the deposit of these dues with the appropriate authorities.

This section provides various statutory dues and audit observations, along with a detailed presentation of accounting ratios for different fiscal years. It includes comparisons of Basic and Diluted Earnings Per Share, Return on Net Worth, Net Asset Value per Equity Share, EBITDA and Adjusted EBITDA margins, Net Debt to Equity ratios, and reconciliation statements for net debt and net worth. Furthermore, it details calculations for Gross Margin and EBITDA, and provides information on the capitalization of borrowings and equity as of March 31, 2026.

The section details the financial indebtedness of the company and its subsidiaries as of July 31, 2026, showing aggregated outstanding borrowings. The total borrowings amounted to ₹2,781.74 Crore on a consolidated basis, broken down into fund-based and non-fund-based categories. The text also outlines principal terms of the facilities sanctioned, including interest rates, tenor, security requirements, pre-payment penalties, repayment schedules, and various events of default. Furthermore, the section provides context on the company's market position in Mumbai and details the breakdown of its projects into greenfield and non-greenfield categories.

The company's residential portfolio includes 74.58 million square feet of completed, ongoing, and upcoming projects, with an expanded focus on the luxury segment. The company is geographically expanding within Mumbai, moving into western areas and outside the MMR. Financial performance is heavily influenced by the economic conditions and real estate market in Mumbai, as all ongoing and upcoming projects are concentrated there. Revenue recognition is tied to contractual performance obligations, and costs are subject to volatility in raw material prices. The company faces significant risks from market fluctuations, regulatory changes, and competition from other developers.

This section details various accounting treatments related to investments, business combinations, financial statement restatements, and asset/liability classifications. It outlines accounting methods for associates and joint ventures, the measurement of business combinations, rules for restating prior period information, and criteria for classifying assets and liabilities as current or non-current. Furthermore, the text covers judgments and estimates used in valuing inventory, assessing impairment for various assets, determining useful lives for Property, Plant and Equipment, and measuring defined benefit obligations.

This section details various accounting treatments and recognition principles for different financial items, including investment properties, intangible assets, financial instruments, inventories, revenue recognition under the five-step model, and income tax provisions. It outlines specific rules for depreciation, amortization, fair value measurements, impairment testing, and the recognition timing for various contracts and transactions.

This section details various accounting treatments and components related to employee benefits, leases, borrowing costs, and the structure of the Profit and Loss statement. It outlines specific recognition and measurement policies for different types of employee benefits, including defined contribution and defined benefit plans, as well as provisions for gratuity and compensated absences. Furthermore, the text describes the accounting for leases, distinguishing between right-of-use assets and lease liabilities, and details how borrowing costs are measured. The section concludes with a presentation of key financial results, showing the components of the statement of profit and loss for Fiscal Years 2026, 2025, and 2024, along with year-on-year comparisons.

This section details various financial movements and performance metrics across different fiscal years, including changes in expenses, income, profit, and cash flows. Key observations include significant fluctuations in various line items, such as the decrease in revenue from operations and changes in inventory levels. The text also provides information on tax expenses, net profit, and detailed cash flow statements for different fiscal periods. Furthermore, the section includes disclosures regarding contingent liabilities and various emphasis of matters related to the going concern assumption for different subsidiaries and joint ventures.

This section details the company's responses to various Emphasis of Matter matters concerning the financial statements and the going concern assumption. Several entities, including Runwal Real Estate Private Limited, have reported accumulated losses, which eroded their net worth, necessitating a discussion on the going concern basis. The management in all cases expressed a view that the going concern basis is appropriate, provided that mitigating factors, such as strategic plans and decisions, are considered, and that the company can meet its operational commitments.

The financial statements were prepared on a going concern basis due to the erosion of the company's net worth by ₹3.60 Lakh in losses over the current and previous years. Auditors raised several observations related to the maintenance of audit trails, primarily concerning the inability to enable audit trail features at the database level and issues with assurance reports from third-party service providers for sales documentation. Furthermore, auditors noted issues with the physical verification of certain assets and the nature of loans granted to related parties.

This section details various adverse observations raised against the company's financial statements across different fiscal years and subsidiaries. Observations covered issues related to Goods and Service Tax (GST) filings, loans granted, and the maintenance of records for Property, Plant and Equipment (PPE) and intangible assets. Several observations concerned the nature of loans provided, including whether they were repayable on demand or without specifying repayment terms. Furthermore, there were observations regarding the proper recording of inventories and the treatment of certain expenditures in the Profit and Loss statement, leading to cash losses in some periods.

This section details various adverse observations raised against different subsidiaries of the company, focusing on cash losses, loan agreements, and statutory dues. Several subsidiaries reported cash losses in their respective financial years, with some losses being higher than in the preceding year. Observations related to loans indicated that some were granted without specifying repayment schedules and were repayable on demand. Furthermore, there are detailed observations regarding the handling and deposit of various statutory dues, including GST, Provident Fund, and Income-Tax.

This section details various adverse observations raised against the financial statements of several subsidiaries, including Evie Infrapark Private Limited, Runwal Milestone Developers Private Limited, Horizon Project Private Limited, Susneh Homes Private Limited, and Susneh Real Estate Private Limited. Observations covered cash losses, nature of loans, statutory dues, and issues related to asset records and inventory verification. Responses from the company involved implementing strategic decisions, clarifying loan terms, and addressing disputes related to various tax authorities.

This section details various adverse observations raised by regulatory bodies across different financial years and tax regimes. The observations span across Income Tax, Goods & Service Tax, and issues related to the physical verification of assets and the nature of loans granted. Several instances show that the company has incurred cash losses, with figures varying significantly between periods. Furthermore, there are specific disclosures regarding the lack of proper records for certain assets, the nature of inventory verification, and the terms under which loans were granted to related parties.

This section details various adverse observations raised by auditors concerning the financial statements and records of several subsidiaries and associates. Observations covered issues related to the maintenance of proper records for Property, Plant and Equipment and intangible assets, the physical verification of inventory, the nature of loans and advances granted, and the treatment of cash losses. Responses from the companies varied, including updates to records, confirmations of inventory, and acknowledgments regarding loans to related parties. Some observations highlighted issues with loans not specifying repayment terms, and others noted cash losses incurred during the financial year.

This section details various adverse observations raised against different subsidiaries of the company, covering issues related to statutory dues, cash losses, loan arrangements, and asset verification. Several subsidiaries reported cash losses in their respective financial years, with some being the first year of operation. Furthermore, observations were made regarding the terms of loans granted and the company's process for maintaining and verifying its Property, Plant and Equipment and inventory.

This section details various adverse observations raised against the company's financial statements and the company's responses to them. Observations covered issues related to loans and advances, statutory dues, and the maintenance of records for Property, Plant and Equipment (PPE) and intangible assets. Several instances noted pending appeals or disputes with tax and service authorities, and concerns regarding the physical verification of certain assets like aluminium formwork.

This section details various adverse observations raised by auditors against different subsidiaries, covering issues related to inventory verification, working capital limits, loan provisions, and dues deposits. Several subsidiaries were found to have issues concerning the physical verification of inventories and the nature of loans granted. Furthermore, the text discusses market risks, including currency risk and interest rate risk, and credit risk exposure related to trade receivables.

The section discusses various risk management aspects, including credit risk, liquidity risk, related party transactions, and dependence on third-party suppliers. It notes that the company maintains sufficient liquidity and oversees processes related to liquidity risk through senior management. Furthermore, it addresses the dependency on third-party vendors for construction supplies, noting the percentage of total expenses accounted for by top 10 suppliers in different fiscal years. The text also covers factors like the lack of significant economic changes, new products, or seasonality, and mentions recent developments such as the launch of Tower 3 and the demerger of Evie Real Estate Private Limited.

The section outlines various legal and regulatory matters, including criminal proceedings, civil disputes, and actions by statutory/regulatory authorities. It details several pending litigation matters, including a dispute with a Claimant over work executed for a project, complaints before consumer dispute redressal commissions, and disputes related to the title of land parcels. It also mentions pending arbitration proceedings and various claims filed by property purchasers against the company before the Real Estate Regulatory Authority.

The section details numerous ongoing and past legal and regulatory proceedings involving the Company and its subsidiaries across various domains, including tax, civil disputes, and criminal matters. Key issues include tax demands from the Income Tax Department, disputes over GST liabilities, challenges to the validity of tax demands by the Company, and civil suits concerning land and contractual agreements with other parties. Furthermore, there are criminal complaints against individuals and various civil suits filed by the Company and its subsidiaries against other entities regarding property rights and contractual breaches.

The section details various legal and regulatory proceedings involving the Company and its subsidiaries across different areas, including property disputes, real estate development issues, and significant tax matters. Several proceedings involve claims by purchasers against the Company, such as allegations of possession delays, refund issues, and contractual disputes under the Real Estate (Regulation and Development) Act, 2016. There are numerous pending complaints and appeals filed by the Company against former employees under various laws, including the Information Technology Act and the Indian Penal Code. Furthermore, there are substantial tax demands issued by the State Tax department, including issues related to unaccounted cash transactions and incorrect input tax credit claims, which have resulted in confirmed demands and subsequent appeals.

The section details various outstanding legal proceedings involving the Company, its subsidiaries, and its promoters. This includes several criminal complaints filed against former employees related to forgery and misuse of customer data, as well as numerous civil proceedings concerning property disputes, including disputes over land sales, cheque dishonors, and various claims under the Negotiable Instruments Act. Furthermore, there are pending matters involving regulatory actions, such as a petition challenging tax notifications, and various criminal proceedings against the promoter and directors.

The section details various aspects of litigation, including civil proceedings, criminal matters, and tax issues involving the company, its directors, and joint ventures. Specifically, it mentions a pending commercial suit filed by Ingram Micro India Private Limited against Pallazzio Hotels & Leisure Limited, naming a company director. It also notes that no pending material civil litigation exists against the directors, and there are no pending criminal proceedings against the directors. Furthermore, it outlines several pending legal disputes concerning joint ventures, including an appeal filed by Runwal Wonder Venture against a mutation entry in the Maharashtra Land Revenue Code, and various tax matters involving the company and its subsidiaries.

This section primarily lists various registrations and certificates held by the Company and its subsidiaries, including different types of registrations under various state and central acts. It details numerous certificates related to Shops and Establishments, Contract Labour, Provident Fund, Employees State Insurance, and Building and Other Construction Workers regulations. It also includes details regarding Legal Entity Identifier Codes for the Company and its subsidiaries.

The section details various certificates and registrations held by Evie Real Estate Private Limited and Runwal Real Estates Private Limited, including registrations under various labour and industry acts, as well as Legal Entity Identifier Codes. It also lists material approvals for completed and ongoing projects, such as completion certificates, various consents from pollution control boards, and development permissions from municipal corporations. Furthermore, the section outlines indicative material approvals required for upcoming projects, such as no objection certificates from fire departments and municipal corporations, and development permissions for land use.

The section details various material approvals that have expired, including applications made for renewal, and lists several name change applications for obtaining various certificates under the Employees State Insurance Corporation. It also outlines material approvals that have expired without renewal applications, and confirms that no material litigation involving group companies is pending. Furthermore, the text discusses the identification of 'group companies' based on materiality criteria and provides details on the structure and transactions between the company and its group companies.

This section primarily details various compliance confirmations, disclaimers, and approvals related to the issuance of the Draft Red Herring Prospectus. It includes stipulations regarding the number of allottees, confirmations of compliance with SEBI ICDR Regulations, declarations that key personnel are not debarred from accessing capital markets, and agreements for the dematerialization of equity shares. Furthermore, the text outlines various disclaimers from the Company, its promoters, and Book Running Lead Managers concerning the accuracy of the information provided, the scope of responsibility, and the jurisdiction for disputes. It also covers the process for submitting the prospectus to stock exchanges and the conditions under which funds received from bidders will be repaid.

The section primarily addresses the lack of recent capital issues, public or rights issues, and commission/brokerage payments related to equity shares over the past few years. It also details the price information of past issues handled by Book Running Lead Managers (BRLMs) and outlines the mechanism for resolving investor grievances, including timelines for redressal and compensation for delays.

This section primarily outlines various compliance and procedural aspects related to the issuance of equity shares, including the appointment of personnel, the legal framework governing the issue, and rules concerning the allotment and trading of shares. It details the legal instruments that will govern the equity shares, the process for the fresh issue, and the rights of equity shareholders. Furthermore, it specifies the timelines for bid submission, the process for unblocking funds, and the responsibilities of various parties in the listing and trading procedures.

This section primarily details various procedural aspects related to the issuance and allotment process, including rules for bid acceptance, price band revisions, and minimum subscription requirements. It outlines conditions for extending the bid/issue period due to force majeure events, specifies procedures for handling discrepancies in bidder data, and sets out consequences for failure to meet minimum subscription levels, such as refunds or interest payments. Furthermore, it describes the structure of the issue, including the reservation for eligible employees, the proportion of the issue size, and the various categories of bidders eligible for allotment.

This section details various rules and procedures related to the bidding and allotment process for the Issue, including different categories of bidders such as Eligible Employees, Qualified Institutional Buyers (QIBs), Retail Individual Bidders, and Registered Investment Brokers (RIBs). It outlines rules regarding bid amounts, allocation percentages for different investor categories, and the use of various payment mechanisms like the UPI Mechanism. The text also discusses various SEBI circulars and timelines related to the implementation of the UPI Mechanism in a phased manner for public issues.

This section details various procedural requirements and restrictions related to the issuance process, particularly concerning the use of UPI mechanisms and different investor categories. It outlines requirements for processing fees, investor grievance redressal, the submission of bid forms, and the handling of various investor types such as Anchor Investors, Mutual Funds, Eligible Employees, Eligible NRIs, HUFs, and FPIs. Specific rules govern the blocking of funds, the acceptance of bids, and the documentation required for different investor segments.

This section details various restrictions and requirements concerning the participation of different investor categories in the issue, including FPIs, various institutional investors, and others. It outlines rules regarding the aggregation of bids, the need for specific documentation such as registration certificates, and restrictions on investment limits based on various regulations like FEMA and SEBI rules. Specific rules are provided for bids made by entities such as Limited Liability Partnerships, banking companies, insurance companies, and various mutual funds and investment funds.

This section primarily outlines various procedural requirements and restrictions for bidders, particularly concerning the submission of bid forms, fund blocking mechanisms, and adherence to various regulatory and technical standards. It details rules for signing, account details, use of UPI mechanisms, submission channels, and restrictions on bid amounts and timing. Specific instructions are provided for different bidder categories such as ASBA bidders, UPI bidders, Anchor Investors, and QIBs, emphasizing the need to comply with rules regarding documentation, fund availability, and timely submissions.

This section primarily outlines various rules and instructions related to bidding procedures, including restrictions on where bids can be submitted, requirements for using specific bank accounts or UPI IDs, and limits on bid amounts for different types of bidders. It details several technical grounds for the rejection of bids, such as submitting bids on plain paper or using unlisted mobile applications. Furthermore, it discusses procedures for handling bid amounts, delays in fund unblocking, and the process for finalizing the basis of allotment for equity shares.

This section primarily details procedural aspects related to the issuance and allotment of equity shares, including requirements for advertisements, filing documents, and undertakings by the company. It outlines timelines for uploading allotment advertisements, the process for signing underwriting agreements and filing the Prospectus with the RoC, and various undertakings by the company concerning the collection of applications, timely completion of listing formalities, and handling of refunds. Furthermore, it discusses restrictions on foreign ownership of Indian securities and the implications of various regulations concerning investment in certain sectors.

This section primarily outlines various definitions related to the company's structure, including terms for 'Shares,' 'Exchange,' 'Meetings,' and 'IPO.' It then details provisions concerning the authorized share capital, the creation of new capital, the types of share capital that can be issued (Equity and Preference), and the powers of the Board of Directors regarding the disposal of shares. Furthermore, the text covers procedures for increasing, sub-dividing, consolidating, or cancelling share capital, as well as rules for the allotment of shares, including consideration, installments, and the rights of members to pay unpaid amounts.

This section details various provisions related to the issuance, handling, and lien rights concerning share certificates and debentures. It outlines procedures for issuing new certificates in place of damaged ones, the commission payable for subscribing to securities, and the Company's lien on shares/debentures. It also covers the process for enforcing liens through sale, the validity of sales, and the handling of calls made on shares, including provisions for interest on unpaid amounts and the consequences of non-payment, such as forfeiture of shares.

This section details various procedural aspects related to the transfer and registration of shares, including requirements for instruments of transfer, the power of the Board to decline recognition of transfers, and rules concerning the transfer of partly paid shares. It also covers provisions for the handling of shares belonging to deceased members, the rules for transmission of shares, and the company's rights regarding the dematerialization of securities under the Depositories Act, 1996. Furthermore, the text outlines procedures for calling and conducting various types of General Meetings, including requirements for notice, quorum, and the conduct of business.

This section details various procedural aspects of meetings, voting, and the powers of the Board of Directors. It covers rules regarding demands for polls, the casting of votes, the use of postal ballots, and the voting rights of members, including those of joint holders and those of persons of unsound mind. Furthermore, it outlines rules for appointing directors, the rotation and retirement of directors, and the procedures for board meetings, including quorum requirements and the handling of adjourned meetings.

This section primarily details various procedural and substantive provisions related to the Board, committees, resolutions, borrowing powers, and the handling of dividends and capital. It outlines rules for committee formation, question determination, validity of acts, resolution procedures, maintenance of foreign registers, and the Board's powers concerning loans and securities. Furthermore, it covers provisions related to nominee directors, the handling of outstanding liabilities with financial institutions, the management of directors' fees, the declaration and payment of dividends, the treatment of unpaid dividends, and the capitalization of profits for the company's reserves or for paying up shares.

This section primarily details procedural aspects related to the Company's books of accounts, inspection rights, service of documents, and winding up procedures. It outlines rules regarding who can inspect company records, how notices are served to members, and provisions concerning the handling of shares, including lock-in provisions related to the Initial Public Offering.

This section primarily defines various terms and interpretations related to a Shareholders Agreement entered into between the Promoter, Vistra (ITCL) India Limited, and the Company. It details definitions for terms such as 'Affiliate', 'Applicable Law/s', 'Applicable Foreign Exchange Laws', various 'Authorities', 'Boards', 'Business Days', 'Closing Dates', 'Control', 'Controlling', 'Debenture Subscription Agreement', 'Deed of Adherence', 'Encumbrance', 'Equity Securities', 'Equity Share', 'Escrow Agreement', 'Group', and 'IPO Long Stop Date'. It also clarifies definitions related to 'Permitted Financial Institution' and entities sponsored or controlled by certain investment firms.

This section primarily outlines various definitions related to the company's structure and securities, such as defining terms like 'Person', 'RBI', 'Security/Securities', and 'Subscription CCDs'. It details the management structure, including the composition of the Board of Directors, the rights of the Investor to appoint a Director, and procedures for removing or appointing such directors. Furthermore, the text establishes rules regarding the transferability of securities held by the Investor and the requirements for such transfers.

The provided section details various provisions related to the transfer of securities by the Promoter and shareholders, including restrictions and rights of first offer. It also lists numerous material contracts and documents that will be attached to the Draft Red Herring Prospectus for inspection by the Registrar of Companies. These documents include various agreements, certificates of incorporation, board resolutions, annual reports, and examination reports from statutory auditors and chartered accountants.

This section primarily details various valuation reports, consents, and agreements related to the company's operations and financial disclosures. It includes several valuation reports issued by different chartered accountants and valuers over various dates, along with subsequent consents and agreements concerning these reports. Furthermore, the section lists several agreements and agreements with various parties, including complaints received and responses submitted, as well as various agreements related to share purchases and joint ventures. Finally, it documents various consents from professionals and entities to be included in the DRHP, and agreements related to land vested for projects.

This section primarily contains declarations certifying compliance with various laws and regulations, including the Companies Act, 2013, and rules/guidelines issued by the Government of India or SEBI. It also mentions a tripartite agreement and a SEBI observation letter.

The provided section consists entirely of declarations certifying compliance with various laws and regulations, including the Companies Act, 2013, SEBI rules, SCRA, SCRR, and related guidelines. These declarations were signed by a Non-Executive, Independent Director, a Non-Executive, Independent Director, and the Chief Financial Officer of the company, affirming the truth and correctness of the disclosures made in the Draft Red Herring Prospectus.

This section summarizes various related party transactions for the financial years ended March 31, 2026, March 31, 2025, and March 31, 2024. The data includes income for services rendered, profit/loss from partnerships, interest received and paid, management fees, sale of investments, salary payments, and various inter-corporate deposits and capital movements. Significant transactions involve relationships with entities like Horizon Projects Private Limited, S.R. Constructions Associate, and various promoters and directors.

This section details various related party transactions categorized by the counterparty, the nature of the relationship, and the percentage of revenue from operations for different fiscal years. The disclosed transactions include purchases of corporate office, goods, and services from group companies, as well as issues of preference shares and CSR related transactions. Several transactions involve advances paid against the purchase of materials, some of which were subsequently received back.

The company has six directors on its Board, including three Non-Executive Independent Directors, in compliance with corporate governance requirements. The Board composition details include the names, designations, and tenure periods for the directors. Key personnel profiles provide background on the directors' qualifications and previous professional associations. Details regarding the appointment and remuneration terms for the Executive Director, Subodh Subhash Runwal, are also disclosed.

The section details the remuneration paid to Non-Executive Directors in Fiscal 2026, noting that the company did not pay sitting fees or commission to Non-Executive Directors. It specifies sitting fees paid to three Non-Executive Independent Directors by certain subsidiaries. Furthermore, it mentions that certain executives received significant remuneration from a subsidiary, and it clarifies the continuing executive roles of key personnel. The text also outlines various provisions regarding director interests, borrowing powers, changes to the Board, and the constitution and powers of the Audit Committee.

The company has constituted several key committees, including the Nomination and Remuneration Committee (NRC), the Stakeholders Relationship Committee (SRC), and the Risk Management Committee (RMC), each with defined scopes and functions as per relevant regulations. The NRC is responsible for various aspects related to director nomination, remuneration policy formulation, and performance evaluation. The SRC focuses on grievance redressal, shareholder rights, and handling of share transfers. The RMC is tasked with formulating risk management policies, monitoring risks, and ensuring business continuity. Key managerial personnel profiles detail the roles of the Chief Financial Officer, Company Secretary and Compliance Officer, Chief Executive Officer, President of Projects, and Chief Sales and Marketing Officer, along with their professional backgrounds and past affiliations.

The management section details key personnel, including a Chief Sales and Marketing Officer and a Senior Vice President of Human Resources, along with various disclosures regarding their appointments and compensation. Key managerial personnel are permanent employees, and there are stipulations regarding retirement and termination benefits. Furthermore, the section clarifies that Key Managerial Personnel and Senior Management are not related to the Directors, nor have they been involved in arrangements with major shareholders, customers, or suppliers. The promoter holds a significant stake in the company, and various restrictions concerning related party transactions and property dealings are outlined.

This section outlines the company's dividend distribution policy, which is determined by the Board based on various factors. These factors include internal considerations such as funding requirements, profits earned, and distributable surplus during the year, as well as external factors like the economic environment, capital markets, statutory provisions, industry outlook, and other relevant factors. The ability to pay dividends is also influenced by factors such as changes in laws, industry shifts, geopolitical conditions, and unforeseen events. The company has not declared or paid any dividends on equity shares during the financial years ended March 31, 2026, March 31, 2025, March 31, 2024, and from April 1, 2026 until the date of the Red Herring Prospectus, and there is no guarantee of future dividend payments.