# Runwal Enterprises Limited: IPO analysis > Runwal Enterprises Limited (CIN U70109MH2016PLC273223) has filed a Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of ₹500 Cr, priced at ₹290.00 to ₹305.00 per share. In FY26 it reported revenue of ₹1,799 Cr (+78.5% on FY25) and a net profit of ₹186 Cr. Promoters hold 80.9% before the IPO. Our fact-check of its claims found 2 medium or high concerns across 32 claims checked. - Page: https://ipo.innerkore.com/company/U70109MH2016PLC273223/runwal-enterprises-limited/ - CIN: U70109MH2016PLC273223 - Last updated: 24 Sep 2026 ## Key facts - **Company:** Runwal Enterprises Limited - **CIN:** U70109MH2016PLC273223 - **Filing stage:** RHP - **Latest SEBI filing:** 24 Sep 2026 - **Fresh issue:** ₹500 Cr - **Price band:** ₹290.00 to ₹305.00 per share - **Bidding opens:** 25 Sep 2026 - **Bidding closes:** 29 Sep 2026 - **Listing on:** BSE, NSE - **Revenue FY26:** ₹1,799 Cr - **Revenue growth:** +78.5% - **Net profit FY26:** ₹186 Cr - **Revenue CAGR FY24 to FY26:** -13.6% - **Promoter holding (pre-IPO):** 80.9% - **Lead managers:** ICICI Securities Limited, Jefferies India Private Limited - **Registrar:** MUFG Intime India Private Limited - **Fact-check flags:** 0 high, 2 medium, 3 low ## Key signals (read from the filing; not investment advice) - **Valuation** (looks fine): 24.3x P/E. From NSE's price band, on FY26 profit; 5.3x book value. - **Growth** (concern): -13.6% a year. Sales FY24 to FY26; latest year +78.5%. - **Profitability** (looks fine): 10.3% net margin. FY26; operating margin improving. - **Debt** (concern): 3.44x equity. ₹2,909 crore borrowed at the end of FY26. - **Profit into cash** (concern): -97% of profit. Operations brought in ₹-181 crore against ₹186 crore of profit in FY26. - **One-off income** (look closer): 23% of profit. Other and one-off income is 23% of pre-tax profit; management describes 4 one-off items. - **Where the money goes** (looks fine): All new money. 100% is new shares issued by the company. 100% of the new money repays debt. - **Red flags** (look closer): 2 to review. 32 claims checked: 0 high, 2 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | FY26 | |---|---:|---:|---:| | Sales | 2,409 | 1,008 | 1,799 | | Sales growth | – | -58.2% | 78.5% | | Operating profit | 174 | 137 | 298 | | Operating margin | 7.2% | 13.6% | 16.6% | | Net profit | 94 | 56 | 186 | | Net margin | 3.9% | 5.5% | 10.3% | | Net worth | 451 | 485 | 845 | | Borrowings | 1,784 | 2,313 | 2,909 | | Return on equity | 20.8% | 11.5% | 22.0% | ## Non-recurring items (as described by management) - Gains or losses arising on the disposal of an item of property, plant and equipment are recognized in the Restated Statement of Profit and Loss in the year of disposal. (p.416) - Gains or losses arising from the retirement or disposal of an intangible asset are determined as the difference between the net disposal proceeds and the carrying amount of the asset and recognized as income or expense in the Restated Statement of Profit and Loss. (p.417) - Exchange differences arising on the settlement of monetary items or on translating monetary items at rates different from those at which they were translated on initial recognition during the period or in previous financial statements are recognized in the Restated Statement of Profit and Loss in the period in which they arise. (p.417) - Other income increased by 20.71% from ₹42.95 Crore for Fiscal 2025 to ₹51.84 Crore for Fiscal 2026, primarily as a result of an increase in interest income from ₹18.75 Crore for Fiscal 2025 to ₹20.54 Crore for Fiscal 2026 and profit on sale of assets of ₹11.25 Crore recognized in Fiscal 2026, on account of the sale of a school building previously classified as a non-current asset held for sale. (p.426) ## Use of proceeds (fresh issue) - Repayment/ pre-payment, in full or in part, of certain outstanding borrowings availed by: ₹100 crore - Investment in our wholly owned Material Subsidiaries namely Runwal Residency Private Limited and Evie Real Estate Private Limited, for repayment/ pre-payment, in full or in part, of all or a portion of certain of their outstanding borrowings: ₹225 crore - Funding acquisitions of future real estate projects and general corporate purposes(1): amount not fixed yet ## Fact-checked claims - **MEDIUM** (LitigationStatus): There are no pending litigations involving the group companies that could have a material impact on the company, except for proceedings involving Runwal Developers Limited.. The search results indicate several legal proceedings involving entities related to Runwal, including cases against Runwal Constructions and proceedings involving Runwal Developers Pvt. Ltd. The results show both ongoing and resolved legal matters, which directly relates to the claim about pending litigations. - **MEDIUM** (SubsidiaryPerformance): The name was subsequently changed from “Runwal Apartments Private Limited” to “Runwal Enterprises Private Limited” pursuant to a resolution dated December 23, 2023, and a certificate of incorporation was issued on January 24, 2024.. The search results mention a name change involving 'Runwal Apartments Private Limited' and 'Propel Developers Private Limited', but they do not specifically corroborate the claim regarding the change from “Runwal Apartments Private Limited” to “Runwal Enterprises Private Limited” pursuant to a resolution dated December 23, 2023, and a certificate of incorporation issued on January 24, 2024. - **LOW** (SubsidiaryPerformance): Wheelabrator Realty Private Limited was incorporated as a private limited company under the Companies Act, 2013 on July 29, 2021.. The search results mention 'Wheelabrator Realty Private Limited' as a subsidiary of the company whose IPO is listed, but they do not confirm the specific incorporation date of July 29, 2021, mentioned in the DRHP claim. - **LOW** (SubsidiaryPerformance): Runwal Enterprises Limited has been a prominent name in the real estate industry and has a strong presence in Mumbai, particularly in the Eastern Suburbs and Kalyan Dombivli submarkets.. The search results suggest that Runwal Enterprises has an established presence in Mumbai, referencing an 'established Mumbai franchise' in one result. However, the results do not explicitly detail a strong presence specifically in the Eastern Suburbs and Kalyan Dombivli submarkets as stated in the claim. - **LOW** (SubsidiaryPerformance): Evie Holdings Private Limited was incorporated as a private limited company under the Companies Act, 2013 on July 27, 2021.. The search results mention Evie Holdings Private Limited in connection with director directorships and going-concern observations, but none of the provided snippets confirm or deny the specific incorporation date mentioned in the DRHP claim (July 27, 2021). - **NONE** (PromoterBackground): Abhishek Kumar Jain was appointed as the Company Secretary and Compliance Officer of the Company effective April 21, 2024, as Company Secretary and September 2, 2024, as Compliance Officer.. The provided search results do not contain any information regarding the appointment dates of Abhishek Kumar Jain as Company Secretary and Compliance Officer for Runwal Enterprises Limited. Therefore, the search results do not corroborate, contradict, or update the claim. - **NONE** (PromoterBackground): Shashi Bhushan was appointed as the Chief Financial Officer of the Company effective March 22, 2025.. The provided search results do not contain any information confirming or denying the appointment of Shashi Bhushan as the Chief Financial Officer of Runwal Enterprises Limited effective March 22, 2025. The search results primarily reference IPO timelines, SEBI actions, and other unrelated corporate news. - **NONE** (PromoterBackground): Aparna Chaturvedi, Mukesh Gupta, and Sidharath Kapur were paid sitting fees by subsidiaries in Fiscal 2026.. The provided search results do not contain any information corroborating or contradicting the claim that Aparna Chaturvedi, Mukesh Gupta, and Sidharath Kapur were paid sitting fees by subsidiaries in Fiscal 2026. The search results primarily relate to SEBI actions, IPOs, and general corporate news, but do not mention this specific allegation. - **NONE** (PromoterBackground): Aparna Chaturvedi, a Non-Executive Independent Director, received sitting fees of ₹10.00 Lakh in Fiscal 2026.. The provided search results do not contain any information corroborating or contradicting the claim regarding Aparna Chaturvedi receiving sitting fees from Runwal Enterprises Limited in Fiscal 2026. The results primarily relate to IPOs, SEBI actions, and other unrelated corporate news. - **NONE** (PromoterBackground): Mukesh Gupta, a Non-Executive Independent Director, received sitting fees of ₹10.00 Lakh in Fiscal 2026.. The provided search results do not contain any information corroborating or contradicting the claim regarding Mukesh Gupta receiving sitting fees of ₹10.00 Lakh in Fiscal 2026. The search results mainly reference legal actions, market commentary, and other unrelated business news. - **NONE** (PromoterBackground): Sidharath Kapur, a Non-Executive Independent Director, received sitting fees of ₹9.00 Lakh in Fiscal 2026.. The provided search results do not contain any information corroborating or contradicting the claim regarding Sidharath Kapur receiving sitting fees from Runwal Enterprises Limited. The search results primarily relate to IPOs, SEBI actions, and general market news. - **NONE** (PromoterBackground): The individual subsequently appointed as chief sales and marketing officer was associated with Artha Real Estate Corporation Limited, Macrotech Developers Limited, Larsen and Toubro Limited, Runwal Residency Private Limited, and Susneh Infrapark Private Limited.. The provided search results do not contain any information that corroborates, contradicts, or updates the claim regarding the association of an individual with the listed companies mentioned in the DRHP. The search results pertain to various SEBI regulations, consultation papers, annual reports, and mutual fund documents, none of which directly address the specific association mentioned in the claim. ## Common questions ### How big is the Runwal Enterprises Limited IPO? Runwal Enterprises Limited's IPO comprises a fresh issue of ₹500 Cr, according to its Red Herring Prospectus. The price band is ₹290.00 to ₹305.00 per share. ### What are Runwal Enterprises Limited's revenue and profit? Runwal Enterprises Limited reported revenue from operations of ₹1,799 Cr in FY26, +78.5% versus FY25. Net profit was ₹186 Cr (FY25: ₹56 Cr). Revenue grew at a compound rate of -13.6% a year from FY24 to FY26. Figures are read from the RHP, as printed there. ### How much do promoters own in Runwal Enterprises Limited? Promoters hold 80.9% of Runwal Enterprises Limited before the IPO. Largest holders listed: Subodh Subhash Runwal (80.9%); Subhash Suganlal Runwal (7.6%); Chanda Subhash Runwal (6.7%). ### How will Runwal Enterprises Limited use the IPO money? The fresh-issue proceeds are earmarked for: Repayment/ pre-payment, in full or in part, of certain outstanding borrowings availed by (₹100 Cr); Investment in our wholly owned Material Subsidiaries namely Runwal Residency Private Limited and Evie Real Estate Private Limited, for repayment/ pre-payment, in full or in part, of all or a portion of certain of their outstanding borrowings (₹225 Cr); Funding acquisitions of future real estate projects and general corporate purposes (amount not fixed yet). ### What are the red flags in Runwal Enterprises Limited's RHP? We fact-checked 32 claims from the filing against the open web: 0 raised a high concern, 2 medium and 3 low. The most notable: The search results indicate several legal proceedings involving entities related to Runwal, including cases against Runwal Constructions and proceedings… The search results mention a name change involving 'Runwal Apartments Private Limited' and 'Propel Developers Private Limited', but they do not specifically… This is an automated screen, not a verdict; each finding links to its sources. ### What does Runwal Enterprises Limited do? तो एक छोटी सी detail है जो अक्सर नज़रअंदाज़ कर दी जाती है: Runwal Enterprises Limited के IPO के DRHP में, यह स्पष्ट है कि कंपनी का incorporation date, जो कि January 24, 2024 है, उसके बाद ही, एक महत्वपूर्ण name change का resolution पास हुआ था, जिससे यह सवाल उठता है कि यह transition किस तरह से IPO की valuation को… ### Who manages the Runwal Enterprises Limited IPO? Book running lead managers: ICICI Securities Limited, Jefferies India Private Limited. Registrar to the offer: MUFG Intime India Private Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original Runwal Enterprises Limited IPO documents? All 3 filings for Runwal Enterprises Limited (Addendum, RHP, DAP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [Runwal Enterprises Limited - RHP](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1790230747174.pdf) (Red Herring Prospectus, filed 24 Sep 2026) - [Runwal Enterprises Limited - RHP](https://www.sebi.gov.in/sebi_data/commondocs/sep-2026/Runwal%20Enterprises%20Limited%20-%20Abridged%20Prospectus_p.pdf) (Abridged prospectus (DAP), filed 24 Sep 2026) - [RUNWAL ENTERPRISES LIMITED - Addendum to DRHP](https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1789099604614.pdf) (Addendum, filed 11 Sep 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.