Runwal EnterprisesIPO Review — Financials, Valuation & Peers
A data-only look at the Runwal Enterprises IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 2,436.68 | 93.7 | 201.73 | 372.65 | 7,079.74 | 1,783.65 | — |
| FY 2025 | 1,050.71 | 55.65 | 180.11 | 455.86 | 8,328.14 | 2,312.58 | — |
| FY 2026 | 1,850.79 | 185.76 | 349.81 | 768.2 | 10,254.5 | 2,909.13 | 14.14 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- P/E (pre-issue)
- 21.57x
- P/E (post-issue)
- 24.26x
- RoNW
- 27.24%
- Debt / Equity
- 3.29
- EPS (pre-issue)
- ₹14.14
- EPS (post-issue)
- ₹12.57
- EBITDA Margin
- 19.44%
- P/BV
- 4.97x
- NAV / share
- ₹61.43
- Market Cap
- ₹4,507.44 Cr
As of 31 Mar 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | Statements |
|---|---|---|---|---|---|
| Runwal Enterprises | 16.74 | 61.43 | — | 27.24% | Consolidated |
| Godrej Properties Ltd. | 61.43 | 635.96 | 27.53x | 9.61% | Consolidated |
| Kalpataru Ltd. | 4.76 | 199.91 | 57.66x | 1.94% | Consolidated |
| Keystone Realtors Ltd. | 6.25 | 226.82 | 56.96x | 3.32% | Consolidated |
| Lodha Developers Ltd. | 34.34 | 233.11 | 33.42x | 14.73% | Consolidated |
| Oberoi Realty Ltd. | 68.96 | 492.89 | 25.88x | 13.99% | Consolidated |
| Prestige Estates Projects Ltd. | 27.76 | 377.8 | 51.7x | 8.02% | Consolidated |
| Sunteck Realty Ltd. | 13.94 | 245.92 | 21.09x | 5.6% | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Subodh Subhash Runwal</p>
- Holding (pre-issue)
- 95.16%
- Holding (post-issue)
- 84.61%
- Dilution
- 10.55%
Broker Recommendations
| Reviewer | Verdict |
|---|---|
| Capital Market | Neutral |
Third-party analyst views on the Runwal Enterprises IPO, aggregated for reference. ipostation does not rate IPOs — nothing here is investment advice.
Analysis in brief
Anchor book
The anchor round of the Runwal Enterprises IPO drew 10 institutional investors committing a combined ₹148.95 crore. Anchor investors are institutions allotted shares at the issue price a day before bidding opens, in exchange for a mandatory post-listing lock-in — their names and cheque sizes are disclosed, which is why the anchor book is read as an institutional signal. The largest allocations went to TATA DIVIDEND YIELD FUND (₹25 crore), MAYBANK SECURITIES PTE.LTD.-ODI (₹25 crore) and AUTHUM INVESTMENT & INFRASTRUCTURE LTD. (₹19.65 crore). Investor categories represented include Other, Bank and FII/FPI. The lock-in on half the anchor shares ends on 29 Oct 2026, with the remainder locked until 28 Dec 2026.
Analyst view tally
For the Runwal Enterprises IPO, we track the published view of 1 reviewer, Capital Market among them. Of the 1 with a stated verdict, 1 says "Neutral". These are the views of the named reviewers, reproduced as published — they are not ipostation's recommendation, and this page does not rate the issue.
Margin and return profile
Away from the price multiples, the offer document also discloses the shape of the underlying business. Runwal Enterprises operates at an EBITDA margin of 19.44%. At the upper band, the post-issue market capitalisation works out to about ₹4,507.44 crore. These are offer-document figures for the latest reported period (as of 31 Mar 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward investment in the material subsidiaries namely susneh infrapark pvt.ltd. and runwal residency pvt.ltd. and subsidiary namely evie real estate pvt.ltd., for repayment/ pre-payment, in full or in part, of all or a portion of certain of their outstanding borrowings. (₹225 crore), alongside funding acquisitions of future real estate projects and general corporate purposes. (₹117.12 crore). In all, 4 objects are disclosed.
Financials
In FY2026, Runwal Enterprises reported revenue of ₹1,850.79 crore and a net profit of ₹185.76 crore. Revenue declined from ₹2,436.68 crore in FY2024 to ₹1,850.79 crore in FY2026 (-24.0%). Net worth stood at ₹768.2 crore at the end of FY2026. At the upper band, that puts the issue at roughly 21.6× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 24.26× post-issue earnings and 4.97× book value, against a return on net worth of 27.24% and a debt-to-equity ratio of 3.29. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Godrej Properties Ltd. and Kalpataru Ltd., with a median peer P/E of about 33.4×. The issue's own post-issue P/E works out to 24.26×.
Promoters
The promoters of the company are <p>Subodh Subhash Runwal</p>. Promoter holding stands at 95.16% before the issue and comes down to 84.61% after listing.
Frequently asked questions
- What is the reservation split in the Runwal Enterprises IPO?
- Of the total shares offered, retail investors get 34.74%, QIBs 19.85% (plus 29.78% anchor), non-institutional investors 14.89%.
- Who are the promoters of Runwal Enterprises and what is their holding?
- The promoters are <p>Subodh Subhash Runwal</p>. Promoter holding is 95.16% before the issue and 84.61% after listing.
- What is the P/E ratio of the Runwal Enterprises IPO?
- At the upper price band, the Runwal Enterprises IPO is valued at 21.57× pre-issue earnings and 24.26× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Runwal Enterprises IPO?
- The net proceeds go primarily toward investment in the material subsidiaries namely susneh infrapark pvt.ltd. and runwal residency pvt.ltd. and subsidiary namely evie real estate pvt.ltd., for repayment/ pre-payment, in full or in part, of all or a portion of certain of their outstanding borrowings., among 4 disclosed objects.