Runwal Enterprises IPO

Easy to miss in the prospectus

• Every operational figure in this record is on the reported basis, and the RHP prints a second table because of it. Runwal My City, under Horizon Projects Private Limited, became a subsidiary only on 1 April 2025, so FY25 and FY24 exclude it. Had it been consolidated throughout, FY25 sales value would be ₹2,118.06 Cr rather than ₹1,899.05 Cr and FY24 ₹1,651.39 Cr rather than ₹1,527.64 Cr, FY25 units 2,154 rather than 1,700, and FY25 deliveries 2.36 million square feet rather than 1.33. Growth measured across that break is not like-for-like.
• FY26's 78.51% revenue jump was not a demand event. Deliveries, the thing revenue recognition actually follows, fell from 1.33 million square feet in FY25 to 1.17 million in FY26 - and on the like-for-like basis from 2.36 million, a halving. Revenue rose because of which units completed and at what price, not how many.
• Two EBITDA margins point opposite ways in FY26. The headline measure rose from 17.87% to 19.44%, but Adjusted EBITDA margin - which adds back the finance cost and depreciation buried in cost of operations, ₹228.47 Cr and ₹13.98 Cr respectively in FY26 - fell from 39.10% to 32.92%. For a developer that capitalises interest into inventory, the adjusted figure is the closer read on operations.
• The financial statements are restated CONSOLIDATED for all three years, so there is no standalone-to-consolidated break in the series - but the consolidation scope moved. Of the ₹312.34 Cr by which net worth rose in FY26, ₹209.73 Cr was total comprehensive income attributable to owners and ₹102.61 Cr arrived through business combinations, including ₹90.72 Cr of securities premium that came in with acquired entities rather than from anything the company sold. A further ₹59.28 Cr went to non-controlling interests the same way.
• Profit after tax attributable to owners, ₹209.29 Cr in FY26, is larger than the restated net profit for the year of ₹185.76 Cr, because non-controlling interests absorbed a loss of ₹23.52 Cr. EPS, RoNW and NAV are all struck on the attributable figure; the contingent-liability multiple of 42.96 times is struck on the smaller total.
• Net worth in this record is the SEBI Regulation 2(1)(hh) measure the issuer uses for RoNW and NAV - ₹768.20 Cr at FY26 - not the ₹833.54 Cr of equity attributable to owners. The reconciliation removes ₹145.75 Cr of capital reserve on consolidation and reverses the negative ₹80.41 Cr capital reserve on merger.
• Return on net worth here is computed on CLOSING net worth, by the issuer's own stated note, not on the average that most prospectuses use. On average net worth the FY26 figure would be 34.19% rather than 27.24%.
• The disclosed 3.29 times is NET debt over TOTAL equity of ₹844.82 Cr, which includes non-controlling interests. Gross borrowings of ₹2,909.13 Cr over the ₹768.20 Cr of net worth give 3.79 times instead.
• The P/E figures here are computed, not disclosed. The RHP was dated 21 September 2026, before the band was fixed, so its P/E table is a placeholder; ₹290 and ₹305 over the disclosed FY26 basic EPS of ₹16.74 give 17.32 and 18.22 times. The post-issue EPS of ₹14.16 and the market capitalisation of ₹4,507.44 Cr are likewise computed, on 14,77,84,878 shares.
• The last equity transacted before the IPO went at ₹342.49 a share: HDFC Capital Affordable Real Estate Fund - 3 converting 1,500 compulsorily convertible debentures into 63,41,436 shares on 28 August 2026, three weeks before the RHP. That is the sole price in the 18-month weighted-average-cost table, and the issue then priced at ₹305, about 10.9% below it.
• Post-issue promoter holding is left blank because the RHP shows a placeholder. The sole Promoter held 10,62,81,849 shares, or 80.89%, before the issue - the figure used here - while the Promoter and Promoter Group together held 12,50,37,495 shares, or 95.16%, which is what most aggregator pages reduce to 84.61% post-issue.
• The issue raised ₹499.83 Cr rather than the ₹500 Cr recorded here: 1,20,274 shares went to employees at a ₹14 discount. That reconciles exactly to the RHP's ₹35.00 million employee reservation cap at ₹291 a share, which is how the employee share count could be established at all - the RHP itself leaves it as a placeholder.
• The post-issue share count is not in the RHP either. 14,77,84,878 is the RHP's pre-issue 13,13,91,436 plus 1,63,93,442 fresh shares, and is corroborated by the market capitalisation quoted on independent price pages at the current price.
• Final subscription differs by source and by snapshot. A 5 p.m. tally on 29 September showed 2.50 times overall with QIBs at 3.89; the settled figures used here are 2.64 times and 4.10 times. One aggregator prints day-three NII as 4.57, which is the big-NII sub-category alone; blending the two-thirds and one-third reservation with small-NII at 3.28 gives the 4.14 recorded here.
• No segment revenue split exists to report. Under Ind AS 108 the group treats real estate development as a single business segment present only in India, so segment disclosure is not provided.
• The risk factor headlined as negative cash flows of ₹56.04 Cr in FY25 refers to the net decrease in cash and cash equivalents, not to operating cash flow, which was negative in all three years and far larger.
• The book-value multiple here uses the ₹61.43 net asset value at 31 March 2026. The RHP also shows ₹75.00 after the CCD conversion, on which ₹305 is 4.07 times book rather than 4.97.
• Two separate ₹150 Cr injections are easy to conflate: HDFC Capital's ₹1,500 million of convertible debentures taken in October 2024, and the ₹1,500 million of equity that Nishi Nippon Railroad and Genkai Capital put into subsidiary Susneh Developers for the Runwal BKC commercial building, which is the ₹150 Cr of non-controlling-interest proceeds in the FY26 cash flow.
• The issuer is younger than the brand on the building. It was incorporated on 17 February 2016 as Propel Developers Private Limited, became Runwal Apartments Private Limited only in January 2021, Runwal Enterprises Private Limited in January 2024, and Runwal Enterprises Limited on conversion to a public company in October 2024. The Runwal group itself dates to 1978; this entity is the vehicle assembled out of it, which is why the FY26 accounts absorb business combinations rather than just trade.
• The market shares, the third-place Mumbai ranking and the industry outlook all come from a JLL report the company commissioned for this offer, and the RHP carries its own risk factor on that.
• Four complaints reached SEBI after the DRHP was filed, concerning undisclosed MahaRERA proceedings, an allegedly invalid assignment of joint venture rights, alleged undisclosed claims over land rights, and an outstanding payment. The company has responded to all four and records no financial impact to date.
• Grey market quotes - unofficial and unregulated - peaked at ₹37 on anchor day and had collapsed to ₹2 by the close of bidding, turning to minus ₹5 after allotment. The stock then opened at ₹305 on the NSE, exactly the issue price, and ₹306 on the BSE, and closed its first day at ₹301.45 after touching ₹281.20.