Business Profile of Runwal Developers Limited
Runwal Developers Ltd. was incorporated in 1988 and is a real estate development company engaged in residential, commercial, organized retail, and hospitality projects. It has strong presence in Mumbai Metropolitan Region (MMR) and Pune, Maharashtra, with a focus on lifestyle-oriented and product-driven developments. The residential projects of company cover ultra-luxury, luxury, high-income, and mid-income housing categories. As of June 30, 2025, company had a portfolio of 35 completed projects, 17 ongoing projects, and 24 upcoming projects across MMR and Pune. The company ranks among the top 10 real estate developers in MMR in terms of residential units supplied between January 1, 2022 and March 31, 2025.
Objective of Runwal Developers Limited IPO
As per the draft red hearing prospects, the IPO issue consists fresh issue and offer for sale. The fresh issue consists of XXXX shares at the face value of ₨1.00 each aggregating up to ₹ 17,000.00 million and OFS consists XXXX shares at face value of ₨ 1.00 each aggregating up to ₨ 3,000.00 million. There are fresh shares issues and OFS by company and main objective of company is funding of capital expenditure, lease payments, marketing, inorganic acquisitions and general corporate purposes.
Details of Runwal Developers Limited IPO
| IPO Open Date | N.A. |
| IPO Close Date | N.A. |
| Basis of Allotment | N.A. |
| Listing Date | N.A. |
| Face Value | ₹1.00 per share |
| Price | N.A. |
| Lot Size | N.A. |
| Total Issue Size | Up to XXXX shares |
| Aggregating up to ₨ 20,000.00million. | |
| Fresh Issue | Up to XXXX Equity Shares |
| Aggregating up to ₨ 17,000.00 million. | |
| Offer For Sale | Up to XXXX Equity Shares |
| Aggregating up to ₨ ₹3,000.00 million. | |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE & NSE |
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not more than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
Runwal Developers Limited IPO: Issue Price & Size
The issue price of RUNWAL DEVELOPERS LIMITED hasn’t been released yet. Upon releasing the dates, the investors can bid between those price ranges. The company has fresh issue and OFS aggregating up to ₹ XXXX million at the price of ₨2,000.00 cr.
Launch Date of Runwal Developers Limited IPO
The IPO opening date of RUNWAL DEVELOPERS LIMITED hasn’t been officially announced yet, upon the declaration of dates investor can bid for IPO.
Financial Statements of Runwal Developers Limited
| Particulars | Ended March 31 , 2025 |
Ended March 31 , 2024 |
Ended March 31 , 2023 |
| Income | |||
| Revenue from operations | 11,632.34 | 5,394.38 | 3,019.54 |
| Other income | 365.30 | 488.09 | 613.37 |
| Total Income | 11,997.64 | 5,882.47 | 3,632.91 |
| Expenses | |||
| Cost of construction and development expenses | 19,711.92 | 7,803.90 | 6,843.51 |
| Purchase of Stock – in – trade | – | – | 50.10 |
| Changes in inventories of finished goods | ( 14,488.91 ) | ( 6,175.34 ) | ( 5,747.63 ) |
| Employee benefits expenses | 434.70 | 272.51 | 127.54 |
| Finance costs | 1,726.29 | 1,225.57 | 322.00 |
| Depreciation and amortisation expenses | 1,156.02 | 1,032.39 | 142.42 |
| Other expenses | 1,710.54 | 1,648.37 | 1,012.79 |
| Total Expenses | 10,250.56 | 5,807.40 | 2,750.73 |
| Restated Profit before share of profit of JVs and Associate | 1,747.08 | 75.07 | 882.18 |
| Share of profit / ( loss ) of JVs and Associate | – | 49.54 | ( 442.88 ) |
| Restated Profit before exceptional items and tax | 1,747.08 | 124.61 | 439.30 |
| Exceptional Items | – | 11,592.95 | – |
| Restated Profit before tax | 1,747.08 | 11,717.56 | 439.30 |
| Tax expenses | |||
| Current tax | ( 678.95 ) | ( 275.88 ) | ( 290.13 ) |
| Short / ( Excess ) Provision of Tax relating to earlier years | – | – | ( 5.39 ) |
| Deferred tax | 306.02 | 594.61 | 279.60 |
| Total Tax ( Expense ) / Credit | ( 372.93 ) | 318.73 | ( 15.92 ) |
| Restated Profit for the year | 1,374.15 | 12,036.29 | 423.38 |
Key financial ratios of Runwal Developers Limited
| Particulars | Units | As at March 31/ for Financial Year | ||
| 2025 | 2024 | 2023 | ||
| Operational KPIs | ||||
| Sales Value | million | 12,914.20 | 11.456.19 | 16,840.44 |
| Sales Area | million square feet | 1.01 | 0.96 | 1.49 |
| Gross Collections | million | 15,075.07 | 13,106.30 | 10,362 30 |
| Leasable Area | million square feet | 2.89 | 1.70 | 1.70 |
| Rental Income | million | 2,673.62 | 2,441.53 | 247.30 |
| Financial KPIs | ||||
| Revenue from operations | million | 11,632.34 | 5,394.38 | 3,019.54 |
| Gross Profit | million | 6,409.33 | 3,765.82 | 1,873.56 |
| Gross Margin | % | 55.10 % | 69.81 % | 62.05 % |
| EBITDA | million | 4,629.39 | 2,333.03 | 1,346.60 |
| EBITDA Margin | % | 39.80 % | 43.25 % | 44.60 % |
| Adjusted EBITDA | million | 5,421.65 | 2.644.57 | 1,507.59 |
| Adjusted EBITDA Margin | % | 46.61 % | 49.02 % | 49.93 % |
| Net Debt | million | 31,605.23 | 24,664.37 | 5,411.99 |
| Net Debt / Equity | times | 0.98x | 0.80x | 0.38x |
Promoters & Shareholding Runwal Developers Limited IPO
As of date, according to the DRHP filed with SEBI promoters and promoter group have 100.00% shareholding in company.
| Name | Number of Equity Shares | % of Equity Share capital |
| Promoters & promoter group | ||
| Sandeep Subhash Runwal | 321624240 | 72.76 |
| Priyanka Sandeep Runwal | 39,098,648 | 8.85 |
| Saurabh Sandeep Runwal | 28.976.358 | 6.56 |
| Sanya Sandeep Runwal | 28,976,354 | 6.56 |
| Anand Developers | 6625500 | 1.49 |
| Sandeep Constructions | 6,625,500 | 1.49 |
| Runwal & Associates | 6,348,300 | 1.44 |
| Public | – | – |
| Total | 438,274,900 | 100 |
Should You Subscribe To Runwal Developers Limited IPO
While investing or subscribing to any IPO, consider the investment rationales related to the company. Hence, here you can find out the strength of the company that will be its growth factors. And also check the risk factors that can affect the growth and operational efficiency of the company.
Competitive Strengths of Runwal Developers Limited IPO
Prominent real estate company
Runwal Developers Ltd. is prominent real estate Development Company with a strong focus on lifestyle-oriented projects and a diversified portfolio spanning across residential, commercial and organized retail projects across MMR and Pune in Maharashtra. They have focus on lifestyle development across a diversified portfolio of residential, commercial and organized retail projects across MMR and Pune. It rank among the top ten largest real estate developers in MMR in terms of residential units supplied between January 1, 2022 to March 31, 2025.
Strong in unique commercial & retail assets
The company develops commercial and organised retail projects which cater to business and consumer experiences, focusing on creating multi-purpose spaces and entertainment-led destination. Their marquee assets include the R City Mall in Ghatkopar and R Square in Andheri, and rental income amounting to ₹2,023.36 million from R City Mall alone. The ability to design high-quality and differentiated offerings, positioning it to the target segment through its marketing and branding strategy has enabled to deliver several prominent projects in this category.
Healthy pipeline ensures cash-flow visibility
The diversified acquisition strategy of company has translated into a robust pipeline of Ongoing Projects and Upcoming Projects across residential, commercial, organized retail and hospitality segments. Through these hybrid acquisition model, our focus on urban infill and redevelopment has enabled us to target high density and infrastructure-rich locations in MMR that propose to offer faster monetization, better connectivity and superior long-term value which protecting project margins and enhancing long-term viability.
Reliable execution with consistent on-time results
The design and execution capabilities of company are supported by a centralized operations system with standardized processes across planning, procurement, contracts, legal, design, quality and execution. Integrated real estate development model of company enables them to maintain quality control, achieve proposed construction timelines and deliver a consistent brand experience across our projects. It enables company to consistently meet construction timelines and deliver a better customer experience.
Risk Factors of Runwal Developers Limited IPO
Geographic concentrations
A majority of company real estate development activities are geographically concentrated in the Mumbai Metropolitan Region (“MMR”) and Pune. Varying market conditions in MMR and Pune may affect company ability to sell units in Residential Projects or lease commercial, retail and hospitality spaces, which in turn may adversely affect company business, results of operations and cash flow.
Capital intensive business
The company business require huge capital investment and is therefore dependent on the availability of real estate financing which may not be available on terms acceptable to company in a timely manner or at all. The ability to borrow and the terms of borrowings will depend on company financial condition, the stability of cash flows and capacity to service debt in a rising interest rate environment. It could have an adverse effect on business, results of operations, financial condition and cash flows.
Supply disruptions risk
The main construction materials used in our projects include cement, sand, steel, ready-mix concrete, wood and aluminium. The company does not have long-term agreements with most of our construction material suppliers, such materials are typically procured on the basis of purchase orders placed with such supplier. Any significant increase in prices or shortage of or delay or disruption in supply of construction materials could adversely affect construction cost and timelines.
Pending deals for land
The company has not entered into any definitive agreements for the purchase of land parcels or development agreement required for some of redevelopment Upcoming Projects. Currently, company in the process of developing 17 residential Ongoing Projects and 15 residential Upcoming Projects, four commercial Upcoming Projects, two organized retail Upcoming Projects and three hospitality Upcoming Projects. Any inability to complete such projects by their respective expected completion dates could have an adverse effect on business, reputation, results of operations and cash flows.
Runwal Developers Limited IPO Grey Market Premium
Grey market premium is the premium quoted over the IPO issue price. GMP shows that investors are ready to pay above the upper band of the IPO issue price. GMP is determined in the grey market as per the demand and supply of the shares in the primary market. A grey market is that unofficial ecosystem of unlisted companies’ stocks that start trading even before the launch of the IPO to the date of its listing.
Also Read: What is Grey Market Premium in IPO: How is GMP Calculated & Reliable
However, GMP is not a reliable factor, as it keeps fluctuating as per the demand and supply of shares in the primary market. There are numerous factors that affect the stock market in India and individual stock prices of different companies that are already listed and trading in the secondary market. However, for an IPO-bounded company, you can consider the GMP as the speculative listing price of the share
According to various online sources, the Grey Market Premium or GMP of the RUNWAL DEVELOPERS LIMITED is trading around Rs XX in the grey market. It means shares are trading at the upper band issue price of Rs XX with a premium in the grey market and may list around the same price.
