Company Overview

Business Description: We are a real estate developer present across the full spectrum of real estate development, specializing in residential projects that cater to affordable, mid-income, and luxury segments, as well as commercial spaces, retail malls and educational buildings. We are a recognized brand in the industry and have a strong presence in Mumbai.

Subsidiaries: Significant subsidiaries include Runwal Residency Private Limited and Evie Real Estate Private Limited, which are Material Subsidiaries. Other subsidiaries mentioned: Runwal Real Estates Private Limited, Evie Holdings Private Limited, Wheelabrator Realty Private Limited, Runwal Milestone Developers Private Limited, Runwal Highrise Private Limited, Runwal Commercial Plaza Private Limited, Evie Infrapark Private Limited, Horizon Projects Private Limited (formerly Evie Realty Private Limited), Susneh Developers Private Limited, Evie Construction Private Limited, Evie Developers Private Limited, Susneh Infrapark Private Limited, Susneh Homes Private Limited, Susneh Real Estate Private Limited and Garden City Malls Private Limited.

Offer Details

Offer Type: Initial Public Offering (IPO)

Offer Size: Fresh Issue of 16,398,962^ Equity Shares of face value of ₹ 2 each aggregating to ₹5,000.00 million^

Price Band: The Floor Price and Cap Price as determined by our Company, in consultation with the Book Running Lead Managers. The Issue Price is determined by the Book Building Process. The face value of the Equity Shares is ₹ 2 each.

Financials

Key Financials: (in ₹ million, unless otherwise stated)

  • Revenue from operations: ₹17,989.49 (FY26), ₹10,077.66 (FY25), ₹24,088.65 (FY24)
  • EBITDA: ₹3,498.05 (FY26), ₹1,801.10 (FY25), ₹2,017.34 (FY24)
  • Profit after tax: ₹1,857.63 (FY26), ₹556.48 (FY25), ₹937.00 (FY24)
  • Basic EPS: ₹16.74 (FY26), ₹6.27 (FY25), ₹6.04 (FY24)
  • Net worth: ₹7,681.99 (FY26), ₹4,558.62 (FY25), ₹3,726.47 (FY24)
  • Total borrowings: ₹29,091.28 (FY26), ₹23,125.78 (FY25), ₹17,836.50 (FY24)
  • Net Debt: ₹27,781.10 (FY26), ₹22,506.60 (FY25), ₹16,312.27 (FY24)
  • Net Debt/Equity ratio: 3.29 times (FY26), 4.64 times (FY25), 3.62 times (FY24)

Capital Structure:

  • Pre-Issue paid-up Equity Share capital: ₹250.10 million
  • Promoter holding: 106,281,849 Equity Shares (80.89%)
  • Promoter Group holding: 18,755,646 Equity Shares (14.27%)
  • HDFC Capital Affordable Real Estate Fund - 3: 6,341,436 Equity Shares (4.83%)

Use of Proceeds

Fund Utilization Breakdown:

  • Repayment/pre-payment of certain outstanding borrowings of our Company: ₹1,000.00 million
  • Investment in wholly owned Material Subsidiaries (Runwal Residency Private Limited and Evie Real Estate Private Limited) for repayment/pre-payment of their borrowings: ₹2,250.00 million
  • Funding acquisitions of future real estate projects and general corporate purposes: ₹1,171.19 million
  • Total Net Proceeds: ₹4,421.19 million

Risk Factors

Business Risks:

  • 66.65% of real estate development projects located in Mumbai, facing risks from economic, regulatory changes and natural disasters
  • 28 Ongoing Projects and 33 Upcoming Projects representing 86.33% of total Developable Area - failure to complete could adversely affect business
  • 7,072 unsold units with total unsold Developable Area of 7.55 million square feet across Completed and Ongoing Projects
  • Past related party transactions identified by statutory auditors as prejudicial to interest of respective entity
  • Evie Real Estate Private Limited has not obtained credit rating letters and incurred losses in Fiscal 2025
  • Uncertainty in land acquisition and title
  • Several subsidiaries incurred losses in Fiscals 2026, 2025 and 2024, some with negative net worth
  • Negative cash flows of ₹(560.43) million in Fiscal 2025
  • 84.39% of total Developable Area and 93.93% of total sales from residential projects - significant reliance on residential development
  • Statutory Auditors included certain remarks in audit reports

Market Risks: Economic slowdown, price volatility in real estate market

Regulatory Risks: Regulatory changes in Mumbai real estate market, RERA compliance requirements

Management & Promoters

Promoter Background: Subodh Subhash Runwal, aged 51 years, is the Chairman and Managing Director. He holds a bachelor's degree in commerce from R.A. Podar College and master's degree in business administration from Northeastern University, Boston. He has 31 years of experience in the real estate sector.

Shareholding Pattern:

Pre-Issue: Subodh Subhash Runwal (80.89%), Promoter Group (14.27%), HDFC Capital Affordable Real Estate Fund - 3 (4.83%)

Post-Issue (at upper price band): Subodh Subhash Runwal (71.91%), Promoter Group (12.69%), HDFC Capital Affordable Real Estate Fund - 3 (4.29%)

Management Team:

Board of Directors: Subodh Subhash Runwal (Chairman and MD), Lucy Roychoudhury (Non-Executive), Pradumna Kanodia (Non-Executive), Mukesh Gupta (Non-Executive Independent), Sidharath Kapur (Non-Executive Independent), Aparna Chaturvedi (Non-Executive Independent)

Key Managerial Personnel: Shashi Bhushan (CFO), Abhishek Kumar Jain (Company Secretary and Compliance Officer)

Market & Industry

Industry Overview: India's real estate sector contributes over 7% to overall Gross Value Added. Residential market recovery began in Q3 CY2021, with sales reaching 321,518 units and new launches reaching 313,051 units in CY2024. Mumbai accounts for approximately 24% of overall sales and new launches during January 2023 to March 31, 2026. Average capital values in Mumbai stood at ₹15,145 per sq. ft. as of March 2026.

Competitors: Not specifically mentioned in the data.

Market Growth Prospects: Office market expected to record annual net absorption estimated between 50-60 million square feet from CY2026 through CY2028.

Legal & Compliance

Ongoing Legal Proceedings:

  • Directors: 2 criminal proceedings against, 3 tax proceedings against, 3 material civil proceedings against (aggregate amount ₹187.82 million)
  • Promoter: 1 criminal proceeding by, 6 criminal proceedings against, 6 tax proceedings against, 2 material civil proceedings against (aggregate amount ₹62.56 million)
  • Subsidiaries: 11 criminal proceedings by, 2 criminal proceedings against, 85 tax proceedings against, 8 material civil proceedings by, 5 material civil proceedings against, 59 real estate matters against (aggregate amount ₹2,287.61 million)
  • Key Managerial Personnel: 1 criminal proceeding against, 1 statutory/regulatory action against (aggregate amount ₹0.39 million)

Regulatory Approvals: The Issue is made pursuant to Regulation 6(1) of the SEBI ICDR Regulations. Equity Shares proposed to be listed on BSE and NSE.

Auditor Qualifications: There are no qualifications from the Statutory Auditors that have not been given effect to in the Restated Consolidated Financial Information.