Quarterly Financial Performance (Q2 FY27 vs Q2 FY26)

  • Revenue from Operations: ₹4,116.9 Mn, a decrease of 38.5% YoY (from ₹6,694.0 Mn in Q2FY26).
  • Cost of construction & development: ₹3,074.6 Mn, a decrease of 30.3% YoY.
  • Gross Profit: ₹1,042.4 Mn, a decrease of 54.4% YoY.
  • Gross Margin: 25.3%, down from 34.1% in Q2FY26.
  • Other Income: ₹232.7 Mn, an increase of 206.6% YoY.
  • Operating expenses: ₹828.9 Mn, a decrease of 17.5% YoY.
  • Depreciation: ₹26.2 Mn, an increase of 79.7% YoY.
  • Interest: ₹229.4 Mn, a decrease of 14.3% YoY.
  • Profit Before Tax (PBT): ₹190.5 Mn, a decrease of 82.2% YoY.
  • Tax: ₹132.8 Mn, an increase of 4.3% YoY.
  • Profit After Tax (PAT): ₹57.8 Mn, a decrease of 93.9% YoY.
  • PAT Margin: 1.4%, down from 14.1% in Q2FY26.
  • EBITDA: ₹446.2 Mn, a decrease of 67.1% YoY.
  • EBITDA Margin: 10.8%, down from 20.2%.
  • Adjusted EBITDA: ₹963.2 Mn, a decrease of 53.3% YoY.
  • Adjusted EBITDA Margin: 23.4%, down from 30.8%.

Half-Yearly Financial Performance (H1 FY27 vs H1 FY26)

  • Revenue from Operations: ₹7,498.5 Mn, a decrease of 32.8% YoY.
  • Profit After Tax (PAT): ₹555.3 Mn, a decrease of 71.6% YoY.
  • PAT Margin: 7.4%, down from 17.5%.

Revenue Breakdown by Project (H1 FY27)

The majority of revenue (77.4%) came from five key projects:

  • Runwal Gardens: ₹2,749 Mn (36.7% of total revenue)
  • Runwal My City: ₹1,952 Mn (26.0%)
  • Runwal Avenue: ₹535 Mn (7.1%)
  • Runwal Forests: ₹389 Mn (5.2%)
  • Runwal Bliss: ₹176 Mn (2.3%)

A significant portion (22.1%) came from 'Sale of Land (MMC Collection)' from Runwal Gardens (₹1,132 Mn) and Runwal My City (₹527 Mn).

Balance Sheet Highlights (H1FY27 vs FY26)

  • Total Assets: Increased to ₹112,354.51 Mn from ₹102,544.96 Mn.
  • Inventories: ₹86,151.14 Mn (76.7% of total assets), up from ₹84,508.35 Mn.
  • Cash and cash equivalents: ₹2,567.69 Mn, up from ₹2,012.64 Mn.
  • Total Equity: Increased significantly to ₹15,658.82 Mn from ₹8,448.16 Mn, primarily due to a fresh equity infusion and CCD conversion.
  • Total Borrowings (Non-current + Current): ₹25,908.0 Mn, down from ₹29,105.28 Mn (FY26).
  • Advances from customers: ₹61,707.13 Mn, up from ₹56,406.42 Mn.

Net Debt and Capital Structure Update

A major highlight was the improvement in the company's leverage profile in Q2 FY27:

  • Net Debt: Reduced by ₹4,193 Mn to ₹23,647.3 Mn.
  • Net Debt/Equity Ratio: More than halved to 1.51x from 3.10x in Q1FY27.
  • Gross Debt/Equity Ratio: Reduced to 1.65x from 3.17x.

This reduction was achieved through:

  • Conversion of Compulsorily Convertible Debentures (CCDs) worth ₹2,170 Mn (principal ₹1,500 Mn + interest ₹670 Mn) into equity.
  • Net repayment of debt of ₹1,067 Mn.
  • An increase in cash and cash equivalents of ₹1,102 Mn.

Total Equity increased by ₹6,683 Mn, mainly due to:

  • The aforementioned CCD conversion of ₹2,170 Mn.
  • A fresh equity infusion of ₹5,000 Mn (net of issue expenses of ₹576.3 Mn).
  • Profit for Q2 FY27 of ₹57.8 Mn.

Net debt as of September 2026 includes ₹3,648 Mn in loans from related parties, ₹1,061 Mn of construction finance, and ₹1,150 Mn of non-convertible debt towards annuity projects.

Operational Key Performance Indicators (KPIs)

Q2 FY27:

  • Sales Value: ₹6,200 Mn
  • Gross Collections: ₹5,900 Mn
  • Deliveries: 0.20 msf (Million Square Feet)
  • Average Sale Price: ₹7,500 per sq. ft.

H1 FY27:

  • Sales Value: ₹12,300 Mn
  • Gross Collections: ₹11,800 Mn
  • Deliveries: 0.40 msf
  • Average Sale Price: ₹7,400 per sq. ft.

Business and Project Portfolio Overview

The presentation positions Runwal as the #1 developer in Mumbai's Eastern Suburbs by sales and details an extensive project portfolio.

Ongoing Projects: The company has 22 ongoing projects with a total developable area detailed in the appendix, spanning residential (affordable, mid-income, luxury), commercial, and retail segments in locations including Kanjurmarg, Mulund, Dombivli, Chembur, BKC Annex, Wadala, Parel, and South Mumbai (Mahalaxmi, Girgaon, Bandra). Economic interests in these projects are primarily 100%, with some being 50% profit share or 83% revenue share arrangements.

Upcoming Projects: A large pipeline of future residential (~44.92 msf), commercial (~6.05 msf), and retail (~5.44 msf) projects is outlined, with estimated start dates ranging from FY2027 to FY2031.

Management and Advisory Team

The presentation lists key members of the professional management team, including their roles and prior experience.

Forward-Looking Statements & IPO Context

The document contains extensive cautionary language regarding forward-looking statements. It also confirms that the company has filed a Draft Red Herring Prospectus (DRHP) dated March 31, 2025, for a proposed Initial Public Offering (IPO) with ICICI Securities and Jefferies India as Book Running Lead Managers (BRLMs).