🚫 Avoid
Listed
Realty
Runwal Enterprises Limited IPO
₹500 Cr · Fresh Issue · Realty
Price Band
₹290 – ₹305
GMP (Grey Market)
—
No GMP data yet
Issue Size
₹500 Cr
Fresh Issue
Market Cap
₹4507.44 Cr
At upper band
P/E Ratio
24.3x
P/S: 2.5x
Listing Date
05 Oct 2026
BSE & NSE
IPO Timeline
✓
Opens
25 Sep 2026
✓
Closes
29 Sep 2026
✓
Allotment
30 Sep 2026
✓
Refund
1 Oct 2026
✓
Listing
05 Oct 2026
IPO India Hub: Avoid
Conviction
3/10
The company's D/E ratio of 3.29x is dangerously high for a non-infrastructure sector and signals severe financial stress, despite fair P/E valuation at 1.06× sector midpoint. Revenue has contracted 12.8% over two years, and debt repayment consumes ₹100 Cr of the ₹500 Cr IPO proceeds, leaving limited capital for growth.
Listing Performance
Issue Price
₹305
Allotment price
Listing Price
₹306
+0.33% on listing day
Current Price (CMP)
₹208.95
-31.5% vs issue
Listed On
05 Oct 2026
BSE & NSE
Our Analysis — Key Points
✓ Strength
Strong PAT recovery in latest year
Net profit rebounded to ₹185.8 Cr in FY0 from ₹55.6 Cr in FY-1, delivering a 40.8% two-year PAT CAGR. This suggests operational turnaround and improved project execution after a weak FY-1 performance.
✓ Strength
Valuation near sector midpoint
At 24.3x P/E, the company trades at 1.06× the niche/unlisted sector midpoint of 23x, placing it within fair value range. Lead managers ICICI Securities and Jefferies provide credibility to the pricing.
⚠ Risk
Debt-to-equity ratio critically elevated
D/E of 3.29x far exceeds the 1.5x threshold for healthy leverage and is unsustainable for a realty company outside infrastructure. This indicates the company is overleveraged and vulnerable to interest rate shocks or project delays.
⚠ Risk
Revenue decline over two years
Revenue fell from ₹2436.7 Cr (FY-2) to ₹1850.8 Cr (FY0), a 12.8% CAGR decline, signaling weak sales momentum or project delays. This contraction contradicts the PAT recovery and raises questions about sustainability of margins.
₹ Valuation
Fair valuation masked by leverage
While P/E of 24.3x at 1.06× sector midpoint appears reasonable, the 10% NPM is below the 15% threshold needed to justify premium pricing. The company's high debt burden means earnings are partially consumed by interest, reducing true cash generation.
👁 Watch
Debt repayment execution and project launches
Monitor whether the ₹100 Cr debt repayment meaningfully reduces D/E and whether the remaining ₹400 Cr deployed to subsidiaries translates into revenue growth in FY1–FY2 post-listing. Failure to launch projects or refinance debt will pressure the stock.
Top Analyst Reviews
| Analyst / Firm | Rating | Known For | Review |
|---|---|---|---|
| IPO India Hub Our independent review |
Original analysis based on DRHP & public financials | This page | |
| Dilip Davda Chittorgarh.com |
India's most followed independent IPO analyst | Search on Chittorgarh → | |
| Capital Market (CM Rating) CapitalMarket.com |
Widely-cited "New Issue Monitor" reports | Search on CapitalMarket → | |
| ICICI Securities ICICIdirect Research |
SEBI-registered broker research desk | Visit ICICIdirect → | |
| IPO Guru Analyst Leaderboard ipoguru.in |
Ranks 49 analysts by real IPO outcome accuracy | View leaderboard → |
External links go to each platform's IPO section — search for "Runwal Enterprises Limited" to find the specific review. IPO India Hub does not represent the accuracy of third-party ratings.
Company Snapshot
Revenue
₹1798.95 Cr
Net Profit
₹185.76 Cr
Industry
Realty
Issue Type
Fresh Issue
Promoters
SUBODH SUBHASH RUNWAL
Lead Managers
ICICI Securities and Jefferies
Quick Actions
Frequently Asked Questions
Avoid. The company's D/E ratio of 3.29x is dangerously high for a non-infrastructure sector and signals severe financial stress, despite fair P/E valuation at 1.06× sector midpoint. Revenue has contracted 12.8% over two years, and debt repayment consumes ₹100 Cr of the ₹500 Cr IPO proceeds, leaving limited capital for growth.
GMP data is not yet available for this IPO. Check our GMP Live page for the latest updates closer to the listing date.
Lot size details will be updated when the DRHP is filed. The price band is ₹290 – ₹305.
The IPO opens on 25 Sep 2026. It closes on 29 Sep 2026. Allotment is expected on 30 Sep 2026. Refunds initiate on 1 Oct 2026. Listing on BSE and NSE is on 05 Oct 2026.
The lead managers for the IPO are ICICI Securities and Jefferies. Check the SEBI filing for the registrar details.
The IPO listed on 05 Oct 2026 at ₹306 against an issue price of ₹305 (+0.33% on listing day). The current market price (CMP) is approximately ₹208.95 (+-31.5% vs issue).
Our analysis recommends <strong>Avoid</strong>. We suggest skipping this IPO before the issue closes on 29 Sep 2026. The company's D/E ratio of 3.29x is dangerously high for a non-infrastructure sector and signals severe financial stress, despite fair P/E valuation at 1.06× sector midpoint. Revenue has contracted 12.8% over two years, and debt repayment consumes ₹100 Cr of the ₹500 Cr IPO proceeds, leaving limited capital for growth.
Our analysis recommends <strong>Avoid</strong>. We suggest skipping this IPO before the issue closes on 29 Sep 2026. The IPO is priced at a P/E of 24.3x. Market cap at issue price is ₹4507.44 Cr. As with all IPOs, please read the DRHP and assess your own risk tolerance before investing.
You can apply via UPI through your broker's trading app (Zerodha, Upstox, Fyers, etc.) or via ASBA through your net banking portal. The issue closes on 29 Sep 2026, so apply before that date. Step 1: Log in to your broker or bank app. Step 2: Go to IPO section and search for 'Runwal Enterprises Limited'. Step 3: Enter the number of lots and UPI ID. Step 4: Accept the mandate on your UPI app.
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