Institutional Alpha Dossier
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MAINBOARD
SYNCING
GMP: ₹-
Est. Listing: Calculating...
01
Bidding Opens
-
Issue Open
02
Bidding Closes
-
Closing Date
03
Basis of Allotment
-
Registrar Finalization
04
Exchange Listing
-
Secondary Debut
Issue Price Valuation
₹-
Upper Cap Price
Price Band Cap:
Book Built / Fixed
Lot Size & Retail Matrix
- Shares
Minimum Market Lot
Min Capital:
₹-
Application Size:
-
Quant Grade & Moat Score
Proprietary Multi-Factor Moat Model
Synthesizing institutional thesis...
💼 MINIMUM INVESTMENT
Capital Matrix
Retail (Min Lot)
Up to ₹2 Lakhs Category
₹14945
HNI (Min Lot)
sNII / High Net-Worth Tier
₹209230
HNI Capital Multiple:
Institutional Lot Sizing
🍩 RESERVATION QUOTA (%)
Issue Allocation
100%
Total Issue
Anchor
29.79%
Market Maker
0%
QIB
19.86%
NII / HNI
14.9%
Retail
34.76%
Institutional Corporate Dossier
Runwal Enterprises
COMPANY PROFILE & DNA
Incorporation / Founded
17-02-2016
Active Vintage
Corporate Headquarters
Mumbai, Maharashtra
Registered Hub
👔 Leadership & Promoter Group
Key Management
Subodh Subhash Runwal
⚙️ Business Overview & Portfolio
Core Offerings
Real estate developer specializing in residential, commercial, retail, and educational projects in Mumbai.
🎯 Target Market & End-Use
Revenue Drivers
Repayment of borrowings, investment in subsidiaries for debt repayment, and funding future real estate projects.
🛡️
★ Unique Selling Proposition (Core Economic Moat)
Unique core competency in developing large townships with diverse amenities and strong execution.
Objects of the Issue (Use of Proceeds & Allocation)
🎯 Objective 01
Repayment/ pre-payment, in full or in part, of certain outstanding borrowings availed by our Company
₹ 100.00
Allocation
🎯 Objective 02
Investment in our wholly owned Material Subsidiaries namely Runwal Residency Private Limited and Evie Real Estate Private Limited, for repayment/ pre-payment, in full or in part, of all or a portion of certain of their outstanding borrowings
₹ 225.00
Allocation
🎯 Objective 03
Funding acquisitions of future real estate projects and general corporate purposes
Balance
Allocation
🎯 Objective 04
Enhancement of our Company’s brand name and creation of a public market for our Equity Shares in India
Not Mentioned
Allocation
Financial Performance & Multi-Year Trajectory
All Figures in ₹ Crores
Latest Total Income📊
₹-
Top-Line
EBITDA Margin⚡
-%
Operating
Net Profit (PAT) Margin📈
-%
Bottom-Line
Debt / Net Worth🛡️
-x
Leverage
📊 Income, EBITDA & Profit Growth Trajectory
Income
EBITDA
PAT Trend
🏛️ Balance Sheet: Net Worth vs Debt
Net Worth
Borrowing
| Particulars | FY26 | FY25 | FY24 | FY23 |
|---|---|---|---|---|
| Total Income | 1798.95 | 1007.77 | 2408.87 | 0.00 |
| EBITDA | 349.81 | 180.11 | 201.73 | 0.00 |
| Profit After Tax (PAT) | 185.76 | 55.65 | 93.70 | 0.00 |
| Net Worth | 844.82 | 485.08 | 451.08 | 0.00 |
| Total Borrowing | 2909.13 | 2312.58 | 1783.65 | 0.00 |
Growth Engine & Compounding Velocity (KPIs)
Multi-Year Trajectory
1007.77
₹ Cr
YoY Growth
-58.16%
3-Year CAGR
0.00%
180.11
₹ Cr
YoY Growth
-10.72%
3-Year CAGR
0.00%
55.65
₹ Cr
YoY Growth
-40.61%
3-Year CAGR
0.00%
Capital Efficiency & Return Ratios (ROE vs ROCE)
Capital Allocation Audit
◈ ROE (Return on Equity)
Calculating...
-%
Current ROE
◈ ROCE (Capital Employed)
Calculating...
-%
Current ROCE
| MetricMetric | Current (%)Curr% | Last Year (%)Last% | 3-Yr Avg (%)3Y Avg | Trend StatusTrend |
|---|---|---|---|---|
| ROE (Return on Equity)ROE | 11.47% | 20.77% | 10.75% | Fluctuating |
| ROCE (Capital Employed)ROCE | 6.44% | 9.03% | 5.15% | Fluctuating |
Forensic Analysis & Reality Check
Earnings Quality & Dilution Audit
-5.15
CFO / EBITDA
Cash Flow Conversion Efficiency
Checking...
Analyzing operating cash flow conversion...
| Parameter | Pre-IPO | Post-IPO | View |
|---|---|---|---|
| Debt / Equity | 4.77 | 2.62 | High |
| EPS (₹) | ₹ 0.21 | ₹ 0.71 | Accretive |
| ROE (%) | 11.47% | 5.65% | Bad |
| ROCE (%) | 6.44% | 4.63% | Bad |
| P/E (Valuation) | 1442.19x | 432.05x | Reasonable |
⏳ Debtor Days Trend (Receivables Cycle)
Analyzing...
FY23
FY24
FY25
Lower receivable days indicate faster cash collection from clients.
⚠️ Contingent Liabilities
Off-Balance Sheet
₹ 7980.08 Cr
*Potential hidden obligations & legal/tax claims
Peer Comparison Analysis & Competitive Matrix
Industry Benchmarking
| Company NameComp | Revenue (Cr)Rev | P/E RatioP/E | ROCE (%)ROCE | ROE (%)ROE | OPM (%)OPM |
|---|---|---|---|---|---|
| Runwal Enterprises IPO CANDIDATE | 1007.77 | 432.05 (Ask) | 6.44% | 5.65% (Post Issue) | 17.87% |
| Lodha Developers Limited | ₹ 16676.20 Cr | 33.42 | 41.26% | 41.26% | 32.17% |
| Prestige Estates Projects Limited | ₹ 12685.40 Cr | 51.7 | 59.72% | 59.72% | 33.26% |
| Oberoi Realty Limited | ₹ 6009.06 Cr | 25.88 | 62.31% | 62.31% | 60.80% |
| Godrej Properties Limited | ₹ 5131.43 Cr | 27.53 | 42.53% | 42.53% | 55.79% |
| Keystone Realtors Limited | ₹ 2634.50 Cr | 56.96 | 20.76% | 20.76% | 7.76% |
▲ Positive Catalysts (Strengths + Opportunities):
8 Factors
▼ Risk Vectors (Weaknesses + Threats):
8 Factors
Strengths
Internal Competitive Moat
- Prominent residential real estate developer in Mumbai.
- Well-established brand with strong market presence.
- Robust pipeline of ongoing and upcoming projects ensuring future cash flows.
- Unique core competency in developing large townships with diverse amenities.
Weaknesses
Internal Operational Constraints
- High geographic concentration in Mumbai exposes to local economic and regulatory risks.
- Significant portion of projects are ongoing or upcoming, posing completion and cost overrun risks.
- High unsold inventory levels could lead to increased holding costs and marked-down prices.
- Past instances of related party transactions identified as prejudicial to company's interest.
Opportunities
External Growth Tailwinds
- Residential market poised for continued expansion driven by favorable macroeconomic conditions.
- Increasing demand for premium and luxury projects in key urban areas.
- Government reforms and infrastructure upgrades enhancing market attractiveness and connectivity.
- Growing preference for branded developers leading to market consolidation.
Threats & Risks
External Macro & Sector Headwinds
- Economic and regulatory changes in Mumbai could adversely impact business and results.
- Failure to complete projects within expected timelines or cost overruns could harm operations.
- Intense competition from numerous national and regional developers in a fragmented market.
- Significant contingent liabilities could materialize, adversely affecting financial condition.
Top 10 Anchor Investors & Smart-Money Allocation
INSTITUTIONAL BOOK
Top 10 Anchor Commitment
₹- Cr
Smart-Money Quality Score
- / 5.0 ★
Marquee Conviction
SEBI Anchor Lock-In Schedule
30D (50%) • 90D (50%)
Mandatory Lock-In
Anchor Book Allocation Pending Exchange Filing
Institutional anchor investor bidding & allocation disclosures are officially filed with NSE/BSE 1 working day prior to the IPO opening date.
| Rank | Marquee Anchor Institution | Smart-Money Grade | Amount Invested | Anchor Share (%) |
|---|
305
The company benefits from high capital entry barriers, consistent strong ROE, market leadership in Mumbai's micro-markets, and expanding EBITDA margins, despite operating in a fragmented industry with high working capital requirements.
29.79
0
QIB Quota
Qualified Institutional Buyers
Smart Money
-x
Institutional Book
Inst. Conviction:
Evaluating
NII / HNI Quota
sNII (₹2L-10L) & bNII (₹10L+)
HNI Desk
-x
Non-Institutional
HNI Competition Ratio:
-
Retail (RII) Quota
Individual Investors (Up to ₹2L)
SEBI Lottery
-x
Retail Book
Retail Allotment Odds:
-