Can Runwal Enterprises IPO ship long-term development for high-risk traders?

ET Intelligence Group: Runwal Enterprises, an actual property developer, plans to lift ₹500 crore by a recent situation in the direction of debt compensation. The promoter group’s stake will fall to 84.6% after the IPO from 95.2%. The corporate has greenfield tasks requiring land acquisition, in addition to versatile fashions and asset gentle fashions by joint growth agreements. Residential tasks contributed almost 94% to gross sales worth in FY26. Practically two-thirds of the corporate’s developable space is in Mumbai, signalling geographic focus. Greater than 60% of the portfolio includes upcoming tasks, offering income visibility. The IPO is priced on the decrease finish of the peer valuation vary. Given these elements, traders with a high-risk urge for food could contemplate the IPO with a long-term view.

Enterprise

Included in 2016, Runwal Enterprises is an actual property developer with a presence in residential tasks throughout the inexpensive, mid-income, and luxurious segments, together with business areas, retail malls, and academic buildings. As of March 2026, it has 19 accomplished tasks, 28 ongoing tasks and 33 upcoming tasks. The realtor has a portfolio of 88.4 million sq. ft (msf) of developable space, which incorporates 56.4 msf of upcoming tasks and 19.9 msf of ongoing tasks and 12.1 msf of accomplished tasks.

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Financials

Income from operations elevated to ₹1,798.9 crore in FY26 from ₹1,007.8 crore in FY25 although it remained beneath the ₹2,408.9 crore recorded in FY24. Equally, internet revenue surged to ₹185.8 crore in FY26, in contrast with ₹55.6 crore in FY25 and ₹93.7 crore in FY24. Working margin earlier than depreciation and amortization (Ebitda margin) improved to 19.4% in FY26 from 8.4% in FY24. Web debt elevated to ₹2,778.1 crore from ₹1,631.2 crore whereas internet debt to Ebitda declined marginally to 7.9 from 8.1 in FY26 over FY24. Common sale worth was ₹11,366 per sq. ft in FY26 as towards ₹11,754 per sq. ft in FY25 from ₹9,230 per sq. ft in FY24.

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Valuation

Contemplating the post-IPO fairness and FY26 internet revenue, the corporate calls for price-earnings (P/E) a number of of 24 in contrast with 21-73 for friends together with Sunteck Realty, Keystone Realtors, Sri Lotus Builders and Realty and Kalpataru. The corporate’s price-sales a number of works out to be 2.5 in contrast with 1.7-13.9 for friends.