Company Results
Runwal Enterprises Q1 profit falls to Rs 49.83 crore; revenue at Rs 338.16 crore
Runwal Enterprises reported consolidated revenue of Rs 338.16 crore and total comprehensive income of Rs 49.83 crore for the quarter ended June 30, 2026, both lower than a year earlier. The company said post-quarter steps, including a Rs 500 crore IPO and the conversion of debt into equity, were aimed at reducing borrowings.
| Quarter reported | Quarter ended June 30, 2026 (Q1 FY27) |
|---|---|
| Consolidated revenue | Rs 338.16 crore, against Rs 446.16 crore in Q1 FY26 (down about 24.2%) |
| Total comprehensive income | Rs 49.83 crore, against Rs 143.31 crore in Q1 FY26 (down about 65.2%) |
| Board meeting to approve results | October 23, 2026 |
| Earnings call | October 26, 2026, 15:30 IST |
| IPO | Rs 500 crore fresh issue at Rs 305 per share; listed on NSE and BSE on October 5, 2026 |
| Debt converted to equity | Rs 217.19 crore (Rs 150 crore debentures plus Rs 67.19 crore accrued interest), held by HDFC Capital Affordable Real Estate Fund-3 |
| Land compensation received by subsidiaries | Rs 185.26 crore for the Virar-Alibaug Multimodal Corridor |
What happened
Runwal Enterprises, a Mumbai-based developer listed on BSE (544959) and NSE (RUNWALENTR), reported lower revenue and profit for the first quarter of FY27. Consolidated revenue was Rs 338.16 crore, compared with Rs 446.16 crore in the same quarter of FY26. Total comprehensive income was Rs 49.83 crore, compared with Rs 143.31 crore a year earlier.
The board met on October 23, 2026 to approve the unaudited standalone and consolidated results for the quarter ended June 30, 2026. The company is led by Subodh Runwal. The company has scheduled an earnings conference call for October 26, 2026 at 15:30 IST.
Quarter figures
| Measure | Q1 FY27 (quarter to June 30, 2026) | Q1 FY26 | Change (calculated) |
|---|---|---|---|
| Consolidated revenue | Rs 338.16 crore | Rs 446.16 crore | Down about 24.2% |
| Total comprehensive income | Rs 49.83 crore | Rs 143.31 crore | Down about 65.2% |
The percentage changes are calculated from the reported figures. The results do not break out figures by project.
The IPO and use of proceeds
The company completed an IPO of Rs 500 crore, issued entirely as fresh equity with no offer-for-sale component. It comprised about 1.64 crore new shares at Rs 305 per share, within a price band of Rs 290 to Rs 305. Bidding ran from September 25 to September 29, 2026, and allotment was finalised on September 30. The issue was subscribed 2.5 times, with qualified institutional buyers subscribing 3.9 times and non-institutional investors 4.0 times.
The company has said it intends to use Rs 100 crore to repay or prepay its own borrowings and Rs 225 crore to repay or prepay borrowings at subsidiaries Susneh Infrapark, Runwal Residency and Evie Real Estate. Together these debt-linked uses total Rs 325 crore, about 65% of the gross issue size before issue expenses. The balance is earmarked for acquisitions of future real estate projects and general corporate purposes, with no dated plan given.
The Rs 500 crore size is lower than the roughly Rs 1,000 crore issue size in the company's draft filing of April 2025, when it was first reported to be filing for an IPO of that size.
Debt conversion and capital structure
On August 28, 2026, Rs 150 crore of debentures and Rs 67.19 crore of accrued interest, a total of Rs 217.19 crore, were converted into equity. The holder was HDFC Capital Affordable Real Estate Fund-3. The debentures were issued in October 2024 through Vistra ITCL as trustee, as 1,500 compulsory convertible debentures of Rs 1,500 million in total. They converted into 6,341,436 shares at Rs 342.49 each.
Total borrowings stood at Rs 2,909.13 crore in FY26. The debt-to-equity ratio fell to 3.29 times at the end of FY26, from 4.64 times in FY25. Contingent liabilities were reported at Rs 7,980 crore. Coverage of the IPO noted negative operating cash flows over the last three fiscal years, which the company attributed to heavy inventory build-up.
One market commentary described the post-quarter moves as steps to reduce leverage and provide cash for project development. The extent of any interest saving will depend on which facilities were repaid, their interest rates, prepayment terms and the borrowings that remain.
Land compensation and the Virar-Alibaug corridor
Subsidiaries received Rs 185.26 crore in land compensation for the Virar-Alibaug Multimodal Corridor. The Maharashtra State Road Development Corporation (MSRDC) is the implementing agency. It has secured 360 hectares for the corridor, which will connect Raigad, Thane and Palghar districts. The project requires about 1,000 hectares in total, will be an eight- to 14-lane access-controlled road, and has an estimated cost of Rs 55,000 crore. Completion is projected for 2030.
Farmers have protested the compensation rates. They compared land acquired for the bullet train project, where compensation was reported at about Rs 11 lakh per guntha, with the about Rs 4 lakh per guntha they said was being offered for corridor land. In a separate step, 30 hectares of land in Dahanu were transferred to the Forest Department to clear part of the corridor's path.
Alibaug township and HDFC Capital platform
Runwal has secured a 200-acre parcel in Alibaug, Raigad district, for an integrated township initiative valued at Rs 20,000 crore. Subodh Runwal has said the company is looking to invest around Rs 9,000 crore in the venture. Part of the land compensation will be settled through a share of developed real estate rather than entirely in cash. A secondary report has given 2027 as the expected launch year for the Alibaug township.
HDFC Capital and Runwal have a platform for affordable, mid-income and upper mid-income housing in the Mumbai Metropolitan Region. The platform involves an investment of over Rs 1,150 crore, combining equity and debt. HDFC Capital had earlier invested Rs 850 crore in two Runwal projects in Dombivli and Kanjurmarg from 2019, and exited both in 2022 with returns.
Runwal Developers, which operates under the Runwal Realty brand, is a separate company. It filed a draft prospectus with SEBI in October 2025 for a Rs 2,000 crore IPO. That filing does not concern Runwal Enterprises.
Portfolio and what buyers should note
As of March 31, 2026, Runwal Enterprises had 19 completed, 28 ongoing and 33 upcoming projects. These cover 12.09 million square feet completed, 19.88 million square feet ongoing and 56.41 million square feet upcoming. Revenue from operations for FY26 was Rs 1,798.95 crore, and profit after tax was Rs 185.76 crore.
The results and the financing steps do not change prices, possession dates or any other terms for existing buyers. The coverage reports balance-sheet effects only. Future performance is tied to sales bookings, customer collections, construction progress, inventory sales, interest costs, debt repayment and demand across the Mumbai Metropolitan Region.
What comes next
- October 23, 2026: board approves the unaudited results for the quarter ended June 30, 2026.
- October 26, 2026, 15:30 IST: Q1 FY27 earnings conference call.
- October 29, 2026: lock-in ends for 50% of anchor investor shares.
- December 28, 2026: lock-in ends for the remaining anchor investor shares.
- 2027: expected launch year for the Alibaug township, according to a secondary report.
- 2030: projected completion of the Virar-Alibaug Multimodal Corridor.
Frequently asked questions
How much did Runwal Enterprises's profit fall in Q1 FY27?
Total comprehensive income for the quarter ended June 30, 2026 was Rs 49.83 crore, compared with Rs 143.31 crore in Q1 FY26. That is a fall of about 65.2%, calculated from the reported figures.
What was Runwal Enterprises's revenue for the quarter?
Consolidated revenue was Rs 338.16 crore, compared with Rs 446.16 crore in Q1 FY26, a fall of about 24.2%.
How will the IPO money be used?
The company plans to use Rs 100 crore to repay its own borrowings and Rs 225 crore to repay borrowings at subsidiaries. The balance will go to acquisitions of future projects and general corporate purposes. The debt-linked uses total Rs 325 crore.
Does this affect buyers of Runwal homes?
The results and financing steps do not change prices, possession dates or other terms for buyers. The reported effects are on the company's balance sheet.
What is the Virar-Alibaug corridor and who is building it?
It is a planned road corridor connecting Raigad, Thane and Palghar districts. The Maharashtra State Road Development Corporation (MSRDC) is the implementing agency. It has secured 360 hectares so far, against a requirement of about 1,000 hectares, and completion is projected for 2030.