When launching exe file, I am getting the following error, 'The registry refers to a nonexistent Java Runtime Environment installation or the runtime is corrupted. The system cannot find the path specified'.

No issues with Environment settings. Can you please help on this. This is really very urgent issue. Kindly help. Thanks!

I checked in the registry: HKEY_CURRENT_USER -> Software-> JavaSoft -> Java Runtime Environment -> 1.6.0_81. But actually I have installed java 1.6.0_27. Is this the problem of mismatch? If so, how can I have it corrected in the registry?

What is the .exe file?
Simply re-installing the latest version usually fixes any out-of-date or incorrect registry settings.

Java 1.6 is years out of date, no longer supported, and riddled with un-fixed security problems. Unless you have some very specific requirement for some obsolete Java application, you should update to the latest 1.8 version immediately.

Yes. The application required jre7 to launch the application. Now the issue is fixed. Thank you!

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