Brigade Enterprises Limited (BRIGADE)
₹575.15 -1.08% last close, 16 Oct
Q2 FY27 results
📅 Next results: 29 Oct 2026 (board meeting)Brigade Enterprises Limited's board meets on 29 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Brigade Enterprises' revenue was ₹1,116 Cr (-12.9% year on year, -23.5% on the previous quarter), and net profit ₹217 Cr (+37.3% year on year); the operating margin was 32.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,116 | -12.9% | -23.5% |
| Operating profit | ₹361 | +45.9% | -1.0% |
| Net profit | ₹217 | +37.3% | +13.6% |
| EPS (₹) | 6.14 | +33.6% | +3.2% |
| Operating margin | 32.4% | — | — |
EPS restated for the 1:3 bonus of Jun 2026: Q1 FY26 ₹6.13 to ₹4.60.
BRIGADE delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 35.11% of the BRIGADE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 42.36%. That is close to its usual level. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 45.5% · 20.4% · 30.3% · 17.3% · 35.1%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Brigade Enterprises Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by its Registrar and Share Transfer Agent, KFin Technologies Limited, on October 7, 2026. It confirms that all securities received for dematerialization or rematerialization during the quarter were processed within the stipulated timelines and reported to the stock exchanges. This is a standard quarterly regulatory submission with no impact on the company's financial operations.
- Compliance certificate filed under Regulation 74(5) for the quarter ended September 30, 2026
- Issued by Registrar and Transfer Agent KFin Technologies Limited on October 7, 2026
- Company filing submitted to NSE and BSE on October 12, 2026
- Confirms dematerialization and rematerialization requests were completed within prescribed time limits
Brigade Enterprises announced the 19th edition of its annual property expo, 'Brigade Showcase', scheduled for October 10-11, 2026, in Bengaluru. The expo presents more than 15 residential projects across 4 cities with unit price points ranging between ₹97 Lakhs and ₹25 Cr. Special festive offers include customer benefits of up to ₹12 Lakhs and a 40% waiver on other charges. This event serves as an operational sales push ahead of the festive season to support operational pre-sales volume against its TTM revenue base of ₹5,532 Cr.
- 19th edition of property expo held on October 10 and 11, 2026 in Bengaluru
- Over 15 residential projects across 4 cities showcased
- Property price range spans from ₹97 Lakhs to ₹25 Cr
- Incentives include buyer benefits of up to ₹12 Lakhs and a 40% waiver on select charges
Brigade Enterprises Limited issued a corporate presentation marking the completion of 40 years of the Brigade Group. The company highlighted cumulative deliveries of over 110 million square feet across 300+ buildings. Its operational pipeline includes 33 million square feet of ongoing projects and 16 million square feet of upcoming launches. The document also noted its venture initiative, an early-stage real estate tech and sustainability fund with a corpus of ₹300 crore.
- Completed 40 years with 110+ million square feet delivered across 300+ buildings
- Current pipeline includes 33 million square feet in ongoing projects
- Planned pipeline features 16 million square feet of upcoming launches
- Sponsors a ₹300 crore early-stage Category II AIF focusing on urban tech and green construction
- Portfolio includes licenses for 8 World Trade Centers across South India
Brigade Group has unveiled a major 3-year growth roadmap committing an estimated investment outlay of around ₹40,000 crore. The capital will fund a development pipeline of 40 million sq. ft across residential, commercial, retail, hospitality, and warehousing verticals. This ₹40,000 crore outlay is massive relative to Brigade's current scale, representing ~246% of its market capitalization (₹16,259 crore) and ~7.2x its TTM revenue (₹5,532 crore). Funding is planned via internal accruals, project debt, strategic partnerships, and other avenues.
- Planned investment outlay of around ₹40,000 crore over the next three years
- Target development pipeline of 40 million sq. ft across core and new markets
- Secured licenses for 3 new World Trade Centre (WTC) projects in Devanahalli, Whitefield, and Coimbatore
- Operating leasing portfolio already scaled to approximately 10 million sq. ft
- Expansion of retail footprint under Orion brand into Chennai and Hyderabad
Brigade Enterprises Limited has issued Commercial Paper (CP) of Rs 200 Crores on September 29, 2026, allotted to Kotak Mahindra Bank Limited. The CP has a tenure of 360 days, maturing on September 24, 2027, with a discounting rate of 7.48%. Rated ICRA A1+, the unsecured instrument will be listed on BSE Limited. The fundraise represents approximately 6.5% of the company's total existing debt of Rs 3,064 Crores and supports short-term working capital requirements.
- Issued Commercial Paper of Rs 200 Crores on September 29, 2026
- Offered at a discounting rate of 7.48% with a 360-day tenure maturing September 24, 2027
- Subscribed entirely by Kotak Mahindra Bank Limited
- Carries ICRA A1+ credit rating and will be listed on BSE Limited
Brigade Enterprises Limited has acquired a 100% direct equity stake in Celebrations Development Company Private Limited for a cash consideration of Rs 10,00,000. Prior to this internal restructuring, Celebrations Development was a step-down subsidiary held via BCV Developers Private Limited. The target entity has a paid-up share capital of Rs 10 lakh and recorded nil revenue across the last three financial years (FY24–FY26). The transaction simplifies the corporate structure to directly undertake real estate development projects.
- Acquired 100% equity stake in Celebrations Development Company Private Limited for Rs 10,00,000 cash.
- Shares purchased at face value of Rs 10 per equity share on September 25, 2026.
- Target entity had nil revenue in FY24, FY25, and FY26, and is in the process of becoming operational.
- Target transitions from a step-down subsidiary (held via BCV Developers) to a direct wholly owned subsidiary.
Brigade Enterprises Limited has received a Show Cause Notice (SCN) under Section 73(1) of the Central/Karnataka GST Act, 2017. The dispute pertains to alleged revenue differences between financial statements and GST returns, alongside alleged excess availment and short reversal of Input Tax Credit (ITC). The company stated the quantum of claims is 'Not Applicable' and noted no impact on financial, operational, or other activities. Brigade intends to contest the notice before the authorities within the stipulated timelines.
- Received SCN under Section 73(1) of the Central/Karnataka GST Act, 2017 and Section 20 of the IGST Act, 2017
- Notice issued regarding reconciliation differences, alleged excess ITC availment, and short reversal of ITC
- Quantum of claims reported as 'Not Applicable' by the company
- Company reported no impact on financial, operational, or other business activities
- Disclosure filed on September 24, 2026, with submissions planned within stipulated timelines
Brigade Enterprises Limited informed exchanges that Niche Ninety Nine Capability and Certifications (OPC) Private Limited (Niche99 ESG Ratings) has assigned an ESG rating score of 68 to the company. The evaluation was conducted independently under Category II SEBI registration using publicly available disclosures. The company noted it did not formally engage or mandate the agency for this assessment. With TTM revenue of Rs 5,532 Cr and a market cap of Rs 18,403 Cr, this independent non-financial score has no direct impact on immediate earnings.
- Independent ESG rating score of 68 assigned to the company
- Rating conducted by Niche Ninety Nine Capability and Certifications (OPC) Private Limited (Category II SEBI-registered provider)
- Brigade Enterprises confirmed it did not engage or commission the rating agency
- Intimation submitted pursuant to SEBI Master Circular dated January 30, 2026
Brigade Enterprises Limited has notified the exchanges regarding a scheduled analyst/institutional investor meeting under Regulation 30. The physical, one-on-one meeting is set with Tusk Investments for Friday, September 18, 2026. The announcement is a routine compliance disclosure and contains no unpublished price-sensitive information or financial updates.
- One-on-one physical meeting scheduled with Tusk Investments
- Meeting date scheduled for Friday, September 18, 2026
- Filing made under Regulation 30 and 46 of SEBI LODR Regulations
Brigade Enterprises has announced the launch of 'Brigade Barcelona', a premium residential project in Neopolis, Hyderabad, with an estimated revenue potential of over ₹2,700 crores. The project covers 4.04 acres of land acquired via outright purchase and will feature 650+ high-quality 3 BHK and 4 BHK residences. The revenue potential of this project represents ~48.8% of Brigade's TTM revenue (₹5,532 crore), marking a substantial scaling of its Hyderabad footprint.
- Estimated revenue potential of over ₹2,700 crores (~48.8% of TTM revenue of ₹5,532 Cr)
- Project spans 4.04 acres of land acquired via outright purchase in Neopolis, Hyderabad
- Development comprises 650+ luxury 3 BHK and 4 BHK residential apartments
- Expansion aligns with Brigade's strategy to capture high-margin demand in Hyderabad's western IT corridor
Brigade Enterprises has announced the launch of a premium residential project, 'Brigade Barcelona', located in Neopolis, Hyderabad. Spanning 4.04 acres acquired through outright purchase, the project comprises 650+ high-quality 3 BHK and 4 BHK apartments. The estimated revenue potential of over ₹2,700 crore represents approximately 48.8% of the company's TTM revenue of ₹5,532 crore, significantly strengthening its footprint in the Hyderabad micro-market.
- Launched 'Brigade Barcelona' in Neopolis, Hyderabad, across 4.04 acres acquired via outright purchase.
- Project holds an estimated gross revenue potential of over ₹2,700 crore.
- Comprises 650+ high-quality residential homes offering 3 BHK and 4 BHK configurations.
- Represents ~48.8% of Brigade's TTM revenue (₹5,532 crore), reinforcing geographical diversification beyond Bengaluru.
Brigade Enterprises Limited has incorporated two wholly owned subsidiaries, Celebrations Property Private Limited and Tetrarch Estates Private Limited, on September 01, 2026. Both entities are established to undertake real estate development projects. The company has subscribed to 100% equity in each entity with a cash consideration of ₹1,00,00,000 each (total ₹2.00 crore). Given Brigade's net worth of ₹6,344 crore and annual revenues exceeding ₹5,500 crore, this is a routine SPV incorporation for future project development.
- Incorporated two wholly owned subsidiaries: Celebrations Property Pvt Ltd and Tetrarch Estates Pvt Ltd on September 01, 2026
- Subscribed capital of ₹1,00,00,000 (10,00,000 shares of ₹10 each) per subsidiary
- Authorised capital of ₹10,00,00,000 (1,00,00,000 shares of ₹10 each) for each entity
- 100% equity acquired via cash subscription totaling ₹2,00,00,000 across both entities
- Target entities are newly incorporated with no historical turnover and will undertake real estate development
Brigade Enterprises Limited has notified the stock exchanges regarding scheduled one-on-one institutional investor meetings on September 02, 2026, in Mumbai. The company will meet with Aditya Birla Mutual Fund, HDFC Mutual Fund, and Mirae Mutual Fund. This is a standard regulatory filing under SEBI LODR Regulation 30, with no material financial or operational disclosures made in the notice.
- One-on-one physical investor meetings scheduled for September 02, 2026, in Mumbai
- Participating institutions include Aditya Birla Mutual Fund, HDFC Mutual Fund, and Mirae Mutual Fund
- Disclosure submitted pursuant to Regulation 30 and 46 of SEBI LODR Regulations, 2015
Brigade Group has announced the opening of a 6-auditorium PVR INOX multiplex at its 'Arcadia' retail zone within Brigade Cornerstone Utopia in Bengaluru. The multiplex spans approximately 42,000 sq. ft. across two floors with a total seating capacity of 949 seats. This addition enhances the occupancy and footfalls of the ~2.5 lakh sq. ft. retail leasable area within the development. The operational launch is incremental and supports retail leasing cash flows across Brigade's portfolio.
- Launched 6-screen PVR INOX multiplex featuring 949 seats across two floors
- Multiplex occupies approximately 42,000 sq. ft. of retail space
- Located within Arcadia at Brigade Cornerstone Utopia, which comprises ~2.5 lakh sq. ft. of retail leasable area
- Marks Brigade Group's fourth operational multiplex in Bengaluru
Brigade Enterprises has announced its entry into the Coimbatore real estate market with a residential development on a 5.4-acre land parcel in Saravanampatti. The project will be developed under a Joint Development Agreement (JDA) with an estimated Gross Development Value (GDV) of approximately Rs 600 Crores. This GDV represents roughly 10.8% of Brigade's TTM revenue of Rs 5,532 Crores. The development marks a geographic diversification beyond its core markets of Bengaluru, Chennai, and Hyderabad.
- Entered Coimbatore market via a Joint Development Agreement (JDA) on 5.4 acres of land in Saravanampatti
- Estimated Gross Development Value (GDV) of the project is approximately Rs 600 Crores (~10.8% of TTM revenue)
- Project is situated in Coimbatore's IT belt with connectivity to SEZs, IT parks, and social infrastructure
- Brigade Group maintains a broader Tamil Nadu pipeline of ~16 million sq ft of projects in Chennai
Financial Performance
Revenue Growth by Segment
Real Estate segment revenue grew 31% YoY in FY25. In Q2 FY26, Real Estate sales reached INR 2,034 Cr, a 12% growth over Q2 FY25 and an 82% increase over Q1 FY26. Leasing segment collections stood at INR 306 Cr, while Hospitality collections were INR 169 Cr in Q2 FY26.
Geographic Revenue Split
Bengaluru remains the primary market with a 12-13% market share. In FY25, Hyderabad contributed 18% and Chennai contributed 12% to total presales. The company is expanding in these regions to reduce geographic concentration.
Profitability Margins
EBITDA margin for Q2 FY26 was 26%. Average realization increased by approximately 33% to INR 10,500 per sq. ft from INR 7,900 per sq. ft, driven by a strategic shift toward premium housing and capital value appreciation.
EBITDA Margin
Consolidated EBITDA for Q2 FY26 was INR 375 Cr with a 26% margin. Consolidated revenue for the same quarter was INR 1,430 Cr, representing a 26% YoY increase.
Capital Expenditure
Planned investment of INR 8,000 Cr over the next 5 to 6 years specifically for the Chennai market. Recent land acquisition in Neopolis, Hyderabad, cost INR 118 Cr per acre for 4.04 acres (approx. INR 476.72 Cr).
Credit Rating & Borrowing
Crisil long-term rating is AA-/Positive (upgraded from Stable). ICRA assigned [ICRA]A1+ for commercial papers and reaffirmed [ICRA]AA (Stable) for term loans. Finance costs were INR 495.49 Cr in FY25, a 1% increase YoY.
Operational Drivers
Raw Materials
Key materials include steel, cement, fuel, and logistics services. While specific % of total cost per material is not disclosed, raw materials represent a significant cost component subject to periodic inflation.
Import Sources
Not disclosed in available documents; typically sourced domestically for Indian real estate projects.
Capacity Expansion
Ongoing projects cover 21 Mn sq. ft of saleable area. The company has a land bank with development potential of 53 Mn sq. ft. Launched 11 projects totaling 9.5 Mn sq. ft in FY25.
Raw Material Costs
Raw material costs are managed by fixing base prices at contract award. Volatility in fuel and logistics prices directly impacts costs as the company does not currently use long-term hedging for commodities.
Manufacturing Efficiency
Portfolio occupancy for leasing stood at 92% as of Q2 FY26, with 8.67 Mn sq. ft leased out of a 9.38 Mn sq. ft total portfolio.
Strategic Growth
Expected Growth Rate
25-30%
Growth Strategy
Growth will be driven by a robust launch pipeline in Bengaluru, Chennai, Hyderabad, and Mysuru. The company is shifting toward premium and super-luxury segments (e.g., Brigade Insignia, Brigade Icon) and expanding its commercial/hospitality footprint through IPO proceeds from Brigade Hospitality Ventures Limited.
Products & Services
Residential apartments (luxury and premium), commercial office spaces (Grade A), retail malls, and hospitality services (hotels).
Brand Portfolio
Brigade Cornerstone Utopia, Brigade El Dorado, Brigade Xanadu, Brigade Citadel, Brigade Insignia, Brigade Icon, Brigade Gateway (Neopolis), and Ibis Styles Mysore.
New Products/Services
Launched 'Net Zero' project Brigade Citrine. New super-luxury developments include Brigade Insignia and Brigade Icon. 4,22,000 sq. ft of office space transacted in Q2 FY26.
Market Expansion
Aggressive expansion in Hyderabad (Neopolis Phase 3) and Chennai, with a planned INR 8,000 Cr investment in Chennai over 5-6 years.
Market Share & Ranking
Holds a 12-13% market share in the Bengaluru real estate market.
Strategic Alliances
Utilizes joint developments for land acquisition to manage capital outlay, as seen in the increase in inventory costs for FY25.
External Factors
Industry Trends
The industry is seeing a 5-8% increase in prime market rentals (FY25) driven by Global Capability Centres (GCCs) and a preference for sustainable, tech-enabled Grade A spaces. Brigade is positioning itself with Net Zero commitments by 2045.
Competitive Landscape
Operates in a highly fragmented industry but maintains a leading position in South India against other regional and national developers.
Competitive Moat
Moat is built on a 30-year brand legacy, a dominant 12-13% share in Bengaluru, and a diversified revenue stream (75% Real Estate, plus Leasing and Hospitality). Recognized as a 'Great Place to Work' for 14 consecutive years.
Macro Economic Sensitivity
Sensitive to interest rate fluctuations and macroeconomic variables. Proactively manages this by incorporating inflation premiums into investment return requirements.
Consumer Behavior
Shift toward larger unit sizes and premium/luxury housing, which drove record sales and registrations in FY25.
Geopolitical Risks
Exposure to systemic market risks and changes in foreign trade policies which could impact industrial output and demand for commercial spaces.
Regulatory & Governance
Industry Regulations
Operations are subject to RERA, local development authority (e.g., HMDA) auction rules, and ISO 27000 standards for data security.
Environmental Compliance
Committed to Net Zero status by 2045; launched Net Zero project Brigade Citrine in East Bangalore.
Risk Analysis
Key Uncertainties
Cyclicality in real estate leading to volatile cash inflows (implementation risk), and potential for financial losses due to macroeconomic interest rate fluctuations.
Geographic Concentration Risk
High concentration in Bengaluru, though Hyderabad and Chennai now contribute 18% and 12% of presales respectively.
Third Party Dependencies
Dependency on vendors for raw materials without long-term fixed-price agreements, making the company vulnerable to commodity price spikes.
Technology Obsolescence Risk
IT risk managed through ISO 27000 certification and digital fluency initiatives for employees.
Credit & Counterparty Risk
Strong liquidity with INR 3,400 Cr in cash and equivalents and INR 724 Cr in undrawn bank lines as of Dec 2024 minimizes counterparty risk.
