BRIGADE · price
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Brigade Enterprises reported FY26 consolidated revenue of INR5,909 crores (up 11% YoY) with EBITDA of INR1,638 crores at 28% margin. Pre-sales for FY26 was INR7,424 crores, 5% lower than FY25 due to approval delays pushing launches to Q4 and FY27. Q4 saw strong recovery with INR2,521 crores in pre-sales (44% Q-on-Q). The company launched 8.3 million sq ft against a plan of 12 million sq ft. FY27 pre-sales guidance is INR9,000 crores (20% growth target) with 11.6 million sq ft launch pipeline. Commercial segment has 10 million sq ft pipeline over FY27-FY28 requiring INR6,000 crores capex. Amazon vacated 630,000 sq ft at WTC Bengaluru, with management expecting 10-15% rate increase on re-leasing. Average realization increased 9% to INR12,107 per sq ft. Net debt reduced to INR2,278 crores with debt equity at 0.27.
Brigade delivered steady Q4 recovery driven by new launches, though full-year pre-sales missed targets due to approval delays. FY27 guidance of INR9,000 crores suggests 20% growth if launches proceed as planned. Commercial portfolio expansion and improving debt metrics provide visibility on annuity income growth.