NSE: BRIGADE · BSE: 532929
BRIGADE ENTER. LTD
Develops and sells residential and commercial real estate in South India, primarily Bengaluru, Chennai, Hyderabad and Mysuru, with a FY26 real estate segment revenue of INR 2,120.84 cr (80.8% of period segment revenue). The leasing business, which rents office space to commercial tenants, earned INR 503.34 cr in FY26, with GCCs accounting for 58% of the leased portfolio and portfolio occupancy at 88.25%. FY26 residential pre-sales were INR 7,424 cr, with Q4 FY26 pre-sales of INR 2,521 cr on 4 mn sq ft of new launches. Operates a hospitality business through the separately listed Brigade Hotel Ventures, where FY26 occupancy was 78%. Has an FY27 launch pipeline of 11.6 mn sq ft at INR 11,900 cr GDV and has earmarked INR 6,000 cr of capex over four years for a 10 mn sq ft commercial pipeline, partly via a 50:50 JV with Bain for a 10.8-acre Whitefield mixed-use project (2 mn sq ft office plus a 250-key hotel). At FY26 end, net debt was INR 2,278 cr with debt-to-equity of 0.27, average cost of debt at 7.57%, and 88% of debt backed by lease rentals. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Real estate (81%), Leasing (19%). Asset-heavy South India real estate developer with a development (residential) core and a recurring-rental (commercial leasing) arm, plus a separately listed hospitality subsidiary
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,999 | 3,445 | 4,897 | 5,074 | 5,697 |
| EBITDA (ex other income) | 710 | 904 | 1,194 | 1,414 | 1,414 |
| margin % | 23.7 | 26.2 | 24.4 | 27.9 | 24.8 |
| Owners' profit | 83 | 291 | 452 | 686 | 644 |
| EPS, as reported (₹) | 3.67 | 12.64 | 19.56 | 28.74 | 26.36 |
| ROE % · ROCE % | (2.3) · 5.6 | 7.1 · 9.3 | 11.3 · 12.0 | 11.5 · 12.8 | 9.6 · 9.9 |
| Debt / equity (x) | 1.68 | 1.45 | 1.50 | 0.89 | 0.81 |
| Cash from operations | 1,032 | 966 | 334 | 995 | (137) |
| Capex | (208) | 0 | 0 | 0 | (1,739) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,072 | 1,464 | 1,460 | 1,281 | 1,383 | 1,575 | 1,458 | 1,116 |
| Profit before tax | 166 | 289 | 306 | 194 | 196 | 270 | 244 | 286 |
| Net profit | 115 | 236 | 249 | 158 | 170 | 206 | 191 | 217 |
| EPS (₹) | 4.94 | 9.98 | 10.35 | 6.13 | 6.65 | 7.63 | 5.95 | 6.14 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Real estate | 995 | 17.0 |
| Hospitality | 596 | 10.2 |
| Leasing | 1,297 | 22.1 |
| Real Estate | 2,974 | 50.7 |
| Total, before eliminations | 5,863 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DLF LIMITED | 1,64,917 | 37.1 | 3.63 | 49.7 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,01,079 | 24.5 | 4.31 | 20.2 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 67,952 | 53.1 | 4.75 | 26.3 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 59,932 | 52.6 | 3.58 | 17.4 | 7.8 | 6.8 | 11.8 | 38.1 |
| OBEROI REALTY LIMITED | 58,212 | 19.1 | 3.25 | 16.8 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 47,804 | 29.9 | 2.47 | 22.0 | 9.5 | 11.4 | 46.3 | 107.7 |
| BRIGADE ENTER. LTD ◆ | 17,613 | 20.5 | 2.34 | 13.7 | 9.6 | 6.8 | 23.9 | 41.9 |
| ANANT RAJ LIMITED | 16,622 | 28.0 | 2.86 | 22.6 | 9.6 | 10.2 | 58.7 | 32.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 20.5 | 20.5 | 29 of 57 | 50% |
| P/B | 2.3 | 1.9 | 38 of 64 | 41% |
| ROCE | 6.8 | 6.4 | 32 of 66 | 52% |
| ROE | 9.6 | 8.0 | 25 of 64 | 62% |
| Debt / Equity | 0.8 | 0.4 | 54 of 64 | 16% |
| EBITDA margin | 42.0 | 29.6 | 15 of 66 | 79% |
| Revenue growth | (12.9) | 12.8 | 52 of 67 | 23% |
| Profit growth | 37.4 | 7.5 | 22 of 66 | 68% |
| Market cap | 17613 | 1781 | 7 of 67 | 91% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Brigade signs two Hyatt Regency hotel management agreements | compliance | low | — | — |
| 15 Oct 2026 · Board meeting on Oct 29 to approve Q2 FY27 results; call on Oct 30 | board shareholder meetings | low | — | — |
| 15 Oct 2026 · Brigade Enterprises board meeting Oct 29 for Q2 FY27 results, trading window closed | compliance | minimal | — | — |
| 15 Oct 2026 · Board meeting on Oct 29, 2026 to consider Q2 FY27 results | results | low | — | — |
| 12 Oct 2026 · Routine RTA compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 9 Oct 2026 · Brigade Group Launches 19th Property Expo, Celebrates 40 Years | business updates | medium | — | — |
| 8 Oct 2026 · Brigade marks 40 years with showcase presentation | investor communications | low | — | — |
| 8 Oct 2026 · Brigade Group plans Rs 40,000 Cr investment over 3 years for growth | business updates | high | — | — |
| 29 Sept 2026 · Brigade Enterprises raises Rs 200 Cr via Commercial Paper | fund raising | medium | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1, 2026 till Q2 results declaration | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.