Brigade Enterprises Q2 FY27 results: net profit up 28.5% to ₹218.82 crore, revenue down 13.5%

How did Brigade Enterprises perform in Q2 FY27?

Brigade Enterprises reported consolidated revenue of ₹1,196 crore for Q2 FY27, down 13.5% from ₹1,383 crore in Q2 FY26 and up 7.2% from ₹1,116 crore in Q1 FY27. Total income was ₹1,249.99 crore, down 12.6% year on year and up 6.0% sequentially.

EBITDA rose to ₹424.51 crore from ₹328.05 crore a year earlier, while the margin increased 11.8 percentage points to 35.5% from 23.7%. Sequentially, EBITDA increased 17.5% and margin rose 3.1 percentage points from 32.4%.

Profit before tax was ₹287.68 crore, up 46.9% year on year and 0.7% from Q1 FY27. Net profit increased 28.5% to ₹218.82 crore from ₹170.28 crore, but was only 0.9% above Q1 FY27; basic EPS declined to ₹5.94 from ₹6.65. Standalone revenue was ₹526.4 crore and profit after tax was ₹114.49 crore.

What changed in Brigade Enterprises' costs and profit?

Total expenses fell 22.0% to ₹962.31 crore from ₹1,234 crore in Q2 FY26. Cost of materials declined 25.1% by ₹48.33 crore to ₹143.93 crore, while other expenses fell 24.2% by ₹408.98 crore to ₹1,280 crore.

Employee cost increased 13.2% by ₹15.49 crore to ₹133.28 crore, finance costs rose 8.1% by ₹8.27 crore to ₹110.53 crore, and depreciation increased 4.5% by ₹3.45 crore to ₹79.93 crore. Other income rose 15.4% by ₹7.14 crore to ₹53.63 crore.

There was no exceptional item in Q2 FY27, compared with a gain of ₹42.88 crore in Q1 FY27. Tax expense increased 172.2% by ₹43.51 crore to ₹68.78 crore from ₹25.27 crore, which limited the year-on-year rise in net profit.

How did the first half of FY27 go?

In the first half of FY27, consolidated revenue fell 13.2% by ₹352.6 crore to ₹2,311.91 crore from ₹2,664.51 crore in H1 FY26. Total income declined 12.1% by ₹333.51 crore to ₹2,429.21 crore.

Profit before tax rose 47.0% by ₹183.34 crore to ₹573.27 crore, while profit after tax increased 32.8% by ₹107.53 crore to ₹435.76 crore. Basic EPS declined 5.5% by ₹0.7 to ₹12.08 from ₹12.78.

What do the balance sheet and cash flow show?

As of 30 September 2026, total assets stood at ₹28,202.07 crore, up from ₹26,253.46 crore as of 31 March 2026. Total equity rose to ₹7,912.00 crore from ₹7,524.02 crore, while borrowings increased to ₹6,325.62 crore from ₹6,109.63 crore.

Cash declined to ₹1,172.63 crore from ₹1,486.29 crore. Inventories increased to ₹12,426.69 crore from ₹11,400.89 crore, trade receivables rose to ₹868.90 crore from ₹600.69 crore, and trade payables increased to ₹1,086.42 crore from ₹881.70 crore.

H1 FY27 operating cash flow was ₹184.53 crore, compared with an outflow of ₹184.81 crore in H1 FY26. Investing cash flow was an outflow of ₹405.37 crore against ₹978.39 crore, while financing cash flow was an outflow of ₹181.16 crore against an inflow of ₹461.25 crore; capital expenditure was ₹105.71 crore compared with ₹1,317.29 crore.

How has Brigade Enterprises done over the last 8 quarters?

Revenue reached a quarterly high of ₹1,575.11 crore in Q3 FY26 and fell to ₹1,115.55 crore in Q1 FY27 before rising to ₹1,196.36 crore in Q2 FY27. The latest quarter was above Q1 FY27 but below the recent revenue peak.

Profit after tax bottomed at ₹157.95 crore in Q1 FY26 and later reached ₹218.82 crore in Q2 FY27, the highest level in the reported series. The EBITDA margin also moved from 23.7% in Q2 FY26 to 35.5% in the latest quarter, the highest margin shown.

Revenue has increased in each of the last two quarters, from ₹1,457.60 crore in Q4 FY26 to ₹1,115.55 crore in Q1 FY27 and ₹1,196.36 crore in Q2 FY27. Profit after tax rose in each of the last two quarters, from ₹190.70 crore to ₹216.94 crore and then ₹218.82 crore.

Which businesses drove the quarter?

Real estate revenue fell 29.4% to ₹720.19 crore from ₹1,020.31 crore in Q2 FY26, while segment EBIT rose to ₹126.70 crore from ₹116.65 crore. The reported EBIT margin was 17.6%.

Hospitality revenue increased 9.4% to ₹154.62 crore from ₹141.33 crore, with EBIT rising to ₹35.01 crore from ₹23.86 crore and an EBIT margin of 22.6%. Leasing revenue fell 5.2% to ₹325.59 crore from ₹343.41 crore, but EBIT rose to ₹246.96 crore from ₹193.67 crore; its EBIT margin was 75.8%.

Other income was ₹53.63 crore against ₹46.49 crore a year earlier. The share of loss of a joint venture was ₹0.08 crore against ₹0.25 crore, and there was no exceptional item.

What else did the company announce?

The board approved the unaudited consolidated financial results and the statutory auditors’ limited review report for the quarter and half year ended 30 September 2026. It also approved the corresponding standalone results and limited review report.

Brigade Enterprises filed an investor presentation on 29 October 2026. The company also had closed its trading window from 1 October to 31 October 2026 and scheduled the results conference call for 30 October 2026. The same-day filings did not announce a dividend, fund raise or appointment.

What did the auditors point out?

Walker Chandiok & Co LLP said nothing had come to its attention that caused it to believe the consolidated unaudited results did not disclose the required information or contained a material misstatement. It noted that the review was substantially less in scope than an audit and that no audit opinion was expressed.

The auditor drew attention to ongoing legal proceedings over certain outstanding refundable deposits, which management considered good and recoverable, and said its conclusion was not modified. It also highlighted the Income Tax Department’s survey under Section 133A of the Income Tax Act, 1961, with management stating that no further adjustment was required beyond amounts already recognised.

The review report also reproduced an Emphasis of Matter concerning ongoing legal proceedings relating to property tax and income tax survey matters at Brigade Hotel Ventures Limited, a subsidiary. The auditor stated that its conclusion was not modified in respect of these matters.

What did Brigade Enterprises' management say?

Management expects FY27 operating cash flow above FY26 and net debt-to-equity at approximately 0.4–0.5x by March 2027. The CFO said the consolidated debt-to-equity outlook was comfortable and would remain well within 0.5x after funding projected capex and business-development spending.

Management identified launch timing as approval-dependent, with one Chennai project potentially moving into FY28, and said Barcelona was absorbing more slowly than Brigade Gateway despite acceptable pricing. Lease-up at WTC Bengaluru and Brigade Twin Towers remained incomplete, while FY28 residential revenue recognition depends on project completions and registrations. IT and AI-driven job losses were also cited as a macro uncertainty for residential demand.

How did Brigade Enterprises shares react?

After the filing, Brigade Enterprises rose 0.7% after five minutes, gained 0.5% after 15 minutes and fell 0.2% after 30 minutes. From the previous close of ₹530.75, the stock closed 0.3% lower on the reaction day and was down 0.5% by the next day’s close.

The Residential Commercial Projects industry median fell 1.3% on the reaction day, while the Nifty Smallcap 250 fell 2.0%. Brigade Enterprises therefore recorded 0.9 percentage points of excess movement versus the industry median on the reaction day and was 0.1 percentage points below it by the next day’s close.

Earlier reaction-day moves were mixed: the shares fell 4.4% on 22 July 2026, 4.5% on 6 May 2026 and 3.8% on 13 August 2025, while they rose 3.0% on 30 January 2026, 2.5% on 29 January 2025 and 2.0% on 13 November 2024.

How did other Residential Commercial Projects companies do?

Thirty-four other Residential Commercial Projects companies had filed for the quarter by 4 November 2026. Their median revenue growth was 22.4%, and 19 reported higher profit. Eight peers grew more slowly than Brigade Enterprises, while 26 grew faster.