Brigade Enterprises Limited — Q1 FY26
Brigade Enterprises delivered a strong Q1 FY26 with consolidated revenue of ₹1,333 crore (+20% YoY) and PAT of ₹150 crore (+79% YoY), driven by robust performance across real es...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
79%Questions answered1Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Key projects in 13 msf launch pipeline and pacing
Asked by Girish Chri, Aendes Park Institutional Equities
Provided specific GDV and timing for launches with RERA in hand.
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Question
on this launch pipeline of 13 million square ft over the next four quarters if you could highlight the key projects and also how to look at the pacing of these projects. Is it backended or should we expect meaningful launches in the next one to two quarters?
Pavitra Shankar (Managing Director)
in terms of our launch already in Q2 we have visibility of multiple projects already where there is no dependency on rera the GDV of those projects is already around 4,600 crores so for some of those we'll be launching that in Q2
Answered
Medium priority
Plans to enter new cities beyond South India
Asked by Girish Chri, Aendes Park Institutional Equities
Clearly stated focus on existing markets and no immediate plans for new cities.
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Question
in terms of entering into new cities beyond South India. Where are we in terms of evaluation or what are we thinking and also from a overall real estate cycle point of view are you comfortable entering into new cities currently or would you want to wait it out?
Pavitra Shankar (Managing Director)
we've been communicating for a long time that we will focus on Bangalore, Chennai and Hyderabad. We have a really strong presence in terms of business development for all three markets and there is also much more room to grow
Partial answer
Medium priority
Reason for significant increase in employee/admin and marketing expenses
Asked by Girish Chri, Aendes Park Institutional Equities
Explained increase as activity-based but did not confirm if run rate is sustainable.
no specific run rate givenattributed to past launches not current
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Question
if I see your cash flow, we have seen a significant increase in employee and admin and also marketing expenses and we have just seen one launch this quarter. So is this the new run rate or any one-offs to be considered?
Unnamed (CFO or finance head)
the sales and marketing expenses will also reflect the launches that we have done over the last couple of quarters. So as we're adding more to our sales pipeline we will also be spending more in order to do that sales.
Answered
High priority
City mix of sales and lower sustenance sales contribution
Asked by Prates, Access Capital Limited
Provided clear percentage breakdown of city mix.
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Question
on the city mix for this quarter how much was from Bangalore and how much from Chennai and just for a followup I think we started off with over 7500 crores of inventory yet sustenance contribution was not too high any specific reason?
Pavitra Shankar (Managing Director)
in terms of the sales last quarter by revenue it's between 70 to 75% contribution from Bangalore and about 20 to 25% from Chennai. There's a little bit from Hyderabad as well.
Declined
Medium priority
Inventory levels for Icon and Altius and Altius contribution to pre-sales
Asked by Prates, Access Capital Limited
Refused to provide numbers on the call, offered to follow up offline.
deferred to offline
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Question
how much is the inventory right now between Icon and Altius? And how much did Altius specifically contributed to this quarter's pre-sales?
Pavitra Shankar (Managing Director)
I'll just come back to you with those numbers.
Answered
High priority
Changes to launch plan for the year and Hyderabad project timing
Asked by Prates, Access Capital Limited
Provided specific update on Hyderabad project and potential slip for another.
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Question
Any changes in terms of the launch plan for the year? Any slipovers or any preponement of launches that you expect? I think specifically the Hyderabad project that we just signed this quarter any chance of launching it this year or it could be next year.
Pavitra Shankar (Managing Director)
the positive thing is the Hyderabad that we announced we are working to get that into this financial year. One thing was the brigade innovation gardens that we had were trying to get it into this financial year could potentially slip into Q1.
Answered
High priority
Confirmation of RERA for projects with 4600 cr GDV
Asked by Perves, Noama group
Confirmed the GDV figure and provided examples of launched projects.
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Question
did I get it right when you say that we have RA for projects with 4600 cr GDV already?
Pavitra Shankar (Managing Director)
Yes that's right. So some of those we have already launched in the course of Q2. For example, Brigade Cherry Blossom, Brigade Avalon, we've already launched those.
Answered
High priority
Current residential demand and pricing outlook
Asked by Perves, Noama group
Provided qualitative assessment of demand and noted change in decision pace.
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Question
overall on the demand side on the resi space how do we see it currently? Is it same as a year back or are we seeing some moderation and also your views on the pricing going ahead.
Pavitra Shankar (Managing Director)
in terms of the residential demand we are seeing that it is still pretty good. I would say that the pace at which people are making their decisions based on the ticket size that has changed.
Partial answer
Medium priority
Capex outlay for hospitality expansion and leasing at Brigade Twin Tower
Asked by Perves, Noama group
Provided per-key cost but deferred total capex disclosure to next quarter.
deferred to next quartergave only average cost not total
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Question
for Brigade Hospitality Ventures we have outlined the plan for adding about 1,700 keys over the next four to five years. So what would be the rough capex outlay required? And second your views on leasing in brigade twin tower.
Unnamed (likely CFO or business head)
with regards to the capex for the hospitality, we plan to do it next quarter. We will share those details with you. Just to let you know that anything in the five-star deluxe category on average the cost of construction will be about 1.5 to 1.75 crores a key.
Answered
High priority
Outlook on demand despite IT job losses in Bangalore
Asked by Bipl, Antique Stock Broking Limited
Provided specific office absorption data and explained diversification away from IT.
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Question
we have been hearing that due to job losses in the IT sector and general slowdown Bangalore is experiencing slower real estate absorption. So what is your outlook on demand despite job losses and some slowdown in IT sector?
Unnamed (likely CFO or business head) and Pavitra Shankar
for Bangalore if you just look at the gross absorption that we saw in Q1 of FY26 it absorbs almost 4.8 million square ft of office space. Now the dependency on IT and IT services has relatively come down.
Answered
High priority
Sales growth target for FY26
Asked by Mitun, KA Advisors
Provided specific growth target range and base figure.
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Question
last year I think you did pre-sales of about 7 million square ft. So how you target do you have any target for FY26 in terms of what kind of sales growth you're looking at?
Pavitra Shankar (Managing Director)
we've always communicated that we like to target a growth of 15 to 20%. We'll be looking at that from a value perspective. So last year we did around 7,800 crores in total sales. We're hoping to get to about 15% increment on that.
Partial answer
High priority
Launch GDV estimates for Q2, Q3, Q4
Asked by Ashi Sha, HDFC Mutual Fund
Provided annual GDV estimate but did not break down by quarter as asked.
gave annual not quarterly breakdownvisibility number incomplete
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Question
would it be possible to give some estimate on the launch values launch GDV for the second, third and the fourth quarter. I know things can slip but any sense on how it can pan out?
Pavitra Shankar (Managing Director)
we are approximating around 10,000 rupees per square foot on average. So basically you could assume 12,500 crores GDV for the overall launch for FY26 of which we have visibility of crores already for which 1,000 was launched in the last quarter.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Altius contributed 65 units and 150 crores revenue | ₹150 cr | ₹1,281 cr | Understated vs filing |
| Total sales last year 7,800 crores | ₹7,800 cr | ₹1,281 cr | Overstated vs filing |
| Real estate collections 1,248 crores this quarter | ₹1,248 cr | ₹1,281 cr | Understated vs filing |
| Commercial leasing collections 311 crores this quarter | ₹311 cr | ₹1,281 cr | Understated vs filing |
| Hospitality collections 168 crores this quarter | ₹168 cr | ₹1,281 cr | Understated vs filing |
| Embedded EBITDA margin for new launches upwards of 30% | 30% | 25% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.