Brigade Enterprises Limited — Q2 FY26
Brigade Enterprises delivered a strong Q2 FY26 with consolidated revenue of ₹1,430 crore (+26% YoY) and EBITDA margin of 26%.
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 answered0Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
Medium priority
Asked about replacing borrowed money for lease rentals with rights issue.
Asked by Ashokumar Daga
Management clearly stated no rights issue is planned, directly answering the question.
Read the exchange
Question
you have told you you are debt free in the residential portion and for your lease rentals you are going with the borrowed money. So if that borrowed money can be replaced with the right issue from the shareholders.
Pavitra Shankar (MD)
No no we have quite recently come out with a QIP. So there is no real intention to give a right issues at the moment.
Answered
High priority
Asked about launch pipeline GDV for next two quarters.
Asked by Deeplab Dearma, Antic Stock Broking
Management provided specific square footage and GDV range for H2 launches.
Read the exchange
Question
what would be the ballpark pipeline in terms of GDP for the next two quarters I mean in the second half
Pavitra Shankar (MD)
we have visibility of around 7 million square ft. The GDV for that is around 8,000 to 8,300 crores.
Answered
Medium priority
Asked about offering any special discounts or incentives beyond usual.
Asked by Deeplab Dearma, Antic Stock Broking
Management clearly stated no special discounts or subvention schemes are being offered.
Read the exchange
Question
are you offering any ranch discount or special incentives beyond the usual schemes to help drive the sales?
Pavitra Shankar (MD)
we don't really have anything else going on right now... brigade doesn't do these 1090 subvention schemes or any kind of builder-led subvention.
Answered
Medium priority
Asked about BBMP restructuring causing approval delays.
Asked by Deeplab Dearma, Antic Stock Broking
Management acknowledged a month delay but expressed confidence in no major delays going forward.
Read the exchange
Question
Hearing that restructuring of BBMP has caused some delay in approvables. So have you faced any and do you anticipate any challenges?
Pavitra Shankar (MD)
the restructuring took about a month's time and now we are in the process of getting our approvals through. I don't see us having any major delays there.
Partial answer
High priority
Asked if full year sales guidance of double-digit growth will be revisited given weak H1.
Asked by Morta Arala, Kotek security
Management did not confirm or deny guidance, only said they may not meet it but will try.
no commitment to guidancesoftened language
Read the exchange
Question
we had a weak first quarter or second quarter is much improved. But still on a run rate basis you would be lagging in terms of the full year guidance where we want to clock double digit growth. would we want to revisit that?
Pavitra Shankar (MD)
we may not necessarily meet that number but we'll be trying to do that as much as possible.
Partial answer
High priority
Asked why residential EBITDA margin was ~12% and when it will return to ~20%.
Asked by Morta Arala, Kotek security
Management gave reasons but only said 'next financial year' without a specific quarter or margin target.
no specific timeline givendeferred to next fiscal year
Read the exchange
Question
on the residential EBITDA margin we see a number of about 12% which is not the run rate per se. anything you want to call out on that for when we would see the margin sort of go back to maybe closer to a 20% mark.
Pavitra Shankar (MD)
margins are lower this quarter due to a mix of reasons... we expect in the next financial year margin to go back to what normally is.
Partial answer
Medium priority
Asked about sales strategy for Hyderabad launch phase 2 and whether they will sell out quickly.
Asked by Prehettit, access capital
Management did not commit to a sell-out timeline or specific strategy, only said they are evaluating.
no clear strategy givenvague on pace
Read the exchange
Question
just wanted to understand what would be our strategy in terms of sales there because first phase was completely sold out at launch.
Pavitra Shankar (MD)
we still want to maintain the kind of positioning for the product. But that said, we also are looking to see how quickly we can move that.
Partial answer
Medium priority
Asked about steady state rental potential and EBITDA for commercial portfolio.
Asked by Prehettit, access capital
Management provided current year rental revenue but did not answer steady state EBITDA potential.
no steady state EBITDA givenonly current year projection
Read the exchange
Question
what should we think about the steady state rental potential assuming less than 95-96% occupancy and what would be the steady state EBITDA potential?
Pavitra Shankar (MD)
right now if it's trending this year I think about 800-850 crores of rental revenue is what we've projected but in the coming years it'll substantially increase.
Answered
Medium priority
Asked about update on Chennai projects (Karumur and Cherry).
Asked by Gish Shodri, Avidia Spark
Management gave specific timelines for both projects.
Read the exchange
Question
What about your Chennai projects if you can give us update on the Karumur and the Cherry projects.
Pavitra Shankar (MD)
we should have the Vacheri property come through hopefully by Q4. The Paramour one might still take a couple of quarters.
Answered
High priority
Asked about response to NGO allegations on Brigade Modern Heights project and sales progress.
Asked by Gish Shodri, Avidia Spark
Management clearly denied allegations and stated all approvals are in order.
Read the exchange
Question
there was also a recent news about a certain NGO in Chennai alleging some illegal project approval for your brigade modern Heights project. How would you respond to that?
Pavitra Shankar (MD)
everything has gone by the book as usual. There is absolutely no deviation at all from our end. We've got all project related approvals.
Answered
High priority
Asked about GDV of launches this quarter and contribution from new launches to sales.
Asked by Rajesh Kumar, SDFC security
Management provided specific numbers for GDV and contribution percentage.
Read the exchange
Question
in this quarter what was the GDP of the launches and what was the contribution from new launches?
Pavitra Shankar (MD)
in this quarter we launched 2 million square ft. The GDP for that is around 2,200 crores. In Q2 around 50% of what we did this quarter was from new launches.
Partial answer
Medium priority
Asked about capital allocation between Bangalore and Chennai given slower Chennai growth.
Asked by Rajesh Kumar, SDFC security
Management did not provide specific capital allocation percentages or changes, only general statements.
no specific allocation numbers givenvague on future plans
Read the exchange
Question
how do we look incremental capital allocation between the two cities given that we are not going outside south right now?
Pavitra Shankar (MD)
Bangalore and Hyderabad are still markets of focus for us in business development. In Chennai yes the inventory movement will be a little slower but that doesn't mean we have to revisit any capital allocation.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| H1 sales achievement: around 3,000 cr | ₹3,000 cr | ₹1,383 cr | Overstated vs filing |
| Rental revenue projected: 800-850 cr this year | ₹850 cr | ₹1,383 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.