Brigade Enterprises Limited — Q3 FY26
Brigade Enterprises reported a steady Q3 FY26 with consolidated revenue of ₹1,623 crore (+6% YoY) and EBITDA margin of 28%.
neutral
medium
✓ 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.
83%Questions answered1Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
Pricing environment and like-to-like price hikes in Bangalore and Chennai.
Asked by Karan Karna, Ambit Capital
Management gave a specific range (5-7%) and confirmed it applies to both cities.
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Question
there have been talks of excess unaffordability in Bangalore market which are limiting future price hikes. Could you share some thoughts on the pricing environment and on the kind of like to like price increase you expect from both Bangalore and Chennai?
Pavitra (Executive Director)
the market is still pretty healthy and demand is good. all of our projects that are being launched today are being launched with the expectation that we can still take price hikes of 5 to 7% year-over-year.
Partial answer
High priority
Reconciliation of launch guidance vs actual launches in 9 months.
Asked by Karan Karna, Ambit Capital
Explained the miss but did not fully reconcile the original 12 msf residential target.
blamed approval delaysrevised guidance downward
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Question
you were fairly confident of launching 16 residential projects totaling 12 million sq ft over the next four quarters. But you have launched less than 4.5 million sq ft in 9 months. Can you help us reconcile?
Pavitra (Executive Director)
that 16 million was actually including commercial as well. year to date we have launched 3 million sq ft in residential with a GDV of 4,800 crores. In Q4, our plan is to launch 4.3 million sq ft with a higher GDV of around 5,400 crores.
Answered
Medium priority
IRR on new business development deals in Hyderabad.
Asked by Karan Karna, Ambit Capital
Provided a specific IRR target (18%) and explained the trend.
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Question
what kind of IRRs were you looking at when you signed these new BDS and how are these IRRs versus what they were 9-12 months back?
Pavitra (Executive Director)
the IRRs that we look at are around 18%. I would love to say they're going to keep increasing but as customers are willing to pay more, land rates increase as well.
Answered
High priority
Geographical split and key projects for Q4 launches worth 5400 cr.
Asked by Adidel Chhatabad, ICA Securities
Provided a clear geographic breakdown with GDV figures.
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Question
Could you just help us understand how this will be split geographically and which will be the key projects you're planning to launch in the current quarter?
Pavitra (Executive Director)
in Q4 it is predominantly we have about 8 lakh sq ft in Chennai that would around 1,600 crores and 2.3 million sq ft or 2500 crores in GDV from Bangalore and about a little under a million sq ft from Hyderabad.
Answered
Medium priority
Budgeted rental capex for FY26 and FY27.
Asked by Adidel Chhatabad, ICA Securities
Provided specific capex numbers for both years.
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Question
could you give us help us understand for the full year in 26 and for 27 any overall budgeted capex number you'd like to share?
Prajuna (CFO)
in FY26 for the commercial division about 600 crores is what we expect to spend and the year after in FY27 about 800 crores.
Answered
High priority
Contribution from Brigade Gateway launch in Q3 and launch status for Q4.
Asked by Pra (from Access Capital), Access Capital
Provided specific GDV figure and approval status.
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Question
first on the contribution from Brigade Gateway in this quarter that we had launched, how much should be that number? And in terms of launches for Q4, at what stages are they?
Pavitra (Executive Director)
Brigade Gateway tower 2 launched in Q3 about 550 crores of GDV or pre-sales value. Out of the about 4.5 million sq ft we plan to launch in this quarter, one-third is already at the end of receiving RERA approval.
Partial answer
Medium priority
Reason for decline in operating cash flow despite marginal collection growth.
Asked by Gh Shari, Aendas Park
Explained higher marketing spend but did not fully address the cash flow decline magnitude.
attributed to marketing spend without quantifyingdeferred to future launches
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Question
we have seen a substantial decline in operating cash flow from around 1,550 crores to 30 odd crores. Is it largely a timing issue or are there other pressures?
Pavitra (Executive Director)
on the sales and marketing we have supported the marketing effort substantially more because we have a much more high-end and premium segment portfolio this year which requires more branding.
Answered
Medium priority
Ticket size split of upcoming launches and percentage in 2-3 cr vs above 3 cr.
Asked by Perves Kazi, Noama Group
Provided a clear percentage split and future strategy.
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Question
what would be a broad split in terms of ticket size across all your projects? What percentage will be in the 2 to 3 cr, what will be above 3 cr or 5 cr?
Pavitra (Executive Director)
80 to 85% of our current portfolio is in that 1.5 cr plus. It is equally distributed between 1.5 to 3 crores range and 3 cr plus. Going forward we're trying to maintain it within the 2 to 3 cr ticket size.
Answered
Medium priority
Geographical split of Q3 sales.
Asked by Perves Kazi, Noama Group
Provided exact percentages.
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Question
what would be the geographical split of sales for Q3?
Pavitra (Executive Director)
for Q3 about 35% from Hyderabad, 15% from Chennai and the rest 50% from Bangalore.
Answered
High priority
Reason for moderation in real estate margins and future margin outlook.
Asked by Anmul Mal, SMC Private Well
Explained the cause and provided a specific future margin target.
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Question
in the real estate segment margins have moderated. Could you please help me understand the key factor behind this? And on the premium real estate, update on launches and future margins?
Pavitra (Executive Director)
the margin in the real estate segment is hovering around 15%. It is primarily due to many older projects being recognized and because of India there is gross accounting which has no margin. From Q1 maybe Q2 we should start seeing higher margins closer to 20%.
Answered
Medium priority
Reason for confidence in demand despite market concerns.
Asked by Akash Gupta, Nura
Provided qualitative but specific reasons for confidence.
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Question
contrary to what the market is thinking, what gives you this confidence about the demand for Bangalore, Hyderabad and Chennai markets?
Pavitra (Executive Director)
we have this confidence based on the kind of response to our marketing campaigns and walk-ins. We are able to achieve the pricing we have launched at and don't need to take any discounts.
Evasive
High priority
Feasibility of achieving 15% pre-sales growth target by FY27.
Asked by Prolin Nandu, Edel Wise Public Alternatives
Did not commit to the target; deferred to future quarters.
called target aggressivedeferred to future visibility
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Question
we started the year with a target of 15% pre-sales growth on FY25 number. Is it possible to reach that number on a 2-year basis at the end of FY27?
Pavitra (Executive Director)
that seems like a pretty aggressive number considering where we are today. We will be looking at doing better than last year in FY26 numbers and beyond that we'll have to see.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Real estate segment margin currently 15% | 15% | 26% | Understated vs filing |
| Real estate margin expected to reach 20% from Q1/Q2 | 20% | 26% | Understated vs filing |
| Commercial leasing segment margin 70% | 70% | 26% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.