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Brigade Enterprises Limited — Q4 FY26
Brigade Enterprises reported FY26 consolidated revenue of ₹5,999 crore (+11% YoY) and PAT of ₹725 crore (+7% YoY), with EBITDA margin steady at 28%.
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2-Minute Summary
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Brigade Enterprises reported FY26 consolidated revenue of ₹5,999 crore (+11% YoY) and PAT of ₹725 crore (+7% YoY), with EBITDA margin steady at 28%. Residential pre-sales fell 5% to ₹7,424 crore due to approval delays, but Q4 saw a strong rebound with ₹2,521 crore in sales (+44% QoQ) driven by 4 msf of new launches. Management guided for FY27 pre-sales of ₹9,000 crore (+20% YoY) supported by a launch pipeline of 11.6 msf (GDV ₹11,900 crore). Commercial leasing remained stable with 1.1 msf leased in FY26, and the office portfolio is set to expand with 10 msf planned over FY27-28. Key risks include approval delays impacting launch timing and potential macro headwinds from geopolitical tensions.
Promises0 met · 1 missedRisks3 trackedTranscriptfull text
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Approval delays impacting launch timing
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Pre-sales (FY26)
₹7,424 crore
-5% YoY
Full-year pre-sales declined due to approval delays pushing launches to H2.
New Launches (FY26)
8.3 msf
-31% vs plan of 12 msf
Launches fell short of target; 4 msf launched in Q4 alone.
Average Realization (FY26)
₹12,109/sq ft
+9% YoY
Driven by price hikes and mix shift to higher-value homes.
Commercial Leasing (FY26)
1.1 msf
flat YoY
Includes new leases, renewals, and managed office transactions.
What Changed vs Last Quarter
NEW
FY27 pre-sales target of ₹9,000 crore
Management expects at least 20% growth over FY26 pre-sales of ₹7,424 crore, aiming for ₹9,000 crore.
NEW
FY27 launch pipeline of 11.6 msf with GDV ₹11,900 crore
Planned launches include 4.5 msf in Bengaluru, 3 msf each in Chennai and Hyderabad.
NEW
Commercial launches of 4.5 msf in FY27, 10 msf over FY27-28
Capex for 10 msf commercial pipeline estimated at ₹6,000 crore over four years.
DROPPED
Residential launches of 12 msf over next four quarters
Management plans to launch approximately 12 million sq ft of residential projects in the next four quarters, with Q4 FY26 alone targeting 4.3 msf (GDV ₹5,400 crore).
DROPPED
Commercial office launches of 4.2 msf in next four quarters
Plan to launch another 4.2 million sq ft of commercial office space in the next four quarters, adding to the 1.2 msf launched in FY26.
DROPPED
Real estate segment margins to improve to ~20% from Q1/Q2 FY27
Management expects real estate EBITDA margins to rise to around 20% from the current ~15% as newer, higher-margin projects are recognized.
DROPPED
Commercial leasing revenue to exceed ₹2,000 crore by FY30-31
Once the current under-construction and upcoming commercial assets are leased and stabilized, total lease revenue is expected to be upwards of ₹2,000 crore.
NEW RISK
Amazon vacating 630,000 sq ft at WTC Bangalore
Analyst raised concern about vacancy; management expects to lease out over next few quarters but no single large tenant lined up.
NEW RISK
Geopolitical tensions impacting hospitality
Management noted geopolitical developments led to cancellations and impacted foreign tourist arrivals in Q4.
RISK GONE
Slow absorption of high-ticket projects
As ticket sizes increase (85% of sales above ₹1.5 crore), conversion times are lengthening, which could slow sales velocity and inventory turnover.
RISK GONE
Brigade Morgan Heights regulatory hurdle
Sales in the Chennai project are stalled due to a court case affecting over 1 lakh properties. A hearing is expected in February 2026, but an adverse verdict could delay sales further.
RISK GONE
Operating cash flow decline
9M FY26 operating cash flow dropped to ~₹30 crore from ₹1,550 crore in 9M FY25, due to higher construction spends and elevated sales & marketing costs despite limited launches.
🤫 Topics management stopped discussing
Mentioned in Q1 FY26, Q2 FY26
Management indicated that achieving the ₹9,000 crore pre-sales target is heavily dependent on timely launches and approvals; they may fall short.
Fast read
Guidance and risk preview
Management expects at least 20% growth over FY26 pre-sales of ₹7,424 crore, aiming for ₹9,000 crore.
FY26 saw delays pushing launches to H2; similar risks persist for FY27 launches, especially in Chennai and Hyderabad.
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