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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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.
75%Questions answered1Evaded / deflected12Questions audited
Answered
High priority
How will Brigade fill the 630k sq ft vacated by Amazon at WTC Bangalore?
Asked by Adv Chhatadhya, ICICI Securities
Management provided specific numbers and a clear plan for re-leasing the space.
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Question
So I believe it may be Amazon which is exiting there that's why I see a drop in the area under lease. So this help us understand how we intend to fill this space up.
Nirupa Shankar (Joint Managing Director)
Amazon has vacated their space. They had about 630,000 square ft that they vacated. We have leased close to 100,000 square ft of that. and line of sight there are a lot of client interactions and the idea is to lease it out over the next couple of quarters.
Answered
High priority
Will new leases at WTC Bangalore see higher rates than Amazon's old lease?
Asked by Adv Chhatadhya, ICICI Securities
Management gave a clear range for expected rental increases.
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Question
are you expecting the rates also to be much higher considering Amazon was an older tenant? So I guess some of these rates will be marked to market right now, right? So could we see some uptick in the leaving rate overall?
Nirupa Shankar (Joint Managing Director)
we should look to expect between anywhere between 10% to 15%. In some cases, if it's our hyper flow, it's gone up to even 20%. But expecting larger transactions of two flows etc. I think a normal increase of 10 to 15% is expected.
Answered
High priority
What is the cumulative GDV available for launch and land replenishment strategy?
Asked by Adv Chhatadhya, ICICI Securities
Management provided specific numbers for launch pipeline and land bank.
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Question
what is the cumulative GDP which is available for launch for the next few years and considering you're targeting close to over 9,000 crores of sales rise in the coming year. What will be your land bank replenishment strategy over the next few years?
Nirupa Shankar (Joint Managing Director)
we normally talk about our four quarters on a rolling basis pipeline for that we are looking at 11.5 million square ft for the coming year. And that GDV is around 11.9 to say 12,000 crores GDV. From an overall land bank perspective we have 57 million square ft. of that residential is around 75%.
Partial answer
High priority
Is the 9,000 cr pre-sales guidance conservative given the launch pipeline?
Asked by Karan Kana, Ambit Capital
Management acknowledged conservatism but did not quantify expected sales from new launches.
no specific sales percentage givenattributed to mix and timing
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Question
Is it safe to infer your building sales from new launches at around 3,500 crores? And if that's the case, isn't this a very conservative number considering historically you have seen 35 to 40% sales in new launches and you're guiding for a 12,000 cr launch pipeline for FI27?
Nirupa Shankar (Joint Managing Director)
in some ways it is a little conservative but also we're looking at the mix of the new launches... Chennai in terms of throughput... tends to see the contribution to be more evenly spread... launches in general sometimes we do see them shifting out.
Answered
High priority
What is the status of approvals and quarter-wise breakup for 12 msf launches?
Asked by Karan Kana, Ambit Capital
Management provided a quarter-wise breakdown for key projects.
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Question
if you can just give some color in terms of what are the current status in terms of approvals and any indication on quarter wise break up for the 12 million square ft of launches.
Nirupa Shankar (Joint Managing Director)
part of the launches will come in H2... for Hyderabad we're anticipating about 1 million square feet to be coming in Q3 and another million square feet to be coming in Q4... Morgan Heights... we'll be launching now in or relaunching... other projects in Bangalore will still be pushed into Q2 and Q3.
Partial answer
Medium priority
Will Brigade evaluate more opportunities with Bain beyond the Whitefield project?
Asked by Karan Kana, Ambit Capital
Management confirmed openness but gave no specifics on future deals.
no commitment on additional partnershipsvague 'open to looking'
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Question
if you can talk a bit about the partnership with Bane and as part of the deal will you also be evaluating more opportunities besides the 2 million square ft office asset and hotel in Whitefield and what are the timelines for completion of this project?
Nirupa Shankar (Joint Managing Director)
this was the first we decided that you know we do one project first and we are definitely open to looking at more partnerships with them and then timelines... we're expecting to complete the project around 40 months.
Partial answer
High priority
Why are collections flattish and when will operating cash flow improve?
Asked by Girish Chi, Aventus Park
Management explained the cause but did not quantify expected cash flow improvement.
no specific timeline for improvementno quantitative guidance
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Question
on the cash flow... any reasons why they have been flattish for the year and when do you expect this to pick up?
Unnamed (CFO or Finance Head)
the flattish collection... is primarily because of the initial part of the year where the launches were deferred... from here as the launches are getting planned the cash flow will continue to increase... the operating cash flow generation continues to be positive and it'll improve as new launches take a faster pace.
Answered
Medium priority
What is the response and sales absorption for Chennai's Bay Cherry project?
Asked by Girish Chi, Aventus Park
Management provided specific sales numbers and project details.
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Question
if you can give us some updates on your Chennai project specifically the Bay Cherry project... how has been the response what sales absorption we have seen and also for the year 27 you mentioned about three launches in the Chennai market right so which are these projects?
Nirupa Shankar (Joint Managing Director)
The project is a brigade stellaris that we just launched in Q4. That is a pretty high-end project. It's a 284 units. And each unit is around 6 crores plus. So far in Q4 what we did we sold around 30 units and I think we're pretty pleased with that performance.
Answered
High priority
Have all approval issues been resolved for FY27?
Asked by Bipla, MK Global
Management clearly stated that approval issues are resolved.
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Question
in your view has all the issues related to approval resolved and do you anticipate any challenges in FI27.
Tajumna (likely a manager)
the primary issues of approvals are now behind us and as Katra also mentioned we've launched about 4 million square ft in the last couple of months and we are on track as far as approvals go.
Partial answer
High priority
What rental income is expected from the 13 msf commercial portfolio?
Asked by Bipla, MK Global
Management provided a number for part of the portfolio but deferred on the rest.
no number given for the remaining 5.5 msf
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Question
from this 13 million square ft how much rental once they become operational how much rental brigade share do you anticipate?
Nirupa Shankar (Joint Managing Director)
between what is currently ongoing which is getting completed and the 4.5 million square ft that will come up we are it will be about 800 crores that is something that we have already estimated and for the balance 5 and a half million square ft we will come up with a number soon.
Evasive
Medium priority
How should we think about the commercial monetization run rate going ahead?
Asked by Sor Gilda, GM Financials
Management did not provide a forward-looking view on monetization.
no guidance on future run ratevague 'case to case'
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Question
our commercial monetization run rate has increased significantly to 550 cr annually. Now how should one think about this run going ahead given the fact that we are launching sizable amount of portfolio over the next two years.
Nirupa Shankar (Joint Managing Director)
ideally we would like to grow our annuality income portfolio. The idea is to hold on to many of the projects as much as possible but sometimes based on how demand is for a particular project... we take it on a case to case basis.
Answered
Medium priority
Can you bifurcate the 1,300 cr leasing income by segment?
Asked by Sor Gilda, GM Financials
Management provided a clear breakdown of leasing income.
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Question
on the your leasing income of 1,300 cr can you please share any bifurcation between the office and rental and also the contribution of few of the large office assets?
Nirupa Shankar (Joint Managing Director)
of the 1300 crores 877 crores was from office we had about 220 crores from retail and 206 crores from the management business and of course hospitality was separated at 605 crores.