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Revenue
₹1,383 Cr
verified against source
Revenue YoY
26%
reported change
EBITDA
₹375 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Brigade Enterprises delivered a strong Q2 FY26 with consolidated revenue of ₹1,430 crore (+26% YoY) and EBITDA margin of 26%. PAT after minority interest grew 37% YoY to ₹162 crore. Residential pre-sales reached ₹2,234 crore (+12% YoY), driven by premium launches and healthy demand across Bengaluru, Chennai, and Hyderabad. The company added 13 million sq ft to its development pipeline with GDV of ₹14,000 crore. Leasing portfolio maintained 92% occupancy, while hospitality saw ARR growth of 14% YoY. Management guided for ~7 million sq ft of launches in H2 FY26 (GDV ₹8,000-8,300 crore) but flagged potential shortfall against the ₹9,000 crore pre-sales target due to launch timing. Key risk: delays in approvals for large mixed-use projects could push sales into FY27.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to launch approximately 7 million sq ft in the second half of FY26, with a gross development value of ₹8,000-8,300 crore.
- Management indicated that achieving the ₹9,000 crore pre-sales target is heavily dependent on timely launches and approvals; they may fall short.
- Current residential EBITDA margin of ~12% is below normal run rate due to project mix and one-time costs; management expects margins to revert to historical levels in FY27.
- Brigade reiterated its long-term commitment to Chennai with a planned investment of ₹8,000 crore over the next five to six years.
Risks flagged
- The North Bangalore mixed-use project may slip from Q4 FY26 to Q1 FY27 due to approval timelines, impacting H2 sales.
- An NGO alleged illegal approvals for the Brigade Modern Heights project in Chennai, though management clarified all approvals are in order and government has issued a clarification.
- Residential EBITDA margin fell to ~12% in Q2 due to project mix and one-time costs; management expects normalization only next fiscal year.
- Restructuring of BBMP into GBA caused about a month of approval delays, though management does not foresee major issues going forward.
Key quotes
- We don't really have anything else going on right now potentially in some cases we might do interiors things like that but brigade doesn't do these 1090 subvention schemes or any kind of builder-led subvention so to your answer. No, we don't have that going on and we will not be doing that.
- In Chennai, our plan is to launch and sell during the life cycle of the construction of the project. We've seen this happen in the past and that's kind of how that market is geared.
- I'm definitely more optimistic that we'll be able to get close to that number.
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