Approval delays for large mixed-use projects
The North Bangalore mixed-use project may slip from Q4 FY26 to Q1 FY27 due to approval timelines, impacting H2 sales.
BRIGADE / Q2-FY26 / risks
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Chennai project controversy
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 margin pressure
Residential EBITDA margin fell to ~12% in Q2 due to project mix and one-time costs; management expects normalization only next fiscal year.
BBMP restructuring delays
Restructuring of BBMP into GBA caused about a month of approval delays, though management does not foresee major issues going forward.