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Revenue
₹1,575 Cr
verified against source
Revenue YoY
6%
reported change
EBITDA
₹459 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
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What the record says.
Brigade Enterprises reported a steady Q3 FY26 with consolidated revenue of ₹1,623 crore (+6% YoY) and EBITDA margin of 28%. Pre-sales were ₹1,750 crore (1.33 msf), flat YoY due to approval delays for new launches. Average realization rose 16% YoY to ₹13,142/sf, driven by premium mix (85% of sales above ₹1.5 crore). The leasing segment grew 16% YoY to ₹325 crore revenue, with occupancy at 93%. Hospitality revenue increased 12% to ₹165 crore. Management guided for 12 msf residential launches over the next four quarters and expects pre-sales to improve as approvals stabilize. Key risk: approval delays could further push launches into FY27, impacting near-term sales growth.
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Guidance to track
- 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).
- 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.
- Management expects real estate EBITDA margins to rise to around 20% from the current ~15% as newer, higher-margin projects are recognized.
- 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.
Risks flagged
- Residential launches have been delayed by 3-4 months due to changes in Bangalore's approval process, causing FY26 pre-sales to be flat. Further delays could push launches into FY27.
- As ticket sizes increase (85% of sales above ₹1.5 crore), conversion times are lengthening, which could slow sales velocity and inventory turnover.
- 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.
- 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.
Key quotes
- While the price rise in Bangalore over the last 2-3 years has been really substantial, 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.
- We are quite happy with the response to the launch. The increase in pricing just has been about 15% or more on a like-like basis and despite that we've been able to do these kind of numbers.
- We haven't had to do any major payment plans. We don't do subventions. We don't do 10:90 schemes. So I think we're quite confident of what we are able to charge and be able to transact in our projects.
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