Brigade Enterprises LimitedReal EstateBRIGADE
Q1 FY27 earnings callBrigade Enterprises Limited
The company reported strong profitability growth from higher realizations and margins, while its residential launch pipeline and presales guidance remain on track despite a project-specific setback.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Net Sales (Real Estate) | INR1,061 crores | -5% | |
| Realization | INR14,256 per square foot | +21% | |
| Consolidated Revenue | INR1,179 crores | — | |
| Consolidated EBITDA | INR425 crores | — | |
| Consolidated EBITDA Margin | 36% | +800 bps | |
| Consolidated PAT | INR217 crores | +37% | |
| Commercial Portfolio Occupancy | 88% | — |
Financials
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹1,463.94 Cr+24.7% YoY+36.5% QoQ | ₹235.52 Cr+322.2% YoY+104.7% QoQ | ₹9.98+213.8% YoY+102% QoQ |
| Q2 FY25 | ₹1,072.16 Cr-21.5% YoY-0.5% QoQ | ₹115.08 Cr+2.3% YoY+42.9% QoQ | ₹4.94-14.7% YoY+36.5% QoQ |
| Q1 FY25 | ₹1,077.72 Cr+64.8% YoY-36.7% QoQ | ₹80.53 Cr+267.9% YoY-61.8% QoQ | ₹3.62+116.8% YoY-59.4% QoQ |
| Q4 FY24 | ₹1,702.37 Cr+102% YoY+45% QoQ | ₹210.86 Cr+234.2% YoY+278% QoQ | ₹8.92+197.3% YoY+180.5% QoQ |
| Q3 FY24 | ₹1,173.77 Cr+43.1% YoY-14.1% QoQ | ₹55.79 Cr+30.7% YoY-50.4% QoQ | ₹3.18+28.7% YoY-45.1% QoQ |
TL;DR
- Net sales declined 5% YoY to INR1,061 Cr, but realizations jumped 21%.
- Consolidated PAT grew 37% YoY driven by a 45% increase in Real Estate EBITDA.
- Launch pipeline for next 4 quarters is 16.4 million sq ft, with 9.36 million sq ft slated for the rest of FY27.
- Presales guidance of INR9,000 Cr for FY27 is maintained.
- Commercial occupancy was 88%, retail sales grew 35% YoY, and hospitality profit increased 140%.
Said on the call
“The Real Estate EBITDA margin improved to 21% as compared to 12% in Q1 of FY26. This improvement is led by recognition of revenue from projects with better margins as was expected to.”
From the Q&A
| Topic | What management said |
|---|---|
| Launch Pipeline and Timing | Clarified that the 12.36 million sq ft launch plan is for the rolling 4 quarters, with 9.36 million sq ft expected in the remaining FY27 quarters. Q1 slippage was due to the Morgan Heights environmental clearance issue. |
| Sales Velocity vs. Price Mix | Management expects sales velocity to increase with upcoming launches starting Q2, as run rate per quarter will increase. |
| Commercial Leasing Timeline and Growth | Detailed launch-to-market schedule for new commercial projects over the next few years and expects leasing revenue CAGR of about 20% over the next 5-6 years. |
| Hospitality Rebranding and Trends | The rebranding of Four Points Sheraton Kochi to Courtyard by Marriott is expected to yield a 15-20% ADR increase, and West Asia crisis impact on MICE is viewed as temporary with a bounce-back expected in H2. |
| WTC Bangalore Leasing | Leasing strategy shifted to smaller leases (20,000-40,000 sq ft) due to postponement of large RFPs, targeting to close leasing in the next 3-4 quarters with 10-15% rental mark-to-market increases. |
| Presales Guidance | Maintained FY27 presales guidance of INR9,000 crores despite launch reduction, as the guidance accounts for the updated pipeline. |
| Real Estate Margin Outlook | The improvement in real estate margins seen in Q1 is expected to be retained through the year, moving into the 20s from late teens in the previous year. |
Guidance
- Presales guidance of INR9,000 crores for FY27.
- Launch pipeline for the next 4 quarters is 16.4 million sq ft (12.36 million residential, 4.03 million commercial, 1,700 keys hospitality).
- Within FY27, expecting to launch 9.36 million sq ft of the residential pipeline.
- Targeting 3,300 hospitality keys by FY31.
- Expect commercial leasing revenue CAGR of about 20% over the next 5-6 years.
- Debt equity ratio to be maintained well under 1x.
Source
Summary written from the transcript filed by Brigade Enterprises Limited for the call held on 14 Aug 2026; published 20 Aug 2026, 19:53 IST.