Brigade Enterprises LimitedReal EstateBRIGADE
Q1 FY27 concall · 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) | ₹1,061 Cr | -5% | |
| Realization | INR14,256 per square foot | +21% | |
| Consolidated Revenue | ₹1,179 Cr | — | |
| Consolidated EBITDA | ₹425 Cr | — | |
| Consolidated EBITDA Margin | 36% | +800 bps | |
| Consolidated PAT | ₹217 Cr | +37% | |
| Commercial Portfolio Occupancy | 88% | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| 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.
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