Brigade Enterprises Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹17,202 Cr
- P/E
- 25.25
- ROE
- 10.47%
- PEG
- 0.71
- Price to sales
- 3.10
- Debt to equity
- 0.93
- 52W high / low
- ₹1,041 / ₹501
- Sales growth (5Y)
- 23.92%
- EBITDA margin
- 26.46%
- Net profit margin
- 12.87%
- Promoter holding
- 41.09%
- Sales (last year)
- ₹5,532 Cr
Brigade Enterprises Ltd was established in 1986. It is a real estate developer in South India, based in Bengaluru, and expanding its area of operations in other parts of India. It has completed over 250 buildings aggregating to over 70 mn. sqft of developed space in residential, offices, retail, and hospitality sectors across Bengaluru and Mysuru, Chennai, Ahmedabad, Hyderabad, Kochi [1] [2] [3]
Guidance scorecard · Q2 FY27 call
What Brigade Enterprises Ltd's management guided
and where it ranks in Realty
Realty
RevenueQ1 FY27 call
10–20%- Brigade Enterprises expects increased sales velocity from Q2 FY27 onwards due to upcoming launches, leading to higher volumes.
- Presales guidance for FY27 is maintained at INR9,000 crores, supported by a strong launch pipeline totaling 16.4 million sq ft over 4 quarters.
- Realizations improved by 21% YoY in Q1 FY27, driven by disciplined pricing and shift towards higher-value homes.
- Commercial leasing revenue expected to grow at about 20% CAGR over the next 5-6 years, with significant portfolio additions coming in FY28-FY30.
2 more points from Brigade Enterprises Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Brigade Enterprises Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Estimated CapEx for upcoming projects ranges from INR4,000 to INR10,000 per sq ft, representing construction costs only (excluding land cost).
- CapEx spend for commercial leasing assets will occur over the next 4 to 5 years as projects launch and become operational.
- Brigade plans to deploy capex on a 16.4 million sq ft launch pipeline (12.4 million residential; 4 million commercial) with a GDV of ~INR13,400 crores over the next 4 quarters.
- Leasing assets (~4 million sq ft launched in Q1) will require time to lease out, with expected leasing ramp-up over 6-8 quarters post-OC (Occupancy Certificate).
- Commercial leasing revenue projected to grow at ~20% CAGR over 5-6 years, contributing significant steady state revenue and EBITDA by FY31/FY32.
2 more points from Brigade Enterprises Ltd's call on capex
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FundraisingQ1 FY27 call
See what Brigade Enterprises Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- Upcoming launch pipeline for the next 4 quarters totals 16.4 million sq.ft, with 12.4 million sq.ft residential (approx. INR13,400 crores GDV) and 4 million sq.ft commercial.
- Residential launch breakdown: Bengaluru 4.3M sq.ft, Hyderabad 4M sq.ft, Chennai 3M sq.ft, Mysore 1M sq.ft.
- Commercial launch breakup: Bengaluru 2.6M sq.ft, Chennai 1.3M sq.ft, Kochi 0.2M sq.ft.
- Project Brigade Morgan Heights has been removed from launch pipeline pending environmental clearance resolution.
- Total planned launches for FY27 (rolling 4 quarters) approx. 9.36 million sq.ft (excluding Morgan Heights), with 3 million sq.ft slipping into Q1 FY28.
2 more points from Brigade Enterprises Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Realty
on management's own guidance
- Sobha LtdGood growth2
- Strong growth1
- Man Infraconstruction LtdGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Realty companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹12,035 Cr | 41.1 | |
| 2 | Sobha Ltd | 20–40% | Up 2%+ | ₹12,548 Cr | 54.4 |
| 3 | Man Infraconstruction Ltd | 20–40% | Up 2%+ | ₹4,602 Cr | 21.2 |
| 4 | 20–40% | Up 2%+ | ₹1,157 Cr | 12.7 | |
| 5 | 20–40% | Flat | ₹1.06L Cr | 25.6 | |
| 6 | 20–40% | Flat | ₹61,922 Cr | 23.4 |
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Pro shows every company guiding 40%+ revenue growth →Full Realty rankingBrigade Enterprises Ltd announcements
All announcements →- Capex / expansionNotableBrigade Group announces ₹40,000 crore investment for 3-year growth plan
Financials of Brigade Enterprises Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Brigade Enterprises Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 43.75% | 43.73% | 43.72% | 41.37% | 41.37% | 41.14% | 41.13% | 41.13% | 41.12% | 41.11% | 41.10% | 41.09% |
| FIIs + | 13.73% | 14.86% | 16.17% | 18.47% | 20.23% | 20.21% | 19.33% | 18.67% | 18.14% | 16.75% | 15.63% | 14.46% |
| DIIs + | 25.01% | 23.84% | 22.86% | 24.02% | 22.91% | 22.87% | 23.44% | 23.28% | 23.55% | 24.74% | 25.46% | 26.90% |
| Public + | 17.50% | 17.58% | 17.26% | 16.14% | 15.50% | 15.77% | 16.09% | 16.95% | 17.19% | 17.40% | 17.80% | 17.57% |
| No. of Shareholders | 68,712 | 76,977 | 86,130 | 86,803 | 1,12,760 | 1,28,008 | 1,32,690 | 1,74,585 | 1,59,156 | 1,59,254 | 1,62,943 | 1,55,224 |
Financials of Brigade Enterprises Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,367 | 1,174 | 1,702 | 1,078 | 1,072 | 1,464 | 1,460 | 1,281 | 1,383 | 1,575 | 1,458 | 1,116 | 1,196 |
| Expenses + | 1,042 | 912 | 1,270 | 785 | 780 | 1,050 | 1,044 | 958 | 1,056 | 1,164 | 1,093 | 755 | 772 |
| Operating Profit | 325 | 262 | 433 | 293 | 292 | 414 | 416 | 323 | 328 | 411 | 365 | 361 | 424 |
| OPM % | 24% | 22% | 25% | 27% | 27% | 28% | 28% | 25% | 24% | 26% | 25% | 32% | 35% |
| Other Income + | 41 | 34 | 60 | 36 | 66 | 66 | 72 | 52 | 46 | 29 | 72 | 107 | 54 |
| Interest | 110 | 135 | 138 | 152 | 123 | 114 | 107 | 106 | 102 | 90 | 112 | 109 | 111 |
| Depreciation | 76 | 82 | 76 | 68 | 69 | 76 | 76 | 76 | 76 | 80 | 80 | 73 | 80 |
| Profit before tax | 180 | 79 | 279 | 108 | 166 | 289 | 306 | 194 | 196 | 270 | 245 | 285 | 288 |
| Tax % | 38% | 30% | 24% | 26% | 31% | 18% | 18% | 18% | 13% | 24% | 22% | 24% | 24% |
| Net Profit + | 112 | 56 | 211 | 81 | 115 | 236 | 249 | 158 | 170 | 206 | 191 | 217 | 219 |
| EPS in Rs | 4.34 | 2.39 | 6.69 | 2.72 | 3.65 | 7.25 | 7.58 | 4.60 | 4.98 | 5.72 | 4.46 | 6.14 | 5.93 |
Financials of Brigade Enterprises Ltd
Profit & Loss
Annual income statement trend
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,311 | 2,038 | 2,024 | 1,897 | 2,973 | 2,632 | 1,950 | 2,999 | 3,445 | 4,897 | 5,074 | 5,697 | 5,345 |
| Expenses + | 928 | 1,548 | 1,444 | 1,341 | 2,174 | 1,965 | 1,474 | 2,229 | 2,578 | 3,695 | 3,654 | 4,264 | 3,784 |
| Operating Profit | 383 | 490 | 580 | 557 | 799 | 667 | 476 | 770 | 866 | 1,202 | 1,421 | 1,433 | 1,560 |
| OPM % | 29% | 24% | 29% | 29% | 27% | 25% | 24% | 26% | 25% | 25% | 28% | 25% | 29% |
| Other Income + | 20 | 34 | 29 | 36 | 47 | 27 | -17 | 9 | 161 | 160 | 233 | 193 | 261 |
| Interest | 131 | 199 | 246 | 259 | 278 | 340 | 347 | 444 | 434 | 491 | 495 | 409 | 421 |
| Depreciation | 99 | 106 | 123 | 138 | 140 | 192 | 237 | 351 | 315 | 302 | 289 | 312 | 313 |
| Profit before tax | 172 | 219 | 240 | 196 | 427 | 161 | -125 | -15 | 278 | 569 | 869 | 904 | 1,087 |
| Tax % | 33% | 37% | 31% | 32% | 34% | 29% | -23% | 331% | 20% | 29% | 22% | 20% | |
| Net Profit + | 116 | 139 | 167 | 133 | 282 | 114 | -96 | -65 | 222 | 401 | 680 | 725 | 832 |
| EPS in Rs | 4.22 | 5.47 | 6.73 | 5.12 | 8.81 | 4.79 | -1.65 | 2.70 | 9.47 | 14.66 | 21.05 | 19.76 | 22.25 |
| Dividend Payout % | 24% | 18% | 19% | 20% | 11% | 31% | -55% | 42% | 16% | 10% | 9% | 8% |
Financials of Brigade Enterprises Ltd
Balance Sheet
Capital structure and asset base
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 113 | 113 | 114 | 136 | 136 | 204 | 211 | 230 | 231 | 231 | 244 | 245 | 326 |
| Reserves | 1,244 | 1,425 | 1,581 | 2,151 | 2,033 | 2,077 | 2,137 | 2,680 | 3,014 | 3,418 | 5,394 | 6,576 | 6,829 |
| Borrowings + | 1,663 | 2,459 | 2,576 | 3,390 | 3,785 | 4,522 | 5,005 | 4,906 | 4,634 | 5,470 | 5,464 | 6,344 | 6,559 |
| Other Liabilities + | 1,278 | 2,000 | 2,079 | 2,133 | 4,845 | 5,448 | 6,461 | 7,285 | 8,486 | 8,740 | 10,973 | 13,040 | 14,488 |
| Total Liabilities | 4,298 | 5,997 | 6,350 | 7,810 | 10,800 | 12,251 | 13,814 | 15,101 | 16,365 | 17,860 | 22,076 | 26,204 | 28,202 |
| Fixed Assets + | 1,362 | 340 | 1,431 | 1,805 | 2,277 | 2,998 | 5,020 | 4,905 | 4,681 | 4,593 | 6,899 | 8,537 | 8,413 |
| CWIP | 486 | 1,411 | 1,564 | 2,129 | 2,010 | 2,097 | 495 | 541 | 740 | 1,232 | 138 | 222 | 376 |
| Investments | 34 | 994 | 54 | 236 | 98 | 72 | 89 | 509 | 62 | 50 | 43 | 62 | 354 |
| Other Assets + | 2,416 | 3,252 | 3,302 | 3,640 | 6,416 | 7,083 | 8,210 | 9,147 | 10,882 | 11,985 | 14,995 | 17,383 | 19,059 |
| Total Assets | 4,298 | 5,997 | 6,350 | 7,810 | 10,800 | 12,251 | 13,814 | 15,101 | 16,365 | 17,860 | 22,076 | 26,204 | 28,202 |
Financials of Brigade Enterprises Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 26 | 339 | 398 | 49 | 467 | 465 | 803 | 1,032 | 966 | 334 | 995 | -137 |
| Cash from Investing Activity + | -384 | -948 | -335 | -1,084 | -452 | -717 | -748 | -971 | -271 | -379 | -590 | -1,436 |
| Cash from Financing Activity + | 373 | 631 | -58 | 1,032 | 45 | 321 | 30 | 33 | -695 | 241 | 860 | 942 |
| Net Cash Flow | 16 | 21 | 5 | -4 | 60 | 69 | 84 | 94 | 1 | 195 | 1,265 | -631 |
| Free Cash Flow | -193 | -570 | 29 | -865 | -133 | -268 | 336 | 824 | 701 | 66 | 358 | -1,871 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 20% | 69% | 82% | 26% | 72% | 79% | 180% | 148% | 130% | 48% | 93% | 26% |
Financials of Brigade Enterprises Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 4 | 8 | 7 | 34 | 52 | 60 | 99 | 61 | 49 | 37 | 45 | 38 |
| Inventory Days | 3,042 | 3,244 | 3,898 | 2,040 | 3,653 | 9,712 | 8,486 | 2,498 | 4,142 | 4,667 | ||
| Days Payable | 559 | 740 | 942 | 258 | 351 | 949 | 885 | 245 | 366 | 361 | ||
| Cash Conversion Cycle | 4 | 2,491 | 2,511 | 2,991 | 1,834 | 3,362 | 8,861 | 7,662 | 49 | 2,290 | 3,821 | 4,345 |
| Working Capital Days | -11 | 7 | -0 | 59 | 66 | 41 | -64 | -57 | -61 | -24 | -65 | 26 |
| ROCE % | 11% | 12% | 11% | 9% | 12% | 8% | 4% | 6% | 8% | 13% | 13% | 11% |
Guidance history
How Brigade Enterprises Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Flat | Planned | — | Rising |
| Q4 FY26 call → | 20–40% | Flat | Planned | Planned | — |
| Q3 FY26 call → | 10–20% | Flat | Planned | — | Flat |
| Q2 FY26 call → | 10–20% | Flat | Planned | None planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
7 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −49.3% | 5% |
| Last 6 months | −33.3% | 7% |
| Last 3 months | −9.2% | 47% |
The price is 50.3% below its all-time high of ₹1,060.88 (27 Sept 2024). Stocks more than 20% below their peak have their score halved, so 14 became 7.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Brigade Enterprises Ltd: 0.4 × 5 + 0.4 × 7 + 0.2 × 47 = 14, halved to 7 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Brigade Enterprises Ltd's management said in earlier quarters
- Q2 FY27 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q3 FY25 earnings call analysis →
- Q1 FY26 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
- Q1 FY24 earnings call →
- Q4 FY23 earnings call →
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