Financial Performance Highlights

Consolidated Financials (Q2 FY27):

  • Revenue: ₹1,250 crores
  • EBITDA: ₹478 crores (38% margin, +1,200 bps YoY)
  • PAT: ₹219 crores (+29% YoY)
  • PAT after minority interest: ₹194 crores

Segment-wise Performance:

  • Real Estate: Revenue ₹760 crores, EBITDA ₹178 crores (+62% YoY), margin 24% (vs 12% in Q2 FY26)
  • Leasing: Revenue ₹329 crores (-3% YoY, but +4% YoY excluding one-time ₹26 crore finance lease income in Q2 FY26), EBITDA ₹242 crores (73% margin including facility management)
  • Hospitality: Revenue ₹161 crores, EBITDA ₹59 crores (+41% YoY), margin 37% (+700 bps YoY)

Operational Performance

Residential Business:

  • Launched 2.4 million square feet in Q2 with estimated GDV of ₹3,000 crores
  • Key launches: Brigade Barcelona (Hyderabad) with ₹475 crore launch quarter sales, Brigade Misty Greens (Mysuru) nearly sold out, Azalea at Brigade Meadows (Bengaluru)
  • Net sales: ₹1,827 crores on 1.32 million square feet volume (+72% value and +78% area QoQ)
  • Average realization: ₹13,841 per square foot (+29% YoY)
  • Two-thirds of volume from sustenance sales, one-third from new launches
  • Inventory: ₹9,800 crores worth

Commercial Office Portfolio:

  • Added 0.27 million square feet operational space in Q2
  • Completed Brigade Square (Trivandrum) - 185,000 sq ft, 100% pre-leased
  • Completed Arcadia at Brigade Cornerstone Utopia (Bengaluru)
  • Total operational leasing area: 9.6 million square feet at 90% occupancy
  • Q2 transactions: ~6 lakh square feet (1 lakh sq ft sales, 1.5 lakh sq ft new leasing, 2.13 lakh sq ft churned space, 1.34 lakh sq ft investor space)
  • Office lease revenue: ₹201 crores (+8% YoY)
  • Rental collections: 99%
  • Three assets received IGBC Gold certification: WTC Annexe, Brigade Twin Towers, Brigade Deccan Heights

Retail & Other Businesses:

  • Orion Mall portfolio at 94% trading occupancy
  • Retailer sales growth: 16% YoY
  • Aureya FM Services: Manages 16 million square feet, revenue ₹71 crores, EBITDA margin 30%
  • Hospitality (BHVL): Portfolio ARR ₹7,876 (+11% YoY), RevPAR ₹5,922 (+10% YoY), occupancy 75%, PAT ₹22 crores (more than doubled YoY)

ESG Performance

  • GRESB Real Estate ESG score: 93.7 with 4-Star rating for FY26
  • Brigade Citrine received IGBC Net Zero Carbon (Design) certification with 76 credit points

Cash Flow & Collections

  • Collections for Q2: ₹1,633 crores
  • Segment breakup: Real Estate ₹1,115 crores, Leasing ₹343 crores, Hospitality ₹175 crores
  • Net cash flow from operating activities: ₹246 crores
  • Trade receivables increased by ~₹200 crores due to milestone billing in September with collections in progress

Debt & Liquidity Position (as of September 30, 2026)

  • Consolidated gross debt: ₹5,439 crores
  • Cash and cash equivalents: ₹2,674 crores
  • Net debt: ₹2,765 crores
  • Net debt-to-equity ratio: 0.31x
  • Average cost of debt: 7.61%
  • 85% of debt backed by rental cash flow income and GOP from Leasing and Hospitality segments

Guidance & Outlook

Presales Guidance: Reiterated ₹9,000 crores for FY27 (H1 achieved ~₹2,900 crores)

Launch Pipeline (H2 FY27):

  • Planned launches: 7 million square feet with ₹7,600 crores GDV
  • Key projects: Two large township projects in Bengaluru (combined ~₹3,800 crores GDV), one residential project in Bengaluru, 1 million square feet in Chennai, 1 million square feet in Hyderabad

Commercial Portfolio Expansion:

  • Under construction: 6.8 million square feet with balance capex of ~₹3,350 crores
  • Expected operational portfolio growth: From 9.5 million square feet to 12.5 million square feet by FY29
  • Expected rental income: ~₹1,700 crores by FY29

Capex Plan:

  • FY27 H2: ₹400 crores
  • FY28: ₹1,500 crores
  • FY29: ₹1,500 crores

Debt Guidance: Net debt-to-equity ratio expected to remain comfortably under 0.5x by March 2027

Business Development & Land Bank

  • Added 12.5-13 million square feet in H1 FY27 (~10 million in Q2)
  • Approximately ₹13,000 crores GDV added
  • Land payments: ₹440 crores in Q2 (half Bangalore, half Hyderabad)
  • Balance land payable: ~₹2,300 crores, to be paid over next 1 year

Management Commentary

Key points from Q&A session:

  • No material execution risks identified for upcoming launches
  • IT sector job losses not significantly impacting residential demand in Bangalore
  • Focus on leasing up WTC Bengaluru and Brigade Twin Towers in coming quarters
  • Expect sustained healthy cash flows in coming quarters
  • Real estate margin profile expected to remain between 22-24% for FY27
  • FY27 residential revenue recognition expected around ₹5,000 crores