Brigade Enterprises Limited – Investor Presentation Summary

Key Operational Highlights

  • Achieved pre-sales of ₹1,827 Cr in Q2 FY27 across 1.32 Mn sq. ft., with value up 72% QoQ and volume up 78% QoQ
  • H1 FY27 pre-sales reached ₹2,888 Cr with sales volume of 2.06 Mn sq. ft.
  • Average realization in H1FY27 increased 27% YoY to ₹14,019/sq. ft., supported by diversified project mix and premium housing positioning
  • Launched 2.4 Mn sq. ft. during Q2 FY27, with planned launches of ~13 Mn sq. ft. over the next four quarters
  • Q2 FY27 collections stood at ₹1,633 Cr

Segment-wise Performance

Residential:

  • Q2 FY27 net area sales: 1.21 Mn sq. ft. (64% QoQ growth, 28% YoY decline)
  • Q2 FY27 net sales: ₹1,704 Cr (62% QoQ growth, 5% YoY decline)
  • H1 FY27 net area sales: 1.95 Mn sq. ft. (25% YoY decline)
  • H1 FY27 net sales: ₹2,758 Cr (4% YoY decline)

Commercial:

  • Q2 FY27 net area sales: 0.11 Mn sq. ft. (1000% QoQ growth, 48% YoY decline)
  • Q2 FY27 net sales: ₹123 Cr (1657% QoQ growth, 49% YoY decline)
  • H1 FY27 net area sales: 0.11 Mn sq. ft. (58% YoY decline)
  • H1 FY27 net sales: ₹130 Cr (55% YoY decline)

Leasing:

  • Q2 FY27 leasing revenue: ₹329 Cr
  • Q2 FY27 EBITDA: ₹242 Cr (6% higher than Q1 FY27)
  • Portfolio completion: Brigade Square, Thiruvananthapuram and Arcadia at Brigade Cornerstone Utopia, Bengaluru added 0.27 Mn sq. ft. of lease area
  • Mall footfalls remained steady, retailer sales grew 16% in Q2 FY27 compared with Q2 FY26
  • Operating portfolio: 9.62 Mn sq. ft. leasable area with 8.61 Mn sq. ft. leased (89.5% occupancy)

Hospitality:

  • Q2 FY27 revenue: ₹161 Cr (12% growth over Q1 FY27)
  • Q2 FY27 EBITDA: ₹59 Cr at 37% margin
  • Portfolio ARR reached ₹7,876 in Q2 FY27 (9% increase over Q1 FY27)
  • Occupancy: 75% in Q2 FY27
  • RevPAR: ₹5,922 (8% increase over Q1 FY27)

Financial Highlights

Consolidated (INR Cr):

  • Q2 FY27 Total Income: ₹1,250 (6% QoQ growth, 13% YoY decline)
  • Q2 FY27 EBITDA: ₹478 (12% QoQ growth, 28% YoY growth)
  • Q2 FY27 PAT: ₹219 (1% QoQ growth, 29% YoY growth)
  • Q2 FY27 PAT after MI: ₹194 (3% QoQ decline, 19% YoY growth)
  • H1 FY27 Total Income: ₹2,429 (12% YoY decline)
  • H1 FY27 EBITDA: ₹903 (20% YoY growth)
  • H1 FY27 PAT: ₹436 (33% YoY growth)
  • H1 FY27 PAT after MI: ₹394 (26% YoY growth)
  • Margins: EBITDA/Total Income 38% in Q2 FY27 (vs 26% in Q2 FY26), PBT/Total Income 23%, PAT/Total Income 18%

Standalone (INR Cr):

  • Q2 FY27 Total Income: ₹601 (12% QoQ decline, 19% YoY decline)
  • Q2 FY27 EBITDA: ₹195 (5% QoQ decline, 72% YoY growth)
  • Q2 FY27 PAT: ₹114 (4% QoQ decline, 128% YoY growth)
  • H1 FY27 Total Income: ₹1,284 (4% YoY growth)
  • H1 FY27 EBITDA: ₹400 (81% YoY growth)
  • H1 FY27 PAT: ₹234 (122% YoY growth)

Geographical Revenue Split

Not Specified

Balance Sheet Snapshot

  • Net Debt/Equity Ratio: 0.31 as of Sep 30, 2026
  • Gross Debt: ₹5,439 Cr
  • Cash & Cash Equivalents: ₹2,674 Cr
  • Net Debt: ₹2,765 Cr
  • BEL's Net Debt (after SPV partner share): ₹2,088 Cr
  • Cost of Debt (Consolidated): 7.61%
  • Credit Rating: AA (Stable) by ICRA; AA- (Positive) by CRISIL

Capex & Cash Flow Health

Capital Expenditure:

  • Total ongoing capex commitment: ₹4,656 Cr across 6.84 Mn sq. ft. project area
  • Cost incurred: ₹1,304 Cr
  • Balance cost: ₹3,352 Cr

Cash Flow H1 FY27 (INR Cr):

  • Total Collections: ₹3,489
  • Net Cash Flow from Operating Activities: ₹600
  • Net Cash Flow from Investment Activities: (₹697)
  • Net Cash Flow from Financing Activities: (₹147)
  • Net Cash Flows for the Period: (₹244)

Strategic & R&D Initiatives

  • Focus on geographic diversification with upcoming launches in Chennai (3 Mn sq. ft.) and Hyderabad (2 Mn sq. ft.)
  • Portfolio premiumization in hospitality through asset upgrades and brand repositioning
  • Diversified expansion across luxury, leisure and business hospitality segments

Industry Trends & Business Environment

  • Domestic tourism continued to drive hospitality demand
  • Ongoing geopolitical tensions weighed on international tourism
  • Mall footfalls supported by new store openings, festive activations, promotional events and major movie releases
  • Retailer sales grew 16% in Q2 FY27 compared with Q2 FY26, driven by stronger electronics and restaurant sales

Management Commentary & Growth Outlook

  • Strong launch pipeline of ~13 Mn sq. ft. over next four quarters provides visibility for sustaining growth momentum
  • Planned launches: 7 Mn sq. ft. in Bengaluru, 3 Mn sq. ft. in Chennai, 2 Mn sq. ft. in Hyderabad, 0.8 Mn sq. ft. in Mysore
  • Focus on maintaining consistent EBITDA margin of ~26-28%

ESG Initiatives Update

  • Achieved GRESB Real Estate ESG score of 93.71 and 4-Star rating for FY 2025-26
  • Received final review of IGBC Net Zero Carbon (Design) certification for Brigade Citrine
  • Strengthened ESG governance through independent assurance of BRSR Core and GRI indicators
  • Managing Director serves as Convenor of CII Karnataka Environment & Sustainability panel

Land Bank Details

  • Total Land Area: 602 Acres
  • Cost of Land: ₹5,935 Cr
  • Amount Paid: ₹3,587 Cr
  • Balance Payable: ₹2,348 Cr
  • Developable Area: 66 Mn sq. ft. total, 48 Mn sq. ft. BEL share
  • Geographic distribution: Bengaluru (371 acres, 40 Mn sq. ft.), Chennai (133 acres, 17 Mn sq. ft.), Hyderabad (17 acres, 4 Mn sq. ft.), Others (81 acres, 5 Mn sq. ft.)

Ongoing Projects Summary

  • Real Estate: 27 projects (22 BEL share, 5 JV share)
  • Leasing: 7 projects (5 BEL share, 2 JV share)
  • Total: 34 projects (27 BEL share, 7 JV share)
  • Total super built-up area of launched projects: 27.23 Mn sq. ft.
  • Company share of saleable area: 23.37 Mn sq. ft.
  • Sold till date: 16.17 Mn sq. ft.
  • To be sold: 7.20 Mn sq. ft.
  • Estimated sale value: ₹28,413 Cr
  • Gross Operating Cash Flows projected: ₹10,566 Cr