Brigade Enterprises (532929) Q2 25/26 earnings summary

Executive summary

• Q2 FY2026 delivered strong performance and steady growth across all business segments, with sustained momentum in the residential portfolio and robust launches in key markets.

• Strategic land acquisitions and joint development agreements were executed, including a 7-acre mixed-use development in Chennai and premium residential projects in Bangalore.

• Approved unaudited consolidated and standalone financial results for Q2 and H1 ended 30 September 2025, with statutory auditor's limited review and unmodified opinion.

• Appointed Mr. Debashis Chatterjee as Additional Non-Executive Independent Director for five years, subject to shareholder approval.

• The company remains optimistic for the rest of FY2026, supported by a robust project pipeline and expansion into new markets.

Financial highlights

• Consolidated revenue for Q2 FY2026 was INR 1,430 crore, up 26% year-over-year; PAT was INR 170 crore, up 48% YoY; H1 FY2026 PAT was INR 328 crore, up 67%.

• Real estate pre-sales reached INR 2,034 crore in Q2 FY2026, up 12% YoY, with pre-sales volume at 1.90 million sq ft, up 13%.

• EBITDA for Q2 FY2026 was INR 375 crore with a margin of 26%; H1 FY2026 EBITDA was INR 750 crore.

• Net cash flow from operating activities was INR 433 crore in Q2 FY2026 and INR 754 crore in H1 FY2026.

• Total consolidated assets as of 30 September 2025: ₹2,426,551 lakhs; equity: ₹711,370 lakhs.

Outlook and guidance

• Approximately 11 million sq ft in residential launches are planned for the next four quarters across Bangalore, Chennai, Hyderabad, and Mysore.

• H2 FY2026 is expected to see 7 million sq ft of residential launches with a GDP of INR 8,000–8,300 crore, heavily influencing pre-sales achievement.

• Management is optimistic about meeting or approaching the INR 9,000 crore pre-sales guidance, contingent on timely launches and approvals.

• Hospitality sector expected to benefit from GST reduction on room tariffs and continued demand from corporate and MICE travel.

• Management remains confident in recoverability of advances under litigation and expects favorable outcomes in ongoing legal matters.