Brigade Enterprises (532929) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 residential pre-sales were ₹1,827 Cr on 1.32 Mn sq. ft., up 72% in value QoQ; average realization rose 29% YoY to ₹13,841 per sq. ft.

• Q2 total income was ₹1,250 Cr, EBITDA ₹478 Cr and PAT ₹219 Cr; H1 EBITDA grew 20% YoY to ₹903 Cr and PAT rose 33% to ₹436 Cr.

• Q2 collections were ₹1,633 Cr; H1 operating cash flow was ₹600 Cr, down from ₹754 Cr YoY.

Financial highlights

• Q2 total income was ₹1,250 Cr, down 13% YoY and up 6% QoQ; EBITDA was ₹478 Cr, up 28% YoY and 12% QoQ.

• Consolidated Q2 revenue was ₹1,19,636 lakh versus ₹1,38,337 lakh YoY; PAT was ₹21,882 lakh versus ₹17,028 lakh, and PBT was ₹28,760 lakh.

• H1 consolidated revenue was ₹2,31,191 lakh versus ₹2,66,451 lakh; PAT was ₹43,576 lakh versus ₹32,823 lakh YoY.

• Q2 PAT after minority interest was ₹194 Cr, up 19% YoY; H1 PAT after minority interest was ₹394 Cr, up 26%.

• H1 real estate sales were ₹2,888 Cr, down 8% YoY; net area sold of 2.06 Mn sq. ft. was down 28%.

Outlook and guidance

• FY2027 pre-sales guidance remained ₹9,000 Cr, with roughly ₹7,000 Cr targeted in H2; residential revenue recognition was guided at a ballpark ₹5,000 Cr, subject to approvals and registrations.

• H2 launch pipeline totals 7 Mn sq. ft. and ₹7,600 Cr GDV: 5 Mn in Bengaluru, 1 Mn in Chennai and 1 Mn in Hyderabad; one Chennai project may slip into FY2028.

• Planned launches over the next four quarters total ~13 Mn sq. ft.: 7 Mn in Bengaluru, 3 Mn in Chennai, 2 Mn in Hyderabad and 0.8 Mn in Mysore.

• FY2027 real estate EBITDA margin outlook is 22%-24%; operating office and retail area is expected to rise to 12.5 Mn sq. ft. by FY2029, with a ₹1,700 Cr rental-income target.

• FY2027 operating cash flow is expected to exceed FY2026; year-end debt-to-equity is expected to remain below 0.5x.