Brigade Enterprises (532929) Q3 25/26 earnings summary

Executive summary

• Achieved consolidated revenue of INR 1,623 crore in Q3 FY26, up 6% YoY and 13% sequentially, with all business segments contributing positively.

• PAT for Q3 FY26 was INR 206 crore, a 13% decrease YoY but a 21% increase sequentially; premium and luxury housing dominated pre-sales, with 85% above INR 1 crore ticket size.

• Added INR 2,100 crore to land bank in nine months, with 14 million sq ft developable area and INR 16,000 crore GDV.

• Board approved unaudited financial results for Q3 and nine months ended December 31, 2025, and appointed a new CFO and new auditors.

• Multiple awards received, including for sustainability and workplace excellence.

Financial highlights

• Q3 FY26 consolidated revenue was INR 1,623 crore, up 6% YoY; EBITDA at INR 459 crore with a 28% margin; PAT at INR 206 crore.

• Real estate segment turnover: INR 1,133 crore (EBITDA INR 170 crore); leasing: INR 325 crore (EBITDA INR 231 crore); hospitality: INR 165 crore (EBITDA INR 58 crore).

• Nine months FY26: consolidated revenue INR 4,386 crore (+16% YoY), EBITDA INR 1,209 crore (28% margin), PAT INR 534 crore (+24% YoY).

• Net debt as of Dec 2025: INR 1,887 crore; debt-equity ratio at 0.23; average cost of debt 7.61%; cash and equivalents INR 2,617 crore.

• 92% of debt pertains to commercial segment, backed by rental income.

Outlook and guidance

• Strong launch pipeline of 12 million sq ft residential and 4.2 million sq ft commercial over next four quarters, with focus on Bangalore, Hyderabad, and Chennai.

• Hospitality segment to add 1,700 keys in upcoming projects.

• Targeting 5%-7% annual price hikes in Bangalore and Chennai, with stabilization in volume growth.

• Commercial lease revenue expected to surpass INR 2,000 crore by 2031 as new assets stabilize.

• Intends to maintain 15% annual pre-sales growth, contingent on timely project approvals.