Brigade Enterprises (532929) Q3 25/26 earnings summary

Executive summary

• Q3 FY26 saw consolidated revenue of INR 1,623 crore, up 6% year-over-year, with broad-based growth across all business segments and significant land acquisitions totaling INR 2,100 crore for 14 million sq ft of developable area.

• Pre-sales reached INR 1,750 crore with 1.33 million sq ft sold, and average realization rose 16% year-over-year to INR 13,142 per sq ft.

• Premium and luxury housing accounted for over 85% of pre-sales, reflecting a strategic focus on higher-value segments.

• PAT for Q3 FY26 was INR 206 crore, a 13% decrease year-over-year but a 21% increase sequentially; nine-month PAT was INR 534 crore, up 24% year-over-year.

• Board accepted resignation of Interim CFO, effective February 2, 2026, and appointed a new CFO with extensive experience.

Financial highlights

• Q3 FY26 consolidated revenue was INR 1,623 crore, up 6% year-over-year; EBITDA was INR 459 crore with a 28% margin.

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

• Net debt as of December 2025 was INR 1,887 crore, with a debt-equity ratio of 0.23 and average cost of debt reduced to 7.61%.

• Cash and cash equivalents at INR 2,617 crore as of December 2025.

• EPS (basic) for Q3 FY26 stood at ₹7.63, versus ₹9.98 in Q3 FY25.

Outlook and guidance

• Launch pipeline of 12 million sq ft residential and 4.2 million sq ft commercial over the next four quarters, with strong visibility in Bangalore, Hyderabad, and Chennai.

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

• CapEx for commercial projects estimated at INR 600 crore in FY 2026 and INR 800 crore in FY 2027; hospitality CapEx budgeted at INR 100 crore.

• Pre-sales growth for FY 2027 expected to surpass FY 2026, targeting a 15% year-over-year increase, contingent on timely project approvals.