Brigade Enterprises (532929) Q4 25/26 earnings summary

Executive summary

• FY26 consolidated revenue grew 11% YoY to INR 5,909 crores, with PAT up 7% to INR 725 crores; Q4 pre-sales rebounded 44% sequentially to INR 2,521 crores after earlier approval delays.

• Presales for FY26 reached INR 7,424 crores with a volume of 6.13 million sq ft; average realization rose up to 13% YoY to INR 12,622 per sq ft, driven by disciplined pricing and higher-value homes.

• Hospitality revenue grew 13% to INR 604 crores, with EBITDA up 11% to INR 207 crores; retail and hospitality segments showed strong growth in footfall, sales, and RevPAR.

• Launched 9.57 million sq ft of projects in FY26, with 16.1 million sq ft of launches planned for the next year.

• Board recommended a final dividend of ₹2 per equity share and a 1:3 bonus share issue, both subject to shareholder approval.

Financial highlights

• FY26 consolidated revenue was INR 5,909 crores; EBITDA was INR 1,638 crores with a 28% margin; PAT was INR 725 crores, up 7% YoY.

• Real estate segment revenue rose 11% YoY to INR 4,002 crores; leasing revenue up 12% to INR 1,303 crores; hospitality revenue up 13% to INR 604 crores.

• Q4 FY26 revenue was INR 1,523 crores, down 1% YoY; Q4 PAT was INR 190 crores, down 24% YoY.

• Net cash flow from operating activities was INR 1,411 crores; collections for FY26 were INR 7,476 crores.

• Net debt as of March 31, 2026, was INR 2,278 crores, with a net debt/equity ratio of 0.27; gross debt at INR 5,231 crores.

Outlook and guidance

• FY27 residential launch pipeline is 11.6 million sq ft with a GDV of INR 11,900 crores; pre-sales growth of at least 20% targeted, aiming for INR 9,000 crores.

• Commercial launches of 4.5 million sq ft planned for FY27, with a total 10 million sq ft pipeline over FY27-28; capex of INR 6,000 crores over four years.

• Board recommended a final dividend of ₹2 per share and a 1:3 bonus share issue, with bonus shares to be credited within two months of board approval.

• Upcoming hospitality projects to add ~1,700 keys; hospitality demand expected to remain strong domestically.

• The company expects no material impact from recent labour law changes until further government notification.