Brigade Enterprises Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Brigade Enterprises Ltd filed with BSE on 11 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Brigade reported FY26 pre-sales of Rs 7,424 crores, down 5% year-on-year, with consolidated revenue of Rs 5,909 crores and EBITDA of Rs 1,638 crores, a margin of 28%. Q4 FY26 saw pre-sales of Rs 2,521 crores, up 44% quarter-on-quarter, driven by launches including Brigade Lumina, Belvedere, Stellaris, Manor and Enclave. Management outlined a FY27 residential launch pipeline of 11.6 million square feet with a GDV of about Rs 11,900 crores, alongside updates on commercial leasing, retail and hospitality performance.
Numbers mentioned
Pre-sales: INR7,424 crores (FY26)
p. 3
“For Brigade, FY26 pre-sales was INR7,424 crores, which is 5% lower than FY25.”
Pavitra Shankar, page 3 of the filed PDF · View the filing
Q4 pre-sales: INR2,521 crores (Q4 FY26)
p. 3
“Specifically, for Q4, we launched 4 million square feet, which resulted in pre-sales of INR2,521 crores, a Q-on-Q increase of 44% by value.”
Pavitra Shankar, page 3 of the filed PDF · View the filing
Average realization: INR12,107 per square foot (FY26)
p. 3
“Our FY26 average realization increased 9% year-on-year to INR12,107 per square foot.”
Pavitra Shankar, page 3 of the filed PDF · View the filing
Consolidated revenue: INR5,909 crores (FY26)
p. 5
“the consolidated revenue for the financial year stood at INR5,909 crores, an increase of 11% over FY '25, with an EBITDA of INR1,638 crores.”
Yogesh Patel, page 5 of the filed PDF · View the filing
EBITDA margin: 28% (FY26)
p. 5
“EBITDA margin for the year stood at 28%.”
Yogesh Patel, page 5 of the filed PDF · View the filing
Real Estate segment turnover: INR4,002 crores (FY26)
p. 5
“The Real Estate segment clocked a turnover of INR4,002 crores, an increase of 11% year-on-year on FY '25, with an EBITDA of INR525 crores.”
Yogesh Patel, page 5 of the filed PDF · View the filing
Leasing segment turnover: INR1,303 crores (FY26)
p. 5
“The Leasing segment clocked a turnover of INR1,303 crores, with an EBITDA of INR906 crores, also an increase of 12% and 18%, respectively.”
Yogesh Patel, page 5 of the filed PDF · View the filing
Hospitality segment turnover: INR604 crores (FY26)
p. 5
“The Hospitality segment clocked a turnover of INR604 crores, an increase of 13% over FY '25 with an EBITDA of INR207 crores”
Yogesh Patel, page 5 of the filed PDF · View the filing
Consolidated PAT: INR725 crores (FY26)
p. 5
“Consolidated PAT stood at INR725 crores, which is a growth of 7% over FY '25.”
Yogesh Patel, page 5 of the filed PDF · View the filing
PAT after minority interest: INR644 crores (FY26)
p. 5
“PAT after minority interest for FY '26 is at INR644 crores.”
Yogesh Patel, page 5 of the filed PDF · View the filing
Q4 consolidated revenue: INR1,523 crores (Q4 FY26)
p. 5
“Our consolidated revenue for this quarter stood at INR1,523 crores, with an EBITDA of INR430 crores.”
Yogesh Patel, page 5 of the filed PDF · View the filing
Q4 consolidated PAT: INR190 crores (Q4 FY26)
p. 6
“Consolidated PAT stood at INR190 crores for the quarter.”
Yogesh Patel, page 6 of the filed PDF · View the filing
Collections: INR7,476 crores (FY26)
p. 6
“our overall collections for the year remained at levels similar to FY '25 at INR7,476 crores.”
Yogesh Patel, page 6 of the filed PDF · View the filing
Average cost of debt: 7.57% (as of March 2026)
p. 6
“Our average cost of debt has reduced meaningfully in the year by 110 basis points, which now stands at 7.57% as of March '26, which was 8.67% as of March '25.”
Yogesh Patel, page 6 of the filed PDF · View the filing
Gross debt: INR5,231 crores (as of March 2026)
p. 6
“Gross debt for the group stood at INR5,231 crores.”
Yogesh Patel, page 6 of the filed PDF · View the filing
Net debt: INR2,278 crores (as of March 2026)
p. 6
“Consequently, the company's net debt outstanding as of March end was INR2,278 crores.”
Yogesh Patel, page 6 of the filed PDF · View the filing
Debt equity ratio: 0.27 (FY26)
p. 6
“The debt equity ratio for the year stood at 0.27.”
Yogesh Patel, page 6 of the filed PDF · View the filing
Cash and cash equivalents: INR2,953 crores (as of March 31, 2026)
p. 6
“The cash and cash equivalent balance as of March 31, 2026 stood at INR2,953 crores.”
Yogesh Patel, page 6 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Pre-sales — INR9,000 crores · FY27
stated conditionally by Pavitra Shankar
p. 4
“If the current sentiment and market conditions hold up, our outlook is that demand on ground will support a pre-sales outlook of at least 20% growth on our FY '26 numbers and aiming for INR9,000 crores.”
Pavitra Shankar, page 4 of the filed PDF · View the filing
Residential launches — 11.6 million square feet · FY27
stated firmly by Pavitra Shankar
p. 4
“For FY27, the residential launch pipeline stands at 11.6 million square feet with a GDV of INR11,900 crores.”
Pavitra Shankar, page 4 of the filed PDF · View the filing
Commercial leasing launch pipeline capex — INR6,000 crores over 4 years · FY27-FY30
stated firmly by Pavitra Shankar
p. 4
“The capital expenses towards the construction of this 10 million square feet will be approximately INR6,000 crores spread over the next 4 years, ranging between INR1,200 crores to INR1,700 crores per annum.”
Pavitra Shankar, page 4 of the filed PDF · View the filing
Office leasing launches — 4.5 million square feet · FY27
stated firmly by Pavitra Shankar
p. 4
“We launched 1.3 million square feet during FY26 with 4.5 million square feet planned for FY'27, while our rental collections sustained at 99%.”
Pavitra Shankar, page 4 of the filed PDF · View the filing
Operating cash flow
stated as an aspiration by Yogesh Patel
p. 9
“So, we should see an increase for sure. I mean, it should be -- it should come in percentage terms pretty close to the way we look at our sales growth as well, a few 100 basis points probably lower from there given the timing per se.”
Yogesh Patel, page 9 of the filed PDF · View the filing
Leasing portfolio to be leased out — double FY26 leasing · FY27
stated as an aspiration by Nirupa Shankar
p. 15
“But we are aiming to at least double what we did in FY26.”
Nirupa Shankar, page 15 of the filed PDF · View the filing
Whitefield Bain JV project completion — 40 months after approval
stated firmly by Nirupa Shankar
p. 9
“Time line, as you said, we are expecting to complete the project around 40 months -- in about 40 months.”
Nirupa Shankar, page 9 of the filed PDF · View the filing
Residential pricing — 7% to 9% annual increase · FY27
stated as an aspiration by Pavitra Shankar
p. 17
“after the launch, we will look at an annual price increase of around 7% to 9% based on that micro market.”
Pavitra Shankar, page 17 of the filed PDF · View the filing
Commercial leasing rate increase (World Trade Center vacated space) — 10% to 15%
stated as an aspiration by Nirupa Shankar
p. 7
“I think with the way the current market condition is, -- we should look to expect between -- anywhere between 10% to 15%.”
Nirupa Shankar, page 7 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said leasing is progressing floor by floor with strong client interest, expected to complete over the next couple of quarters.
Answered by Nirupa Shankar
Asked by Adhidev Chattopadhyay: How will Brigade fill the space vacated by Amazon at World Trade Center Bengaluru?
p. 7
“So, there are very high-potential client visits that are happening on a regular basis. What we expect is that there may not be one single client that comes to pick up the entire space”
Nirupa Shankar, page 7 of the filed PDF · View the filing
Management acknowledged the number could be conservative due to Chennai's slower absorption curve and risk of launch timing shifts.
Answered by Pavitra Shankar
Asked by Karan Khanna: Is the Rs 9,000 crore pre-sales guidance conservative given inventory and historical new-launch contribution rates?
p. 8
“So, you are right in terms of how much we have in terms of opening inventory, and that's an area that we'll be trying to push further because that's inventory that we have in hand.”
Pavitra Shankar, page 8 of the filed PDF · View the filing
Management attributed flattish collections to deferred launches earlier in the year now converting to cash, with improvement expected as new launches progress.
Answered by Yogesh Patel
Asked by Girish Choudhary: Why have collections been flattish for the year and when will they pick up?
p. 9
“So the reflection of the flattish collection, which we talked about is primarily because of the initial part of the year where the launches were deferred.”
Yogesh Patel, page 9 of the filed PDF · View the filing
Management said the primary approval issues are behind them, citing 4 million square feet launched in recent months.
Answered by Pradyumna Krishna Kumar
Asked by Biplab Debbarma: Have the approval-related issues from FY26 been resolved?
p. 10
“So, I think we are behind the issues that we faced earlier.”
Pradyumna Krishna Kumar, page 10 of the filed PDF · View the filing
Management explained reported margins are diluted by mix of older lower-priced projects and fit-out recoveries, but operating margins remain healthy and should reflect in FY27.
Answered by Yogesh Patel
Asked by Abhishek Khanna: When can reported residential and annuity margins improve?
p. 16
“Correct. On the operation, the POCM basis, we continue to see this in that 30% range of EBITDA itself.”
Yogesh Patel, page 16 of the filed PDF · View the filing
Management said Twin Towers will largely be sold rather than leased, and residential prices are expected to rise 7-9% annually on a like-to-like basis.
Answered by Nirupa Shankar
Asked by Parvez Qazi: What is the plan for remaining Twin Towers space and residential pricing outlook for FY27?
p. 17
“Regarding the first question with respect to Twin Towers, the idea is to just sell the project.”
Nirupa Shankar, page 17 of the filed PDF · View the filing
Management said conversions remain healthy though the conversion cycle has lengthened in some markets.
Answered by Pavitra Shankar
Asked by Heta Vora: Is there softness in walk-ins or inquiries due to expected layoffs?
p. 18
“In terms of conversions, the conversions are still healthy at 10% to 12%. But what is happening is that in some of the markets it takes a little longer than usual in terms of the conversion cycle.”
Pavitra Shankar, page 18 of the filed PDF · View the filing
Risks flagged
Delays in obtaining approvals pushed project launches into later quarters and next fiscal year
p. 3
“This was primarily on account of delays in obtaining approvals, with many project launches pushed to the latter half of Q4 and some moving into FY27.”
Pavitra Shankar, page 3 of the filed PDF · View the filing
Regulatory issue at Brigade Morgan Heights required pausing sales
p. 3
“Sustenance sales contributed 57% for the year, but was also impacted by a regulatory issue post launch in Brigade Morgan Heights, Chennai, requiring a pause on sales of Phase 1.”
Pavitra Shankar, page 3 of the filed PDF · View the filing
Macroeconomic uncertainty from geopolitical tensions and AI implications
p. 4
“While we are watchful of the macroeconomic uncertainty due to geopolitical tensions in the Middle East and the broader implications of AI, the fundamental demand drivers in our core markets remain intact.”
Pavitra Shankar, page 4 of the filed PDF · View the filing
Global macro uncertainties and cost pressures affecting office market
p. 4
“While global macro uncertainties and cost pressures persist, a diversified occupier base and adaptive supply pipeline provide resilience.”
Pavitra Shankar, page 4 of the filed PDF · View the filing
Geopolitical developments impacted foreign tourist arrivals and led to MICE cancellations
p. 5
“In hospitality for Q4 FY '26, geopolitical developments during the period impacted foreign tourist arrivals and led to some MICE cancellations.”
Pavitra Shankar, page 5 of the filed PDF · View the filing
Approval or bylaw changes delaying North Bangalore project launch
p. 12
“So, the North Bangalore project, there were some approval changes or some bylaw changes.”
Pavitra Shankar, page 12 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.