BRIGADE
Small CapBrigade Enterprises Limited
Real Estate
Established in 1986, Brigade Enterprises is a multi-asset class developer in India, building Grade A properties across Residential, Office, SEZ, Retail, Hospitality, and Senior Living. Listed on BSE & NSE with a market cap of approx. USD 1.7 Bn as of March 31, 2026. Rated AA (Stable) by ICRA; AA- (Positive) by CRISIL.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Bad · 0/100Rev -0% YoY · PAT -23% YoY · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,458 Cr | -0.1% | -7.4% |
| EBITDA | ₹365 Cr | -12.3% | -11.2% |
| Operating margin | 25.0% | -300 bps | -100 bps |
| PAT | ₹191 Cr | -23.3% | -7.3% |
| PAT margin | 13.1% | -395 bps | +2 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 presales reached INR 2,521 Cr (1.95 mn sft), with average realization up 7% YoY. FY26 presales stood at INR 7,424 Cr (6.13 mn sft), realization up 13% YoY. Leasing EBITDA grew 17% YoY, Hospitality revenue increased 5% YoY. Consolidated PAT after MI declined 22% YoY in Q4.
Brigade delivered strong presales and realization growth in FY26, supported by significant new launches. The robust project pipeline and healthy collections indicate continued momentum in the real estate segment. While Q4 PAT after MI saw a YoY decline, the underlying operational metrics across segments remain positive, suggesting the core thesis is intact.
Revenue Share % (Q4 FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Robust Project Launch Pipeline
Upcoming projects planned to be launched include ~12 mn sft in the next 4 quarters, with 6 residential projects in Bengaluru, 3 in Chennai, 2 in Hyderabad, and 3 in Mysuru.
Strong Residential Demand
Achieved presales of INR 7,424 Cr in FY26 with average realization up 13% YoY, indicating healthy demand in key markets.
Retail Portfolio Performance
Footfalls in malls grew by 7% YoY in Q4 FY26; new store additions and churn contributed to higher rental yields, with retailer sales up 25% YoY.
New Project Launches (Q4 FY26)
Launched 4 mn sft across 7 projects in Q4 FY26.
Upcoming Project Launches
Planned ~12 mn sft of launches in the next 4 quarters, including 11.59 mn sft residential and 4.51 mn sft leasing projects.
Leasing Capex Commitment
Balance capex commitment of INR 921 Cr for ongoing leasing projects as of Mar 31, 2026.
Resilient Hotel Industry Demand
India’s hotel industry reported resilient ARR growth, supported by strong corporate, retail, and MICE demand.
Domestic Tourism Growth
Domestic tourism remained the primary demand driver for the hospitality segment.
Retail Rental Yield Improvement
New store additions and churn contributed to higher rental yields in the retail segment.
Impact on Foreign Tourism
Foreign tourism was impacted due to ongoing geopolitical tensions, affecting the hospitality sector.
Consolidated Profitability Decline
Consolidated PAT after Minority Interest declined by 22% YoY in Q4 FY26.
Finance Costs
Finance costs were INR 112 Cr in Q4 FY26 and INR 409 Cr for FY26, representing a significant expense.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Real estate performance is best assessed YoY due to project-based seasonality and longer development cycles. QoQ comparison is relevant for tracking sequential momentum in collections, launches, and operational metrics like occupancy and spreads.
Real Estate Presales (Q4 FY26)
Achieved presales of INR 2,521 Cr, with a presales volume of 1.95 mn sft in Q4 FY26.
Real Estate Presales (FY26)
Achieved presales of INR 7,424 Cr in FY26, with a presales volume of 6.13 mn sft.
Average Realization (Q4 FY26)
Average realization stood at INR 12,915/sft during Q4 FY26, a growth of 7% over Q4 FY25.
Average Realization (FY26)
Average realization stood at INR 12,622/sft during FY26, an increase of 13% over FY25 (excl. plotted development).
Focus on Sustainability Integration
Key design and efficiency interventions from Brigade Citrine, the first Net Zero residential project, are being integrated across other developments.
Enhanced ESG Governance
A streamlined ESG governance and reporting model with enhanced disclosures across key frameworks such as GRESB and SMETA is being implemented.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Real Estate Presales Volume & Realization | Q4 FY26: 1.95 mn sft, INR 12,915/sft (7% YoY growth). FY26: 6.13 mn sft, INR 12,622/sft (13% YoY growth). | Sustained growth in presales volume and average realization from new and ongoing projects, especially from the ~12 mn sft pipeline. |
| Net Debt to Equity Ratio | 0.27 as of Mar 31, 2026. | Maintenance of a healthy debt-to-equity ratio, particularly with ongoing capex commitments and new project funding requirements. |
| Operating Cash Flow | INR 1,411 Cr for FY26. | Consistent generation of strong operating cash flows to support project execution and reduce reliance on external financing. |
| Hospitality ARR and Occupancy | Q4 FY26: ARR INR 8,066 (7% YoY growth), Occupancy 78%. | Continued improvement in average room rates and occupancy levels, indicating sustained demand and pricing power in the hospitality segment. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
41NeutralSMA20 -12.7% / mo · near 52W low
Technical chart
BRIGADEdaily · 6M-25.8%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 35. Wait for confirmation.
- SMA20 falling (~16.7% over last month) — short-term momentum negative.
- RSI(14) at 35 — rising, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 28% off 52W high · 8% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Fair-value margin of safety is positive at 25.3%.
- Growth contributes 20/25 to the score.
- Valuation contributes 9/30 to the score.
Main drags
- Altman Z is 1.3, in distress territory.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Balance sheet is weaker at 2/15; verify the latest quarterly trend.
Real estate valuation: NAV, pre-sales, debt, and inventory quality
Real estate valuation depends more on project economics and balance sheet than simple PE.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 38th percentile of the scored universe and 65th percentile within Real Estate. Main check: balance sheet trust is weak at 47/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Operating cash flow is negative at ₹-137 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Real Estate: 65th pctile, median 61 · Small: 43rd pctile, median 65
175 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸6 years of positive FCF.
- ▸3/4 latest quarters had positive YoY revenue growth.
- ▸OPM spread across recent quarters is 4%.
Trust risks
- ▸Operating cash flow is negative at ₹-137 Cr.
- ▸Altman Z is 1.33.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 24.20
- P/B
- 2.30
- EV/EBITDA
- 12.70
- Market Cap
- 15733.00Cr
Profitability
- ROE
- 10.40%
- ROCE
- 10.50%
- ROA
- 2.76%
- Dividend Y
- 0.39%
Growth (CAGR)
- Revenue 5Y
- 24.00%
- EPS 5Y
- 89.00%
- Revenue 3Y
- 18.00%
- EPS 3Y
- 35.00%
Balance Sheet
- Debt/Equity
- 0.93
- Interest Coverage
- 3.49×
- Altman Z
- 1.33
- Book Value
- 279.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 6/5
- OCF
- -137.00 Cr
- EPS TTM
- 26.35
Shareholding
- Promoter Hold
- 41.11%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 6%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Real Estate — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.