Brigade Enterprises Ltd

Financial Performance

• Q1 FY27 net sales: INR 1,061 crores; down 5% YoY.
• Realization per sq ft: INR 14,256; up 21% YoY.
• Consolidated PAT: INR 217 crores; YoY +37%; QoQ +14%.
• Collections: INR 1,856 crores in quarter; up 7% YoY.
• Real estate collections: INR 1,346 crores; Leasing: INR 343 crores.
• Gross debt: INR 5,305 crores; cash: INR 3,087 crores.
• Net debt: INR 2,218 crores; Brigade Enterprises share: INR 1,541 crores.
• Avg cost of debt: 7.61% as of 30 Jun 2026.
• Exceptional item: PAT gain of INR 36.6 crores from subsidiary investment reclassification.
• PAT after minority interest: INR 200 crores.

Operating Update

• Leasing portfolio: 8.0 million sq ft GLA; occupancy 88%.
• Q1 gross leasing: 0.22 million sq ft.
• Commercial office: revenue INR 200 crores; EBITDA margin 80%; rental collections 99%.
• Orion Mall: footfalls +11% YoY; retail sales +35%.
• Anchor retailers +64%; F&B +46%; electronics +33% YoY.
• BHVL hospitality: ADR +7%; occupancy +2%; RevPAR +9%; PAT +140% to INR 17 crores.
• PAT after minority interest for quarter: INR 200 crores.
• Morgan Heights: environment clearance revoked; land not Pallikaranai marshland; refunds issued; status quo with High Court.
• Sustainability: 61% of portfolio energy from renewables; portfolio EDGE certified.

Projects and Pipeline

• Launch pipeline for next 4 quarters: 16.4 million sq ft; residential 12.4 mn sq ft.
• GDV: approximately INR 13,400 crores.
• Residential splits: Bengaluru 4.3 mn; Hyderabad 4.0 mn; Chennai 3.0 mn; Mysore 1.0 mn.
• Commercial splits: Bengaluru 2.6 mn; Chennai 1.3 mn; Kochi 0.2 mn; 1,700 hospitality keys.
• 36 million sq ft rolling pipeline; 9.36 million in FY27; 3 million moves to Q1 FY28.
• Hyderabad Neopolis 2 project: ~2.0 million sq ft; launching in Q2 FY27.
• KIADB 75-acre parcel: residential ~3–4 lakh sq ft; timing later this year.
• Morgan Heights impact on unsold: ~0.7 million sq ft; ~INR 650 crores attributed value.

Outlook and Guidance

• FY27 presales guidance: INR 9,000 crores; launches expected back-ended in coming quarters.
• pipeline supports on-track guidance; MD commentary stresses Q2 onward ramp.
• Q2 launches likely earlier than Q4; Neopolis 2 and Whitefield/Hoskote may be Q3.
• Liquidity: adequate; undrawn bank lines to support growth; debt成本 ~7.61%.
• Morgan Heights relaunch remains contingent on environmental clearance; not included in current launch plan.

Q&A Highlights

• Rolling 4-quarter launches: 12.36 mn sq ft; FY27: 9.36 mn; 3.0 mn moves to Q1 FY28.
• WTC Bangalore leasing: ~0.71 mn leased; ~0.375 mn remaining; smaller leases 20k–40k sq ft.
• 0–4.3 million sq ft commercial splits: Bangalore ~57%; Hyderabad ~43%.
• Morgan Heights unsold impact: ~0.7 mn sq ft; attributable value ~INR 650 crores.
• Residential launch timing: Neopolis Hyderabad likely Q2; Whitefield Hoskote may be Q3.
• Q1 residential sales: INR 1,050 crores; presales target unchanged at INR 9,000 crores.

Additional Highlights

• Brigade Foundation CSR activities highlighted; multiple community initiatives noted.
• Executive remarks emphasize resilience in hospitality amidst West Asia disruptions; domestic demand offset.
• Annual landmark recognitions for leadership and CSR efforts mentioned by management.

Lease and expansion

• HealthEdge signs lease for ~1.62 lakh sq ft across 11 floors of Brigade Square in Technopark Phase 1.
• HealthEdge is a US-based healthcare technology company backed by Bain Capital.
• MoU with Government of Kerala to develop 2 million sq ft World Trade Center within Technopark Phase 1.
• New HealthEdge campus consolidates teams across Engineering, Product Development, Technology and Operations.
• Brigade Group's Thiruvananthapuram expansion reinforces the city's technology destination and employment ecosystem.

Acquisition overview

• Target: M/s. Celebrations Private Limited, a private company and Brigade's step-down subsidiary.
• Related party transaction with wholly owned subsidiary, on an arm's length basis.
• Industry: Real estate development.
• Regulatory approvals: Not Applicable.
• Completion: Completed on August 19, 2026.
• Consideration: Cash.
• Cost of acquisition: Rs 30,00,000.
• Equity stake: 100% equity shares acquired.
• Target background: Incorporated Nov 8, 2021; turnover NIL in 2023-26; presence in India.
• Size/scale: Authorized/paid-up capital Rs 30,00,000; turnover NIL as of 31 Mar 2026.
• Business scope: Real estate development.

Meeting Details

• Date: August 14, 2026; Type: group call; Mode: virtual.
• Event: Q1 FY 2026-27 conference call with Investors and Analysts.
• Organizer: Brigade Enterprises Limited.
• Recording: Audio recording uploaded on company website.

Purpose

• Purpose: Audio recording of the Q1 FY 2026-27 conference call with investors and analysts.

AGM Details

• AGM held Aug 13, 2026 at 11:00 a.m. (physical) at Sheraton Grand, Bangalore.
• Remote e-voting and Instapoll conducted for voting.
• Shareholders on record: 1,59,962.

Resolutions and outcomes

• Adoption of standalone and consolidated financial statements for FY2025-26 — Ordinary — passed.
• Final dividend of Rs 2.00 per equity share for 2025-26 — Ordinary — passed.
• Re-appointment of Pradyumna Krishna Kumar as director by rotation — Ordinary — passed.
• Re-appointment of Pavitra Shankar as director by rotation — Ordinary — passed.
• Enhancing the board borrowing powers under section 180(1)(c) — Special — passed.
• Creation of charge over assets under section 180(1)(a) — Special — passed.
• Issuance of Non-Convertible Debentures on private placement up to Rs 1500 crores — Special — passed.
• Approval of Brigade Employee Stock Option Plan 2026 — Special — passed.
• Approval to grant stock options to employees of subsidiaries and associates under the plan — Special — passed.
• Ratification of remuneration payable to Murthy & Co. LLP for 2025-2026 — Ordinary — passed.

AGM Details

• AGM held on 13 August 2026 at 11:00 a.m. in-person at a Bangalore hotel.
• Remote e-voting and Instapoll used during the AGM.
• Voting window 9–12 August 2026; cut-off 5 August 2026.

Resolutions

• Adoption of standalone and consolidated financial statements for FY2025-26.
• Declaration of final dividend of Rs.2.00 per equity share (20%).
• Re-appointment of Pradyumna Krishna Kumar as Director liable to retire by rotation.
• Re-appointment of Pavitra Shankar as Director liable to retire by rotation.
• Enhancing the borrowing powers of the board under section 180(1)(c).
• Creation of charge over assets under section 180(1)(a).
• Issuance of Non-Convertible Debentures on private placement up to Rs.1500 crores.
• Approval of Brigade Employee Stock Option Plan 2026 and grant of ESOs.
• Approval to grant stock options to employees of subsidiaries/associates/JVs under ESOP Plan 2026.
• Ratification of remuneration payable to Murthy & Co. LLP for 2025-26.

Voting Results

• Consolidated e-voting results to be announced within two working days.

Dividend

• Final dividend of Rs 2.00 per equity share proposed/approved.

Directors & Management Changes

• Re-appointment of Pradyumna Krishna Kumar as Director liable to retire by rotation.
• Re-appointment of Pavitra Shankar as Director liable to retire by rotation.

Auditors & Remuneration

• Remuneration for Cost Auditors Murthy & Co. LLP for 2025-26 ratified.

Other Material Approvals

• Approval of Brigade Employee Stock Option Plan 2026 and grant of ESOs.

Business Overview

• Diversified property developer across Real Estate, Leasing, and Hospitality.
• Marquee investors include GIC and Bain Capital.
• Listed on BSE/NSE; market cap around USD 1.7 billion as of June 2026.

Key Operational Highlights

• Real Estate presales INR 1,061 Cr; 0.74 mn sq ft in Q1 FY27.
• Average realization INR 14,256 per sq ft; up 21% YoY.
• Leasing revenue INR 328 Cr; EBITDA INR 230 Cr; occupancy up.
• Hospitality revenue INR 144 Cr; EBITDA INR 45 Cr; ARR INR 7,241; occupancy 76%.
• Strategic Bain Capital partnership for ~2 mn sq ft mixed-use project in Whitefield.
• Upcoming launches ~12 mn sft across Bengaluru, Chennai, Hyderabad, Mysuru.
• Consolidated revenue Q1 FY27: INR 1,179 Cr; EBITDA 425 Cr; PAT 217 Cr.

Financial Performance

• Real Estate revenue 707 Cr; Leasing 328 Cr; Hospitality 144 Cr.
• EBITDA by segment: Real Estate 150 Cr; Leasing 230 Cr; Hospitality 45 Cr.
• Gross debt 5,305 Cr; Net debt BEL share 1,541 Cr; cash 3,087 Cr.
• Net debt including SPV share 2,218 Cr; debt/equity 0.26x.
• Standalone turnover 683 Cr; PAT after MI 200 Cr.

Capital Structure & Liquidity

• Credit ratings: AA (Stable) ICRA; AA- (Positive) CRISIL.
• Capex balance across projects: 3,598 Cr.
• Land bank: 543 acres; Brigade share 43 mn sft.

Strategic Priorities & Outlook

• Focus on diversified asset portfolio with 12 mn sft upcoming launches.
• Leasing strategy via Bain Capital; mall footfalls up 11%; retailer sales up 35% YoY.
• ESG initiatives: GRESB, BRSR, and Net Zero 2045 roadmap rollout.

Governance & Leadership

• Executive Chairman M R Jaishankar; MD Pavitra Shankar; Jt. MD Nirupa Shankar.
• Board includes independent directors; promoter group alignment.

Performance highlights

• Q1 FY27 consolidated revenue ₹1,179 crore; EBITDA ₹425 crore; PBT ₹285 crore; PAT ₹217 crore.
• Real estate segment revenue ₹707 crore; EBITDA ₹150 crore (21% margin).
• Leasing segment revenue ₹328 crore; up 9% YoY.
• Hospitality revenue ₹144 crore; occupancy 76%; ARR ₹7,241.
• Average realization ₹14,256 per sft, up 21% YoY.
• Mall footfalls up 11% YoY; retailer sales up 35% YoY.
• Brigade launched ~4 Mn sft of commercial projects in Bengaluru & Hyderabad.
• Nearly 12 million sq ft launches planned; Bain Capital partnership for Whitefield development.
• Annuity businesses across leasing, retail and hospitality remained resilient.

Consolidated results

• Consolidated total income for quarter ended 30 June 2026: 1,12,408 lakhs.
• Profit before tax: 28,487 lakhs.
• Profit after tax: 21,694 lakhs.
• EPS (basic/diluted): ₹6.14.
• Exceptional item: 4,288 lakhs gain from Vibrancy stake.
• Segment revenues: Real estate 65,417; Leasing 32,524; Hospitality 14,467 lakhs.
• Final dividend of ₹2.20 per share recommended; approved Aug 13, 2026.

Standalone results

• Standalone revenue from operations: 61,413 lakhs.
• Standalone profit after tax: 11,921 lakhs.
• Standalone EPS: ₹3.66 (basic) and ₹3.65 (diluted).
• Paid-up capital increased to ₹32,616 lakhs via stock options and bonus issue.
• Final dividend of ₹2.20 per equity share approved by AGM on Aug 13, 2026.
• Chennai SEIAA order carrying value: ₹12,600 lakhs; management expects strong case.
• Tax survey under Section 133A: no material liability beyond amounts provided.