DLF Ltd.
NSE: DLF
Real Estate · Real Estate - Development
₹675.00 last close on 16 Oct 2026 +0.67%
Research updated
Brigade Enterprises Ltd.
NSE: BRIGADEReal EstateReal Estate - Development
- Last close
- ₹575.15
- Day change
- −₹6.30 (−1.08%)vs
- Market cap
- ₹18,759 crIndian rupees
- Research updated
- 1 report
About Brigade Enterprises
Brigade Enterprises Ltd. is a prominent real estate development company engaged in the construction and management of residential, commercial, and hospitality projects primarily in India. Established in 1986, Brigade Enterprises has carved a niche in the real estate sector with its diverse portfolio that spans across residential apartments, villas, office buildings, and retail complexes. The company also operates luxury hotels in affiliation with international brand partners, enhancing its presence in the hospitality industry. As an integral player in urban development, Brigade Enterprises contributes significantly to infrastructure growth in India, catering to the burgeoning demands of urbanization. The company's projects are known for their modern design, quality construction, and commitment to sustainable development. With its headquarters in Bengaluru, Brigade Enterprises plays a critical role in the landscape of urban realty, driven by its vision to build positive experiences for customers and communities. Its long-standing reputation for innovation and adherence to high standards has made it a trusted name in the real estate domain.
- Sector
- Real Estate
- Industry
- Real Estate - Development
- Listing
- NSE: BRIGADE
- Employees
- 3,408
- Headquarters
- Bengaluru, India
- ISIN
- INE791I01019
- Website
- brigadegroup.com
Public research · Report of
Business model & financial foundation
Brigade (NSE: BRIGADE), Residential development with office/retail leasing and hospitality (South India): revenue of ₹5,697 crore in FY26 (+12.3% on FY25), an EBITDA margin of 28.8%, net profit of ₹644.4 crore and net debt of ₹2,278 crore.
- Revenue, FY26 (₹ crore)
- 5,697
- consolidated
- Revenue growth, FY26
- +12.3%
- on FY25
- EBITDA margin, FY26
- 28.8%
- EBITDA including other income / revenue
- Net profit, FY26 (₹ crore)
- 644.4
- to owners
- Return on equity, FY26
- 9.6%
- on average equity
- Net debt, FY26 (₹ crore)
- 2,278
- Management group net debt including liquid investments
- Market capitalisation (₹ crore)
- 20,445
- at the close of 16 Oct 2026
Company profile
Brigade Enterprises is a Bengaluru-based real estate developer founded in 1986 with residential projects across Bengaluru, Chennai, Hyderabad and Mysuru, an operating office and retail leasing portfolio of about 9.4 million sq ft, and nine operating hotels held through listed subsidiary Brigade Hotel Ventures. Residential sales are recognised at handover, so reported revenue lags bookings by roughly three to four years.
| Item | Value |
|---|---|
| Legal name | Brigade Enterprises Limited |
| Exchange and ticker | NSE: BRIGADE; BSE: 532929 |
| ISIN | INE791I01019 |
| CIN | L85110KA1995PLC019126 |
| Sector | Real Estate |
| Industry | Residential development with office/retail leasing and hospitality (South India) |
| Headquarters | Bengaluru, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP (since 2024) |
| Market capitalisation | ₹20,445 crore (16 Oct 2026) |
| Shares outstanding | 32.61 crore shares (FY26) |
| Price | ₹581.5 (close, 16 Oct 2026) |
| 52-week range | ₹450.8 - ₹802.0 (to 16 Oct 2026) |
| Website | https://www.brigadegroup.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Brigade Hotel Ventures Limited | 74.09% | Listed hotel owner (BHVL), IPO Jul-2025 |
| Brigade Properties Private Limited | 51% | Office leasing SPV (FY24 perimeter) |
| Perungudi Real Estates Private Limited | 51% | Chennai WTC leasing SPV (FY24 perimeter) |
| BCV Developers Private Limited | 67.04% | Development SPV (FY24 perimeter) |
| SRP Prosperita Hotel Ventures Limited | 50.01% | Hotel SPV (FY24 perimeter) |
| WTC Trades and Projects Private Limited | 100% | Commercial project subsidiary (FY24 perimeter) |
| Vibrancy Real Estates Private Limited | 50% | Whitefield mixed-use JV with Bain Capital from Q1 FY27 |
FY26 AOC-1 materiality list not retrieved; holdings for SPVs other than BHVL and Vibrancy are FY24 perimeter references.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 41.12% | 41.11% | 41.10% | 41.09% |
| Promoter holding pledged | 0.00% | 0.11% | 0.00% | 0.00% |
| Foreign institutions | 18.14% | 16.75% | 15.63% | 14.45% |
| Domestic institutions | 23.54% | 24.74% | 25.47% | 26.90% |
| of which mutual funds | 21.47% | 22.29% | 22.57% | 23.30% |
| Retail | 17.19% | 17.41% | 17.81% | 17.56% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Brigade develops housing and commercial property, operates rental assets and consolidates hospitality with material partner/NCI interests. Residential bookings and milestone cash collections precede reported revenue, often by years. Unit revenue is point-in-time at OC/control transfer, consideration and registration/handover; separate JDA services recognise over time. Thus total presales, residential presales, group collections and revenue are not interchangeable. Company EBITDA includes other income; operating EBITDA excludes it. PAT to owners rather than NCI-inclusive PAT governs EPS.
| Segment | total income, FY26 (₹ crore) | Share | ebitda, FY26 (₹ crore) | Share | pbt or pbte, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Real Estate (for sale) | 4,002 | 67.7% | 525.0 | 32.1% | 430.0 | 46.9% |
| Lease Rental (office and retail) | 1,303 | 22.1% | 906.0 | 55.3% | 377.0 | 41.1% |
| Hospitality (group, not only BHVL) | 604.0 | 10.2% | 207.0 | 12.6% | 110.0 | 12.0% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Prestige Estates Projects (PRESTIGE) | Bengaluru-based diversified developer with office, retail and hotel annuities |
| Sobha (SOBHA) | Bengaluru residential developer, same core micro-markets |
| Godrej Properties (GODREJPROP) | |
| DLF (DLF) | Developer with large rental annuity arm |
| Phoenix Mills (PHOENIXLTD) | Retail/office annuity benchmark for leasing segment |
| Oberoi Realty (OBEROIRLTY) | Developer with integrated office, retail and hotel assets |
| Anant Raj (ANANTRAJ) | Similar market cap developer in peer table |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 2,944 | 3,397 | 4,897 | 5,074 | 5,697 |
| Cost of revenue (vendor classification) * | 1,627 | 1,825 | 2,773 | 2,317 | 2,758 |
| Other operating costs (vendor classification) * | 392.2 | 482.3 | 597.6 | 938.5 | 1,005 |
| EBITDA (vendor classification) * | 809.3 | 946.1 | 1,345 | 1,654 | 1,623 |
| EBIT including other income | 415.5 | 695.1 | 1,060 | 1,365 | 1,327 |
| Finance costs | 430.6 | 417.1 | 491.0 | 495.5 | 409.4 |
| Profit before tax | -15.0 | 278.0 | 568.7 | 869.3 | 903.9 |
| Total tax expense | 49.7 | 55.8 | 167.6 | 188.8 | 179.1 |
| PAT including NCI | -64.8 | 222.2 | 401.0 | 680.5 | 724.8 |
| Diluted EPS restated to post 1:3 bonus basis (₹) | 3.66 | 12.61 | 14.63 | 21.51 | 19.75 |
| Other income | 167.5 | 239.3 | 211.8 | ||
| Total income | 5,064 | 5,314 | 5,909 | ||
| Project costs including licence and architect fees | 2,821 | 2,518 | 2,896 | ||
| Employee benefits | 317.7 | 404.7 | 481.9 | ||
| Other expenses | 563.2 | 737.2 | 892.5 | ||
| EBITDA including other income | 1,362 | 1,654 | 1,639 | ||
| Depreciation and amortisation | 302.1 | 288.8 | 312.4 | ||
| Exceptional items (signed) | 0.00 | 0.00 | -13.8 | ||
| JV and associate share (signed) | 0.00 | 0.00 | 0.37 | ||
| PAT attributable to NCI (signed) | -50.6 | -5.29 | 80.4 | ||
| PAT attributable to owners | 451.6 | 685.8 | 644.4 | ||
| Operating EBITDA excluding other income | 1,194 | 1,414 | 1,427 | ||
| Diluted EPS as originally reported pre-bonus (₹) | 19.51 | 28.68 | 26.33 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 2,878 | 3,144 | 3,558 | 5,915 | 7,524 |
| Statutory borrowings (excluding lease liabilities) | 5,181 | 4,988 | 5,337 | 5,274 | 6,110 |
| Cash and cash equivalents (statutory BS) | 377.0 | 229.6 | 574.3 | 1,870 | 1,486 |
| Trade receivables | 504.2 | 461.6 | 499.7 | 629.1 | 600.7 |
| Inventories | 6,223 | 7,327 | 7,736 | 8,887 | 11,401 |
| Trade payables (MSME + others) | 649.1 | 734.7 | 760.1 | 785.8 | 881.7 |
| Net property, plant and equipment * | 64.0 | 64.3 | 64.8 | 73.4 | 75.7 |
| CWIP including investment property under development | 664.9 | 916.0 | 1,232 | 1,929 | 3,584 |
| Total assets | 15,158 | 16,377 | 17,886 | 22,090 | 26,253 |
| Management group net debt including liquid investments | 2,590 | 962.0 | 2,278 | ||
| Lease liabilities | 133.3 | 189.4 | 234.3 | ||
| Other bank balances | 1,163 | 1,391 | 1,199 | ||
| Current investments | 47.1 | 36.6 | 50.4 | ||
| Equity attributable to owners | 3,649 | 5,638 | 6,820 | ||
| Management net debt (issuer liquidity perimeter) | 2,590 | 962.0 | 2,278 | ||
| Advance from customers (separate reported line) | 37.4 | 25.9 | |||
| Deferred revenue from real estate contracts | 7,263 | 8,373 | |||
| Liabilities under joint development arrangements | 1,404 | 1,781 | |||
| Total contract liabilities (including JDA) | 8,705 | 10,179 | |||
| RERA project-specific escrow within cash equivalents | 108.1 | 97.4 | |||
| Non-current margin money deposits with banks | 185.9 | 201.5 | |||
| Current margin money deposits with banks | 0.00 | 16.4 | |||
| Cash equivalents pledged as security for borrowings | 59.0 | 175.4 | |||
| Non-current margin money pledged for borrowings | 155.7 | 160.6 | |||
| Current bank deposits pledged for borrowings | 13.4 | 5.74 | |||
| Current borrowings including current maturities | 913.1 | 841.7 | |||
| Non-current borrowings net of current maturities | 4,361 | 5,268 | |||
| Provision for litigation (FSI compensation dispute) | 13.6 | 14.6 | |||
| Borrowings less cash and current investments | 4,715 | 3,368 | 4,573 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Statutory CFO | 728.3 | 791.3 | 334.0 | 995.3 | -137.1 |
| Free cash flow (vendor definition) * | 823.6 | 643.8 | 65.4 | 355.9 | -1,876 |
| Dividends paid (the provider's sign: an outflow is negative) * | -27.6 | -34.6 | -46.2 | -46.3 | -61.1 |
| Statutory cash capex (signed outflow) | -208.4 | -265.6 | -273.7 | -639.4 | -1,739 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Year-end shares restated to post-bonus basis | 30.07 | 30.73 | 30.81 | 32.58 | 32.61 |
| Year-end shares original pre-bonus basis | 22.55 | 23.05 | 23.11 | 24.44 | 24.46 |
| RPT interest on debentures, CCPS and loans | 79.5 | ||||
| JDA collections paid to named related landowners | 206.1 | ||||
| Repayment of loans to significant-influence enterprises | 114.3 | ||||
| Redemption of Reco Iris related-party debentures | 164.7 | ||||
| Remaining performance obligations: real estate contracts | 14,285 | 15,968 | |||
| Deferred real estate revenue plus customer advances | 7,301 | 8,399 | |||
| Maximum stated real-estate RPO recognition horizon (years) | 5.00 | ||||
| Undiscounted borrowing cash payments within one year | 1,310 | 911.5 | |||
| Undiscounted borrowing payments: one to five years | 3,284 | 4,365 | |||
| Undiscounted borrowing payments: more than five years | 3,260 | 3,545 | |||
| Liquidity incl bank balances, margin money and mutual funds | 3,484 | 2,937 | |||
| Net debt per statutory capital-management note | 2,013 | 3,425 | |||
| Capital-account contracts net of advances not provided | 611.1 | 1,732 | |||
| Net inventory write-down to NRV expensed in year | 2.20 | 2.20 | |||
| Variable-rate borrowings | 4,437 | 5,206 | |||
| Fixed-rate borrowings | 837.1 | 903.6 | |||
| Liquidity incl current and non-current margin money | 3,484 | 2,953 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,072 | 1,464 | 1,460 | 1,281 | 1,383 | 1,575 | 1,458 | 1,116 |
| Cost of revenue (vendor classification) * | 452.4 | 683.8 | 666.9 | 632.7 | 803.6 | 624.6 | 368.0 | |
| Other operating costs (vendor classification) * | 228.2 | 259.5 | 267.4 | 215.7 | 237.6 | 336.4 | 250.8 | |
| EBITDA (vendor classification) * | 357.9 | 479.5 | 487.9 | 375.1 | 458.7 | 431.5 | 424.4 | |
| Operating EBIT excluding other income and exceptionals | 223.0 | 337.4 | 340.4 | 248.0 | 251.6 | 330.8 | 284.5 | 288.2 |
| Finance costs | 122.6 | 114.3 | 106.6 | 105.6 | 102.3 | 89.9 | 111.7 | 109.2 |
| Profit before tax | 166.4 | 288.8 | 305.7 | 193.8 | 195.6 | 269.6 | 244.9 | 284.9 |
| Total tax expense | 51.3 | 53.3 | 56.3 | 35.9 | 25.3 | 63.8 | 54.2 | 67.9 |
| Profit after tax including non-controlling interests | 115.1 | 235.5 | 249.4 | 158.0 | 170.3 | 205.8 | 190.7 | 216.9 |
| Diluted EPS on post 1:3 bonus basis (₹) | 3.69 | 7.46 | 7.74 | 4.59 | 4.98 | 5.72 | 4.46 | 6.14 |
| Total income | 1,138 | 1,530 | 1,532 | 1,333 | 1,430 | 1,623 | 1,523 | 1,179 |
| Project costs incl. subcontractors, materials, land, inventory and fees | 484.5 | 763.9 | 721.0 | 664.5 | 702.8 | 831.5 | 696.8 | 396.1 |
| Employee benefits expense | 99.6 | 107.0 | 110.2 | 109.2 | 117.8 | 123.0 | 131.9 | 135.3 |
| Other expenses | 196.1 | 179.4 | 213.3 | 183.8 | 234.7 | 209.7 | 264.2 | 222.7 |
| Company-definition EBITDA including other income | 357.9 | 479.5 | 487.9 | 375.4 | 374.5 | 459.0 | 430.2 | 425.1 |
| Other income | 66.0 | 65.7 | 71.9 | 51.7 | 46.5 | 48.1 | 65.5 | 63.7 |
| Depreciation and amortisation | 68.9 | 76.3 | 75.6 | 75.6 | 76.5 | 80.1 | 80.2 | 73.2 |
| Share of profit/(loss) of joint ventures | 0.00 | 0.00 | 0.00 | -0.32 | -0.25 | -0.29 | 1.23 | -0.72 |
| Exceptional gain/(expense) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -19.1 | 5.30 | 42.9 |
| Profit attributable to non-controlling interests | -3.90 | -0.72 | 2.52 | 8.07 | 7.78 | 19.3 | 45.2 | 16.5 |
| Profit attributable to owners of the holding company | 119.0 | 236.2 | 246.8 | 149.9 | 162.5 | 186.5 | 145.5 | 200.4 |
| Sub-contractor costs | 370.8 | 390.7 | 447.1 | 427.1 | 542.9 | 434.8 | 410.6 | 409.4 |
| Raw materials, components and stores consumed | 115.3 | 128.5 | 157.6 | 153.8 | 192.3 | 156.0 | 281.4 | 155.5 |
| Land purchase cost including development rights | 98.7 | 129.8 | 1,279 | 657.2 | 854.4 | 0.00 | 1,141 | 3.65 |
| Purchase of stock-in-trade | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 23.3 | 0.00 | 0.00 |
| Changes in inventories (negative = increase in stocks/WIP) | -132.4 | 34.8 | -1,217 | -605.4 | -943.6 | 189.5 | -1,209 | -200.5 |
| License fees and plan approval charges | 17.3 | 65.5 | 41.8 | 16.8 | 45.8 | 16.6 | 46.5 | 6.52 |
| Architect and consultancy fees | 14.8 | 14.6 | 12.3 | 15.0 | 11.0 | 11.3 | 25.6 | 21.5 |
| Total statutory expenses including finance and depreciation | 971.8 | 1,241 | 1,227 | 1,139 | 1,234 | 1,334 | 1,285 | 936.5 |
| Current tax | 76.1 | 62.7 | 90.2 | 154.1 | 99.0 | 72.5 | 130.7 | 109.9 |
| Deferred tax charge/(credit) | -24.9 | -9.42 | -33.9 | -118.3 | -73.7 | -8.69 | -76.5 | -41.9 |
| Operating EBITDA excluding other income | 291.9 | 413.7 | 416.0 | 323.7 | 328.1 | 410.9 | 364.7 | 361.4 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 52.4% | 15.4% | 44.2% | 3.6% | 12.3% |
| EBITDA margin | 27.8% | 32.6% | 28.8% | ||
| Net margin | 9.2% | 13.5% | 11.3% | ||
| Return on equity | 13.5% | 14.5% | 9.6% | ||
| Return on capital employed | 5.3% | 8.6% | 12.4% | 13.6% | 10.7% |
| Return on assets | 2.6% | 3.4% | 2.7% | ||
| Net debt (₹ crore) | 2,590 | 962.0 | 2,278 | ||
| Net debt / EBITDA | 1.90x | 0.58x | 1.39x | ||
| Interest cover | 0.97x | 1.67x | 2.16x | 2.75x | 3.24x |
| Asset turnover | 0.20x | 0.22x | 0.29x | 0.25x | 0.24x |
| Receivable days | 63 | 50 | 37 | 45 | 38 |
| Inventory days (on revenue) | 772 | 787 | 577 | 639 | 730 |
| Payable days (on revenue) | 80 | 79 | 57 | 57 | 56 |
| Cash conversion | 0.74x | 1.45x | -0.21x | ||
| Capex intensity | 7.1% | 7.8% | 5.6% | 12.6% | 30.5% |
| Free cash flow (₹ crore) | 519.9 | 525.7 | 60.3 | 355.9 | -1,876 |
| Dividend payout | 10.2% | 6.7% | 9.5% | ||
| EPS, diluted (₹) | 3.66 | 12.61 | 14.63 | 21.51 | 19.75 |
| Book value per share (₹) | 95.71 | 102.3 | 115.5 | 181.5 | 230.7 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA including other income / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Management group net debt including liquid investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA including other income.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS restated to post 1:3 bonus basis).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Brigade Enterprises includes
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- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Brigade Enterprises
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Prices are the last close on the NSE, 16 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 17 Oct 2026.
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