Brigade Enterprises Q2 FY27: PAT ₹217 Cr & Rev ₹1,179 Cr

Investor Takeaways

Real Estate EBITDA margin expanded to 21% from 12% YoY, driving PAT growth of 37% to INR217 crores.

Leasing revenue increased 9% YoY to INR328 crores, supporting margin improvement.

Robust launch pipeline of 16.4 million sq. ft. with 2.36 million sq. ft. scheduled for Q2 launches.

Overall Tone: Positive

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹1,179 Cr	37%
Net Profit	₹217 Cr	37%
EBITDA Margin	21%	9% pts YoY
Leasing Revenue	₹328 Cr	9%
EPS	₹9.98	—

What Changed

The filing highlights a significant improvement in operational efficiency and profitability. Real Estate EBITDA margin expanded by 9 percentage points YoY to 21%, directly contributing to a 37% YoY increase in PAT to INR217 crores. Leasing revenue grew 9% YoY to INR328 crores, indicating stronger asset utilization. The company reaffirmed its FY27 presales guidance of INR9,000 crores and highlighted a robust launch pipeline of 16.4 million sq. ft., with 2.36 million sq. ft. scheduled for Q2 launches. Sustainability metrics, including 61% renewable energy usage and EDGE certification across operating assets, were also noted. The company retained its margin improvement guidance of 5-6% through FY27 and FY28. Quarterly trends show consistent profitability, with Q1 FY27 PAT at INR217 crores compared to INR80.53 crores in Q1 FY25.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Brigade Enterprises Limited	25.06	N/A	N/A	16,836.09
DLF Limited	35.01	N/A	N/A	1,40,288.48
Lodha Developers Limited	33.53	N/A	N/A	84,909.91
The Phoenix Mills Limited	46.02	N/A	N/A	62,174.6

Brigade Enterprises trades at a discount to peers on P/E ratio (25.06 vs. 33.53–46.02), suggesting potential relative valuation advantage. However, peer ROE and ROCE data are not available for direct comparison.

Risks & Concerns

No specific risks identified in the filing. The company emphasized margin expansion and pipeline strength without highlighting operational or market-related concerns.

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	1,463.94	235.52	28.26
Q2FY25	1,072.16	115.08	27.23
Q1FY25	1,077.72	80.53	27.15
Q4FY24	1,702.37	210.86	25.42

Note: The Quarterly Trend section uses data from the provided quarterly trend. The latest reported quarter (Q1 FY27) is not included in the trend table as it is not part of the historical quarterly data provided. The trend reflects the last four quarters ending Q4FY24.

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About Brigade Enterprises Limited (BRIGADE)

Realty · Realty · Listed on NSE

Market Cap: ₹21,057.04 Cr P/E: 24.5 ROE: 11.5% ROCE: 10.9% Div Yield: 0.31%

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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