Brigade Enterprises logo

Brigade Enterprises

BRIGADE NSE

Key Fundamentals

SmallcapResidential Commercial ProjectsRealty
Market Cap
₹20,693 Cr
Volatility
Moderate
P/E Ratio
29.98
EBITDA
₹1,639 Cr
Return on Equity
9.63%
Debt to Equity
0.93
Book Value
₹208.79
EPS
₹21.49
52W High
₹802.01
52W Low
₹450.75

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company has delivered good profit growth of 89.0% CAGR over last 5 years

Weaknesses

3
  • Stock is trading at 3.05 times its book value
  • Company has a low return on equity of 12.5% over last 3 years.
  • Company might be capitalizing the interest cost

Growth Rate

Revenue Growth
11.21% lower than 3Y
Net Income Growth
6.51% lower than 3Y
Cash Flow Change
-114% higher than 3Y
ROE
-16.26% lower than 3Y
ROCE
-22.61% lower than 3Y
EBITDA Margin (Avg.)
-10.86% lower than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Brigade Enterprises Ltd is a mid-to-large-cap realty company with a market cap of ₹20,693 Cr, trading at a P/E of 27.1x and P/B of 3.12x. The company has delivered strong 5-year profit CAGR of 89% and 5-year sales CAGR of 24%, but recent momentum has slowed with TTM sales growth at 5% and TTM profit declining 9%.

Bull Case 7
  • Exceptional 5-year compounded profit growth of 89% CAGR, indicating a strong earnings recovery and scaling trajectory
  • Robust 5-year compounded sales growth of 24% CAGR, well above the broader realty sector average
  • 3-year compounded profit growth of 35% CAGR demonstrates sustained earnings expansion beyond a single upcycle
  • 10-year stock CAGR of 22% reflects long-term wealth creation for shareholders
  • 3-year compounded sales growth of 18% CAGR suggests the top-line momentum has been multi-year, not a one-off
  • 3-year ROE of 12% and 5-year ROE of 11% show the company has maintained reasonable profitability across cycles
  • Dividend yield of 0.31% provides a modest income component, which is relatively uncommon among high-growth realty names
Bear Case 8
  • TTM profit growth has turned negative at -9%, signalling a potential earnings slowdown or margin compression
  • TTM sales growth has decelerated sharply to just 5%, down from 18% over 3 years and 24% over 5 years
  • P/B ratio of 3.12x is elevated for a realty company, where asset-heavy balance sheets typically trade closer to book value
  • ROE of 10-12% over the last 1 to 3 years is modest relative to the premium P/B multiple the stock commands
  • Possible interest cost capitalisation raises questions about the true cost structure and reported profitability
  • P/E of 27.1x is rich for a company whose most recent year shows declining profits, leaving limited margin of safety
  • 1-year stock return of -7% indicates recent negative price momentum and potential re-rating risk
  • Low dividend yield of 0.31% offers minimal downside cushion in a correction scenario

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 3h ago
Headwinds 2
  • Revenue decline despite strong profit Sep 4

    Consolidated net sales declined 12.93% YoY to ₹1,115.55 crore in Q1 FY27 from ₹1,281.14 crore, and stock fell 2.38% to ₹696 on BSE despite positive project launch news.

  • Conservative broker pre-sales estimate Sep 7

    Motilal Oswal pegs FY27 pre-sales at ₹84 billion versus Brigade's own guidance of ₹90 billion, implying a potential shortfall risk against management targets.

Positives 5
  • Motilal Oswal ₹900 target, 29% upside Sep 7

    Motilal Oswal issued a buy rating with ₹900 target price, noting the stock trades at ~40% discount to residential NAV with a 9.4 msf FY27 launch pipeline worth ₹100-110 billion GDV.

  • ₹2,700 cr Hyderabad project launched Sep 4

    Brigade Barcelona launched in Hyderabad's Neopolis on 4.04 acres with 650+ premium homes and ₹2,700 crore revenue potential, part of ₹5,000 crore Hyderabad investment over 3-4 years.

  • Q1 FY27 profit up 37% YoY Aug 20

    Net profit rose 37% YoY to ₹217 crore in Q1 FY27, driven by higher real estate margins and strong leasing performance despite a 5% revenue dip to ₹1,179 crore.

  • PVR INOX opens at Utopia Sep 1

    Brigade opened a six-screen PVR INOX multiplex with 949 seats at Arcadia, Brigade Cornerstone Utopia in Bengaluru, enhancing its retail asset portfolio.

  • Coimbatore entry via ₹600 cr JDA Sep 1

    Brigade entered Coimbatore with a 5.4-acre residential JDA in Saravanampatti carrying ~₹600 crore GDV, expanding its South India footprint.

Neutral 4
  • ₹9,000 cr FY27 sales target confirmed Aug 20

    Brigade reaffirmed its ₹9,000 crore FY27 pre-sales target backed by a launch pipeline of 12.36 million sq ft across upcoming projects.

  • HealthEdge 1.62 lakh sqft lease signed Aug 20

    US-based HealthEdge leased 1.62 lakh sq ft at Brigade Square Technopark, becoming its inaugural IT office tenant at the property.

  • Investor meetings with top MFs Sep 1

    Brigade scheduled one-on-one meetings with Aditya Birla MF, HDFC MF, and Mirae MF on Sep 2 and attended Elara India Dialogue 2026 on Sep 1.

  • Celebrations Pvt Ltd acquisition Aug 19

    Brigade acquired 100% of Celebrations Private Limited for ₹30 lakh, a shell entity with nil FY26 turnover, likely for future project development.

TL;DR: Brigade Enterprises is executing well on its expansion strategy with aggressive launches in Hyderabad (₹2,700 cr) and Coimbatore (₹600 cr), strong Q1 profit growth of 37% YoY, and a credible ₹9,000 crore FY27 pre-sales pipeline. The key risk is a persistent revenue decline (5-13% YoY across reported figures) even as profitability improves, suggesting earnings quality needs monitoring. Motilal Oswal's ₹900 target and 40% NAV discount highlight significant valuation upside if launches convert to bookings. The trend is constructive with heavy H2 FY27 launches (~7 msf) set to be the near-term catalyst.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
654
1,367
1,174
1,702
1,078
1,072
1,464
1,460
1,281
1,383
1,575
1,458
1,116
Expenses
479
1,042
912
1,270
785
780
1,050
1,044
958
1,056
1,164
1,093
755
Operating Profit
175
325
262
433
293
292
414
416
323
328
411
365
361
OPM %
27%
24%
22%
25%
27%
27%
28%
28%
25%
24%
26%
25%
32%
Other Income
31
41
34
60
36
66
66
72
52
46
29
72
107
Interest
108
110
135
138
152
123
114
107
106
102
90
112
109
Depreciation
68
76
82
76
68
69
76
76
76
76
80
80
73
PBT
30
180
79
279
108
166
289
306
194
196
270
245
285
Tax %
27%
38%
30%
24%
26%
31%
18%
18%
18%
13%
24%
22%
24%
Net Profit
22
112
56
211
81
115
236
249
158
170
206
191
217
EPS in Rs
1.25
4.34
2.39
6.69
2.72
3.65
7.25
7.58
4.6
4.98
5.72
4.46
6.14
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,311
2,038
2,024
1,897
2,973
2,632
1,950
2,999
3,445
4,897
5,074
5,697
5,532
Expenses
928
1,548
1,444
1,341
2,174
1,965
1,474
2,229
2,578
3,695
3,654
4,264
4,068
Operating Profit
383
490
580
557
799
667
476
770
866
1,202
1,421
1,433
1,464
OPM %
29%
24%
29%
29%
27%
25%
24%
26%
25%
25%
28%
25%
26%
Other Income
20
34
29
36
47
27
-17
9
161
160
233
193
254
Interest
131
199
246
259
278
340
347
444
434
491
495
409
413
Depreciation
99
106
123
138
140
192
237
351
315
302
289
312
310
PBT
172
219
240
196
427
161
-125
-15
278
569
869
904
995
Tax %
33%
37%
31%
32%
34%
29%
-23%
331%
20%
29%
22%
20%
—
Net Profit
116
139
167
133
282
114
-96
-65
222
401
680
725
784
EPS in Rs
4.22
5.47
6.73
5.12
8.81
4.79
-1.65
2.7
9.47
14.66
21.05
19.76
21.3
Div. Payout %
24%
18%
19%
20%
11%
31%
-55%
42%
16%
10%
9%
8%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
113
113
114
136
136
204
211
230
231
231
244
245
Reserves
1,244
1,425
1,581
2,151
2,033
2,077
2,137
2,680
3,014
3,418
5,394
6,576
Borrowings
1,663
2,459
2,576
3,390
3,785
4,522
5,005
4,906
4,634
5,470
5,464
6,344
Other Liabilities
1,278
2,000
2,079
2,133
4,845
5,448
6,461
7,285
8,486
8,740
10,973
13,040
Total Liabilities
4,298
5,997
6,350
7,810
10,800
12,251
13,814
15,101
16,365
17,860
22,076
26,204
Fixed Assets
1,362
340
1,431
1,805
2,277
2,998
5,020
4,905
4,681
4,593
6,899
8,537
CWIP
486
1,411
1,564
2,129
2,010
2,097
495
541
740
1,232
138
222
Investments
34
994
54
236
98
72
89
509
62
50
43
62
Other Assets
2,416
3,252
3,302
3,640
6,416
7,083
8,210
9,147
10,882
11,985
14,995
17,383
Total Assets
4,298
5,997
6,350
7,810
10,800
12,251
13,814
15,101
16,365
17,860
22,076
26,204
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
26
339
398
49
467
465
803
1,032
966
334
995
-137
Investing
-384
-948
-335
-1,084
-452
-717
-748
-971
-271
-379
-590
-1,436
Financing
373
631
-58
1,032
45
321
30
33
-695
241
860
942
Net Cash Flow
16
21
5
-4
60
69
84
94
1
195
1,265
-631
Free Cash Flow
-193
-570
29
-865
-133
-268
336
824
701
66
358
-1,871
CFO/OP
20
69
82
26
72
79
180
148
130
48
93
26
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
4
8
7
34
52
60
99
61
49
37
45
38
Inventory Days
—
3,042
3,244
3,898
2,040
3,653
9,712
8,486
—
2,498
4,142
4,667
Days Payable
—
559
740
942
258
351
949
885
—
245
366
361
Cash Conversion Cycle
4
2,491
2,511
2,991
1,834
3,362
8,861
7,662
49
2,290
3,821
4,345
Working Capital Days
-11
7
0
59
66
41
-64
-57
-61
-24
-65
26
ROCE %
11%
12%
11%
9%
12%
8%
4%
6%
8%
13%
13%
11%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others5.02%Promot.41.10%Public12.79%FIIs15.63%DIIs25.47%As ofJun 2026

Documents

Frequently Asked Questions about Brigade Enterprises

What does Brigade Enterprises Ltd do?
Brigade Enterprises Ltd was established in 1986. It is a real estate developer in South India, based in Bengaluru, and expanding its area of operations in other parts of India. It has completed over 250 buildings aggregating to over 70 mn. sqft of developed space in residential, offices, retail, ...
Where is Brigade Enterprises Ltd (BRIGADE) listed?
Brigade Enterprises Ltd trades as BRIGADE on the NSE and under code 532929 on the BSE.
Which sector does Brigade Enterprises Ltd belong to?
Brigade Enterprises Ltd is classified under the Realty sector, in the Residential Commercial Projects industry.
What is the market capitalisation of Brigade Enterprises Ltd?
Brigade Enterprises Ltd has a market capitalisation of ₹20,693 Cr, which places it in the Large Cap band.
What is the PE ratio of Brigade Enterprises Ltd?
Brigade Enterprises Ltd trades at a PE ratio of 29.98, on earnings per share of ₹21.49, against a book value of ₹208.79 per share.
What is the 52-week high and low of Brigade Enterprises Ltd?
Over the last 52 weeks Brigade Enterprises Ltd has traded between ₹450.75 and ₹802.01.
Does Brigade Enterprises Ltd pay dividends?
Brigade Enterprises Ltd has a dividend yield of 0.31%.
What is the Return on Equity (ROE) of Brigade Enterprises Ltd?
Brigade Enterprises Ltd reported a return on equity of 9.63%. Its debt-to-equity ratio is 0.93.

Company Information

Brigade Enterprises Ltd was established in 1986. It is a real estate developer in South India, based in Bengaluru, and expanding its area of operations in other parts of India. It has completed over 250 buildings aggregating to over 70 mn. sqft of developed space in residential, offices, retail, and hospitality sectors across Bengaluru and Mysuru, Chennai, Ahmedabad, Hyderabad, Kochi [1] [2] [3]

Website brigadegroup.com
CEO Mr. Mysore Ramachandrasetty Jaishankar
Employees 3,043
Listed 2007-12-31
Face Value ₹ 10
Issued Size 24,44,98,273

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