Brigade Enterprises Q2 profit up 28.5% as revenue falls 13.5%

Brigade Enterprises reported a 28.5% rise in consolidated net profit to ₹218.8 crore for the quarter ended 30 September 2026, even as revenue from operations fell 13.5% year on year to ₹1,196.4 crore. The board approved the Q2 FY27 results on 29 October 2026, and the figures were reported in the days that followed.

Operating profit moved the other way from sales. EBITDA rose 27.5% to ₹478 crore from ₹375 crore in the same quarter last year. For the first half, revenue was ₹2,429 crore against ₹2,763 crore a year earlier, while H1 EBITDA rose to ₹903 crore from ₹750 crore.

Where the revenue came from

The company's three businesses reported the following for Q2:

• Real estate: segment revenue of ₹760 crore.
• Leasing: revenue of ₹329 crore and EBITDA of ₹242 crore, with portfolio occupancy at 90%.
• Hospitality: revenue of ₹161 crore and EBITDA of ₹59 crore.
• Collections in the quarter totalled ₹1,633 crore.

Real estate pre-sales were ₹1,827 crore across about 1.3 million sq ft. That is 72% higher in value and 78% higher in volume than the previous quarter, but 10% lower than in Q2 FY26. Management attributed the year-on-year fall mainly to the timing of launches rather than weaker demand. Projects launched in the quarter covered about 2.4 million sq ft, with an estimated gross development value of about ₹3,000 crore. Pavitra Shankar, Managing Director, said demand in the mid and premium segments had continued and that buyers were prioritising quality, location and larger homes.

What analysts changed

Analyst estimates compiled by market data providers show a mixed reaction. Fourteen analysts now forecast FY27 revenue of about ₹6,990 crore, up slightly from ₹6,960 crore before the results. Their FY27 earnings per share estimate fell to ₹29.57 from ₹30.53. The consensus price target is ₹775 per share, broadly unchanged, with a range of ₹560 to ₹899. These are analyst estimates, not company guidance, and they are reported here only as the views of the analysts who track the stock.

The company's own guidance is more ambitious. A research note cited by market data providers puts the forecast 71% annualised revenue growth to the end of 2027 against a historical five-year rate of about 15%. Management has said that its annual pre-sales target depends on timely approvals.

What comes next

The company has set an FY27 pre-sales target of ₹9,000 crore, a 21% rise on FY26, and says it is confident of meeting it if approvals arrive on time. About 13 million sq ft is planned for launch over the next four quarters. Over three years, the company plans to invest ₹40,000 crore to develop 40 million sq ft, with about 70% of that for housing. It has also said it plans to launch a real estate investment trust within five years to monetise rent-yielding commercial assets. Funding will come from internal accruals, customer advances and debt, according to Executive Chairman M R Jaishankar.

For investors, the number to watch is pre-sales against the ₹9,000 crore target in the coming quarters, alongside the timing of approvals for the planned launches. The next earnings date has not been announced in the material available.