Brigade Enterprises profit rises to ₹219 crore as pre-sales slip

Brigade Enterprises reported a consolidated net profit of ₹218.82 crore for the quarter ended 30 September 2026 (Q2 FY27), up from ₹170.28 crore a year earlier. The Bengaluru-based developer published its unaudited results on 29 October 2026.

Revenue from operations fell to ₹1,196.36 crore from ₹1,383.37 crore, a decline of about ₹187 crore. Total income was about ₹1,250 crore, against about ₹1,430 crore in the same quarter last year.

Profit before tax rose about 47% to ₹288 crore. Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 27.5% to ₹478 crore from ₹375 crore. Basic earnings per share were ₹5.94 for the quarter.

Why profit rose while revenue fell

Real estate revenue for the quarter was ₹760 crore. The real estate segment's EBITDA rose 59% to ₹175 crore, a margin of 23%.

Developers in India recognise real estate revenue when a project is handed over, not when a unit is sold. Quarterly revenue can therefore move sharply even when bookings hold steady. For this reason, the company's pre-sales figure is a better guide to near-term activity.

Bookings and launches

Pre-sales in Q2 FY27 were ₹1,827 crore on about 1.3 million sq ft. In Q2 FY26, the company sold 1.90 million sq ft worth ₹2,034 crore. Pre-sales therefore fell on both volume and value.

The company launched new projects totalling about 2.4 million sq ft, with an estimated sales value of about ₹3,000 crore. The launches are in Bengaluru and other markets. Brigade Belvedere, on Budigere Main Road in East Bengaluru, and Brigade Lumina, on Tumkur Main Road in Northwest Bengaluru, were among the projects announced earlier this year.

For the first half of FY27, revenue was ₹2,429 crore, against ₹2,763 crore a year earlier. First-half EBITDA was ₹903 crore, against ₹750 crore. Net profit for the half was about ₹436 crore, against ₹328 crore.

Debt, subsidiaries and legal matters

On 29 September 2026, the company issued ₹200 crore of commercial paper with a tenure of 360 days, maturing on 24 September 2027. The discount rate was 7.48%. The paper was allotted to Kotak Mahindra Bank Limited and is listed on BSE. ICRA has rated it A1+. No charge or security was created over the company's assets for this instrument.

The company has also formed two new subsidiaries, Celebrations Property and Tetrarch Estates. Their incorporation dates and capital were not available in the filings reviewed.

Two legal matters are pending. An environmental clearance dispute over a Chennai project is before the Madras High Court. Brigade Hotel Ventures, the listed hospitality subsidiary, faces a property tax demand covering the last ten years. No dates for either matter have been set.

For buyers, the results show the company's sales pace. The company has not made a specific statement to home buyers. Bengaluru's wider market has also softened. Housing sales in the city fell 9% to 60,506 units in 2024, from 66,600 units in 2023, according to PropEquity data.

The company's managing director, Shankar, said the company was positioned to maintain this momentum and deliver sustainable, long-term growth. The company has also announced a plan to invest about ₹40,000 crore over three years for a development pipeline of 40 million sq ft across its markets.

The next key dates are the Madras High Court hearing on the Chennai project and the settlement of the property tax case. The company has not published a date for its Q3 FY27 results. The number to watch is quarterly pre-sales, which fell to ₹1,827 crore in Q2 FY27 from ₹2,034 crore a year earlier.