Brigade Enterprises LimitedQ2 2027 Results & Financial Update
Brigade Enterprises Limited: Q2 2027 consolidated results and company financials – revenue ₹1,196.36 Cr, PAT ₹218.82 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore Brigade Enterprises Q2 2027 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Brigade Enterprises reported total consolidated income of INR 1,250.00 crore for Q2 FY27, comparing against INR 1,430.00 crore in the corresponding period of the previous year. Despite a contraction in total income compared to Q2 FY26, profitability expanded significantly due to improved segment realization, better operating efficiencies, and robust project execution.
Profit Before Tax (PBT) for the quarter reached INR 288.00 crore (or INR 287.60 crore in normalized financial filings), representing a 47% expansion over INR 195.55 crore recorded in Q2 FY26. Profit After Tax (PAT) advanced to INR 219.00 crore (or INR 218.82 crore), up 29% from INR 170.28 crore in the year-ago quarter.
Sequential performance displayed steady momentum, with total income improving 6.0% from INR 1,179.22 crore in Q1 FY27 (Q1 FY27 total income reported at INR 1,179.00 crore). PAT remained resilient at INR 219.00 crore compared to INR 216.94 crore in the preceding quarter.
Real estate pre-sales gathered pace during the quarter, totaling INR 1,827.00 crore across a volume of 1.32 million sq. ft., marking a 72% sequential increase in sales value and a 78% rise in area sold compared to Q1 FY27. Total collections across all business segments reached INR 1,633.00 crore in Q2 FY27.
Consolidated EBITDA for the quarter stood at INR 478.00 crore compared to INR 375.00 crore in Q2 FY26, lifting the EBITDA margin on total income to 38.0% from 26.0% in the year-ago period. The margin expansion reflects an advantageous product mix, higher real estate realizations, and resilient performance across commercial leasing and hospitality.
Operating margins and profitability metrics strengthened as management maintained strict cost discipline and capitalized on festive season demand across residential and retail portfolios. Finance costs for the quarter were contained at INR 111.00 crore (INR 110.53 crore normalized), reflecting manageable debt servicing relative to operating cash flows.
01 · Business model
What does Brigade Enterprises do?
Brigade Enterprises Limited is one of India's leading real estate and property developers with nearly four decades of operational history since its establishment in 1986. Headquartered in Bengaluru, the company operates as a multi-asset class developer with a footprint spanning residential housing, commercial office spaces, Special Economic Zones (SEZs), retail malls, hospitality assets, industrial parks, logistics centers, senior living, and education.
The company's primary revenue engines are structured across three core verticals: Real Estate development (sale of residential apartments, villas, plotted developments, and commercial units), Lease Rental (operating commercial office buildings and retail shopping malls), and Hospitality (owned hotels and resorts).
Geographically, Brigade holds a dominant market presence across South India, with major developments concentrated in Bengaluru, Chennai, Hyderabad, Mysuru, Kochi, Thiruvananthapuram, and Coimbatore, alongside projects in GIFT City, Gujarat. The company also acts as license owners for eight World Trade Centers in South India.
Brigade operates an integrated business model combining direct land ownership, joint ventures (JVs), and developer partnerships with marquee global investors such as GIC and Bain Capital, anchoring its institutional quality and large-scale project execution capabilities.
02 · Historical context
What shaped the business before this quarter
Having recently commemorated its 40th anniversary since establishment in 1986, Brigade operates over 300 buildings representing more than 110 million sq. ft. of delivered spaces across South India.
Over the past decade, the company has established long-term strategic partnerships with global institutional investors including GIC and Bain Capital to fund large-scale commercial and residential platforms.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Q2 2027 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹1,196.36 Cr | ₹1,383.37 Cr | ₹1,115.55 Cr |
| Total income | ₹1,249.99 Cr | ₹1,429.86 Cr | ₹1,179.22 Cr |
| Profit before tax | ₹287.60 Cr | ₹195.55 Cr | ₹284.87 Cr |
| Profit after tax | ₹218.82 Cr | ₹170.28 Cr | ₹216.94 Cr |
| EPS | ₹5.94 | ₹4.99 | ₹6.14 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Real estate revenue stood at INR 760.00 crore for Q2 FY27, underpinned by robust pre-sales of INR 1,827.00 crore across 1.32 million sq. ft. of net area sales.
Leasing revenue reached INR 329.00 crore in Q2 FY27, supported by steady retail mall footfalls, major movie releases, promotional events, and new store openings.
Hospitality revenue contributed INR 161.00 crore in Q2 FY27, marking a 12% increase over Q1 FY27, driven by domestic tourism demand and higher Average Room Rates (ARR).
What drove margins
Real estate EBITDA reached INR 175.00 crore, representing a 59% increase over Q2 FY26 with an EBITDA margin of 23%, driven by higher realization rates averaging INR 13,841/sft.
Leasing EBITDA stood at INR 242.00 crore in Q2 FY27 (6% higher than Q1 FY27), achieving a high margin of 74% due to stable occupancy levels at 90% across operating assets.
Hospitality EBITDA totaled INR 59.00 crore in Q2 FY27 at a 37% margin, benefiting from portfolio premiumization, asset upgrades, and brand repositioning.
05 · Demand, customers & order book
Where demand is coming from
Residential pre-sales of INR 1,704 crore in Q2 FY27 were led by homes priced above INR 3 crore (60%), followed by the INR 1.5-3 crore bracket (32%) and homes under INR 1.5 crore (8%).
Total customer collections for Q2 FY27 stood robust at INR 1,633 crore, reflecting strong project execution and milestone-linked cash flows.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
During Q2 FY27, the company launched 2.4 million sq. ft. of real estate projects with a Gross Development Value (GDV) of approximately INR 3,000 crore.
Completed two projects during the quarter—Brigade Square in Thiruvananthapuram and Arcadia at Brigade Cornerstone Utopia in Bengaluru—adding 0.27 million sq. ft. of new lease area.
Hospitality portfolio Average Room Rate (ARR) reached INR 7,876 in Q2 FY27 (up 9% QoQ), while overall portfolio occupancy stood at 75%.
Geography and market mix
Bengaluru accounted for 52% of residential sales ticket sizes by state and recorded an Average Room Rate of INR 9,422 with 81% occupancy in hospitality.
Upcoming project launches totaling ~13 million sq. ft. over the next four quarters are distributed across Bengaluru (7 mn sft), Chennai (3 mn sft), Hyderabad (2 mn sft), and Mysore (0.8 mn sft).
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Total leasable area across the operating leasing portfolio reached 9.62 million sq. ft., of which 8.61 million sq. ft. was leased, resulting in an overall portfolio occupancy of 90% as of September 2026.
Total ongoing project area stood at 34 million sq. ft., comprising 27 million sq. ft. in real estate and 7 million sq. ft. in leasing assets.
Projects, capex and execution
Total estimated capex for ongoing leasing projects stands at INR 4,656 crore across 6.84 million sq. ft. (Brigade share 5.29 mn sft), with INR 1,304 crore incurred as of September 30, 2026, and a balance cost of INR 3,352 crore.
Major active commercial capex projects include World Trade Centre and Orion Mall in Hyderabad (estimated cost INR 1,809 crore) and Brigade HRC Atrium (estimated cost INR 846 crore).
08 · Strategy & new businesses
How the company is trying to change its growth mix
Management continues to pursue a diversified asset strategy spanning residential housing, grade-A office spaces, retail malls, luxury and business hospitality, and warehousing/industrial parks.
09 · Reported developments
What changed operationally
Real estate pre-sales surged to INR 1,827 crore in Q2 FY27, representing a 72% sequential increase over Q1 FY27.
Profit Before Tax grew 47% YoY to INR 288 crore, while PAT expanded 29% YoY to INR 219 crore.
10 · Pressure points & risks
What is not going smoothly
Consolidated total income for Q2 FY27 moderated to INR 1,250 crore compared to INR 1,430 crore in Q2 FY26 due to project completion cycles and revenue recognition phasing.
11 · Items worth noticing
The line items that can distort a quick read
The company reported nil exceptional items for Q2 FY27, compared to an exceptional item of INR 43 crore recorded in Q1 FY27.
12 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Net cash flow from operating activities for Q2 FY27 was recorded at INR 246 crore, derived from total collections of INR 1,633 crore less construction costs, landowner payments, employee expenses, and statutory payments.
Capital allocation & funding
Gross debt as of September 30, 2026, stood at INR 5,439 crore (compared to INR 5,305 crore in June 2026), while cash and cash equivalents totaled INR 2,674 crore, resulting in a net debt of INR 2,765 crore.
Approximately 85% of gross debt is securitized by lease rentals or operating profit (GOP). The consolidated cost of debt remained stable at 7.61%, and the net debt-to-equity ratio stood at 0.31.
13 · Management guidance & targets
What management is targeting from here
Management outlined planned residential and commercial launches of approximately 13 million sq. ft. over the next four quarters to sustain future sales growth.
14 · Beyond the numbers
What changed beyond the numbers
Reported update
ESG Ratings and Recognitions
Brigade achieved a GRESB Real Estate ESG score of 93.71 with a 4-Star rating for FY 2025-26 and received IGBC Net Zero Carbon (Design) certification for Brigade Citrine with 76 credit points.
Reported update
Design and Industry Awards
Brigade Cornerstone Utopia won the Best Architectural Project - Integrated Township award at the Economic Times Designscape Awards 2026.
15 · Previous-quarter changes
What changed since the previous quarter
Real estate net sales area expanded from 0.74 million sq. ft. in Q1 FY27 to 1.32 million sq. ft. in Q2 FY27, and sales value increased from INR 1,061 crore to INR 1,827 crore.
16 · Key Q&A
The quarter, answered directly
What does Brigade Enterprises do?
Brigade Enterprises Limited is one of India's leading real estate and property developers with nearly four decades of operational history since its establishment in 1986. Headquartered in Bengaluru, the company operates as a multi-asset class developer with a footprint spanning residential housing, commercial office spaces, Special Economic Zones (SEZs), retail malls, hospitality assets, industrial parks, logistics centers, senior living, and education.
What is the clearest takeaway from Q2 2027?
Brigade Enterprises reported total consolidated income of INR 1,250.00 crore for Q2 FY27, comparing against INR 1,430.00 crore in the corresponding period of the previous year. Despite a contraction in total income compared to Q2 FY26, profitability expanded significantly due to improved segment realization, better operating efficiencies, and robust project execution.
What drove revenue or demand?
Real estate revenue stood at INR 760.00 crore for Q2 FY27, underpinned by robust pre-sales of INR 1,827.00 crore across 1.32 million sq. ft. of net area sales.
What mattered most for margins or profitability?
Real estate EBITDA reached INR 175.00 crore, representing a 59% increase over Q2 FY26 with an EBITDA margin of 23%, driven by higher realization rates averaging INR 13,841/sft.
What changed operationally beyond the headline numbers?
Total leasable area across the operating leasing portfolio reached 9.62 million sq. ft., of which 8.61 million sq. ft. was leased, resulting in an overall portfolio occupancy of 90% as of September 2026.
What is management guiding or targeting from here?
Management outlined planned residential and commercial launches of approximately 13 million sq. ft. over the next four quarters to sustain future sales growth.
17 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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18 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Launch Execution: Execution and timely market introduction of the planned ~13 million sq. ft. upcoming project pipeline across Bengaluru, Chennai, Hyderabad, and Mysore over the next four quarters.
- 02
Leasing Occupancy Progress: Leasing absorption and occupancy stabilization across ongoing commercial capex projects totaling 6.84 million sq. ft.
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