Brigade Enterprises logo

Brigade Enterprises

BRIGADE NSE

Key Fundamentals

SmallcapResidential Commercial ProjectsRealty
Market Cap
₹18,540 Cr
Volatility
Moderate
P/E Ratio
26.74
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 2.72 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

5d ago
AI opinion · based on fundamentals
Risk medium

Brigade Enterprises is a Bengaluru-headquartered real estate developer with a market capitalisation of about Rs 19,765 crore, trading at a P/E of 25.2 and a P/B of 2.9. Over five years, profit compounded at 89% CAGR and sales at 24% CAGR. Trailing momentum is weaker: TTM sales growth is 5%, TTM profit fell 9%, and the stock is down 12% over one year. Return on equity has stayed modest, at 10-12% over the 3-, 5- and 10-year periods.

Bull Case 7
  • Net profit compounded at 89% CAGR over the last 5 years and 35% CAGR over 3 years, showing strong earnings growth from a low base.
  • Sales compounded at 24% CAGR over 5 years and 18% CAGR over 3 years, pointing to sustained growth in project deliveries and revenue recognition.
  • The stock has compounded at 21% CAGR over 10 years and 14% over 5 years, a long record of creating value for shareholders.
  • A P/E of 25.2 is moderate for a developer that grew profit at 35% CAGR over 3 years, if that growth can be sustained.
  • The 12% fall in the stock over one year has lowered the valuation compared with its recent history, while 3-year returns remain positive at 11% CAGR.
  • ROE has improved slowly, from a 10-year average of 10% to a 3-year average of 12%, suggesting capital is being used a little more efficiently.
  • The company pays a dividend (yield of 0.33%), which shows some willingness to return cash despite the capital-intensive business.
Bear Case 8
  • TTM net profit fell 9%, a sharp break from the 35% 3-year and 89% 5-year profit CAGRs, which raises questions about how durable recent earnings growth is.
  • TTM sales growth slowed to 5%, well below the 18% 3-year CAGR, which may point to lumpy revenue recognition or a slower pace of project completion.
  • Return on equity is low: 12.5% over 3 years and 10% last year, which may not comfortably cover the cost of equity for a cyclical, leveraged sector.
  • The stock trades at 2.86 times book value, a significant premium given the 10-12% ROE, which leaves limited room for disappointment.
  • The company may be capitalising interest cost, which can inflate reported profit and understate the true financing burden on the P&L.
  • The stock has fallen 12% over one year, below its 11% 3-year CAGR, reflecting weaker market sentiment toward the stock.
  • A dividend yield of 0.33% offers little income support if returns from the stock price slow down.
  • The 89% 5-year profit CAGR is flattered by a low base; 10-year profit CAGR is a more modest 18%, and 10-year sales CAGR is only 11%.

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

AI News Digest

23h ago
Headwinds 3
  • Q1 FY27 revenue down 12.9% Sep 4

    Consolidated net sales fell 12.93% YoY to ₹1,115.55 crore in Q1 FY27 from ₹1,281.14 crore in Q1 FY26. Profit grew, but the weaker topline shows revenue recognition is lumpy.

  • Stock slips despite launch Sep 4

    Shares fell 2.38% to ₹696 on BSE after the ₹2,700 crore Brigade Barcelona launch. The market reaction to new pipeline additions was muted.

  • GST show cause notice Sep 24

    Brigade received a show cause notice from GST authorities over tax disputes. The company says the notice lacks merit and has no financial impact, but the matter is still open.

Positives 4
  • ₹2,700 cr Hyderabad launch Sep 4

    Brigade launched Brigade Barcelona in Neopolis, Hyderabad, on 4.04 acres acquired outright, with 650+ premium 3/4 BHK homes and revenue potential above ₹2,700 crore. It is part of a planned ₹5,000 crore Hyderabad investment over the next 3-4 years.

  • Motilal Buy, ₹900 target Sep 7

    Motilal Oswal reiterated Buy with a ₹900 target, implying 29% upside. It says the stock trades at about a 40% discount to residential NAV.

  • FY27 pipeline and guidance intact Sep 7

    The FY27 launch pipeline is about 9.4 msf with ₹100-110 billion GDV, including early launches in Hyderabad (~2 msf, ₹27 bn GDV) and Mysuru (0.5 msf, ₹3 bn GDV). Approvals for ~7 msf of H2 launches are on track, and the company kept its ₹90 billion pre-sales guidance.

  • Q1 FY27 profit up 16% Sep 4

    Consolidated net profit rose 16.14% YoY to ₹174.07 crore in Q1 FY27 from ₹149.88 crore. Profitability held up even with lower sales.

Neutral 3
  • ₹200 cr CP at 7.48% Sep 29

    Brigade issued ₹200 crore of 360-day commercial paper at a 7.48% discount rate, subscribed by Kotak Mahindra Bank. This is routine short-term funding at a moderate cost.

  • Subsidiary structure expanded Sep 25

    Brigade bought 100% of Celebrations Development Company for ₹10 lakh, making it a wholly owned subsidiary. It had incorporated two other subsidiaries, Celebrations Property and Tetrarch Estates, on Sep 1 for project development.

  • Active institutional investor outreach Sep 25

    Management met Tusk Investments (Sep 18) and SBI Mutual Fund (Sep 23) in person, and joined a Morgan Stanley virtual one-on-one on Sep 28 at its India Property Seminar. These meetings point to ongoing institutional interest.

TL;DR: Brigade's launches are running ahead of schedule: its Hyderabad project (₹2,700 crore revenue potential) and early FY27 launches support a 9.4 msf pipeline and ₹90 billion pre-sales guidance, and Q1 profit rose 16% YoY. The risks are a 12.9% YoY fall in Q1 revenue, a weak share price reaction to launches, and an unresolved GST notice. Motilal Oswal's ₹900 target and the stock's ~40% discount to NAV suggest the market undervalues its execution. The trend looks to be improving, and Q2 FY27 pre-sales from the Hyderabad and Mysuru launches will show whether the stock can re-rate.

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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65 extracted metrics + investor summaries across FY08–FY27.

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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 ₹18,540 Cr, which places it in the Mid Cap band.
What is the PE ratio of Brigade Enterprises Ltd?
Brigade Enterprises Ltd trades at a PE ratio of 26.74, 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 0.35%.
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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