1. At a Glance – Blink and You’ll Miss the Plot
Brigade Enterprises is that guy in Bengaluru real estate who quietly owns half your office, your mall, and probably the hotel where your wedding buffet disappointed you.
Market cap sits at ₹18,421 Cr, stock at ₹752, down 27.5% in 3 months, and yet the company just printed ₹1,575 Cr quarterly revenue with ₹206 Cr PAT.
Operating margin is a juicy 26%, ROE at 14.9%, and debt still hovering around ₹5,375 Cr because real estate without debt is like filter coffee without chicory.
Latest quarter wasn’t euphoric—PAT fell 15.7% QoQ, but collections stayed strong and leasing is doing landlord things. This is not a hype stock. This is a rent-cheque compounder pretending to be boring.
Question:
👉 Is the market punishing Brigade for short-term noise while ignoring its long-term land monopoly?
2. Introduction – Welcome to South India’s Concrete Empire
Founded in 1986, Brigade didn’t wake up one fine morning and decide to “enter real estate”. They’ve been pouring concrete since your CA was in school.
Over 280 buildings, 86+ million sq ft developed, and 40,000+ customers later, Brigade has become a multi-headed hydra: residential, offices, malls, hotels, clubs—if it has tiles, Brigade probably built it.
What makes Brigade interesting is not glamour. It’s geographic discipline. While others chase NCR, Mumbai, and investor presentations, Brigade keeps buying land in Bengaluru like it’s Monopoly money.
And yes, the stock is down 32.5% YoY, but fundamentals haven’t faceplanted. This is a valuation reset, not a business funeral.
Question:
👉 Is Brigade boring… or is boring secretly
beautiful?
3. Business Model – WTF Do They Even Do?
Let’s simplify.
A) Residential (Main Paisa Machine)
Apartments, villas, plotted developments. Mostly Bengaluru, Chennai, Hyderabad, Mysuru.
Top-10 developer by sales bookings in FY24. Not “luxury-only”, not “affordable-only”—a balanced thali.
B) Commercial (The Silent Cash Cow)
Over 21 mn sq ft completed.
BuzzWorks co-working, Grade-A offices, and 6 World Trade Centers across South India.
Clients include KPMG, EY, Citi, Airtel—basically companies that never miss rent.
C) Lease Rentals (EMI Paying Department)
Owned malls and offices with 97% occupancy across 8.68 mn sq ft.
This is where stability comes from. When residential sneezes, leasing gives cough syrup.
D) Hospitality (High Effort, Medium Returns)
8 hotels, 1,474 keys, 72% occupancy in FY24 with ARR at ₹6,480.
Not amazing, not terrible. More brand-building than profit engine.
In short:
👉 Brigade builds, sells, leases, rents, and hosts weddings.
4. Financials Overview – Numbers Don’t Lie (But They Do Smirk)
Quarterly Performance Table (₹ Cr)
| Metric | Latest Qtr (Q3 FY26) | YoY Qtr (Q3 FY25) | Prev Qtr (Q2 FY26) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 1,575 | 1,464 | 1,383 | 7.6% | 13.9% |
| EBITDA | 411 | 414 | 328 | -0.7% | 25.3% |
| PAT | 206 | 236 | 170 | -12.7% | 21.2% |
| EPS (₹) | 7.63 | 9.67 | 6.65 | -21.1% | 14.7% |
Annualised EPS:
