1. At a Glance
If Brigade Enterprises was a Bollywood hero, Q1 FY26 was its “interval twist” moment. The Bengaluru-based real estate mogul just dropped a95% YoY profit growth, pulled in₹1,118 Cr pre-sales, and then casually threw in an IPO of its hotel subsidiary like it’s an afterthought. Meanwhile, peers like Prestige Estates are busy trying to justify their triple-digit P/E, and DLF is still selling Gurgaon dreams at Mumbai prices.
2. Introduction
Once upon a time in 1986, a modest South Indian developer decided to go big — not just big, but86 million sq. ft. developedbig. Today, Brigade is flexing across residential, commercial, retail, and hospitality, sprinkling projects in Chennai, Ahmedabad, Hyderabad, and Kochi, while keeping Bengaluru as its base camp.
In Q1 FY26, they’ve gone from “selling flats” to “selling IPOs” — because why make money from customers when you can also milk investors? The result: a stock that’s been to ₹1,450 and back, trading at4.19x book value. Love it or hate it, they know how to play Monopoly in real life.
3. Business Model (WTF Do They Even Do?)
Think of Brigade as your local kirana store, except instead of Maggi and biscuits, they deal inapartments, office towers, malls, and hotels. The main cash cows:
- Residential projects– The bread and butter (and sometimes the butter chicken).
- Commercial leasing– Steady rental income because rent never sleeps.
- Hospitality– Hotels under the Grand Mercure, Sheraton, and Holiday Inn banners.
- Retail– Brigade Orion Mall and friends.
The diversification means when the housing market is sluggish, the malls, offices, and hotels keep the party going.
4. Financials Overview – Q1 FY26
Brigade didn’t just grow — they
bulked up like they’ve been on a real estate steroid cycle.
| Metric | Q1 FY26 | Q1 FY25 | Q4 FY25 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ Cr) | 1,281 | 1,078 | 1,460 | 18.8% | -12.3% |
| EBITDA (₹ Cr) | 323 | 293 | 416 | 10.2% | -22.4% |
| PAT (₹ Cr) | 158 | 81 | 249 | 95.1% | -36.5% |
| EPS (₹) | 6.13 | 3.62 | 10.10 | 69.3% | -39.3% |
Commentary:YoY growth is a firecracker thanks to better margins and higher pre-sales. QoQ, though, looks like a post-Diwali sales slump — revenue down 12%, EPS nearly halved. But hey, seasonality is real in real estate.
5. Valuation – Fair Value Range Only
Three methods, one sarcastic calculator.
a) P/E Method
- TTM EPS = ₹30.77
- Peer P/E (ex-Prestige, because that P/E is on drugs) ~ 35x
- FV (P/E) = ₹1,077
b) EV/EBITDA
- TTM EBITDA = ₹1,445 Cr
- Net Debt ≈ ₹5,464 Cr – Cash ≈ ~₹1,265 Cr = ~₹4,199 Cr
- EV/EBITDA multiple ~ 18x → FV = ₹1,030
c) DCF (very back-of-the-napkin)
- Assuming 12% growth, 10% discount rate → FV ≈ ₹1,050
Fair Value Range:₹1,030 – ₹1,080Disclaimer: Educational purposes only, not investment advice.
6. What’s Cooking – News, Triggers, Drama
- Hotel Subsidiary IPO–
