Detailed Narrative
Record-Breaking Presales and Collections in FY25
Brigade Enterprises achieved its highest ever real estate presales value of ₹7,847 crores in FY25, marking a 31% increase over the previous year. Presales volume reached 7.05 million square feet with an average realization of ₹11,138 per square foot, up 40% YoY. Collections also hit a record high of ₹7,250 crores, reflecting a 23% year-on-year growth. New launches contributed significantly, accounting for 54% of total sales in FY25 and 55% in Q4 FY25.
Strategic Land Acquisitions and Development Pipeline
The company bolstered its land bank with two marquee acquisitions: 11 acres in Whitefield, Bengaluru, for ₹486 crores, earmarked for an office development with a GDV of ₹2,000 crores; and 5.41 acres in Velachery, Chennai, for ₹441 crores, intended for a residential development with a revenue potential of ₹1,600 crores. For FY26, Brigade has a robust pipeline of approximately 16 million square feet of developments across residential, commercial, and hospitality segments. The company also completed a landmark 100 million square feet of development since its inception.
Strong Financial Performance Across Verticals
Consolidated revenue for FY25 stood at ₹5,314 crores, with consolidated EBITDA at ₹1,654 crores, representing a 21% increase over FY24 and an EBITDA margin of 31%. PAT after minority interest for FY25 grew by 52% to ₹686 crores. The real estate segment recorded a turnover of ₹3,613 crores and EBITDA of ₹697 crores, while the leasing segment's turnover grew 24% to ₹1,165 crores with an EBITDA of ₹771 crores. The hospitality business also saw a 20% jump in business over the past year.
Optimized Debt Profile and Healthy Liquidity
Brigade Enterprises maintained a strong financial position with gross debt at ₹4,444 crores and net debt at ₹962 crores as of March 31, 2025. The net debt to equity ratio improved significantly to 0.14 from 0.62 in March '24. The average cost of debt was reduced to 8.67% from 8.82% in the previous year. The company reported cash and cash equivalents of ₹3,483 crores, with approximately ₹1,500-1,600 crores of free cash available for growth and acquisitions.
Market Outlook and Geographic Strategy
The company expects Bangalore to remain a large driver of growth, while Chennai and Hyderabad are also key focus markets. Hyderabad is seen as competitive with Bangalore, with Chennai having significant potential for improvement. Brigade aims for a 15-20% year-over-year growth in sales value and an EBITDA margin of 30% plus. The company is also considering expansion into new geographies like NCR or MMR in FY26, but will make a decision based on market conditions and project suitability.
Commercial Portfolio and Leasing Progress
The company launched 2 million square feet of commercial development during the year, with Brigade Twin Towers seeing good demand for both sales and leasing. Approximately 30% of the Twin Towers project has been leased or sold, with a target to complete occupancy this fiscal year at rental rates between ₹70 to ₹75 per square foot. The ITPL land acquisition will primarily be developed under a lease model, contributing to the annuity income stream.