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    Brigade Enterpr.

    BRIGADE
    Realty·15 May 2025
    Management Summary

    Brigade Enterprises reported a strong Q4 and full year FY25, achieving its highest ever presales value and collections, driven by robust growth across all business verticals. The company completed 100 million square feet of development since inception and significantly expanded its land bank with strategic acquisitions. Financial performance was solid, with double-digit growth in revenue, EBITDA, and PAT, alongside a reduced net debt position. The company maintains a positive outlook with a substantial pipeline for FY26.

    Highlights

    8

    • FY25 Real Estate Presales Value: ₹7,847 crores, up 31% YoY.

    • FY25 Collections: ₹7,250 crores, up 23% YoY.

    • FY25 Consolidated Revenue: ₹5,314 crores.

    • FY25 Consolidated EBITDA: ₹1,654 crores, up 21% YoY, with a 31% margin.

    • FY25 Consolidated PAT after minority interest: ₹686 crores, up 52% YoY.

    • Q4 FY25 Consolidated PAT after minority interest: ₹247 crores.

    • Net Debt: ₹962 crores as of March 31, 2025, with a Net Debt to Equity ratio of 0.14.

    • Acquired 11 acres in Whitefield for ₹486 crores (office GDV ₹2,000 crores) and 5.41 acres in Velachery for ₹441 crores (residential revenue potential ₹1,600 crores).

    What Changed1

    vs Q1 FY26

    Risks discussed0 → 3 (+3)
    Key financials

    Metrics

    8

    Periods

    2

    Q4 FY25

    4
    • Consolidated Revenue
      ₹1,532 Cr
    • Consolidated EBITDA
      ₹488 Cr
    • EBITDA Margin
      32%
    • Consolidated PAT (after minority interest)
      ₹247 Cr

    FY25

    4
    • Consolidated Revenue
      ₹5,314 Cr
    • Consolidated EBITDA
      ₹1,654 Cr
      YoY+21%
    • EBITDA Margin
      31%
    • Consolidated PAT (after minority interest)
      ₹686 Cr
      YoY+52%

    Segment breakdown

    FY25 TurnoverFY25 EBITDAQ4 FY25 TurnoverQ4 FY25 EBITDA
    Real Estate₹3,613 Cr₹697 Cr₹1,050 Cr₹240 Cr
    Leasing₹1,165 Cr₹771 Cr₹331 Cr₹194 Cr
    Hospitality————
    Heatmap· 4 shared metrics

    Order Book

    high confidence

    Total Value

    ₹ 7,847 crores

    as of 2025-03-31

    quantified
    31.0% YoY

    Composition

    Mix2 sources
    • New Launches (FY25)54.0%
    • New Launches (Q4 FY25)55.0%

    Share of order book by source · partial disclosure (109.0% of book)

    Pipeline

    other

    Pipeline of developments across residential, commercial and hospitality segments for FY26

    "The company achieved its highest ever real estate sales value and collections in FY25, with new launches contributing significantly. The market remains resilient, particularly in sustainable and premium housing segments. The company aims for double-digit value growth in FY26."

    Source:
    Prepared remarks

    Capital allocation

    4
    high confidence
    CategoryHeadline
    Debt

    Gross ₹4,444 crores · Net ₹962 crores

    Cost 8.7%

    M&A

    11 acres land opposite ITPL in Whitefield

    acquisition · closed · Consideration ₹486 crores

    M&A

    5.41 acres parcel in Velachery, Chennai

    acquisition · closed · Consideration ₹441 crores

    Liquidity

    Cash ₹3,483 crores

    The company has adequate liquidity and undrawn credit lines. Free cash available for growth is approximately INR1,500-1,600 crores.

    Guidance & targets

    8
    CategoryTargetPriority
    Launch Pipeline
    Development Pipeline
    16 million square feet
    		High
    Profitability
    EBITDA Margin
    30% plus
    		Medium
    Realization
    Average Realization per sq ft
    INR10,000
    		Medium
    Sales Value Growth
    Year-over-year growth
    15% to 20%
    		Medium
    Commercial Leasing
    Twin Towers Occupancy
    Complete occupancy
    		High
    Commercial Leasing
    Twin Towers Rentals
    INR70 to INR75 per square foot
    		High
    BD Pipeline
    Replenishment of square footage
    Similar to 11.5-12 million square feet
    		Medium
    New Launch Absorption
    Sales from new launches within first couple of quarters
    50% to 60%
    		Medium

    Twin Towers Occupancy

    This fiscal year
    CurrentApprox. 30% leased/sold
    TargetCompletion and higher occupancy

    Why it matters

    Indicates progress on commercial asset monetization and annuity income growth.

    Yes. For Twin Towers, we have started, as you know, leasing and one tower for strata sale and ownership. And in some cases, we have investors also buying into the floor. So we are leaving the space for them. So I would say, about 30% of the project has been leased or sold. And one tower we are keeping aside for one a leasing client. We have applied for a few RFPs, and we are yet to hear back. So the sales traction has been good, but the number of traction has been -- number of transactions have been very high, but has been a bit small. So while the transactions -- and there's a lot of demand from end users. Overall, we've, like I said, sold or leased about 30% of the project. And I think it should see good demand in the coming year. We're targeting to complete by this fiscal year. That's the target.

    How to verify

    key_financials.segment_breakdown[name='Leasing'].metrics[label='Q4 FY25 Turnover']

    Risks & concerns

    3
    RiskSeverity

    Moderation in sales velocity

    Some moderation observed in Q4 FY25, but May is looking brighter. Management views current sales pace as more sustainable than recent rapid sales. — Analyst acknowledged

    medium

    IT-ITES slowdown and trade war impact

    Management believes the trade war will resolve, and the IT sector in India benefits from global slowdowns due to GCCs and Indian capability, making it resilient. — Analyst downplayed

    medium

    Land cost and approval cycles impacting Bangalore launches

    Some land parcels were pulled back due to higher costs, and approval cycles can cause variability in launch numbers. — Management acknowledged

    medium

    Q&A highlights

    8

    “Yes. So of the new the total sales that we did, we had about 54% coming from new launches.”

    Clarifies the proportion of sales driven by new projects, indicating strong market acceptance for recent launches.

    asked by Parikshit Kandpal

    3 min read6 chapters

    Detailed Narrative

    01

    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.

    02

    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.

    03

    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.

    04

    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.

    05

    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.

    06

    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.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.