Detailed Narrative
FY26 Financial Performance Overview
Brigade Enterprises reported a consolidated revenue of INR 5,909 crores for FY26, marking an 11% increase over FY25. The company's EBITDA stood at INR 1,638 crores, with an EBITDA margin of 28%. Consolidated PAT for the year was INR 725 crores, reflecting a 7% growth compared to FY25, and PAT after minority interest was INR 644 crores. For Q4 FY26, consolidated revenue was INR 1,523 crores, with EBITDA at INR 430 crores and PAT at INR 190 crores.
Residential Segment Performance and Outlook
FY26 pre-sales reached INR 7,424 crores, a 5% decrease from FY25, primarily due to approval delays that pushed 3.3 million square feet of launches into FY27. However, Q4 FY26 saw a strong rebound with pre-sales of INR 2,521 crores, a 44% QoQ increase, driven by 4 million square feet of new launches. The average realization for FY26 increased 9% YoY to INR 12,107 per square foot. For FY27, the company targets pre-sales of INR 9,000 crores, representing at least 20% growth, supported by a residential launch pipeline of 11.6 million square feet with a GDV of INR 11,900 crores.
Commercial and Hospitality Segment Performance
The commercial leasing portfolio delivered stable performance, with cumulative leasing of approximately 1.1 million square feet in FY26. The company plans to launch 10 million square feet of commercial projects over FY27 and FY28, with an estimated capital expenditure of INR 6,000 crores over four years. The hospitality segment saw a 15% increase in revenue and EBITDA for FY26, with RevPAR growth of 6% driven by a 7% improvement in ADR. The Orion Malls portfolio also showed healthy operating momentum with 7% YoY growth in footfalls and 25% YoY growth in retailer sales in Q4 FY26.
Financial Health and Capital Allocation
Brigade maintained a strong financial position with gross debt at INR 5,231 crores and net debt at INR 2,278 crores as of March 31, 2026. The average cost of debt significantly reduced by 110 basis points to 7.57% from 8.67% in March '25. The debt-equity ratio stood at a healthy 0.27. The company added INR 15,000 crores of GDV across 13 million square feet in residential business development during FY26, predominantly in Bengaluru (60%) and Hyderabad (30%).
Key Project Launches and Pipeline
Successful Q4 FY26 launches included Brigade Lumina (almost fully sold out), Brigade Belvedere Phase 1 in Bengaluru, Brigade Stellaris in Chennai, and Brigade Manor and Brigade Enclave in Hyderabad. The FY27 residential launch pipeline includes 4.5 million square feet in Bengaluru and 3 million square feet each in Chennai and Hyderabad. The company is also re-launching Brigade Morgan Heights Phase 1 in Q1 FY27 after resolving a regulatory issue. The overall land bank stands at 57 million square feet, with approximately 75% allocated to residential projects.
Operational Highlights and Achievements
The World Trade Center Bangalore became the first development in India to receive WiredScore Platinum certification, and WTC Kochi earned WTCA Premier accreditation. Brigade Gateway Hyderabad was awarded Mixed-Use Project of the Year at the Realty Plus Excellence Awards 2026. The company's facility management arm, Aureya, achieved Great Place to Work certification, and Brigade was recognized as one of India's most sustainable corporates, ranking third in real estate and 44th overall by Businessworld.