Announcement
Announcement Under Reg 30-Material Information 4 Sep - Brigade launches Brigade Barcelona in Hyderabad’s Neopolis; 4.04 acres, 650+ homes, over Rs. 2,700 crore potential.
Source: Bse
Brigade Enterprises Limited (BRIGADE)
Small CapReal Estate stocks · Small cap · NSE
Established in 1986, Brigade Enterprises is a multi-asset class developer in India, building Grade A properties across Residential, Office, SEZ, Retail, Hospitality, and Senior Living. Listed on BSE & NSE with a market cap of approx. USD 1.7 Bn as of March 31, 2026. Rated AA (Stable) by ICRA; AA- (Positive) by CRISIL.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result13 Aug, 06:37 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Real Estate P/E 22.2 (n=72)
Technical timing lens
Trend score and candlestick chart
47NeutralSMA20 -11.2% / mo · MACD + · sector -6.4pp vs Nifty 500 (3M)
Stock trend: 50
Sector RS: 44
Sector 3M: -12.0% vs Nifty 500 -5.6%
Real Estate FPI tailwindBuilding
Latest FPI flow is positive, but a second consecutive positive fortnight is still required. View sector evidence
Technical chart
BRIGADED candles · FIT view-1.8%Latest close ₹571.15 on 2026-10-19
Bar
-0.7%
RSI
43
MACD hist
1.72
52W pos
34%
2026-10-19O ₹575.00H ₹584.30L ₹566.35C ₹571.15Vol 1.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
BRIGADENifty RealtyNifty 500
- BRIGADE
- +1.3%
- Nifty 500
- -5.6%
- Nifty Realty
- -11.0%
- Vs Nifty 500
- +6.9 pp
Chart stats
19 Oct 2026- From 52W high
- -28.8%
- 52W range position
- 34%
- ATR (14)
- 4.1%
- Volume vs 20D
- 0.34x
- Avg traded value
- ₹16.8 Cr
- 20D price channel
- ₹540.2 - ₹636.1
₹802
₹450.8 - ₹802
₹23.6
Latest completed session
20-session average
30.5% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST34
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Average30
Revenue -12.9% · PAT +37.3% YoY
Technical
Neutral47
Price trend and sector-relative-strength timing.
Valuation
Legacy model+19.5%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence60
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Average · 30/100Rev -13% YoY · PAT +37% YoY · margin expansion · operating leverage
Filed 13 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,116 Cr | -12.9% | -23.5% |
| EBITDA | ₹361 Cr | +11.8% | -1.1% |
| Operating margin | 32.0% | +700 bps | +700 bps |
| PAT | ₹217 Cr | +37.3% | +13.6% |
| PAT margin | 19.4% | +711 bps | +634 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 27.50
- P/B
- 2.75
- EV/EBITDA
- 14.15
- Market Cap
- 18752.00Cr
Profitability
- ROE
- 10.50%
- ROCE
- 10.50%
- ROA
- 2.99%
- Dividend Y
- 0.34%
Growth (CAGR)
- Revenue 5Y
- 24.00%
- EPS 5Y
- 89.00%
- Revenue 3Y
- 18.00%
- EPS 3Y
- 35.00%
Balance Sheet
- Debt/Equity
- 0.93
- Interest Coverage
- 3.54×
- Altman Z
- 1.42
- Book Value
- 209.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 6/5
- OCF
- -137.00 Cr
- EPS TTM
- 21.30
Shareholding
- Promoter Hold
- 41.09%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 35%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 2,802+6.8% vs prev
Net Profit
₹ CrLatest: 277-39.1% vs prev
Return on Equity
%Latest: 4.4-41.3% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 43. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~12.6% over last month) — short-term momentum negative.
- RSI(14) at 43 — falling, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 29% off 52W high · 27% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
35
RS percentile
Stage 1 Base / Transition
1M return
-8.1%
3M return
+1.3%
6M return
-3.9%
1Y return
-24.7%
RS 1D
+2
RS 20D
-23
Sector rank
#12
Industry rank
#18
Stage evidence
- Price is within 1.8% of the 30-week proxy.
- The 30-week proxy changed +1.6% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price above
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 86.7+0.34%
RS vs Nifty 50087
Valuation & peers
U-Score 34 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 34 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · WATCHLISTValuation5/30
Growth20/25
Quality3/20
Balance Sheet0/15
Cash Flow3/10
Piotroski
6/9 (+3)
Penalties
0
Raw sum
34
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
34/100 · legacy band WATCHLIST
Positive drivers
- Fair-value margin of safety is positive at 19.5%.
- Growth contributes 20/25 to the score.
- Cash flow contributes 3/10 to the score.
Main drags
- Altman Z is 1.4, in distress territory.
- Balance sheet is weaker at 0/15; verify the latest quarterly trend.
- Quality is weaker at 3/20; verify the latest quarterly trend.
Sector valuation model
Real estate valuation: NAV, pre-sales, debt, and inventory quality
Real estate valuation depends more on project economics and balance sheet than simple PE.
Primary lens
NAV and market cap versus project pipeline and pre-sales.
Secondary checks
Inventory age, net debt, collections, execution record.
Main risk check
Book value can overstate value if inventory is slow or debt is high.
PE
27.5
PB
2.8
EV/EBITDA
14.2
ROE
10.5%
ROCE
10.5%
FCF Yield
—
Debt/Equity
0.9
MoS
+19.5%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
34
Previous: 34
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
+19.5%
Previous: +19.5%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
34
34
34
34
34
34
34
34
34
34
34
34
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹316.49
-80.5% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹709.29
+19.5% MoS
PEG
0.41
Comparable companies
Peers
Business-comparable peers in Real Estate — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ANANTRAJ
Small
Anant Raj Limited
Real Estate
match 167
45
31.0
11.2%
+8%
WATCHLIST
MANINFRA
Small
Man Infraconstruction Limited
Real Estate
match 164
43
23.1
9.2%
+37%
WATCHLIST
ABREL
Small
Aditya Birla Real Estate Limited
Real Estate
match 163
13
—
-2.6%
—
OVERVALUED
GANESHHOU
Small
GANESH HOUSING LIMITED
Real Estate
match 163
62
22.1
16.0%
+36%
UNDERVALUED
SIGNATURE
Small
Signatureglobal (India) Limited
Real Estate
match 163
42
—
-30.3%
+71%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-15T18:09:31.185Z
Management commentary snapshot
Q4 FY26 presales reached INR 2,521 Cr (1.95 mn sft), with average realization up 7% YoY. FY26 presales stood at INR 7,424 Cr (6.13 mn sft), realization up 13% YoY. Leasing EBITDA grew 17% YoY, Hospitality revenue increased 5% YoY. Consolidated PAT after MI declined 22% YoY in Q4.
Brigade delivered strong presales and realization growth in FY26, supported by significant new launches. The robust project pipeline and healthy collections indicate continued momentum in the real estate segment. While Q4 PAT after MI saw a YoY decline, the underlying operational metrics across segments remain positive, suggesting the core thesis is intact.
Current business mix
Revenue Share % (Q4 FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Real Estate67.0%
Lease Rentals22.0%
Hospitality11.0%
Growth engines
Robust Project Launch Pipeline
Upcoming projects planned to be launched include ~12 mn sft in the next 4 quarters, with 6 residential projects in Bengaluru, 3 in Chennai, 2 in Hyderabad, and 3 in Mysuru.
Strong Residential Demand
Achieved presales of INR 7,424 Cr in FY26 with average realization up 13% YoY, indicating healthy demand in key markets.
Retail Portfolio Performance
Footfalls in malls grew by 7% YoY in Q4 FY26; new store additions and churn contributed to higher rental yields, with retailer sales up 25% YoY.
Capacity and execution
New Project Launches (Q4 FY26)
Launched 4 mn sft across 7 projects in Q4 FY26.
Upcoming Project Launches
Planned ~12 mn sft of launches in the next 4 quarters, including 11.59 mn sft residential and 4.51 mn sft leasing projects.
Leasing Capex Commitment
Balance capex commitment of INR 921 Cr for ongoing leasing projects as of Mar 31, 2026.
Tailwinds
Resilient Hotel Industry Demand
India’s hotel industry reported resilient ARR growth, supported by strong corporate, retail, and MICE demand.
Domestic Tourism Growth
Domestic tourism remained the primary demand driver for the hospitality segment.
Retail Rental Yield Improvement
New store additions and churn contributed to higher rental yields in the retail segment.
Headwinds
Impact on Foreign Tourism
Foreign tourism was impacted due to ongoing geopolitical tensions, affecting the hospitality sector.
Risk radar
Consolidated Profitability Decline
Consolidated PAT after Minority Interest declined by 22% YoY in Q4 FY26.
Finance Costs
Finance costs were INR 112 Cr in Q4 FY26 and INR 409 Cr for FY26, representing a significant expense.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Real estate performance is best assessed YoY due to project-based seasonality and longer development cycles. QoQ comparison is relevant for tracking sequential momentum in collections, launches, and operational metrics like occupancy and spreads.
Sector KPIs management disclosed
Real Estate Presales (Q4 FY26)
Achieved presales of INR 2,521 Cr, with a presales volume of 1.95 mn sft in Q4 FY26.
Real Estate Presales (FY26)
Achieved presales of INR 7,424 Cr in FY26, with a presales volume of 6.13 mn sft.
Average Realization (Q4 FY26)
Average realization stood at INR 12,915/sft during Q4 FY26, a growth of 7% over Q4 FY25.
Average Realization (FY26)
Average realization stood at INR 12,622/sft during FY26, an increase of 13% over FY25 (excl. plotted development).
Management forward view
Focus on Sustainability Integration
Key design and efficiency interventions from Brigade Citrine, the first Net Zero residential project, are being integrated across other developments.
Enhanced ESG Governance
A streamlined ESG governance and reporting model with enhanced disclosures across key frameworks such as GRESB and SMETA is being implemented.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Real Estate Presales Volume & Realization | Q4 FY26: 1.95 mn sft, INR 12,915/sft (7% YoY growth). FY26: 6.13 mn sft, INR 12,622/sft (13% YoY growth). | Sustained growth in presales volume and average realization from new and ongoing projects, especially from the ~12 mn sft pipeline. |
| Net Debt to Equity Ratio | 0.27 as of Mar 31, 2026. | Maintenance of a healthy debt-to-equity ratio, particularly with ongoing capex commitments and new project funding requirements. |
| Operating Cash Flow | INR 1,411 Cr for FY26. | Consistent generation of strong operating cash flows to support project execution and reduce reliance on external financing. |
| Hospitality ARR and Occupancy | Q4 FY26: ARR INR 8,066 (7% YoY growth), Occupancy 78%. | Continued improvement in average room rates and occupancy levels, indicating sustained demand and pricing power in the hospitality segment. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
60Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 28th percentile of the scored universe and 43rd percentile within Real Estate. Main check: balance sheet trust is weak at 47/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
174 docs text-extracted · 82 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
28th percentile
overall median 67 · Real Estate: 43rd pctile, median 61 · Small: 32nd pctile, median 66
Evidence depth
Financial-only
174 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
47
watch · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸6 years of positive FCF.
Trust risks
- ▸Operating cash flow is negative at ₹-137 Cr.
- ▸Altman Z is 1.42.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Brigade Enterprises Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 4 Sep - Brigade launches Brigade Barcelona in Hyderabad's Neopolis; 4.04 acres, 650+ homes, over ₹2,700 crore potential.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 1 Sep - PVR INOX Cinemas opens at Arcadia, Brigade Cornerstone Utopia; six screens, 949 seats, 42,000 sq. ft.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 1 Sep
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.