Brigade Enterprises Ltd's Q2 FY27 numbers came in strong, with revenue of Rs. 1,196.36 Cr (-13.52% YoY) and PAT growth of +28.51% YoY. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | October 29, 2026 |
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| Quarter | Q2 FY 2026-2027 |
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| Revenue (Q2) | Rs. 1,196.36 Cr (-13.52% YoY) |
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| PAT (Q2) | Rs. 218.82 Cr (+28.51% YoY) |
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| EBITDA margin | 38.25% (+1207 bps YoY) |
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| EPS (Q2) | Rs. 5.94 (+19.04% YoY) |
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| Market cap | Rs. 17,352.16 Cr |
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| CMP | Rs. 532.00 |
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Quarter Snapshot
Brigade delivered margin- and mix-driven earnings: EBITDA margin expanded ~12 points YoY to 38.25% of total income and PAT grew 28.51% YoY despite a 13.52% revenue decline on real-estate recognition timing. Leasing (75.85% EBIT margin) and hospitality drove profitability, while Rs.525.18 cr of land purchases and a Rs.785.22 cr inventory build fund the H2-weighted launch pipeline supporting the Rs.9,000 cr FY27 presales target. Watch items are the rising tax rate, growing NCI profit share, and the pending Morgan Heights litigation.
Key Investment Insights
Key Positives
- EBITDA (company definition) grew 27.72% YoY to Rs.478.06 cr, with margin on total income expanding from 26.18% to 38.25%
- PAT grew 28.51% YoY to Rs.218.82 cr; normalized Q2 PAT grew 18.74% QoQ vs Q1 ex-gain
- Leasing segment result grew 27.54% YoY at a 75.85% EBIT margin (58.98% in Q1)
- Hospitality revenue grew 9.41% YoY with segment result up 46.73% YoY and margin rising from 16.88% to 22.64%
- Real-estate segment result grew 8.62% YoY despite revenue falling 29.41%, with margin up from 11.43% to 17.59%
- Net CFO swung from −Rs.184.81 cr (H1 FY26) to +Rs.184.53 cr (H1 FY27); cash generated from operations rose to Rs.405.95 cr from Rs.77.49 cr
- H1 owners' PAT of Rs.394.01 cr covers 61.1% of FY26 full-year Rs.644.39 cr
- Standalone PAT grew 128.11% YoY to Rs.114.49 cr
Risk Factors
- Revenue from operations fell 13.52% YoY, with real-estate segment revenue down 29.41% YoY
- Effective tax rate jumped from 12.92% to 23.92% YoY, compressing 47.07% PBT growth to 19.14% owners'-PAT growth
- NCI share of consolidated PAT rose to 11.53% from 4.57% a year ago (NCI PAT +224.16% YoY), diluting owners' share
- Net D/E drifted up QoQ from 0.44 to 0.51 as cash/bank balances fell; DSCR fell to 0.96 from 2.10 in Q1
- Debtor turnover annualised slowed to 6.00x from 8.82x a year ago; trade receivables rose to Rs.86,890 lakh from Rs.60,069 lakh at Mar-26
- Morgan Heights (Chennai) environmental clearance revoked May 2026 with Rs.129.00 cr of project assets at stake; writ pending before Madras High Court