Brigade Enterprises Q2 FY27: Revenue Falls 13.5% as Profit Rises 28.5%

What Brigade reported for Q2 FY27

Brigade Enterprises Limited, a Bengaluru-based developer listed on the NSE under the symbol BRIGADE, approved its results for the quarter ended September 30, 2026 on October 29, 2026.

Reported revenue from operations was ₹1,196.4 crore, down 13.5% from a year earlier. Total income was ₹1,250 crore, against ₹1,430 crore in the same quarter of FY26. Consolidated net profit rose about 28.5% to ₹218.8 crore, and EBITDA rose 27.5% to ₹478 crore from ₹375 crore.

For the first half of FY27, revenue was ₹2,429 crore against ₹2,763 crore a year earlier, while half-year EBITDA rose to ₹903 crore from ₹750 crore.

Segment performance

• Real estate: segment revenue of ₹760 crore and EBITDA of ₹175 crore in Q2, according to Business Standard's report of the results.
• Hospitality: revenue of ₹161 crore and EBITDA of ₹59 crore.
• Leasing: revenue of ₹329 crore and EBITDA of ₹242 crore. Portfolio occupancy was 90%.

Leasing contributed the largest share of EBITDA in the quarter, which is consistent with the company's multi-segment model of combining sales with rent-yielding assets.

Analyst reaction after the results

A market-analyst note published on November 2, 2026 said revenue of about ₹12 billion was about 20% below analyst models, and statutory EPS of ₹5.93 was slightly below expectations. This is commentary by an analyst service, not a statement from the company.

The same commentary said analysts cut their 2027 EPS forecasts, to ₹29.57 from ₹30.53 before the results, while revenue forecasts were broadly unchanged, at ₹69.9 billion for 2027 across 14 analysts. The consensus price target stayed at ₹775 per share, with a range of ₹560 to ₹899.

The commentary also noted that the forecast implies revenue growth of about 71% a year through the end of 2027, against a five-year historical rate of about 15%.

Pre-sales and launches

Real estate pre-sales in Q2 totalled ₹1,827 crore across about 1.3 million sq ft. That was up 72% in value and 78% in volume from the previous quarter. Pre-sales were 10% lower than in Q2 FY26. Management attributed the year-on-year decline mainly to the timing of launches rather than weaker demand.

The company launched projects covering about 2.4 million sq ft in the quarter, with an estimated gross development value of about ₹3,000 crore. Collections in the quarter were ₹1,633 crore.

Managing Director Pavitra Shankar said demand in the mid and premium segments continued, and that buyers prioritise quality, location and larger homes.

What comes next

• FY27 pre-sales target of ₹9,000 crore. Management said it is confident of reaching this if project approvals come on time, and said its guidance depends on timely approvals.
• Roughly 13 million sq ft planned for launch over the next four quarters, according to the investor presentation summary.
• A ₹40,000 crore investment plan over three years to develop 40 million sq ft, with about 70% for housing. The company says it will fund this through internal accruals, customer advances and debt.
• A plan to launch a REIT within five years to monetise rent-yielding commercial assets.

Recent activity in Bengaluru

On April 15, 2026, Brigade signed a joint development agreement for an 8.63-acre parcel in Gunjur, East Bengaluru. The project would form a 39-acre integrated township in the Whitefield–Sarjapur corridor, with an estimated gross development value of about ₹7,200 crore. The company describes the corridor as a micro-market shaped by infrastructure expansion, connectivity and employment catchments.

What this means for buyers, investors and the market

For home buyers, the results show pre-sales and collections rising in the quarter, with the launch pipeline and FY27 target as the main indicators to watch. Management has tied its sales target to approval timelines, so delays in approvals could affect launch schedules.

For investors, the quarter combined lower reported revenue with higher profit and EBITDA, and analysts reduced earnings forecasts while leaving revenue estimates largely unchanged. The next reporting period will show whether launch volumes and recognised revenue move in line with the planned launches.