Brigade Enterprises retains Rs 9,000 crore FY27 presales goal

Brigade Enterprises Limited retained its Rs 9,000 crore FY27 presales goal after recording Rs 2,888 crore in the first half, meaning about Rs 7,000 crore is planned for H2. Management said 7 million square feet of H2 launches, with Rs 7,600 crore of gross development value, will support that outcome.

Can Brigade Enterprises meet its Rs 9,000 crore FY27 presales goal?

Brigade Enterprises said it still expects to achieve Rs 9,000 crore of FY27 presales, despite reporting Rs 2,888 crore in the first half, or H1. That leaves roughly Rs 7,000 crore to be delivered in the second half, or H2, with management relying on projects planned for launch in the third and fourth quarters.

Q2 net sales were Rs 1,827 crore from 1.32 million square feet, up 72% in value and 78% in area from Q1. Sales were nevertheless 10% lower than Q2 FY26, which management attributed primarily to the timing of launches rather than a change in customer demand.

The required H2 outcome depends on a different sales mix from H1. Two-thirds of Q2 residential volume came from ongoing projects, while management said sustenance sales accounted for 80% of H1 sales. It expects the contribution from launches to rise in H2, even as existing projects continue to generate sales.

What launches support Brigade Enterprises' H2 sales plan?

Brigade Enterprises has identified 7 million square feet of H2 residential launches with Rs 7,600 crore of gross development value, or GDV, as the main support for its guidance. Two large Bengaluru township projects are expected to have combined GDV of around Rs 3,800 crore, equal to half of the disclosed H2 pipeline value.

Management said one township should launch in Q3 and it is working to launch the second in Q3, although the latter could move into Q4. The projects are in Whitefield-Hoskote and North Bengaluru. The remaining pipeline includes another Bengaluru project in early Q4, 1 million square feet in Chennai, 1 million square feet in Hyderabad and smaller projects.

The city allocation puts about 5 million square feet of the 7 million-square-foot pipeline in Bengaluru, after the 1 million square feet each planned in Chennai and Hyderabad. Management said much of the North Bengaluru product would be priced at Rs 1 crore to Rs 1.5 crore, with other Bengaluru homes around Rs 2 crore and about 20% near Rs 3 crore.

Approvals are the disclosed timing dependency for the projects. Management said it did not see a material execution risk, but launches need approvals before construction begins. In Chennai, it had good visibility for one project in January of the next calendar year, while a second project could shift into the next financial year and was not included in the 7 million-square-foot total.

How are existing projects supporting Brigade Enterprises' sales?

Brigade Enterprises expects ongoing projects to remain an important H2 contributor, with management hoping to repeat H1 sustenance sales in the second half. It named Brigade Eternia, Brigade Belvedere and Brigade Insignia in Bengaluru, Brigade Gateway Hyderabad and Brigade Icon in Chennai as key Q2 contributors.

Residential sales in Q2 were around Rs 1,700 crore, comprising approximately Rs 900 crore from Bengaluru and Mysuru, Rs 580 crore from Hyderabad and Rs 225 crore from Chennai. Brigade Misty Greens in Mysuru, one of three Q2 launches, contributed around Rs 150 crore and had almost sold its available inventory.

Brigade Barcelona at Neopolis in Hyderabad generated Rs 475 crore of launch-quarter sales after its late-September launch. Management said the project had total inventory of around Rs 2,700 crore and expects another Rs 300 crore to Rs 325 crore of FY27 sales, potentially taking its full-year sales to about Rs 800 crore.

Average Q2 realization was Rs 13,841 per square foot, up 29% year on year. Management attributed the increase to price rises in existing projects and a higher share of premium homes. It said Barcelona homes were priced at around Rs 4 crore each and were being absorbed more slowly than Brigade Gateway Hyderabad.

What financial and collection indicators matter for Brigade Enterprises' H2 plan?

Brigade Enterprises reported Q2 consolidated revenue of Rs 1,250 crore, earnings before interest, tax, depreciation and amortisation, or EBITDA, of Rs 478 crore, and profit after tax, or PAT, of Rs 219 crore. Consolidated EBITDA margin rose to 38% from 26% in Q2 FY26, while real-estate EBITDA margin increased to 24% from 12%.

Q2 collections were Rs 1,633 crore, compared with Rs 2,003 crore in Q2 FY26. Real estate contributed Rs 1,115 crore, leasing contributed Rs 343 crore and hospitality contributed Rs 175 crore. Management said a September billing milestone was still being collected, with Rs 250 crore to Rs 260 crore outstanding and around Rs 200 crore reflected in higher trade receivables.

Management expects H2 cash generation to rise through these outstanding collections, sales-linked milestone receipts and commercial real-estate collections. Q2 net cash flow from operating activities was Rs 246 crore, while first-half cash generation from operations was around Rs 600 crore. Construction spending is expected to remain steady, although initial payments on new launches will add H2 outflows.

As of September 30, 2026, gross debt was Rs 5,439 crore and net debt was Rs 2,765 crore after adjusting for Rs 2,674 crore of cash and cash equivalents. Net debt-to-equity was 0.31, and management said it expects the ratio to remain below 0.5 by March after capital expenditure and business-development spending.

Conclusion

Brigade Enterprises' retained Rs 9,000 crore FY27 presales goal requires a substantial H2 acceleration after Rs 2,888 crore in H1. The plan combines Rs 7,600 crore of launch GDV, led by two Bengaluru townships with about Rs 3,800 crore of GDV, with continued sustenance sales and higher Q2 realizations.

The next items to watch are approvals and launch timing for both Bengaluru townships, particularly whether the second moves from Q3 to Q4, and the planned January launch in Chennai. Management also expects H2 collections to improve as Rs 250 crore to Rs 260 crore of billed milestones are collected, while keeping net debt-to-equity below 0.5 by March.