Brigade Enterprises

“For the remaining part of the year I think we should be able to do another INR300 crores or INR325 crores of sales for Barcelona. Maybe we can touch INR800 crores for the full year.”

“In Q3, we aim to launch two of our large township projects in Bengaluru, which both have significant contributions to the H2 sales achievements.”

“We remain confident of sustaining healthy cash flows in the coming quarters and outlook to generate operating cash flow from operations for the entire financial year higher than that of FY26, in line with the segment performances.”

“From a revenue perspective, we should do a year-on-year growth again on a full year basis. This is depending, obviously, on the OCs coming in, registrations happening, because that's when it reaches the recognition milestone.”

“Some of our upcoming launches are in that INR1 crores to INR2 crores range, which is a sweet spot for many customers, especially in Bangalore and Chennai. So we expect to have a higher absorption for those launches. Based on that is how we've retained the guidance for H2.”

“These are all under construction.. And they're all -- those 3 projects that you mentioned are all slated to come into operations by FY '30.”

“We also completed Arcadia at Brigade Cornerstone Utopia in Bengaluru, taking our total operational leasing area to 9.6 million square feet at a portfolio occupancy of 90%.”

“During Q2, we added 0.27 million square feet to our operational leasing portfolio with the completion of Brigade Square in Trivandrum, a 185,000 square feet project that's 100% pre-leased.”

“But if we're talking about FY '30, there is a Brigade Industrial Park, Block 1, which is about 300,000 square foot. There is Brigade Icon, the commercial tower, which is about 410,000 square feet. And of course, Brigade World Trade Center in Hyderabad and Orion Mall, which will be 1.72 million square feet.”

“In Real Estate, we launched 2.4 million square feet of residential projects in Q2 at an estimated GDV of approximately INR3,000 crores.”

“Brigade Barcelona at Neopolis in Hyderabad had a good customer response with launch quarter sales of INR475 crores.”

“Net sales for the quarter were INR 1,827 Cr on a volume of 1.32 million square feet, 72% and 78% higher than Q1 value and area, respectively.”

“This quarter, we transacted close to 6 lakh square feet of commercial space, approximately 1 lakh square feet in sales, 1.5 lakh square feet in new leasing, 2.13 lakh square feet in churned space and 1.34 lakh square feet of investor space.”

“Rental collections remained robust at 99% and office-only lease revenue stood at INR201 crores, 8% higher year-on-year.”

“While presales was 10% lower than Q2 FY26, this is mostly reflective of the launch timing this year and not of the demand on ground.”

“Occupier demand continues to reflect a flight to quality with GCCs accounting for 41% of Q2 office leasing and green certified tech parks capturing 61% of market absorption.”

“We've been maintaining for a long time that despite the net hiring in IT and IT sector and certain companies not being positive, it has not really impacted demand. In fact, demand has actually become more premium while also maintaining growth, whether in our portfolio or Bangalore in general.”

“So even in upcoming launches, the ones that we are preparing for, there seems to be pretty good demand on ground.”

“So there is definitely a change in terms of the pace of absorption, but we're still confident in terms of the product and will get absorbed well, and we are able to charge the price that we want and should be able to take up the pricing as well despite any market pressure.”

“Average realization stood at INR13,841 per square foot, a strong 29% year-on-year improvement, driven by disciplined pricing increases in our existing projects and a sustained shift in contribution of higher-end homes in our overall product mix.”

“The EBITDA margin improved to 38% compared with 26% in Q2 of FY26, an improvement of 1,200 basis points.”

“The EBITDA margin grew 2x year-on-year to 24% versus 12% in Q2 FY26.”

“EBITDA for Leasing segment, including facility management, stood at INR242 crores, an EBITDA margin of 73%.”

“EBITDA margin for the segment was 37% for the quarter, a growth of 700 basis points over Q2 FY26.”

“The net debt-to-equity ratio at the end of the quarter stood at 0.31 and our average cost of debt at 7.61%.”

“As of September 30, 2026, the group's consolidated gross debt stood at INR 5,439 crores, and consolidated net debt outstanding was INR 2,765 crores, adjusting for cash and cash equivalent of INR 2,674 crores.”

“about 85% of our debt is backed by rental cash flow income and GOP from Leasing and Hospitality segments.”

“We continue to maintain adequate liquidity backed by improved outlook of cash from operations in 2H of FY27 and credit options from banks and financial institutions.”

“Collections for the quarter stood at INR1,633 crores. The reduction in collection number as compared to earlier quarters was primarily due to milestone that got billed in the third month of the quarter and for which collections were in progress.”

“Our investment for growth towards land acquisitions and capital asset creations would be met through a mix of options, including internal accruals and debt.”

“we have presented certain ratios as required by Regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations,2015, pursuant to having issued listed commercial paper in the quarter.”

“So this is investment which came from Bain Capital's fund in first quarter in a SPV called Vibrancy Real Estates Private Limited.”

“Post their investment, the entity classification changed to a joint venture, which was initially our subsidiary.”

“It is pertinent to note that Q2 FY26 included a onetime income of around INR26 crores related to a finance lease transaction.”

“Excluding this, the revenue for Q2 FY27 would be higher by 4% year-on-year.”

“So to that extent, almost INR90 crores of that payment kind of got reinstated into our creditors. So that's the payment which has not gone out.”

“While the RBI raised repo rates by 25 bps after a long period of stable rates, this has not impacted customer sentiment on ground as the share of our customer taking home loans continues to hold steady.”

“Execution risk for the projects to be launched, I mean, there's nothing material to really mention. These are as per usual business plan. It's just a matter of getting the approvals, and we will start construction.”

“Predominantly, there are 2 large township projects in Bangalore that we're working towards. One of them should come in Q3. And the second also, we're hoping to get it in Q3. It may slip into Q4.”

“One of them, we do have good visibility. And hopefully, that should come in January of next calendar year. The other one, we're still working to try and get it within Q4, but that one might get pushed out into the next financial year.”

“And some of it might get pushed out a little because of the fact that we have joint development projects. So that depends on the milestone completion.”

“For this first half, we've done around INR 2,888 crore or INR 2,900 crores.”

“We achieved a GRESB Real Estate ESG score of 93.7 with a 4-Star rating for FY26, reflecting our steady progress towards the sustainability goals.”

“Our priorities for the second half are clear: deliver our planned launches on time, convert sales into collections and continue to grow our annuity portfolio.”

“Consolidated revenue for the quarter stood at INR1,250 crores with EBITDA of INR478 crores.”

“Consolidated PAT for the group stood at INR219 crores at 18% and year-on-year growth of 29%.”