Brigade Enterprises (BRGD IN) – Q2FY27 Result Update – H2FY27 launch pipeline remains strong – BUY
Published on 02 Nov 2026
Brigade Enterprises Ltd (BRGD) reported muted pre-sales, declining 10% YoY, along with an 18% YoY decline in collections in Q2FY27. Despite weak H1, management reiterated its full year guidance of INR90bn pre-sales indicating strong H2 launch pipeline. BRGD has delivered healthy pre-sales CAGR of 22% over FY23–26, led by new launches, entry into new markets, and premiumization. Further, annuity income saw 20% increase during the period. Supported by a healthy launch pipeline (~7-8msf) and strategic expansion into Chennai and Hyderabad, we expect pre-sales to clock 10-12% CAGR over FY26–28E. Further, given the strong OCF generation and comfortable balance sheet position, BRGD should be able to comfortably fund BD and capex. Maintain ‘BUY’ rating with TP of INR 700/share.
