BRIGADE · Realty
Brigade Enterprises Ltd. reported revenue of ₹1,458 cr for January to March 2026, −0.1% on the year and −7.4% on the quarter. Over the last four quarters revenue comes to ₹5,697 cr, +12.3% on the four before.
Operating profit (EBITDA) was ₹365 cr, a margin of 25.0%, −346 bps on the year and −106 bps on the quarter. Over the last 8 quarters the margin has ranged from 23.7% to 28.5%, averaging 26.4%. Operating costs grew +4.7%, faster than revenue at −0.1%, so operating profit grew less than sales.
Net profit was ₹191 cr, −23.3% on the year and −7.3% on the quarter, with earnings per share of ₹4.46. Profit before other income, one-offs and tax fell 26.1%, so the profit growth came from the business itself. The tax rate of 22% is in line with its recent average. Profit over the last four quarters totals ₹725 cr, +6.5% on the four before.
Real estate revenue is booked when projects complete, so the quarterly statements lag the business; pre-sales and collections show where it actually is. The quarterly statements do not carry pre-sales, collections and launches; those come with the filing read.
On earnings per share of ₹19.76 over the last four quarters, the stock at ₹575.05 trades at 29.1 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Expected for Real estate, REITs and InvITs: Margins depend on which projects completed in the quarter. EBITDA margin 25.0%, −346 bps on the year (−106 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,367 cr | ₹1,174 cr | ₹1,702 cr | ₹1,078 cr | ₹1,072 cr | ₹1,464 cr | ₹1,460 cr | ₹1,281 cr | ₹1,383 cr | ₹1,575 cr | ₹1,458 cr | ₹1,116 cr |
| YoY | — | — | — | +65% | −22% | +25% | −14% | +19% | +29% | +8% | −0% | −13% |
| EBITDA margin | 23.8% | 22.3% | 25.4% | 27.2% | 27.2% | 28.3% | 28.5% | 25.2% | 23.7% | 26.1% | 25.0% | 32.3% |
| Other income, % of PBT | 23% | 43% | 22% | 33% | 40% | 23% | 24% | 27% | 23% | 11% | 29% | 38% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 38% | 30% | 24% | 26% | 31% | 18% | 18% | 18% | 13% | 24% | 22% | 24% |
| Net profit | ₹112 cr | ₹56.0 cr | ₹211 cr | ₹81.0 cr | ₹115 cr | ₹236 cr | ₹249 cr | ₹158 cr | ₹170 cr | ₹206 cr | ₹191 cr | ₹217 cr |
| YoY | — | — | — | +268% | +3% | +321% | +18% | +95% | +48% | −13% | −23% | +37% |
| Core profit YoY | — | — | — | — | −28% | +396% | +7% | +97% | +50% | +8% | −26% | +25% |
| EPS | ₹4.34 | ₹2.39 | ₹6.69 | ₹2.72 | ₹3.65 | ₹7.25 | ₹7.58 | ₹4.60 | ₹4.98 | ₹5.72 | ₹4.46 | ₹6.14 |
| Flags | · | 1 | · | 1 | 2 | ✓ | ✓ | ✓ | 1 | ✓ | 1 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Brigade Enterprises Ltd. reported revenue of ₹1,458 cr (−0.1% on the year) and net profit of ₹191 cr (−23.3% on the year) for January to March 2026.
Profit before other income, exceptional items and tax moved −26.1% on the year, against −23.3% for reported profit.
None of the 6 checks that could run raised a question.
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