Brigade Enterprises Holds ₹9,000 Crore FY27 Pre-Sales Target Despite Approval Delays

Brigade Enterprises remains confident of achieving its FY27 pre-sales target of ₹9,000 crore despite a slower Q1 and delays in project approvals. The company continues to target 12 million sq. ft. of launches with a gross development value (GDV) of around ₹11,900 crore, while approximately 1.5 million sq. ft. of launches deferred from Q1 are expected to come through in Q2FY27 and Q3FY27. In Q1FY27, the company reported a 33.7% YoY increase in net profit to ₹200.4 crore from ₹149.9 crore, while revenue declined 12.9% to ₹1,115.6 crore. EBITDA increased 11.7% to ₹361.4 crore and the EBITDA margin improved to 32.4% from 25.3%, while PBT rose 47% to ₹285 crore. Average realisation also increased 21% to ₹14,256 per sq. ft., although management expects realisations to moderate as the upcoming project mix changes, with new launches estimated at ₹10,000–₹11,000 per ***** The company currently has 40–45% of its projects in the ₹3 crore-plus ticket-size category, with premium projects in Chennai, Hyderabad and Bengaluru reaching ₹14,000–₹15,000 per sq. ft. and some projects touching ₹20,000–₹25,000 per sq. ft. On the regulatory front, approval delays remain a key monitorable, particularly for the Brigade Morgan project, where the matter is currently before the Madras High Court The company has refunded or is in the process of refunding customer deposits for inventory sold in the project. Brigade's shares have declined nearly 16% over the past year, with the company having a market capitalisation of approximately ₹19,336.54 crore. Overall, the company continues to maintain its FY27 growth targets, but the achievement of ₹9,000 crore in pre-sales will depend significantly on timely approvals and successful execution of the deferred launch pipeline. $BRIGADE Disclaimer: This post is for informational purposes only and not a recommendation to buy or sell any securities. I, or my family, associates, or relatives, may have a financial interest in the securities mentioned.