Brigade Enterprises shares fell 2.63% to Rs 787.65 on Thursday, opening below Rs 790 and touching a session low of Rs 785.50, after the Bengaluru-based real estate developer reported a 41% year-on-year decline in consolidated net profit for the fourth quarter of FY26 — a result that weighed on sentiment despite the company announcing a 1:3 bonus issue and a strong pre-sales performance.
The Q4 FY26 numbers
| Metric | Q4 FY26 | Q4 FY25 | YoY Change |
|---|---|---|---|
| Revenue | Rs 1,457.6 Cr | Rs 1,460.4 Cr | -0.2% |
| EBITDA | Rs 364.7 Cr | Rs 416 Cr | -12.3% |
| EBITDA Margin | 25.1% | 28.5% | -340 bps |
| Net Profit | Rs 145.5 Cr | Rs 246.8 Cr | -41.1% |
| Diluted EPS | Rs 5.94 | Rs 10.32 | -42.4% |
Revenue was flat at Rs 1,457.6 crore. EBITDA fell 12.3% to Rs 364.7 crore with margin contracting 340 basis points to 25.1%. Net profit dropped 41.1% to Rs 145.5 crore — a sharp decline that reflects revenue recognition timing under Ind AS 115, where profits are booked only upon project completion and handover, creating quarterly volatility that does not necessarily reflect the underlying business trajectory.
The operating metrics — a different picture
The reported financials tell only part of the story. The operational metrics for Q4 FY26 are significantly stronger. Real estate pre-sales for the quarter came in at Rs 2,521 crore across 1.95 million sq ft — a 44% sequential increase from Q3, described by MD Pavitra Shankar as the strongest quarter of FY26. Average realisation rose 7% year-on-year to Rs 12,915 per sq ft, reflecting disciplined pricing and a premium product mix. The company launched approximately 4 million sq ft across seven projects during the quarter.
Full year FY26 — steady compounding
For the full year FY26, pre-sales totalled 6.13 million sq ft translating to a value of Rs 7,424 crore. Full-year revenue rose to Rs 5,909 crore from Rs 5,314 crore. Net profit grew to Rs 725 crore from Rs 680 crore — a 6.6% increase. The leasing business delivered 12% revenue growth to Rs 1,303 crore, retail consumption grew 18%, and the hospitality portfolio reported 76% occupancy with average room rates up 11% to Rs 7,453 and revenue rising 13% to Rs 604 crore. Total collections for FY26 stood at Rs 7,476 crore, while net operating cash flow was Rs 1,411 crore.
The bonus issue and dividend
The board has proposed a 1:3 bonus issue — one fully paid-up equity share of Rs 10 for every three shares held — subject to shareholder approval through postal ballot. The record date will be announced separately. The board also recommended a final dividend of Rs 2 per equity share.
At Rs 787.65, Brigade trades at a PE of 26.13 with a market cap of approximately Rs 19,395 crore. The shares are now 40.9% below their 52-week high of Rs 1,332 — with today’s decline reflecting the weak reported quarterly profit rather than the stronger operational performance that the pre-sales and collections data conveys.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Please consult a qualified financial advisor before making investment decisions.