Q1 2027 Brigade Enterprises Ltd Earnings Call

August 14, 2026

Speaker #1: Good afternoon. Good afternoon, everyone, and thank you for joining us for Brigade Enterprises Limited's Q1 FY27 earnings call. I'm joined by the management of Brigade Group, our executive chairman, Mr. M.

Pavitra Shankar: Good afternoon. Good afternoon, everyone, and thank you for joining us for Brigade Enterprises Limited's Q1 FY27 earnings call. I am joined by the management of Brigade Group, our Executive Chairman, M.R. Jaishankar, Joint Managing Director, Ms. Nirupa Shankar, Executive Directors, Mr. Roshan Matthew, Mr. Amar Mysore, and Mr. Pradyumna Krishna Kumar, and our CFO, Yogesh Patel. In real estate, Q1 FY27 saw consistent performance coming off a launch-led Q4 FY26. Although we did not have new launches in Q1, we remain on track for our FY27 guidance, supported by a strong launch pipeline over the coming quarters, as well as contribution from our sustenance sales. Pan India, residential sales were down 6% year-on-year in the same April to June window for ANAROCK, with Bengaluru and Hyderabad among the only major cities to hold sales growth in the quarter, a favorable backdrop for Brigade, given both our core markets.

Pavitra Shankar: Good afternoon. Good afternoon, everyone, and thank you for joining us for Brigade Enterprises Limited's Q1 FY 2027 Earnings Call. I am joined by the management of Brigade Group, our Executive Chairman, M.R. Jaishankar, Joint Managing Director, Ms. Nirupa Shankar, Executive Directors, Mr. Roshan Matthew, Mr. Amar Mysore, and Mr. Pradyumna Krishna Kumar, and our CFO, Yogesh Patel. In real estate, Q1 FY27 saw consistent performance coming off a launch-led Q4 FY26. Although we did not have new launches in Q1, we remain on track for our FY27 guidance, supported by a strong launch pipeline over the coming quarters, as well as contribution from our sustenance sales. Pan India, residential sales were down 6% year-on-year in the same April to June window for ANAROCK, with Bengaluru and Hyderabad among the only major cities to hold sales growth in the quarter, a favorable backdrop for Brigade, given both our core markets.

Speaker #1: R. Jayashankar, joint managing director Ms. Nirupa Shankar, executive directors Mr. Roshan Mathew, Mr. Amar Mysore, and Mr. Pradyumna Krishnakumar, and our CFO, Yogesh Patel.

Speaker #1: In real estate, Q1 FY27 saw consistent performance, coming off a launch-led Q4 FY26. Although we did not have new launches in Q1, we remain on track for our FY27 guidance, supported by a strong launch pipeline over the coming quarters as well as contribution from our sustenance sales.

Speaker #1: Pan-India residential sales were down 6% year on year in the same April to June window per analog, with Bengaluru and Hyderabad among the only major cities to hold sales growth in the quarter.

Speaker #1: A favorable backdrop for Brigade, given both our core markets. For Brigade, Q1 FY27 net sales were Rs. 1,061 crores, 5% lower against Q1 FY26.

Pavitra Shankar: For Brigade, Q1 FY27 net sales were INR 1,061 crores, 5% lower against Q1 FY26. Our realization, though, increased to INR 14,256 per square foot, a strong 21% year-over-year improvement, driven by disciplined pricing increases in our existing projects and a positive shift in our product mix towards higher-value homes. Our planned relaunch of Brigade Morgan Heights, highlighted last quarter, was impacted by the project's environment clearance being revoked by SEIAA. We have refunded affected home buyers. Our position remains that the project land does not fall within the Pallikaranai Marshland. We have approached the High Court, which in turn directed SEIAA, which is a state environment impact authority, to file its counter affidavit and asked all authorities to maintain status quo. We are committed to the project and will plan the relaunch once the issue has been addressed.

Speaker #1: Our realization, though, increased to Rs. 14,256 per square foot, a strong 21% year-over-year improvement driven by disciplined pricing increases in our existing projects and a positive shift in our product mix toward higher-value homes.

Speaker #1: Our planned relaunch of Brigade Morgan Heights highlighted last quarter was impacted by the project's environmental clearance being revoked by SEIAA. We have refunded affected home buyers.

Speaker #1: Our position remains that the project land does not fall within the Pallikaranai marshland. We have approached the High Court, which in turn directed SEIAA—which is a state environment impact authority—to file its counter-affidavit and asked all authorities to maintain status quo.

Speaker #1: We are committed to the project, and will plan the relaunch once the issue has been addressed. For the next four quarters, our launch pipeline stands at 16.4 million square feet, of which 12.4 million square feet is residential, with a GDV of approximately Rs.

Pavitra Shankar: For the next four quarters, our launch pipeline stands at 16.4 million square feet, of which 12.4 million square feet is residential, with a GDV of approximately INR 13,400 crores. Bengaluru accounts for 4.3 million square feet, Hyderabad, 4 million, Chennai, 3 million, and Mysuru, 1 million square feet. Of the 4 million square feet launch pipeline for commercial, Bengaluru accounts for 2.6 million square feet, Chennai, 1.3 million square feet, and Kochi, 0.2 million. We also have 1,700 keys of hospitality inventory in the pipeline. This pipeline gives us confidence that we remain on track for our FY27 guidance of INR 9,000 crores in pre-sales, with launches expected to be more back-ended into the coming quarters, similar to the pattern we saw in FY26.

Speaker #1: 13,400 crores. Bengaluru accounts for 4.3 million square feet, Hyderabad 4 million, Chennai 3 million, and Mysore 1 million square feet. Of the 4 million square feet launch pipeline for commercial, Bengaluru accounts for 2.6 million square feet, Chennai 1.3 million square feet, and Kochi 0.2 million.

Speaker #1: We also have 1,700 keys of hospitality inventory in the pipeline. This pipeline gives us confidence that we remain on track for our FY27 guidance of Rs.

Speaker #1: 9,000 crores, in pre-sales, with launches expected to be more back-ended into the coming quarters. Similar to the pattern we saw on FY26. On the business development front, for the residential segment, we added Rs.

Pavitra Shankar: On the business development front for the residential segment, we added INR 2,400 crores of GDV across 2.7 million square feet in projects during Q1 FY27, primarily in Hyderabad. We continue to monitor the macroeconomic situation in terms of the Middle East conflict and impact of AI but believe that the core drivers of growth remain intact. Brigade Group's commercial office business continued to deliver resilient operating performance in Q1 FY27, with an operational portfolio of 8 million square feet of GLA across Bengaluru, Chennai, Kochi, and Ahmedabad, and portfolio occupancy at 88%. The business recorded 0.22 million square feet of gross leasing during the quarter. Leasing demand during the quarter remained broad-based, led by industrial manufacturing, flexible workspace, and life sciences. At the portfolio level, GCCs contributed 58% of gross leasing, with the GCC occupier base diversified across automotive and mobility, technology, industrial and engineering, and BFSI.

Speaker #1: 2,400 crores of GDV across 2.7 million square feet in projects during Q1 FY27, primarily in Hyderabad. We continue to monitor the macroeconomic situation in terms of the Middle East conflict and impact of AI, but believe that the core drivers of growth remain intact.

Speaker #1: Brigade Group's commercial office business continued to deliver resilient operating performance in Q1 FY27, with an operational portfolio of Rs. 8 million square feet of GLA, across Bengaluru, Chennai, Kochi, and Ahmedabad, and portfolio occupancy at 88%.

Speaker #1: The business recorded 0.22 million square feet of gross leasing during the quarter. Leasing demand during the quarter remained broad-based, led by industrial manufacturing, flexible workspace, and life sciences.

Speaker #1: At the portfolio level, GCCs contributed 58% of gross leasing, with the GCC occupier base diversified across automotive and mobility, technology, industrial and engineering, and BFSI.

Speaker #1: IT and ITES accounts for 26% of the overall portfolio mix, reflecting a diversified occupier profile across the commercial office portfolio. Commercial office revenues stood at Rs.

Pavitra Shankar: IT and ITES accounts for 26% of the overall portfolio mix, reflecting a diversified occupier profile across the commercial office portfolio. Commercial office revenues stood at INR 200 crores, while operating EBITDA margins stood at 80%, and rental collections remained robust at 99%. The business has 0.9 million square feet of vacant lease-up opportunity within its operational portfolio. Turning to retail, as of Q1 FY27, the Orion Mall portfolio delivered a strong performance, with footfalls growing 11% year-on-year. The increase was driven by brand-new additions, mall-led experiential promotional events, along with a 20% year-on-year rise in cinema admissions. Retail sales grew 35% year-on-year, led by strong growth in destination categories. Across the malls, anchor retailers emerged as the key growth driver with a 64% year-on-year increase in sales, led by new anchors, followed by F&B restaurants at 46% year-on-year, and electronics at 33% year-on-year.

Speaker #1: 200 crores, while operating EBITDA margins stood at 80% and rental collections remained robust at 99%. The business has 0.9 million square feet of vacant lease-up opportunity, within its operational portfolio.

Speaker #1: Turning to retail, as of Q1 FY27, the Ryan Mall portfolio delivered a strong performance with footfalls growing 11% year on year. The increase was driven by brand-new additions, mall-led experiential promotional events, along with a 20% year-on-year rise in cinema admissions.

Speaker #1: Retail sales grew 35% year on year, led by strong growth in destination categories. Across the malls, anchor retailers emerged as the key growth driver, with a 64% year-on-year increase in sales, led by new anchors, followed by F&B restaurants at 46% year-on-year and electronics at 33% year-on-year.

Speaker #1: Turning to hospitality, BHBL delivered a strong quarter despite geopolitical disruptions from the West Asia conflict, by shifting focus to domestic demand. The company achieved 7% ADR growth, 2% occupancy growth, 9% growth in rev fund EBITDA, and 140% increase in profit, from 7 crore to 17 crores.

Pavitra Shankar: Turning to hospitality, BHSL delivered a strong quarter despite geopolitical disruptions from the West Asia conflict by shifting focus to domestic demand. The company achieved 7% ADR growth, 2% occupancy growth, 9% growth in RevPAR and EBITDA, and 140% increase in profit from INR 7 crore to INR 17 crore. Domestic corporate travel, weddings, and social events remained resilient, helping offset weaker international travel demand. While F&B revenues were impacted by softer MICE activity and event postponements, management views this as a temporary challenge. During the quarter, BHSL rebranded Four Points by Sheraton Kochi Infopark to Courtyard by Marriott Kochi Infopark, and remains confident of continued ARR supported by strong demand and limited supply in its markets. Looking ahead, BHSL has a 1,700 key development pipeline targeting 3,300 keys by FY31. The company will launch Courtyard by Marriott Chennai WTC, 45 keys and part of the World Trade Center Chennai campus in FY27.

Speaker #1: Domestic corporate travel, weddings, and social events remained resilient, helping offset weaker international travel demand. While F&B revenues were impacted by softer MICE activity and event postponements, management views this as a temporary challenge.

Speaker #1: During the quarter, BHBL rebranded four points by Sheraton Kochi Info Park to Courtyard by Marriott Kochi Info Park, and remains confident of continued AR growth supported by strong demand and limited supply in its markets.

Speaker #1: Looking ahead, BHBL has a 1,700 key development pipeline targeting 3,300 keys by FY31. The company will launch Courtyard by Marriott Chennai WTC, 45 keys, and part of the WTC Chennai campus in FY27.

Speaker #1: Sustainability efforts continue to gain momentum, with 61% of portfolio energy requirements now sourced from renewable energy. The current operating portfolio is entirely edge-certified, a green building standard from IFC, the International Finance Corporation.

Pavitra Shankar: Sustainability efforts continue to gain momentum, with 61% of portfolio energy requirements now sourced from renewable energy. The current operating portfolio is entirely EDGE certified, a green building standard from IFC, the International Finance Corporation. With that, I will now hand over the call to Yogesh to take you through the financial performance for the quarter in detail.

Speaker #1: With that, I will now hand over the call to Yogesh to take you through the financial performance for the quarter in detail.

Speaker #2: Thank you, Pavitra. Good afternoon and a warm welcome to all once again. To start with, the highlight of Group's financial performance for Q1 FY27: a consolidated revenue for the quarter gone by stood at Rs.

Yogesh Patel: Thank you, Pavithra. Good afternoon and a warm welcome to all once again. To start with the highlights of group's financial performance for Q1 FY27. The consolidated revenue for the quarter on Brigade Enterprises stood at INR 1,179 crores with an EBITDA of INR 425 crores. The EBITDA margin stood at 36% as compared to 28% in Q1 of FY26, an improvement of almost 800 basis points, primarily led by increase in Real Estate margins. The Real Estate segment clocked a turnover of INR 707 crores with an EBITDA of INR 150 crores, an absolute increase of 45% from Q1 FY26. The Real Estate EBITDA margin improved to 21% as compared to 12% in Q1 of FY26. This improvement is led by recognition of revenue from projects with better margins, as was expected too.

Speaker #2: 1,179 crores, with an EBITDA of Rs. 425 crores. The EBITDA margin stood at 36%, as compared to 28% in Q1 of FY26, an improvement of almost 800 basis points, primarily led by increase in real estate margins.

Speaker #2: The real estate segment clocked a turnover of Rs. 707 crores, with an EBITDA of Rs. 150 crores, an absolute increase of 45% from Q1 FY26.

Speaker #2: The real estate EBITDA margin improved to 21%, as compared to 12% in Q1 of FY26. This improvement is led by recognition of revenue from projects with better margins, as was expected too.

Speaker #2: The leasing segment clocked a turnover of Rs. 328 crores, an increase of 9% over Q1 FY26, with an EBITDA of Rs. 230 crores. EBITDA margin stood at 70%, which is the same as what we clocked for full year FY26.

Yogesh Patel: The leasing segment clocked a turnover of INR 328 crores, an increase of 9% over Q1 FY26, with an EBITDA of INR 230 crores. EBITDA margin stood at 70%, which is same as what we clocked for full year FY26. The hospitality segment clocked a turnover of INR 144 crores with an EBITDA of INR 45 crores. Consolidated PAT stood at INR 216 crores, a year-on-year growth of 37%, and a quarter-on-quarter growth of 14%. PAT after minority interest for this quarter is INR 200 crores. We have had an exceptional item, in the quarter, a gain of INR 36.6 crore at PAT level. This is due to reclassification of our investment in a subsidiary upon investment from Beam Capital. The said gain has only been consolidated at PBT and PAT level and does not impact the EBITDA measure as has been detailed earlier. Touching upon cash flow performance.

Speaker #2: The hospitality segment clocked a turnover of Rs. 144 crores, with an EBITDA of Rs. 45 crores. Consolidated PACT stood at Rs. 216 crores, a year-on-year growth of 37%, and a quarter-on-quarter growth of 14%.

Speaker #2: PACT after minority interest for this quarter is Rs. 200 crores. We have had an exceptional item in the quarter, a gain of Rs. 36.6 crore at PACT level, this is due to reclassification of our investment in a subsidiary, upon investment from Veen Capital.

Speaker #2: The set gain has only been consolidated at PBT and PACT level, and does not impact the EBITDA measure, as has been detailed earlier. Touching upon cash flow performance, collections for the quarter were steady, and stood at Rs.

Yogesh Patel: Collections for the quarter were steady and stood at INR 1,856 crores, a growth of 7% year-on-year. We remain confident of sustaining healthy cash flows in the coming quarters as well. Collections from the real estate segment stood at INR 1,346 crores, an increase of 8% over Q1 FY26. Leasing segment contributed INR 343 crores, a growth of 10% over previous year, and the balance of INR 167 crores came from hospitality segment. Net cash flow from operating activities stood at INR 354 crores, which is also a growth of 10% from Q1 FY26. Coming to debt and liquidity, we continue to have adequate liquidity and undrawn credit lines from banks and financial institutions to support our growth plans. Our average cost of debt for June 2026 stands at 7.61%.

Speaker #2: 1,856 crores, a growth of 7% year-on-year. We remain confident of sustaining healthy cash flows in the coming quarters as well. Collections from the real estate segment stood at Rs.

Speaker #2: 1,346 crores, an increase of 8% over Q1 FY26. Leasing segment contributed Rs. 343 crores, a growth of 10% over previous year, and the balance of Rs.

Speaker #2: 167 crores came from hospitality segment. Net cash flow from operating activities stood at Rs. 354 crores, which is also a growth of 10% from Q1 FY26.

Speaker #2: Coming to debt and liquidity, we continue to have adequate liquidity and undrawn credit lines from banks and financial institutions to support our growth plans.

Speaker #2: Our average cost of debt for June 26 stands at 7.61%. As of June 30, 2026, the gross debt of the Group stood at Rs.

Yogesh Patel: As of 30 June 2026, the gross debt of the group stood at INR 5,305 crores, while cash and cash equivalents were INR 3,087 crores. The company's net debt outstanding as of 30 June 2026 was INR 2,218 crores, out of which Brigade Enterprises share, I mean, excluding the JV owner share would be INR 1,541 crores. About 86% of this debt pertains to the leasing segment, which is backed by the rental incomes from it itself. The debt-equity ratio at the end of the quarter stood at 0.26. We will continue to have our debt-equity ratio well under 1x, accommodating for all the current CapEx commitments and projected business development spends, given these will be serviced through a combination of internal accruals prior to accessing debt. I will now hand it back to the moderator for questions.

Speaker #2: 5,305 crores, while cash and cash equivalents were Rs. 3,087 crores, the company's net debt outstanding as of 30 June 2026 was Rs. 2,218 crores, out of which Brigade Enterprises' share—I mean, excluding the JV owner's share—would be Rs.

Speaker #2: 1,541 crores. About 86% of this debt pertains to the leasing segment, which is backed by the rental incomes from it itself. The debt-equity ratio at the end of the quarter stood at 0.26.

Speaker #2: We will continue to have our debt-equity ratio well under 1x accommodating for all the current CapEx commitments and projected business development spends, given these will be serviced through a combination of internal accruals prior to accessing debt.

Speaker #2: I will now hand it back to the moderator for questions.

Speaker #3: Thank you very much, sir. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and 1 on their touchstone telephone.

Operator: Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. First question is from the line of Karan Khanna from Ambit Capital. Please go ahead.

Speaker #3: If you wish to withdraw yourself from the question queue, you may press star and 2. Participants are requested to use handset while asking a question, ladies and gentlemen will wait for a moment while the question queue assembles.

Speaker #3: First question is from the line of Karan Khanna, from Ambit Capital. Please go ahead.

Speaker #4: Yes. The first question from my side: firstly, Pavitra, of the 12 million square feet launches that are planned, just a clarification, is this for the remainder of FY27 or for the opening four quarters?

Karan Khanna: Yeah. A couple of questions from my side. Firstly, Pavithra, of the 12 million square feet launches that are planned, just a clarification, is this for remainder of FY2027 or for rolling four quarters? Secondly, can you provide some color on quarter-wide timelines for these launches? Is there a risk for slippage here due to approval net delays or any other reason? Because in Q1 too, you were targeting 1.5 million square feet of launches which didn't come through. Does that 3 million square feet in Chennai also include Brigade Morgan Heights?

Speaker #4: And secondly, can you provide some color on quarter-wise timelines for these launches? Is there a risk of slippage here due to approval net delays or any other reason?

Speaker #4: Because even in one queue, you were targeting 1.5 million square feet of launches, which didn't come through. And does the 3 million square feet in Chennai also include Mogan Heights?

Speaker #1: Yeah. Hi, Karan. So the 12.36 million square feet that we mentioned is a rolling four quarters. Yes, there is a slipover into Q1 of next financial year.

Pavitra Shankar: Yeah. Hi, Karan. The 12.36 million square feet that we mentioned is a rolling four quarters. Yes, there is a slip over into Q1 of next financial year. For the remaining three quarters of this financial year, we're looking at 9.36 million square feet in FY2027, and there is a 3 million square feet that will move into Q1 FY2028. The launches in Q1 was partially because of Brigade Morgan Heights itself. We were planning to relaunch the project based on all the favorable movements that had happened in Q4. But since then, as mentioned in the opening remarks, we've not been able to get that clarity. Hence, we have removed Brigade Morgan Heights from any of the launch numbers that we have previously communicated, and it is not part of the 3 million square feet to Chennai as well for the next four quarters.

Speaker #1: So for the remaining three quarters of this financial year, we're looking at 9.36 million square feet in FY27, and there is a 3 million square feet that will move into Q1 FY28.

Speaker #1: The launches in Q1 were partially because of Mogan Heights itself. We were planning to relaunch the project based on all the favorable movements that had happened in Q4, but since then we were—as mentioned in the opening remarks—we have not been able to get that clarity.

Speaker #1: Hence, we have removed Mogan Heights from any of the launch numbers that we have previously communicated, and it is not part of the 3 million square feet to Chennai as well for the next four quarters.

Speaker #1: Q2, we are hoping to launch around 2.36 million square feet. And therefore, the remaining seven for the financial year will come in H2. There is always that risk of approvals coming in on time, but this is what we're going for: 2.36 in Q2, the remaining seven in H2, and another 3 million in Q1 FY28, and none of that will include Mogan.

Karan Khanna: Sure.

Pavitra Shankar: Q2, we are hoping to launch around 2.36 million square feet. Therefore, the remaining 7 for the financial year will come in H2. There is always that risk of approvals coming in on time, but this is what we're going for. 2.36 in Q2, the remaining 7 in H2, and another 3 million in Q1 FY2028. None of that will include Morgan.

Speaker #4: Sure. And just as a follow-up, Q1 says that 1,050 crores in your guidance of about 9,000 crores. How should we think about sales velocity?

Karan Khanna: Sure. Just as a follow-up, with Q1 sales at INR 1,050 crores and your guidance of about INR 9,000 crores, how should we think about sales velocity? Is the expectation that volumes will accelerate from here with upcoming launches? Or should we expect pricing mix to remain significant part of the pre-sales growth?

Speaker #4: Is the expectation that volumes will accelerate from here with upcoming launches, or should we expect pricing mix to remain significant part of the pre-sales growth?

Speaker #1: So we do expect more sales velocity associated with the launches. And since we are expecting those launches to come starting from Q2 itself, the run rate per quarter will definitely be increasing.

Pavitra Shankar: We do expect more sales velocity associated with the launches. Since we are expecting those launches to come starting from Q2 itself, the run rate per quarter will definitely be increasing.

Speaker #4: My second question to you, Nirupa, and if you look at slide 29, you launched around 4 million square feet of commercial property across Bangalore and Hyderabad.

Karan Khanna: My second question to you, Nirupa, if you look at slide 29, you launched around 4 million square feet of commercial properties across Bangalore and Hyderabad. Given the amount of CapEx still to be deployed across the commercial pipeline, can you give some visibility on the leasing timelines, occupancy at completion, and when these projects will start becoming meaningful contributors to the rental EBITDA? As a follow-up, with all the expansion plans on the leasing front, what does steady state revenue and EBITDA look like and leverage here?

Speaker #4: Given the amount of CapEx still to be deployed across the commercial pipeline, can you give some visibility on the leasing timelines, occupancy at completion, and when these projects will start becoming meaningful contributors to the rental EBITDA?

Speaker #4: And as a follow-up, with all the expansion plans on the leasing front, what does steady-state revenue and EBITDA look like, and revenue ue share?

Speaker #1: Hi, Karan. Thank you for that. So the property that were launched, about 4 million that we have launched in Q1, will take some time to come over the next two to three years.

Pavitra Shankar: Hi, Karan. Thank you for that. The properties that were launched, about 4 million that we have launched in Q1, will take some time to come, over the next 2 to 3 years. If I look at how the launches are coming into the market, we can expect about 2.5 million or so to come into the market by FY28. As of now, for FY27, we have about 3.89 million ongoing, of which 2.85 is Brigade share. We still have some of it in the sale and in the leasing portfolio. As a whole thing, for FY27, we have about 3.8 million ongoing, of which 2.85 is Brigade share. In 2028, we can expect about 2.86 million to come into the market. In 2029, maybe some smaller properties, so about 650,000. The bulk of it will come in FY30.

Nirupa Shankar: Hi, Karan. Thank you for that. The properties that were launched, about 4 million that we have launched in Q1, will take some time to come, over the next 2 to 3 years. If I look at how the launches are coming into the market, we can expect about 2.5 million or so to come into the market by FY28. As of now, for FY27, we have about 3.89 million ongoing, of which 2.85 is Brigade share. We still have some of it in the sale and in the leasing portfolio. As a whole thing, for FY27, we have about 3.8 million ongoing, of which 2.85 is Brigade share. In 2028, we can expect about 2.86 million to come into the market. In 2029, maybe some smaller properties, so about 650,000. The bulk of it will come in FY30.

Speaker #1: If I look at how the launches are coming into the market, we can expect about two and a half million or so to come into the market by FY28.

Speaker #1: As of now, for FY27, we have about 3.89 million ongoing, of which 2.85 is Brigade share, and we still have some of it in the sale and in the leasing portfolio.

Speaker #1: So as I was saying, and for FY27, we have about 3.8 million ongoing, of which 2.85 is Brigade share. In 28, we can expect about 2.86 million to come into the market.

Speaker #1: In 29, a smaller maybe some smaller properties, so about 650,000. And the bulk of it will come in FY30, so almost 6 million square feet will come in FY30.

Pavitra Shankar: Almost 6 million square feet will come in FY30. We do have some runway to lease these assets. Typically, we would like to lease assets within the first 6 to 8 quarters of getting the OC. That is typically what we would take. The spend, of course, for these CapEx items would be over the next 4 to 5 years. In terms of the revenue, in FY26, we had a total commercial, just the office leasing at around INR 165 crores. I would say over the next 5 to 6 years, we can expect the CAGR for the leasing revenue to increase by about 20%. That is how we see the portfolio growing.

Nirupa Shankar: Almost 6 million square feet will come in FY30. We do have some runway to lease these assets. Typically, we would like to lease assets within the first 6 to 8 quarters of getting the OC. That is typically what we would take. The spend, of course, for these CapEx items would be over the next 4 to 5 years. In terms of the revenue, in FY26, we had a total commercial, just the office leasing at around INR 165 crores. I would say over the next 5 to 6 years, we can expect the CAGR for the leasing revenue to increase by about 20%. That is how we see the portfolio growing.

Speaker #1: So we do have some runway to lease these assets. Typically, we would like to lease assets, within the first six to eight quarters of them, of getting the OC.

Speaker #1: That's typically what we would take. In terms of yeah, the spend, of course, for these CapEx items would be over the next four to five years.

Speaker #1: And in terms of the revenue, the way in FY26, we had a total commercial, just the office leasing, at around 765 crores. In FY and I would say over the next five to six years, we can expect the CAGR for the leasing revenue to increase by about 20%.

Speaker #1: And that's how we see the portfolio growing. By FY32, I think we've mentioned some numbers earlier.

Karan Khanna: Sure.

Pavitra Shankar: By FY2022, I think we have mentioned the numbers earlier.

Nirupa Shankar: By FY2022, I think we have mentioned the numbers earlier.

Speaker #4: Sure. And then lastly, on hotels, can you talk a bit about what are the near-term trends that you're seeing in the hotels business? And incrementally, do you foresee occupancies or ERR as a primary driver of growth for FY27?

Karan Khanna: Sure. Lastly, on hotels, can you talk a bit about what are the near-term trends that you are seeing in the hotels business? Incrementally, do you foresee occupancies or ARR as the primary driver of growth for FY2027? With Kochi Infopark hotel now being rebranded to Courtyard by Marriott, what kind of improvements in occupancies as well as ARR do you anticipate here?

Speaker #4: And with Kochi Infopark Hotel now being rebranded to Courtyard by Marriott, what kind of improvements in occupancies as well as ERR do you anticipate over here?

Speaker #1: Yeah. In terms of hospitality, we did see some impact of the West Asia crisis. So while we increased our ADR by 7% compared to Q1 of FY26, and the occupancy increased by about 2% from 74 and a half to 6%, so we saw total revenue increase of about 9%.

Pavitra Shankar: Yeah. In terms of hospitality, we did see some impact of the West Asia crisis. While we increased our ADR by 7% compared to Q1 of FY2026 and the occupancy increased by about 2% from 74.5% to 76%. We saw total revenue increase of about 9%, but we did see a hit on the F&B aspect of it. While we managed to increase our EBITDA by 9%, we managed to increase our PAT by 140% from 7 to 17 crores. We did see some loss of business.

Nirupa Shankar: Yeah. In terms of hospitality, we did see some impact of the West Asia crisis. While we increased our ADR by 7% compared to Q1 of FY2026 and the occupancy increased by about 2% from 74.5% to 76%. We saw total revenue increase of about 9%, but we did see a hit on the F&B aspect of it. While we managed to increase our EBITDA by 9%, we managed to increase our PAT by 140% from 7 to 17 crores. We did see some loss of business.

Speaker #1: But we did see a hit on the F&B aspect of it. So while we managed to increase our EBITDA by 9%, we managed to increase our PAT by 140% from 7 to 17 crores, we did see some loss of business when we tracked that business.

Speaker #1: We saw almost 10% reduction in business, just because of the West Asia crisis. This was due to cancellations or postponements of a lot of events that were supposed to have taken place in the city.

Nirupa Shankar: When we tracked that business, we saw almost a 10% reduction in business just because of the West Asia crisis. This was due to cancellations or postponements of a lot of events that were supposed to have taken place in the city. We think that this business will come back a lot stronger in H2 of this fiscal year. We are able to increase our ADR. What we did from a strategic perspective is because we anticipated the reduction of foreign travel, we managed to displace a lot of the foreign travel business with domestic business. Some of the larger MICE businesses could not be replicated. We do not see any major cause of concern. This quarter is actually quite encouraging, and we are seeing some good bounce back of MICE, like I said, in the third quarter, so hopefully, it is not a huge cause of concern.

Speaker #1: I believe that this business will come back a lot stronger in H2 of this fiscal year. So we are able to increase our ADRs.

Speaker #1: What we did from a strategic perspective is because we anticipated the reduction of foreign travel, we managed to displace a lot of the foreign travel business through domestic with domestic business.

Speaker #1: But some of the larger mic businesses could not be replicated. We don't see any major cause of concern. This quarter is actually quite encouraging, and we're seeing some good bounce-back of mic, like I said, in the third quarter.

Speaker #1: So hopefully, it's not a huge cause of concern. But like I said, there was some impact in Q1. I'm not seeing any I do see the ability to keep the rates quite

Nirupa Shankar: But like I said, there was some impact in Q1. I do see the ability to keep the rates quite-

Speaker #4: Sorry to interrupt, ma'am. You're not audible.

Operator: Sorry to interrupt, ma'am. You are not audible.

Speaker #3: Our line. It could be our line.

Speaker #1: Hi. Am I audible?

Karan Khanna: could be our names.

Speaker #4: Yes, ma'am. You're audible now.

Nirupa Shankar: Hi. Am I audible?

Operator: Yes, ma'am, you are audible now.

Speaker #1: Yeah. Where did you last where did we'll continue. What I was saying was that while we saw some impact in Q1, we expect a lot of that business to bounce back in Q3 of this fiscal year.

Nirupa Shankar: Where did you last? Continue. What I was saying was that while we saw some impact in Q1, we expect a lot of that business to bounce back in Q3 of this fiscal year. In terms of Four Points by Sheraton in Kochi, yes, we rebranded it. We saw a blip in terms of the occupancy in the first quarter of rebranding. I think two reasons for that, because we displaced some of the crew business. There was rebranding, so the systems had to identify a new hotel in place. But the bounce back in Q2 has been quite good. Our occupancies are back to the 70s, I would say. And because of the rebranding, we can expect at least a 15% to 20% increase in ADR.

Speaker #1: In terms of score 4 points by 4 points by Sheraton in Kochi, yes, we rebranded it. We saw a blip in terms of the occupancy in the first quarter of rebranding.

Speaker #1: I think two reasons for that. Because we displaced some of the crew business. There was rebranding, so the systems had to had to identify a new hotel in place.

Speaker #1: But we are expecting but the bounce-back in Q2 has been quite good. Our occupancies are back to the 70s, I would say. And because of the rebranding, we can expect at least a 15 to 20 percent increase in ADR.

Speaker #4: Great. That was very helpful. Thank you.

Karan Khanna: Great. That was very helpful. Thank you.

Speaker #1: Thank you.

Speaker #4: Thank you. Participants to ask a question. You may press star and one. Ladies and gentlemen, anyone who wishes to join the question queue, you may press star and one on your touchstone telephone.

Nirupa Shankar: Thank you.

Operator: Thank you. Participants, to ask a question, you may press star and one. Ladies and gentlemen, anyone who wishes to join the question queue, you may press star and one on your touchtone telephone. Next question is from the line of Pritesh Sheth from Axis Capital. Please go ahead.

Speaker #4: Next question is from the line of Pritesh Sheth from Axis Capital. Please go ahead.

Speaker #5: Yeah. Thanks for the opportunity. Two or three questions. Firstly, in terms of the H2 launches, I think we had two larger launches this year scheduled for Q4.

Pritesh Sheth: Yeah. Thanks for the opportunity. Two or three questions. Firstly, in terms of the H2 launches, I think we had two larger launches this year scheduled for Q4. One is Brigade Neopolis 2.0 and the Whitefield-Hoskote Road launch, which we are planning again in Q4. Does timeline still remain Q4, or has there been some advancements there? That's my first question. Second, on the leasing status for World Trade Center Bangalore. We did see some 30,000 square feet out of leasing this quarter, but how should one think about getting back to normal occupancy there?

Speaker #5: One is Hyderabad-New Polish 2, and the Tightfield Hospital launch, which we're planning again in Q4. So the timeline still remains Q4, or has that been some advancements there?

Speaker #5: That's my first question. And second, on the leasing status for WBC Bangalore. We did see some 30,000 square feet out of leasing this quarter, but how should one think about getting back to normal occupancy there?

Speaker #1: Yeah. On the residential launches, the Hyderabad launch we are planning to advance that. I think it's looking quite likely to come much earlier than Q4.

Nirupa Shankar: Yeah. On the residential launches, the Hyderabad launch, we are planning to advance that. I think it's looking quite likely to come much earlier than Q4. Definitely Q3, if not sooner. The Whitefield-Hoskote Road launch as well is looking like a Q3 launch for Bangalore.

Speaker #1: Definitely, Q3 is not sooner. And the Whitefield Hospital launch as well. It's looking like a Q3 launch for Bangalore.

Pritesh Sheth: Great. Good to know that. On the leasing part of World Trade Center Bangalore?

Speaker #5: Great. Good to know that. And on the leasing part, WBC Bangalore?

Speaker #1: On the leasing, yes. On the leasing side, of course, WTC is a building that's about 1.13 million square feet. Brigade has about 7.19 million square feet of that.

Nirupa Shankar: Yes. On the leasing side, of course, World Trade Center Bangalore is a building that is about 1.13 million square feet. Brigade has about 7.19 million square feet of that. We have leased about 50% of that space, and what we have left is about 375,000 square feet of space. While we were expecting one or two large clients to come in and take up the space, what we have realized is, as the client that was existing there left, we were also hit by the West Asia crisis. That has delayed some of the larger companies making large demands. A lot of the RFPs that we saw for 2 lakh square feet, 1 lakh square feet kind of disappeared or have been postponed.

Speaker #1: We have leased about 50% of that space. And what we have left is about 375,000 square feet of space. While we were expecting one or two large clients to come in and take up the space, what we have realized is the as the client that was existing there left, we were also hit by the West Asia crisis.

Speaker #1: So that has delayed some of the larger companies making large demand. So a lot of the RFPs that we saw for 2 lakh square feet, 1 lakh square feet kind of disappeared or have been postponed.

Speaker #1: So what we are having to do now is to do smaller leases of 20,000 square feet or a floor rise of 40,000 square feet.

Nirupa Shankar: What we are having to do now is to do smaller leases of 20,000 square feet or a floor rise of 40,000 square feet. This is how I think we will have to continue with the leasing because that is the kind of demand that we are getting right now. We are taking whatever business we get. The good news is that we are able to increase our rentals, so we are able to get that mark-to-market increase of at least 10% to 15%. But we believe that there is strong demand. We believe there is strong demand, and the idea is to close out the leasing in the next three to four quarters.

Speaker #1: So this is how I think we will have to continue with the leasing because that's the kind of demand that we are getting right now.

Speaker #1: So we are taking whatever business we get. The good news is that we're able to increase our rentals. So we are able to get that mark-to-market increase of at least 10% to 15%.

Speaker #1: But we believe that there is strong demand. We believe the strong demand and the idea is to close out the leasing in the next three to four quarters.

Speaker #5: Sure. Just a couple of more. Again, on the residential side, so I think we have two, three larger projects in Bangalore which are obviously not part of the current 12-month launch pipeline.

Pritesh Sheth: Sure. Just couple of more. Again, on the residential side, I think we have two, three larger projects in Bangalore, which are obviously not part of the current 12 months launch pipeline. Just want to know the status of that. First is The Brigade Cornerstone Utopia. Then we have a 75-acre land parcel at Devanahalli, and we have one large land parcel at Kengeri in Bangalore. If you can just provide the status of that in terms of when should one expect launches. Would it be next year or it might still take time for those to get unlocked? Yeah.

Speaker #5: So I just want to know the status of that. First is the Cornerstone Utopia 2. Then we have a 75-acre land parcel at Devnali.

Speaker #5: And we have one large land parcel at Kengeri in Bangalore. So if you can just provide the status of that in terms of when should one expect launches.

Speaker #5: Would it be next year, or it might still take time for those to get unlocked? Yeah.

Speaker #1: So on the phase two of Utopia, that is something that's positive movement. And we will look at launching that hopefully in Q1 of next financial year.

Pavitra Shankar: On the phase two of Brigade Cornerstone Utopia, that is something that positive movement. We will look at launching that, hopefully in Q1 of next financial year. Although those numbers are not mentioned in the rolling fourth quarter projection that I gave, it is something that we are trying to work towards. When we have much further clarity in terms of approvals, we will start incorporating those numbers. The second one that you mentioned was our 75-acre parcel CIADT allotment. The residential component of that is substantially smaller than what we had previously thought because of changes in the bylaws. That will come in later in this financial year. But the component is much smaller. It is only around 3 to 4 lakh square feet that we are looking at. Finally, on the Kengeri land parcel, this is not in a position to be launched as yet.

Speaker #1: Although those numbers are not mentioned in the rolling four-quarter projection that I gave, it's something that we're trying to work towards. When we have much further clarity in terms of approvals, we'll start incorporating those numbers.

Speaker #1: The second one that you mentioned was our 75-acre parcel, KIADB allotment. The residential component of that is substantially smaller than what we had previously thought because of changes in the bylaws.

Speaker #1: So that will come in later on this financial year. But the component is much smaller. It's only around three to four lakh square feet that we're looking at.

Speaker #1: And finally, on the Kengeri land parcel, this is not in a position to be launched as yet. There is some ongoing litigation there. So the landowner is dealing with that piece, and we will eventually bring that to the portfolio.

Pavitra Shankar: There is some ongoing litigation there. The landowner is dealing with that piece, and we will eventually bring that to the portfolio. But right now, that is not forming part of any of the earlier numbers that I mentioned.

Speaker #1: But right now, that is not forming part of any of this any of the earlier numbers that I mentioned.

Speaker #5: Sure. Got it. And one last on the 4 million square feet that we've launched this quarter on the commercial side, what would be the rental potential?

Pritesh Sheth: Sure. Got it. One last. On the 4 million square feet that we have launched this quarter on the commercial side, what would be the rental potential, and are we all going to hold those assets in our balance sheet, or we are planning to sell some of those?

Speaker #5: And are we all going to held in our hold those assets in our balance sheet, or we are trying to sell some of those?

Speaker #1: Yeah. So in terms of our launches, we've launched Brigade HRC Atrium. That's still a while away, so we need to see what the rentals will be like closer to the launch of that.

Pavitra Shankar: Yeah. In terms of our launches, we have launched Brigade HRC Atrium. That is still a while away, so we need to see what the rentals will be like closer to the launch of that. Then we have an industrial block. Then we have Brigade United and Cauvery and the Orion Mall at Hyderabad. All of these we plan to hold, and none of these are for sale. In terms of the rentals that we can expect to get, I think we will have to wait closer to the market and when they launch, maybe at least one year before that they launch, then we can share those details.

Speaker #1: But then we have an industrial block. Then we have Brigade United and Kaveri, and the Orion Mall at Hyderabad. So all of these, we plan to hold.

Speaker #1: And none of these are for sale. In terms of the in terms of the rental that we can expect to get, I think we'll have to wait closer to the market and when they're launched, maybe at least one year before that they launch, and then we can share those details.

Speaker #5: Sure. Okay. That's it from my side then. All the best. Thank you.

Pritesh Sheth: Sure. Okay. That is it from my side then. All the best. Thank you.

Speaker #2: Thank you. Participants, if you wish to join the question queue, you may press star and one. Ladies and gentlemen, to ask a question, you may press star and one on your touchstone telephone.

Operator: Thank you. Participants, if you wish to join the question queue, you may press star and one. Ladies and gentlemen, to ask a question, you may press star and one on your touchtone telephone. Next question is from the line of Abhishek from Kotak Securities. Please go ahead.

Speaker #2: Next question is from the line of Abhishek from Kotak Securities. Please go ahead.

Speaker #3: Hi. I just had one question. Of the 2.4 million square feet of launches that you have for Toki, could you give us the list or name of the projects for us to track?

[Analyst] (Kotak Securities): I just had one question. Of the 2.4 million square feet of launches that you have for Q2, could you give us the list or name of the projects for us to track?

Speaker #1: So in terms of the Q2 launches, it's there is a project in Hyderabad that's the Neopolis 2 project. There is a project in Mysore called Misty Greens, which is already launched.

Pavitra Shankar: In terms of the Q2 launches, there is a project in Hyderabad, that is the Brigade Neopolis 2.0 project. There is a project in Mysuru called Brigade Misty Greens, which is already launched. There is a very small project in our Brigade Meadows township. It is a senior living project or a senior-friendly project that we are waiting on the RERA for that as well.

Speaker #1: And there is a very small project in our Brigade Meadows township. It's just a it's a senior living project or senior-friendly project that has we're waiting on the RERA for that as well.

Speaker #3: How large is the Neopolis project in Hyderabad? Is that.

[Analyst] (Kotak Securities): How large is the Brigade Neopolis project in Hyderabad?

Speaker #1: The Neopolis project is that is about 2 million square feet.

Pavitra Shankar: The Neopolis project is that is about 2 million square feet.

Speaker #3: Okay. And just to confirm, is this likely to come in the next few days, or could we be hitting the end of the quarter for this one if you have some sense on the timelines for that one, some clarity maybe?

[Analyst] (Kotak Securities): Okay. Just to confirm, is this likely to come in the next few days, or could we be hitting the end of the quarter for this one? If you have some sense on the timelines for that one, some clarity maybe.

Speaker #1: It is this quarter. We are in the final stages of approval. So we are working on bringing that within this Q2 itself.

Pavitra Shankar: It is this quarter. We are in the final stages of the approval. We are working on bringing that within this Q2 itself.

Speaker #3: All right. One more clarification. When you say 12 million square feet of launches, for the next four quarters and then you also give a land bank of about 56, 57 million square feet, I just want to confirm, is there any other development potential that you own, or is this the sum total of all of the development potential that is there on Brigade's balance sheet as things stand today?

[Analyst] (Kotak Securities): All right. One more clarification. When you say 12 million square feet of launches for the next four quarters, and then you also give a land bank of about 56, 57 million square feet. I just want to confirm, is there any other development potential that you own, or is this the sum total of all of the development potential that is there on the Brigade's balance sheet as things stand today? Does that include all of the BD that you've ever done?

Speaker #3: Does that include all of the BD that you've ever done?

Speaker #1: Yeah. So whatever we are mentioning in the land bank is the entire development potential of the company. And we've given the detail in terms of market as well as segment in our investor presentation.

Pavitra Shankar: Yeah. So whatever we are mentioning in the land bank is the entire development potential of the company, and we have given the detail in terms of market as well as segment in our investor presentation.

Speaker #3: And the planned launches are also a part of that, just to confirm, the 12 million square feet?

[Analyst] (Kotak Securities): The planned launches are also part of that, just to confirm? The 12 million square feet.

Speaker #1: Yes. Yeah. Yeah. They're part of that. What happens? Sorry. The way we do it is whatever is in the launch pipeline, we are communicating it is in the pipeline.

Pavitra Shankar: Yes. They are part of that.

[Analyst] (Kotak Securities): Okay. The third and the

Pavitra Shankar: What happens is

[Analyst] (Kotak Securities): Okay. Sorry, go on.

Pavitra Shankar: Sorry. The way we do it is whatever is in the launch pipeline, we are communicating it is in the pipeline. As soon as we have RERA and launch or declare the launch from a commercial standpoint, we remove it from the land bank. The land bank, there are reductions based on what gets launched, and there are additions based on BD.

Speaker #1: As soon as we have RERA and launch or declare the launch from a commercial standpoint, we remove it from the land bank. So the land bank keeps there are deductions based on what gets launched, and there are additions based on BD.

Speaker #3: Got it. So still the time it's not launched, it's part of the land bank. Once you launch it, it will move to the ongoing projects.

[Analyst] (Kotak Securities): Got it. So till the time it is not launched, it is part of the land bank. Once you launch it will move to the on-hand projects. Is that right?

Speaker #3: Is that right?

Speaker #1: Correct. Correct. Yeah. That's right.

Pavitra Shankar: Correct. Yeah, that's right.

Speaker #3: Sure. So one final clarification. The reported financials for Brigade Hospitality Ventures and what you report in the presentation for Brigade Enterprises, there's a small difference, not very material, but there is still a difference.

[Analyst] (Kotak Securities): Sure. One final clarification. The reported financials for Brigade Hospitality Ventures and what you report in the presentation for Brigade Enterprises, there is a small difference. Not very material, but there is still a difference. Could you just highlight what is the difference between that 5%, 7% in terms of the revenue as well as the subsequent numbers? Is there anything that is not a part of Brigade Hotel Ventures that is there in the main entity?

Speaker #3: Could you just highlight what is the difference between that 5, 7 percent in terms of the revenue as well as the subsequent numbers? Is there anything that is not a part of Brigade Hotel Ventures that is there in the main entity?

Speaker #4: Yes, Abhishek. That's correct. So there are certain clubs which are run under an entity which is BHSL, Brigade Hospitality Services Limited, which is a subsidiary of BEL.

Yogesh Patel: Yes, Abhishek, that's correct. There are certain clubs which are run under an entity, which is BHSL, Brigade Hospitality Services Limited, which is a subsidiary of BEL. That is part of hospitality segment, but from a-

Speaker #4: So that is part of hospitality segment. But from an entity perspective, it's a BEL.

Speaker #3: That's not in BHPL. All right. That's all from mine. Thank you.

[Analyst] (Kotak Securities): Okay

Yogesh Patel: legal perspective is a BE.

[Analyst] (Kotak Securities): It's not in BHSL.

Yogesh Patel: Correct.

[Analyst] (Kotak Securities): All right. That's all from me. Thank you.

Speaker #2: Thank you. Before we move to the next question, a reminder to the participants to ask a question. You may press star and one. Next question is from the line of Parvez Qazi from Noama.

Operator: Thank you. Before we move to the next question, a reminder to the participants, to ask a question, you may press star and 1. Next question is from the line of Parvez Qazi from Nuvama. Please go ahead.

Speaker #2: Please go ahead.

Speaker #4: Hi. Good afternoon. And thanks for taking my question. So the first question is, in our upcoming launch pipeline, 4 million square feet commercial projects, would it be possible to get a geographical split of this?

Parvez Qazi: Oh, hi. Good afternoon, and thanks for taking my question. The first question is, in our upcoming launch pipeline, 4 million square feet commercial projects, would it be possible to get a geographical split of this? In terms of cities wise.

Speaker #4: In terms of cities, I guess.

Speaker #1: Yeah. I can give you the geographical split. If you look at it, Bangalore will have about if I look at FY30, since we have quite oh, you mean only for Q1?

Pavitra Shankar: Yeah. I can give you the geographical split. If you look at it, Bangalore will have about if I look at FY2030, since we have quite. You mean only for Q1?

Speaker #4: talking about.

Speaker #1: Q2 projects?

Parvez Qazi: No, I am talking about.

Speaker #4: No. I'm talking about the 4 million square feet upcoming projects, 4.03 million square feet commercial, what would be a citywide split?

Pavitra Shankar: Only the Q1 projects?

Parvez Qazi: No, I am talking about the 4 million square feet upcoming projects, 4.03 million square feet commercial. What would be a citywide split?

Speaker #1: Bangalore will be 57% and Hyderabad is 43%.

Pavitra Shankar: Bangalore will be 57% and Hyderabad is 43%.

Speaker #4: Sure. Sure. Thank you. That's it from my side.

Parvez Qazi: Sure. Sure. Thank you. That is it from my side.

Speaker #2: Thank you. Next question is from the line of Harsh Patak from Motilal Oswal. Please go ahead.

Operator: Thank you. Next question is from the line of Harsh Pathak from Motilal Oswal. Please go ahead.

Speaker #4: Yes. Hi. Good afternoon. And thanks for taking my question. So my first question is on the slide number 12. You have given the estimated sales value of unsold units.

Harsh Pathak: Yes. Hi, good afternoon, and thanks for taking my question. My first question is on slide number 12. You have given the estimated sales value of unsold units. It is around INR 8,950 crores. Does this involve any inventory from the Brigade Morgan Heights project?

Speaker #4: It's around 8,950 crores. Does this involve any inventory from the Morgan Heights project?

[Company Representative] (Brigade Enterprises Limited): Yeah. Hi, this is Prajval here. Currently, yes, it does include Brigade Morgan Heights. But in the next quarter's presentation, if the issue has not been addressed, we will remove it.

Pradyumna Krishna Kumar: Yeah. Hi, this is Prajval here. Currently, yes, it does include Brigade Morgan Heights. But in the next quarter's presentation, if the issue has not been addressed, we will remove it.

Speaker #3: Yeah. Yeah. Hi. This is Pradyumna here. Currently, yes, it does include Brigade Morgan Heights. But in the next quarter's presentation, if there is no if the issue has not been addressed, we will remove it.

Speaker #4: Sure. So I assume that would be around. Yeah. In terms of that, it's about 0.8, 0.7 million square feet is Brigade Morgan Heights. Out of the 6.7 million square feet that is shown as unsold.

Harsh Pathak: Sure. I assume that would be around-

Yogesh Patel: Yeah.

Harsh Pathak: Yeah, please.

[Company Representative] (Brigade Enterprises Limited): In terms of that is about 0.8, 0.7 million square feet is Brigade Morgan Heights. Out of the 6.7 million square feet that is shown as unsold.

Pradyumna Krishna Kumar: In terms of that is about 0.8, 0.7 million square feet is Brigade Morgan Heights. Out of the 6.7 million square feet that is shown as unsold.

Speaker #4: Okay. So maybe the attributable value would be around 700, 800 crores.

Harsh Pathak: Okay. So maybe the attributable value would be around INR 700, INR 800 crores?

Speaker #3: About 650 crores is the attributable value. Yeah.

[Company Representative] (Brigade Enterprises Limited): About INR 650 crores is the attributable value, yeah.

Pradyumna Krishna Kumar: About INR 650 crores is the attributable value, yeah.

Speaker #4: 650 crores. Understood. And last quarter, we mentioned that we are planning to launch around 11 and a half million square feet. This year, so the updated number I think is around 9.3.

Harsh Pathak: INR 650 crores. Understood. Last quarter, we mentioned that we are planning to launch around 11.5 million square feet this year. The updated number, I think, is around 9.3. How do we see the shortfall? I understand 1 million square feet might be Brigade Morgan Heights, but where would be the additional shortfall?

Speaker #4: So how do we see the shortfall? I understand 1 million square feet might be Morgan Heights. But where would be the additional shortfall?

Speaker #3: So primarily, the shortfall is, as you likely right, some Morgan Heights. So we have reduced a little more than a million square feet from there.

[Company Representative] (Brigade Enterprises Limited): So primarily the shortfall is, as you rightly write, from Brigade Morgan Heights. So we have reduced a little more than 1 million square feet from there.

Pradyumna Krishna Kumar: So primarily the shortfall is, as you rightly write, from Brigade Morgan Heights. So we have reduced a little more than 1 million square feet from there.

Speaker #4: Understood. And another million square feet?

Harsh Pathak: Understood. Another 1 million square feet?

Speaker #1: So the other million square feet is the way in which we represent some of our launches. What we are including in our launch pipeline is per the sales phasing.

Pavitra Shankar: The other 1 million square feet is the way in which we represent some of our launches. What we are including in our launch pipeline is for the sales phasing. I think last year, some of the projects we included the entire we would get, as opposed to what we will actually do in terms of a sales phasing. So that has been fine-tuned for FY27, and that's where we saw 1 million square feet also change.

Speaker #1: I think last year, some of the projects we included the entire we would get as opposed to what we will actually do in terms of a sales phasing.

Speaker #1: So that has been fine-tuned for FY27, and that's where we saw 1 million square feet also change.

Speaker #4: Understood. But we still maintain our pre-sales guidance of 9,000.

Harsh Pathak: Understood. We still maintain our pre-sales guidance of 9,000?

Speaker #1: Yes.

Speaker #4: For the year. Understood. And final question on the P&L recognition front, this quarter, we have seen a higher margin revenue recognition on the residential bid.

Pavitra Shankar: Yes.

Harsh Pathak: For the year? Understood. Final question on the P&L recognition front. This quarter, we have seen a higher margin revenue recognition on the residential bit. How should we look at the full year? What's the margin profile of projects getting recognized? How should we see the entire FY27 and 28 as whole?

Speaker #4: So how should we look at the full year? Which are the what's the margin profile of projects getting recognized? How should we see the entire FY27 and 28 as whole?

Speaker #3: So Parvez, I mean, from conversations last year also, we were kind of highlighting that our last year margin muted was primarily because of the impact of the projects which were coming up for revenue recognition had a lower margin profile, with that pedigree of three or four years back, sold once inventories.

Yogesh Patel: Parvez, from conversations last year also, we were kind of highlighting that our last year margin muted was primarily because of the impact of the projects which were coming up for revenue recognition had a lower margin profile with that pedigree of 3 or 4 years back sold one inventories. Given that is gone through, improvement is seen effective Q1 itself. The operating impact of 5% to 6% in improvement in contribution margin itself will mostly be retained right through the year. But obviously, it will again depend on the mix as and when the revenue recognition comes through. But the improvement should be seen, and we had mentioned that we would get into 20s while we were towards late or late teens towards the end of the financial year end.

Speaker #3: Given that's gone through, improvement is seen. Effective first quarter itself, we would the operating impact of 5 to 6 percent in improvement in contribution margin itself will mostly be retained right through the year.

Speaker #3: But obviously, it will again depend on the mix as in when the revenue recognition comes through. But the improvement should be seen. And we had mentioned that we would get into 20s while we were towards late or late teens towards the end of the financial year, right?

Speaker #4: Okay. Okay. Sure. Thanks a lot for taking my questions.

Harsh Pathak: Okay. Sure. Thanks a lot for taking my questions.

Speaker #2: Thank you.

Operator: Thank you.

Speaker #1: Hi. I just wanted to make a clarification to Parvez Qazi's question. So the numbers that I had given was for the launch for the commercial project launches for Q1, FY27, where it was 57% of the 4 million in Bangalore and 43% in Hyderabad.

Nirupa Shankar: Just wanted to make a clarification to Parvez Qazi's question. The numbers that I had given was for the launch for the commercial project launches for Q1 FY2027, where it was 57% of the 4 million in Bangalore and 43% in Hyderabad. But I think the question was on the upcoming launches in the next 4 quarters, which was also around 4.03 million. There, 2.6 million square feet will be in Bangalore, which is about 65%. We have a smaller bit in Kochi, about 4%, which is about 200,000 square feet. And the balance 1.3 million square feet will be in Chennai. So about 31% for Chennai. I just wanted to make that clarification.

Speaker #1: But I think the question was on the upcoming launches in the next four quarters, which was also around 4.03 million. So there, 2.6 million square feet will be in Bangalore, which is about 65%.

Speaker #1: We have a smaller bit in Kochi, about 4%, which is about 200,000 square feet. And the balance, 1.3 million square feet, will be in Chennai, so about 31% for Chennai.

Speaker #1: I just wanted to make that clarification.

Speaker #2: Thank you, ma'am. Participants, if you wish to ask a question, you may press start and one. Ladies and gentlemen, if you wish to ask a question, you may press start and one on your touchstone telephone.

Operator: Thank you, ma'am. Participants, if you wish to ask a question, you may press star and one. Ladies and gentlemen, if you wish to ask a question, you may press star and one on your touchtone telephone. We have our next follow-up questions from the line of Parvez Qazi from Nuvama. Please go ahead.

Speaker #2: We have our next follow-up questions from the line of Parvez Qazi from Noama. Please go ahead.

Speaker #4: Hi. Thanks for taking my follow-up question. So I just wanted to reconfirm of the 9 odd million square feet that we are looking to launch in the rest of FY27, the GDV is around 13 odd thousand crore.

Parvez Qazi: Hi. Thanks for taking my follow-up question. Just wanted to reconfirm of the 9 odd million square feet that we are looking to launch in the rest of FY2027. The GDV is around 13 odd thousand crore. Or is that number for the entire 12.2 million square feet launch right now?

Speaker #4: Or is that number for the entire 12.2 million square feet launch pipeline?

Speaker #1: The 3,000 or 13,400 crores GDV, that is 12.36 million square feet. So 9.36, you can say it's around 10,000 crores. GDV.

Nirupa Shankar: The 3,000 or 13,400 crores GDV, that is 12.36 million square feet. So 9.36, you can say it is around 10,000 crores GDV.

Speaker #4: Sure. Thanks and all the way.

Parvez Qazi: Sure. Thanks and all the best.

Speaker #1: Thank you.

Nirupa Shankar: Thank you.

Speaker #2: Thank you. Next question is from the line of Saurabh Gilta. From JM Financial, please go ahead.

Operator: Thank you. Next question is from the line of Saurabh Dilta from JM Financial. Please go ahead.

Speaker #5: Yeah. Hi. Thank you for taking my question. I just have one question on the CapEx commitment slide. Just wanted to understand, when you say the estimated cost for all these projects, what is included except for the construction cost?

Saurabh Dilta: Yeah. Hi. Thank you for taking my question. I just have one question on the CapEx commitment slide. Just wanted to understand when you share the estimated cost for all these projects, what is included except for the construction cost? Because when I look at the per square feet number, it gives a varied range of INR 4,000 to INR 10,000 per square feet. I understand the cost is also a function of the height that you are building, but just wanted to get a sense. Is it just purely construction cost or anything else is loaded on this?

Saurabh Gilda: Yeah. Hi. Thank you for taking my question. I just have one question on the CapEx commitment slide. Just wanted to understand when you share the estimated cost for all these projects, what is included except for the construction cost? Because when I look at the per square feet number, it gives a varied range of INR 4,000 to INR 10,000 per square feet. I understand the cost is also a function of the height that you are building, but just wanted to get a sense. Is it just purely construction cost or anything else is loaded on this?

Speaker #5: Because when I look at the first square feet number, it gives a varied range of 4,000 to 10,000 rupees per square feet. I understand the cost is also a function of the height that you're building.

Speaker #5: But just wanted to get a sense: is it just purely construction cost, or anything else is loaded on this?

Speaker #3: So it's a cost of the entire construction itself. It does not include the land cost, which you would have incurred earlier.

Yogesh Patel: It is the cost of the entire construction itself. It does not include the land cost which you would have incurred earlier over it.

Speaker #5: Okay. So this is just the construction cost.

Saurabh Dilta: Okay. So this is just the construction cost?

Saurabh Gilda: Okay. So this is just the construction cost?

Speaker #3: Okay. Yeah. All cost excluding construction excluding the land cost.

Yogesh Patel: Yeah, all costs excluding the land cost.

Speaker #5: Okay. Okay. Thanks.

Saurabh Dilta: Okay. Got it. Thanks.

Saurabh Gilda: Okay. Got it. Thanks.

Speaker #2: Thank you. Ladies and gentlemen, as there are no further questions from the participants, I now hand the conference over to Ms. Nirupa Shankar, Joint Managing Director, for closing comments.

Operator: Thank you. Ladies and gentlemen, as there are no further questions from the participants, I now hand the conference over to Ms. Nirupa Shankar, Joint Managing Director, for closing comments.

Speaker #1: Thank you. Before we wrap up, we'd like to highlight a few achievements beyond this quarter's financial performance. Through the Brigade Foundation, our CSR arm, we renovated the 105-year-old Vidyava Vidyalaya Vidya School in Chittagong, Karnataka.

Nirupa Shankar: Thank you. Before we wrap up, we would like to highlight a few achievements beyond this quarter's financial performance. Through the Brigade Foundation, our CSR arm, we renovated the 105-year-old HS Vishwa Vidyalaya Boys School in Chikmagalur, Karnataka. The project reflects Brigade's commitment to strengthening rural education infrastructure and creating better learning environments for students. Brigade participated in the BDA-led tree plantation drive organized in association with Greeners Bangalore, which earned a Guinness World Record with nearly 15 lakh saplings planted across the city in 24 hours. As part of our net zero 2045 journey, we continue to support urban greening and biodiversity initiatives, having planted over 2 lakh trees to date across our projects. The Indian Music Experience Museum in JP Nagar completed seven years in July. To commemorate this occasion, the legendary L. Subramaniam took the stage for a special anniversary concert alongside an ensemble of musicians.

Speaker #1: Vishwa Vidyalaya Vidya School in Chittagong, Karnataka. The project reflects Brigade's commitment to strengthening rural education infrastructure and creating better learning environments for students. Brigade participated in the BDA-led tree plantation drive, organized in sorry.

Speaker #1: With sorry. Gridite Bangalore, which earned a Guinness World Record with nearly 15 lakh saplings planted across the city in 24 hours. As part of a net-zero 2045 journey, we continue to support urban greening and biodiversity initiatives, having planted over 2 lakh trees to date across our projects.

Speaker #1: The Indian Music Experience Museum in JP Nagar completed seven years in July. To commemorate this occasion, the legendary L. Subramaniam took the stage for a special anniversary concert alongside an ensemble of musicians.

Speaker #1: He also donated his violin and one of his handwritten musical compositions to the museum's permanent collection. As part of the Brigade School's passion with compassion initiatives, Prince Fest 2026 brought together more than 3,000 participants of runners, including 25 visually impaired participants.

Nirupa Shankar: He also donated his violin and one of his handwritten musical compositions to the museum's permanent collection. As part of The Brigade School's Passion with Compassion initiative, SprintFest 2026 brought together more than 3,000 participants of runners, including 25 visually impaired participants. The initiative goes beyond promoting health and fitness, with 100% of the proceeds supporting educational facilities for underprivileged children and providing critical medical care to marginalized communities. We also received a few noteworthy recognitions. Our chairman received the Nadaprabhu Kempegowda Award 2026 from the BBMP, commemorating the 517th birth anniversary of Bengaluru's founder, Nadaprabhu Sri Kempegowda. Pavithra and I were recognized among Fortune India's 100 Most Powerful Women in India for the second consecutive year. I was honored to be recognized as Hospitality Visionary of the Year at the EazyDiner Foodie Awards 2026 Bangalore edition.

Speaker #1: The initiative goes beyond promoting health and fitness with 100% of the proceeds supporting educational facilities for underprivileged children and providing critical medical care to marginalized communities.

Speaker #1: We also received a few noteworthy recognitions. Our chairman received the Nada Prabhu Kempakowda Rajah Award 2026 from the BBMP, commemorating the 517th birth anniversary of Bengaluru's founder, Nada Prabhu Sri Kempakowda.

Speaker #1: Pavitra and I were recognized among Fortune 100's 100 most powerful women in India for the second consecutive year. I was honored to be recognized as hospitality visionary of the year at the Easy Diner Foodie Awards 2026, Bangalore edition.

Speaker #1: Brigade Foundation received a special recognition at the SKCTI Global CSR and Sustainability Summit 2026 for its work on the St. John's Medical College Hospital and Brigade Meadows.

Nirupa Shankar: Brigade Foundation received a special recognition at the FKCCI Global CSR and Sustainability Summit 2026 for its work on the St. John's Medical College Hospital and Brigade Meadows. Brigade Hospitality Services Limited ranked fourth amongst India's great midsize workplaces 2026 by Great Place to Work India. With that, we wrap up our Q1 earnings call. Thank you all for joining.

Speaker #1: Brigade Hospitality Services Limited ranked fourth amongst India's great midsize workplaces 2026 by Great Place to Work India. With that, we wrap up our Q1 earnings call.

Speaker #1: Thank you all for joining.

Speaker #2: Thank you, ma'am. On behalf of Brigade Enterprises Limited, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines.

Operator: Thank you, ma'am. On behalf of Brigade Enterprises Limited, that concludes this conference. Thank you all for joining us. You may now disconnect your lines.

Browse all earnings call transcripts

Q1 2027 Brigade Enterprises Ltd Earnings Call

Request TrialDemo

Brigade

Earnings