Brigade Enterpr. Q1 FY27 Results (NSE: BRIGADE)
Signal: Revenue declined
The read
The quarter marks an earnings-quality inflection rather than a clean operating acceleration: consolidated revenue fell 12.9% YoY and real-estate revenue fell 23.3%, while EBITDA rose 13.2% and owner PAT rose 33.7% mainly with support from 6367 lakh other income and a 4288 lakh exceptional gain; the standalone business grew faster, but its other income was 48% of PBT.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,115.55 Cr | -12.9% | -23.4% |
| EBIT | ₹351.86 Cr | 17.4% | |
| Net profit | ₹200.41 Cr | 33.7% | |
| EPS | ₹6.14 | 0.2% | |
| EBIT margin | 38.1% |
P&L walk
Revenue declined 12.9% YoY to 111555 lakh, while EBITDA increased 13.2% and owner PAT increased 33.7%; the earnings uplift was not purely operational because other income was 22.3% of PBT and the quarter included a 4288 lakh exceptional gain.
Segments
Real estate was the main drag, with revenue down 23.3% YoY to 65417 lakh while segment result rose 42.8% to 14544 lakh; leasing was the strongest profit contributor at 19181 lakh on 8.8% revenue growth, and standalone PAT of 11921 lakh was 59.5% of consolidated owner PAT.
Key positives
- Leasing revenue grew 8.8% YoY to 32524 lakh and segment result grew 13.9% to 19181 lakh, providing the group's highest segment profit.
- Standalone revenue grew 40.9% YoY to 61415 lakh and standalone EBITDA grew 89.9% to 20466 lakh.
- Consolidated EBITDA grew 13.2% YoY to 42509 lakh despite a 12.9% decline in revenue, although the filing does not disclose the precise margin bridge.
Key concerns
- Consolidated revenue declined 12.9% YoY to 111555 lakh, led by a 23.3% decline in real-estate revenue to 65417 lakh.
- Employee costs rose 24.0% YoY to 13534 lakh while revenue declined 12.9%, indicating worsening employee-cost intensity.
- The EPS-to-PAT divergence is material: owner PAT rose 33.7% YoY while EPS growth was reported at only 0.2% after the bonus issue and share-capital increase.
Earnings quality: includes non-operating other income
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