Broker’s call: Brigade Enterprises (Buy)

BUSINESS

Broker’s call: Brigade Enterprises (Buy)

AIMPWA

March 26, 2025

Table of Content

Target: ₹1,415

CMP: ₹976.20

Brigade Enterprises (BRGD) posted a 36 per cent CAGR in pre-sales over FY20-24 and is expected to deliver more than 24 per cent growth during FY25-27, guided by its strong launch pipeline and scale-up in Hyderabad and Chennai.

Since January, the company has launched notable projects, including premium residential projects, Eternia (Gross Development Value ₹2,700 crore) and Orchards (GDV ₹380 crore) in Bengaluru and an ultra-luxury project, Altius, in Chennai (GDV ₹1,700 crore). These new launches strengthen BRGD’s presence in high-demand urban markets, aligning with its strategy of delivering top-tier properties that cater to affluent buyers.

Collections are expected to increase to ₹9,400 crore by FY27, posting a 34 per cent CAGR over FY24-27, which should translate into a cumulative operating cash flow of ₹10,000 crore over the same period.

Additionally, the commissioning of rental assets across geographies is expected to drive a 15 per cent CAGR in rental income over FY24-27. The listing of its hospitality portfolio is also expected to bring additional cash into the company. We believe BRGD offers strong growth visibility in the coming years, and we reiterate our BUY rating with a revised TP of ₹1,415.

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