Brigade Enterprises

Brigade Enterprises Limited. Brigade Enterprises Limited is a property development company. The Company focuses on residential, offices, retail and hospitality projects. The Company operates through three segments: Real Estate segment, Hospitality segment and Leasing segment. Its residential properties include Brigade Altamont, Brigade At No. 7, Brigade Caladium, Brigade Cosmopolis, Brigade Exotica, Brigade Mountain View, Brigade Orchards Luxury Apartments, Plumeria At Brigade Meadows and Brigade Sparkle. Its commercial projects include Brigade Bhuwalka Icon, Brigade Irv Centre, Brigade Magnum, Nalapad Brigade Centre and Signature Towers Brigade Golden Triangle. The Company's retail projects include Orion East Mall, Nalapad Brigade Broadway and Brigade Vantage. Its hospitality projects include Woodrose Club, Augusta Club, Galaxy Club, MLR Convention Centre and Signature Club Resort. Its projects extend across various cities in South India, including Chennai, Chikmagalur, Hyderabad, Kochi, Mangalore and Mysore.
  • TickerBRIGADE
  • ISININE791I01019
  • ExchangeNational Stock Exchange of India
  • SectorReal Estate Investment & Services
  • CountryIndia
Alpesh Thacker

MOSL: BRIGADE ENTERPRISES (Buy)-Strong operating performance across business segments

Brigade Enterprises: Strong operating performance across business segments (BRGD IN, Mkt Cap USD0.7b, CMP INR240, TP INR280, 17% Upside, Buy)   Positive outlook despite subdued industry sentiments, Maintain Buy BRGD has continued to deliver strong pre-sales volume of 1msf+ over the last few quarters despite subdued residential demand and has guided for maintaining its momentum, coupled with a strong commentary around the leasing and hospitality segment. Given BRGD’s robust momentum in residential pre-sales volume, we raise our volume estimates for FY20E by 10% to 4.2msf, while broadly m...

Feasibility Study Results in December to be a Catalyst for this Junior

Feasibility Study Results in December to be a Catalyst for this Junior

Chintan Modi

MOSL: BRIGADE ENTERPRISES (Buy)-Strong operational performance-Traction likely to continue

BRIGADE ENTERPRISES: Strong operational performance; Traction likely to continue (BRGD IN, Mkt Cap USD0.6b, CMP INR207, TP INR245, 18% Upside, Buy)   Pre-sales soared 24% YoY to 1msf in 2QFY20; booking value was up 15% YoY to INR5,288m with average realization of INR5,306psf, down 8% YoY. Growth was largely driven by affordable housing (AFH) projects (Eldorado and Utopia), which contributed 45% to the sales volume. 2QFY20 financial performance: BRGD’s revenue/EBITDA declined 11%/13% YoY to INR7,353m/INR1,902m. PBT stood at INR653m, down 51% YoY. This was mainly due to increased interest...

Chintan Modi

MOSL: BRIGADE ENTERPRISES (Buy)-New launches to drive robust growth

Brigade Enterprises: New launches to drive robust growth; Expect 3.6msf of pre-sales and 3msf of pre-leasing in FY20 (BRGD IN, Mkt Cap USD0.5b, CMP INR248, TP INR316, 27% Upside, Buy)   We recently interacted with BRGD’s management to understand the progress of its two key commercial assets and its growth strategy for FY20. As outlined in our Initiating Coverage report dated 24th Dec 2018, BRGD appears all set for a in its portfolio with a clear focus on scaling up the high-potential leasing business. In FY19, leasing operations contributed 11% to revenues, which we expect should increa...

Chintan Modi

MOSL: BRIGADE ENTERPRISES (Buy)-New launch contribution impressive-robust performance to continue

Brigade Enterprises: New launch contribution impressive; robust performance to continue (BRGD IN, Mkt Cap USD0.4b, CMP INR228, TP INR324, 42% Upside, Buy) Pre-sales up 2x on new launches: BRGD reported pre-sales of 0.97msf (+125% YoY), booking value of INR5,198m (+121% YoY) and average realization of INR5,426psf (-2% YoY) in 4QFY19. Growth was mainly driven by its new launch Brigade Utopia in Bengaluru. For FY19, pre-sales increased 89% YoY to 2.97msf (FY18: 1.57msf), while booking value grew 83% YoY to INR16.4b (FY18: INR8.9b). Strong revenue growth but mix change impacts margins: BRGD’...

Alpesh Thacker

MOSL: BRIGADE ENTERPRISES (Buy)-Strong operating performance across business segments

Brigade Enterprises: Strong operating performance across business segments (BRGD IN, Mkt Cap USD0.7b, CMP INR240, TP INR280, 17% Upside, Buy)   Positive outlook despite subdued industry sentiments, Maintain Buy BRGD has continued to deliver strong pre-sales volume of 1msf+ over the last few quarters despite subdued residential demand and has guided for maintaining its momentum, coupled with a strong commentary around the leasing and hospitality segment. Given BRGD’s robust momentum in residential pre-sales volume, we raise our volume estimates for FY20E by 10% to 4.2msf, while broadly m...