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ICICI Securities Report
ICICI Securities has retained its Buy rating on Brigade Enterprises Ltd. with SoTP-based unchanged target price of Rs 885, bonus adjusted.
The brokerage values the company at a 30% premium to its net asset value of Rs 680/share, considering growth opportunities across segments.
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ICICI Securities highlighted that, while Brigade Enterprises' FY26 sales bookings of Rs 7,400 crore has declined 5% YoY owing to delayed approvals, Q1 FY27 sales bookings were also muted at Rs 1,060 crore, down 5% YoY, on account of no major residential launches.
However, with the Sep'26 launch of Brigade Barcelona in Neopolis, Hyderabad, having GDV of Rs 2,700 crore, launches are finally picking up pace.
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The company retains its guidance for ~Rs 9,000 crore of FY27 sales bookings, which implies 20% YoY growth; for the remainder of FY27, it aims to launch 9.4msf of residential projects with a potential GDV of ~Rs 10,000 crore spread across Bengaluru, Chennai and Hyderabad (Neopolis, Hyderabad already launched in Q2 FY27 and balance in H2 FY27).
Unsold inventory of ~Rs 9,000 crore in ongoing projects is also expected to support sales bookings.
The brokerage currently model for FY27E/FY28E sales bookings of Rs 92/Rs 11,300 crore, baking in the company's launch pipeline.
Key risks: Slowdown in residential demand and weak office leasing.
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