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Motilal Oswal Report

Brigade Enterprises Ltd.'s bookings declined 30% YoY/14% QoQ in Q3 FY26 due to the lack of material launches in the quarter. However, collections were up 16% YoY and 23% QoQ, which led to an increase in revenue recognition.

Accordingly, the brokerage reduces its presales estimates for FY26. However, revenue recognition increased with collection growth.

The company also has a strong residential launch pipeline of ~12 million square feet, which should enable it to sustain the growth traction going forward.

Management intends to keep assessing growth opportunities in the residential segment and expects to spend more on business development over the next two years. This will provide growth visibility in the residential segment and lead to a further re-rating.

Motilal Oswal reiterates its Buy rating and revises target price to Rs 1,169 (vs Rs 1,344), implying a 58% potential upside.

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