Buy Brigade Enterprises; target of Rs 1233: ICICI Securities

BUY

ICICI Securities's research report on Brigade Enterprises

We resume coverage on Brigade Enterprises Ltd. (BRGD) with a BUY rating based on a Mar’26E SoTP-based target price of INR 1,233, valuing the company at a 30% premium to NAV of INR 948/share, considering growth opportunities across segments. Having achieved H1FY26 sales bookings worth INR 31.5bn (up 8% YoY), the company needs to clock INR 58bn of sales bookings in H2FY26 to achieve its FY26 sales booking guidance of ~INR 90bn. BRGD has ~7msf of launches in H2FY26 with a GDV of over ~INR 80bn, which is key for achieving it FY26 guidance. Further, the company plans to double its hotel and annuity asset portfolio over FY25–30. Key risks: Slowdown in residential demand and weak leasing in annuity assets.

Outlook

We resume coverage on BRGD with a BUY rating based on a Mar’26E SoTP-based target price of INR 1,233, valuing the company at a 30% premium to its NAV of INR 948/share, considering growth opportunities across segments.

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Brigade Enterprises_31102025_ICICI Securities