Buy Brigade Enterprises; target of Rs 1233: ICICI Securities

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.