Buy Brigade Enterprises; target of Rs 1415: Motilal Oswal

Buy

Motilal Oswal's research report on Brigade Enterprises

Brigade Enterprises (BRGD) posted a 36% CAGR in presales over FY20-24 and is expected to deliver more than 24% growth during FY25-27, guided by its strong launch pipeline and scale-up in Hyderabad and Chennai. Collections are expected to increase to INR94b by FY27, posting a 34% CAGR over FY24-27, which should translate into a cumulative operating cash flow of INR100b over the same period. Additionally, the commissioning of rental assets across geographies is expected to drive a 15% CAGR in rental income over FY24-27. The listing of its hospitality portfolio is also expected to bring additional cash into the company.

Outlook

We believe BRGD offers strong growth visibility in the coming years, and we reiterate our BUY rating with a revised TP of INR1,415/share, which implies a 44% upside.

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Brigade Enterprises - 26032025 - moti