Buy Brigade Enterprises; target of Rs 720: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's research report on Brigade Enterprises

Brigade Enterprises (BEL) reported a steady quarter of bookings as its presales remained flat QoQ at INR8b (in line) but declined 4% YoY. Sales volumes decreased 9% YoY/4% QoQ to 1.2msf while realizations improved 5% YoY (flat QoQ) to INR6,680/sqft. The company launched 1.5msf of area across four projects in Bengaluru. It raised its near-term residential launch pipeline to ~13msf (from ~9msf in 1QFY23) of which 6msf is expected to be launched over the next six months, setting itself up for a strong 2HFY23.  Collections were the highest ever at INR14b, up 52% YoY/17% QoQ, leading to operating cash flow surplus of INR3.6b (flat QoQ). Net debt declined INR1.5b to INR15b at BEL’s share. Revenue grew 17% YoY to INR8.8b and was in line. EBITDA rose 13% YoY to INR2.2b with an operating margin of 25%, down 100bp YoY and QoQ. Adjusted for INR180m of exceptional gain, PAT was at INR0.7b.

Outlook

We reiterate our BUY rating on the stock with an unchanged TP of INR720, implying an upside potential of 39%.

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Brigade Enterprises - 15 -11-2022 - moti