Thank you. Good afternoon, everyone, and thank you for joining us at our Q3 FY26 earnings call.

I am joined by the management of Brigade Group: our Chairman, Mr. M.

R. Jaishankar; Joint Managing Director, Ms.

Nirupa Shankar; Executive Directors, Mr. Roshin Mathew, Mr.

Amar Mysore, and Mr. Pradyumna Krishnakumar, along with members of our senior management team.

We welcome Mr. Yogesh Patel, who joined Brigade Enterprises today as CFO.

This has been a steady and well-rounded quarter for Brigade, with each of our business segments contributing to overall growth. Our focus remains on deepening our presence in key micromarkets by selecting land parcels that offer strong long-term development potential.

In the last 9 months, we have incurred about ₹2,100 crores towards our land bank, with a developable area of 14 million square feet and GDV of ₹16,000 crores, with 44%--sorry, with 54% in Bangalore and 30% in Hyderabad. These projects should enter our launch pipeline over the next 4 to 6 quarters.

On the real estate front, we delivered consistent performance, achieving presales of ₹1,750 crores and a presales volume of 1.33 million square feet in Q3 FY26. Average realizations stood at ₹13,142 per square foot, reflecting a 16% growth over Q3 FY25.

Looking ahead, we have a strong pipeline with approximately 12 million square feet of launches planned over the next 4 quarters. While the residential sector's seeing stabilization in terms of volume growth, prices continue to rise across major metros due to tight supply and the strong performance of higher-value segments.

Luxury and premium housing now account for over a quarter of national supply, as developers increasingly shift focus upward. Within our own portfolio, about 85% of our presales is above the ₹1.5 crore ticket size, which underscores our positioning as a premium, high-quality developer.

Our current inventory also reflects the same distribution. While price increases are still being absorbed and the demand is strong, customers are more cognizant of overall ticket sizes, and we are reflecting these inputs in our projects under design.

Brigade's commercial office portfolio delivered a stable performance in Q3 FY26, with cumulative leasing of 0.66 million square feet as of the quarter. Portfolio occupancy remained healthy at around 93%, supported by steady demand from healthcare and education sector occupiers.

We're actively working towards increasing our commercial office portfolio. We already launched 1.2 million square feet in FY26 and plan to launch another 4.2 million square feet in the next 4 quarters.

India's office market continues to exhibit structural momentum led by the rapid expansion of Global Capability Centers, which now account for close to 40% of total office leasing. On the retail front, as of Q3 FY26, the three Orion Malls collectively churned about 1 lakh square feet of leasable area and added new tenants, boosting footfall and rental income, while strengthening the overall brand and tenant mix.

Footfalls across our malls grew 5% and sales grew at 16% for FY26, aided by strong performances in cinema, end-of-season sales, and the festive period. Brigade's hotels delivered steady growth compared to Q3 FY25, with improvement across key performance metrics.

Revenue and RevPAR increased by 14% and 17% respectively, driven by a 17% rise in ARR. EBITDA also grew by 17% for the quarter.

The Indian hospitality sector continues to see demand outpacing supply, with about 1 lakh new rooms expected to be added over the next 5 years. Against this backdrop, Brigade Hotel Ventures Limited is building out 1,700 keys across 9 hotels in our markets of focus.

I'll now hand it over to our Executive Director, Mr. Pradyumna, to present the detailed financials for the quarter.

Thank you, Pavitra. Good afternoon and a warm welcome again.

Pavitra has already shared the operational highlights; I will be sharing the key financial highlights. We achieved presales of ₹1,750 crores for Q3 FY26 with a presales volume of 1.33 million square feet.

While quarterly sales did not increase significantly, it was primarily due to approval-related delays for launching new projects. Now, with better certainty on the approvals front, we are confident that our upcoming launches will significantly strengthen our sales trajectory in the coming quarters.

The underlying demand remains strong, and we are well positioned to capitalize on the momentum with the new project launches and new land acquisitions in Bangalore, Hyderabad, and Chennai. The ongoing projects and the new projects that will launch soon are all well located within micromarkets that have strong demand, with excellent connectivity and access to very good social infrastructure and public transportation.

This is the case with all our projects in Bangalore, Hyderabad, and Chennai. Overall collections for the quarter have remained at levels similar to Q3 FY25, at ₹1,760 crores, due to fewer launches.

Cash flows from operating activities have moderated due to higher construction spends. Our cash flow collections will continue to be robust in the coming quarters, and will be further supported by the new project launches.

Collections from the real estate segment stood at ₹1,258 crores, leasing segment stood at ₹325 crores, and hospitality stood at ₹177 crores. Net cash flow from operating activities stood at ₹278 crores.

To start with the group's revenue update for Q3 FY26: The consolidated revenue for the quarter stood at ₹1,623 crores, an increase of 6% over Q3 FY25, with an EBITDA of ₹459 crores. EBITDA margins stood at 28%.

The real estate segment clocked a turnover of ₹1,133 crores with an EBITDA of one--of ₹170 crores. The leasing segment clocked a turnover of ₹325 crores, an increase of 16% over Q3 FY25, with an EBITDA of ₹231 crores.

The hospitality segment clocked a turnover of ₹165 crores, an increase of 12% over Q3 FY25, with an EBITDA of ₹58 crores. Consolidated PAT stood at ₹206 crores, and PAT after minority interest is ₹187 crores.

Coming to the group's performance for 9 months FY26: The consolidated revenue for the period stood at ₹4,386 crores, an increase of 16% over 9 months FY25, with an EBITDA of ₹1,209 crores. EBITDA margins stood at 28%.

Real estate segment clocked a turnover of ₹2,976 crores, an increase of 16% over 9 months FY25, with an EBITDA of ₹384 crores. The leasing segment clocked a turnover of ₹966 crores, an increase of 16% again over 9 months FY25, with an EBITDA of ₹678 crores.

The hospitality segment clocked a turnover of ₹444 crores, an increase of 16% over 9 months FY25, with an EBITDA of ₹147 crores. Consolidated PAT stood at ₹534 crores, an increase of 24% over 9 months FY25.

PAT after minority interest for the same period is ₹499 crores, an increase of 14% over 9 months FY25. Now on debt and liquidity: We continue to have adequate liquidity and undrawn credit lines from banks and financial institutions to support our growth plans.

Our average cost of debt has reduced significantly by 115 bps to 7.61% as of December '25, from 8.76% as of December '24. Gross debt of the group stood at ₹4,504 crores.

Cash and cash equivalent was ₹2,617 crores as of 31st December '25. Consequently, the company's net debt outstanding as of 31st December '25 was ₹1,887 crores, out of which BEL's share of the same is ₹1,273 crores.

About 92% of the debt pertains to the commercial segment, which is backed by rental income. Debt-equity ratio stood at 0.23.

I will now hand it back to the operator for questions.

Yeah. Hi, team.

Thank you for the opportunity. Just a couple of questions from my end.

Firstly, Pavitra, there have been talks of excess unaffordability in Bangalore market, which are limiting future price hikes. Could you share some thoughts on the pricing environment and on the kind of like-to-like price increase you expect from both Bangalore and Chennai?

As a follow-up, what kind of like-to-like price hikes were taken across the already launched projects during the quarter?

Hi, good afternoon. In general, the market is still pretty healthy and demand is good.

While the price rise in Bangalore over the last 2, 3 years has been really substantial, all of our projects that have been launched today I think are being launched with the expectation that we can still take price hikes of 5% to 7% year-over-year. That is how we underwrite and that's how we launch.

That also means when we launch, it's a fairly full price, and we are not expecting to see rapid price increase at the time of launch. That said, and as I mentioned in the opening remarks as well, this has led to a lot of the ticket sizes being ₹2 to ₹2.5 crores, ₹3 crores, and so on.

That is not as fast as it used to be in, say, the ₹1.5 to ₹2.5 crore ticket size. This is where we are seeing the stabilization in the market.

In our own portfolio, about 5% to 7% is what we would like to take year-over-year, and what we've been doing in the past. While we may not do it on a quarterly basis, we do it along with inventory movement, and we're able to achieve this.

This holds good for both Bangalore and Chennai.

This is helpful. Secondly, if you look at slide 9 of your 4Q FY25 presentation, you were fairly confident of launching 16 residential projects totaling 12 million square feet over the next 4 quarters.

If I look at slide 28 of your current investor presentation, you have just launched less than 4.5 million square feet of residential projects in 9 months FY26. Can you help us reconcile these numbers and why launches this year have been skewed more towards 4Q versus say previous years, where they were largely spread out across quarters?

Say in FY25, you had 2, 2.5 million square feet worth of launches every quarter.

I would say the launches were actually more towards H2 in this so Q3 and Q4, and that's what we had seen in the last few years also. Far in the year to date, we 4.3 million square feet in the residential sector.

In the number that you're mentioning, we had actually that 16 million was actually including commercial as well. Year to date, we have launched 4.3 million square feet in residential with a GDV of ₹4,800 crores.

In Q4, actually our plan is to launch the same amount, 4.3 million square feet, with a higher GDV of around ₹5,400 crores. Unfortunately, yes, we have seen the delay in approvals, which has caused many of these projects to slip into Q4, and we are hoping that they will come in.

We're working hard to ensure. Overall, the 12.45 number that we mentioned, it looks like we will not meet that for the calendar year--sorry, for the fiscal year for residential.

Just to continue, just to continue, it's it's only delay. It's not like the projects are not coming.

There is approval delays, if it moves into Q I mean it'll it'll move into Q1 or Q2 in in that sense. There is no real risk of the project taking off.

Sure. Lastly on business development, can you help us understand the new BDs during last quarter, largely in Hyderabad?

What kind of IRRs were you looking at when you signed these new BDs, and how are these IRRs versus what they were let's say 9, 12 months back?

The IRRs that we look at are around 18%. I would love to say they're going to keep increasing, but as customers are willing to pay more or as end-customer pricing increases, land rates increase as well.

That is why we look at an overall 18% IRR in general.

Sure, this is helpful, Pavitra. I'll come back in the queue.

Thank you and all the best.

Good afternoon, everyone. Thank you for the opportunity.

Sir, I'll just take a follow-up on the previous question. On the ₹5,400 crores of launches you mentioned for Q4, could you just help us understand how this will be split geographically, and which will be the key projects you're planning to launch in the current fourth quarter?

In Q4, it is predominantly we have about 8 lakh square feet in Chennai. That would around ₹1,600 crores.

And 2.3 million square feet or ₹2,500 crores in GDV from Bangalore, and about a little under a million square feet from Hyderabad. That is how it's going to hopefully pan out.

I think we have good visibility on the Hyderabad launches and a couple of the Bangalore launches as well.

Okay. Fine, fine.

The second question is on your rental CapEx, right? Considering the aggressive plans we have, right, to expand the rental portfolio, 9 months, including the hotel business and that, we have done certain amount of CapEx, right?

Could you give us help us understand for the full year in '26 and for '27, any overall budgeted CapEx number you would like to share, which we can expect?

I think for the commercial, we have said that the estimated cost for the year is about 16 ₹1,700 or so for the projects that we have launched, which have been listed on page 20 of the presentation. We've already incurred ₹661 crores, and we have a balance of ₹1,000 crores.

For hospitality, that's separate. We have said that we've budgeted ₹1,700 crores CapEx for the coming fiscal.

Just wanted to tie up, means for this now for '26, right, the full year number and '27, right, the overall CapEx will be doing as a company and a consolidated entity in terms of the cash requirement. That is what I'm trying to just understand.

Adideva, Pradyumna here. In FY26, for the commercial division, about ₹600 crores is what we expect to spend, and the year after in FY27, about ₹800 crores.

Okay. This would include the Hyderabad project also, that assuming the office and mall would be a large portion of that?

S O R, understood. It'll include that.

Yes. That will include that.

Fine. That's it.

Thank you. I'll come back in the queue if I have more questions.

Good afternoon. Thanks for the opportunity.

Just first on the contributions from Brigade Gateway in this quarter that we had launched, how much would be that number? Second question is in terms of launches that we have highlighted for Q4, at what stages they are?

How many we have applied for RERA, how many are still under plan approvals, if you can give us those details, that would be helpful. Yeah.

First on Brigade Gateway, this is Tower 2 that we launched in Q3. About ₹550 crores of GDV or presales value is what we have sold.

In terms of the approvals, I'll ask Pradyumna to just speak on that.

Out of the about 4.5 million square feet that we plan to launch in this quarter, 1/3 of it is already almost at the end of receiving the RERA approval, and much of the balance is at the very final leg of the plan sanction. We are therefore hopeful that we are able to launch all this in this quarter itself.

Sure, got it. In terms of Gateway, the total GDV of launch would be somewhere around 16, ₹1,700 crores?

Out of that, we have done 550. Slightly slower response than the first phase.

Obviously, timing were different. How you read into this response?

Anything from our side we could have done to have a better response in terms of timing of launch or in terms of ticket size, and with this launch, how you read the overall Hyderabad market right now?

Actually, I'll say we're quite happy with the response to the launch. When we launched the first tower, which was a year ago, we were quite surprised with the way in which the project got absorbed, and we were able to pretty much do a complete sellout within that month.

That not something we were trying to emulate in Q3--sorry, in the past quarter. One, because this is a mixed-use development and there is an incredible amount of value that is being created.

The increase in pricing just has been about 15% or more on a like-to-like basis. Despite that, we've been able to do these kind of numbers.

I think there is a lot of confidence in the project and a lot of confidence in the vision that we have for the overall mixed use. We're quite happy with it.

Our plan here was not to try and quarter itself. This is a project where it's important for us to also maintain as we are starting off with the residential, but then going to be investing to the CapEx for the office and hotel tower as well.

We're quite happy with the progress so far, and we don't intend to sell it off ASAP. We want to be taking some price increases over the year as well.

Got it. I understand this launch happened towards the end of December, few weeks before the end.

Any spillover of sales which happened or whatever we had done has been booked for the current quarter?

Whatever we had done for the quarter has been booked. About 100 units is what we had done in Q3.

The sales are continuing in Q4.

Okay. Got it.

Fair enough. Any update on Brigade Morgan Heights you want to provide because there was a regulatory hurdle which came in.

When will we be able to restart the sales in that project?

Yeah. We are expecting the hearing to happen in a couple of weeks within in a couple of weeks' time.

We are quite hopeful that it should be done by by this month itself, and we should be able to restart by the end of the month. Yeah.

I think the important thing to note is, we are not the only one affected by this. A minimum of over a lakh properties are affected by this.

Now there are a lot of protests that are taking place in in Chennai, as we speak, on on this particular issue. We're hopeful, like I said, that things will be cleared out in this month.

Got it. Fair enough.

Thank you. That's it from my side and all the best.

Thank you.

Hi. Good afternoon.

Thanks for the opportunity. Firstly, I have a question on the operating cash flow, right?

If I look at the 9-month numbers, we have seen a substantial decline from around 1,550 crores to 1,030-odd crores. If I see the internals, right, the collections have grown marginally.

I understand the presales were weak this year, but the prior years have been pretty strong, and construction costs has gone up 20-odd percent. What I'm also seeing that the sales and marketing levels continue to remain elevated, right, despite limited launches.

Overall, how should we interpret this? Is it largely a timing sort of issue, or are there any other pressures from the overall cash flow point of view?

That's my first question. Yeah.

On the sales and marketing, I would say we have supported the marketing efforts substantially more, especially because we have a much more high-end and premium segment kind of portfolio in this year, which requires a lot more branding and marketing efforts, as opposed to it was a bit lighter from that aspect over the last few years, as we were just able to run with some amount of digital and so on. That is really the reason why.

On the collections, because that has dampened the overall operating cash flow, right? We have just seen a marginal growth this year in the first 9 months.

Like I mentioned in my remarks, Girish, this is also due to the fact that we've not launched much in the last quarter, and hence you would see that difference in numbers. Again, as mentioned, we expect with the launches that take place in this quarter and the next, these numbers to pick up again.

Okay. From the existing projects, are we seeing any collection bump-up in the coming quarters?

The existing continue. We don't have any sort of payment plans or things like that, it's a very consistent form of collections.

It's all milestone-related, construction-progress-milestone-related. We should continue to see that as the work happens on site.

Sure, sure. My second question is on the overall execution.

Just wanted to assess at overall projects level, how are they progressing in terms of the planned timelines? Are you seeing any challenges around the labor availability or, let's say, the contractor capacity or any approvals that are impacting delivery?

In general, the confidence on execution.

Over the course of time, we've also increased the in-house construction contribution that we do. This is just to ensure that there's no impact from issues at our subcontractors or third-party contractors.

I think there's always some issue or the other, whether it is festivals or voting or whatever it might be. We're trying to dull the impact of that by increasing our in-house construction contribution.

On the timelines, are you confident at a overall level in terms of delivery schedules?

Yeah. Yes, yes.

Not an issue.

Okay. Thank you.

Hi, good afternoon and thanks for taking my question. A couple of questions from my side.

You mentioned that you're taking cognizance of the fact that with increasing prices, customers are also sensitive to ticket size. Of the overall launches let's say which are planned over the next 4 quarters, what would be a broad split in terms of ticket size across all your projects?

Let's say what percentage will be in the ₹2 to ₹3 crore, what will be above ₹3 crore, ₹5 crore? Any data on that would be great.

As I had mentioned earlier, around 85% of our 80% to 85% of our current portfolio is in that ₹1.5 crore-plus. I would say it's equally distributed right now between ₹1.5 to ₹3 crores range and 3 CR-plus.

Going forward, we're trying to look at unit sizes to also maintain it within the ₹2 to 3 ₹2 to 3 CR ticket size. I think that is a fairly good sweet spot for the Bangalore and Chennai market.

For some projects, we're also looking at trying to get ticket size range. It's not easy to do that right away, but many of the projects in the pipeline looking at reducing overall ticket sizes, so that it becomes a lot more palatable for the customer.

There are still some projects and locations where we can very comfortably go in the high-end or luxury spectrum as well, and we're continuing to look at that spectrum as the opportunity arises.

When you mentioned that in the 9-month we have done deals for ₹2,100 crore, is this the payment that we need to make for these deals, or is this ₹2,100 crore is the land CapEx that we have already done in the 9 months?

We've already done that.

Got it. What would be the geographical split of sales for Q3?

Yeah. For Q3, 1 second, about 35% from Hyderabad, 15% from Chennai, and the rest, 50%, from Bangalore.

Sure. One question, in our current office portfolio, largely we have space left to lease only in Brigade Twin Towers.

What is our thought process there, and when do we see this space getting leased out?

Yes, in Twin Towers, we've pretty much sold about half of the project, about 46% to 50% of the project. We had initially thought of actually giving the balance tower for lease.

I think seeing how the demand is, our plan is to potentially look at selling the other tower as well. Based on demand, we're looking at selling the other tower as well.

That while it is currently mentioned in the leasing portfolio, one tower is mentioned in the leasing portfolio as unleased, we are looking at a combination of sale and lease, but mostly it'll go into sale.

Got it. Sure.

Last question, in terms of future BD, what is our thought process in terms of the three cities where we are present, and also in terms of the segment that we would want to target? Thank you.

That's my last question.

Ramping up our BD efforts, our efforts in Chennai have really borne fruit. We've been able to show an increasing contribution of sales from there.

In the past year as well, from Hyderabad, we've seen that a lot of momentum, not just in terms of projects being launched, but also business development. We're very happy with those results, and of course Bangalore we continue to be extremely bullish about.

Our three markets you would say are in full swing, and we're happy with the momentum there. This is also a time where we will potentially consider evaluating new markets.

Sure. Thanks, and all the best for future.

Hi. On the upcoming commercial portfolio, right, [unclear] 1,700 crores--

Is it better now? Can you hear me better?

Oh, 1 sec. Is it better now?

Okay. Now, I just want to know on the upcoming leasing portfolio, what is the kind of area and rental expectation, and if you could give us some ramp-up in terms of how the step-up will happen over the next few years?

Yeah. I think when we see the commercial office portfolio, as I mentioned earlier, the portfolio is pretty much fully leased, except for that one tower in Twin Towers.

This year, for instance, we should get about 2.5 million square feet that will come under operations with OC. We have also mentioned that in FY26 we've launched about 1.2 million square feet, and upcoming launches will also account about 4.21 million square feet.

We have quite a bit coming up in the pipeline. In terms of this year for FY26 is what I can talk about.

We'll have almost ₹1,300 crores if we include our commercial, facility management, and retail commercial portfolio, at least ₹1,300 crores of commercial top line.

Yes, thank you.

Good afternoon, everyone. First one is the clarification, just a small clarification needed.

In the slide 13, leasing portfolio, leasable area is 9.29. Last quarter, I think it is 9.38.

Do we sell some of the spaces in the leasing portfolio, or there is some correction or something happened? What happened there?

We just sold a small part of our Brigade Twin Towers, which Nirupa was also mentioning to answer the previous question. That's the reason for the reduction.

Okay. Fine, fine.

With the pipeline that we have for quarter 4, and the kind of absorption that we are seeing in this three markets, do you think we would be able to surpass last year's presales number?

Yes, with the expectation that the launches would come in, we should be around last year's number in terms of overall sales, and ideally breaking past that as well.

Okay. One final question, third question is on the Morgan Heights.

I am aware of the issue. I just wanted to understand, when you say hearing, the hearing is in the court and you are expecting positive verdict?

Do you think it would get resolved by some positive verdict from court that you are expecting this quarter, and that's this month, and that's the end of it, or is there chance of it dragging because you also mentioned about protests and 1 lakh properties getting impacted? Just trying to understand this.

No, no, you are correct, Biplab. It basically, the matter is in the court in High Court of Madras,

and

the hearing is happening in this month, and therefore we expect the positive order in our favor.

Okay. Thank you, thank you, and all the best for the coming quarters.

Thank you.

Good afternoon, everyone. Thanks for the opportunity.

My first question is in the real estate segment, margins has moderated. Could you please help me to understand the key factor behind this, any specific project delay, or the margins are lower in this quarter as well?

On the premium real estate, could you update me about the launches pipeline and the margin in real estate in future, and the growth?

As explained earlier too, the margin in the real estate segment is hovering around 15%. This primarily is due to many of the older projects being recognized currently.

Two, because of Ind AS, there is gross accounting that takes place, which has no margin, so that has an impact on the overall margins. That is one.

In terms of your second question on how things will pan out in the coming years, I think from Q1, Q2, we should start seeing higher margins in the real estate segment, maybe closer to 20%. As again, as mentioned earlier, these are due to projects that are getting recognized now, which have been launched in the last 3 to 4 years.

Okay. There is a segment of real estate, premium real estate, which the management has guided that it is of about 30% operating margin.

Any update on that part?

Project to project, depending on the category of it, it varies anywhere from 27%, 28% up to 35%. The premium one will come at the higher end of that.

Okay. The second question is, there is a line item in segmental results, unallocable expenses.

Could you please provide some color on that part? There is a massive amount of increase in that as well.

If you can provide me the breakdown as well, that would be beneficial.

Ramachandran this side. Actually, unallocated expenditure is more towards common expenditure which we have incurred, majorly the admin cost and employee cost.

The reason we treat it as unallocatable expenditure, because the people will be working on the both the segments put together.

Okay. Thank you.

Have a great day. Thank you.

Hi, am I audible?

Hi. Actually, first question is on the demand perspective.

I think I heard your comments on Bangalore and Hyderabad, and you were pretty optimistic about it, contrary to what the market is thinking. My question is, what gives you this confidence about the demand for the Bangalore, Hyderabad, and Chennai markets?

That's my first question.

We have this confidence based on the kind of response that we see to our marketing campaigns and to the walk-ins at project offices. We are still getting very good response.

Conversion times as we go into the larger or the higher ticket sizes, which is where we're seeing some kind of extension time frames, and it takes some time to get those numbers reflected into our results. Project has always been quite positive.

We are always looking at our marketing mix as well, and looking at the best ways to get customers into our projects. We're able to achieve the pricing that we have launched at and don't need to take any discounts.

We haven't had to do any major payment plans. We don't do subventions.

We don't do 10-90 schemes. I think we're quite confident of what we are able to charge and be able to transact in our projects in both Bangalore and Hyderabad.

I'd say it's a mix of the right kind of product and, of course, brand, and the right pricing as well.

Understood. My second question is on the miss on the launches.

Just wanted to understand, what is this approval delays that we have had, because none of your peers which we are tracking, at least the listed peers for that market, they have not given anything on approval delays. Could you give us a brief understanding of that, why any project in Bangalore that was supposed to be launched this year has gone up to 1Q FY27 or 2Q FY27?

We've faced delays of about 3 to 4 months in some of these projects, and it's primarily due to some of the changes that took place in Bangalore. It also depends on where your file was at that particular point in time when that change took place.

Those files which were in the advanced stage of approvals would have come through a little sooner, as against those that were being processed out. That is the only reason for it.

Understood. My third and final question is that I think we're launching roughly 8 million square feet this year, and probably 10 to 12 million square feet in FY27.

How should we think about presales growth in FY27, because we're doing something like flattish in FY26? What is the guidance here?

How should we think about it?

Naturally we will be looking to do better than FY26. I think the number of projects that we're launching, as well as the markets in which we will be launching those projects and the ticket sizes, should all mean an improvement in the numbers.

We will have to see how that plays out.

Okay. Perfect.

Thank you so much for answering my question.

Yes, sure. Good afternoon, everyone.

Could you help me with the current inventory levels in million square feet?

Do you mean inventory that we haven't sold as yet?

Yes, correct.

We have about 5.5 million square feet in total, which is yet to be sold.

Okay. All right.

Could you help me understand what percentage of traction in Brigade Eternia is sold, and are we seeing any good traction at Brigade Eternia and Brigade Altius that we launched last year?

I didn't get the second project name.

Altius.

Yeah.

Eternia

is going along. I think it'll still take the better of 3 to 3.5 years to completely sell out.

It's a very high-end project, accelerate sales or do anything on the pricing front for that. It's doing well.

Brigade Altius has actually shown some pretty good momentum. It's quite aggressively priced in terms of ticket size.

It's quite high priced for that market, and we've still been able to have some good absorption. That project is also doing quite well.

Both our large Chennai projects are doing quite well.

Could you just help me with the quantified number, like the total number of units there and the percentage sold in each?

I'll just come back to you with that exact number.

Sure. If I could just squeeze in one more question regarding the Mysore market.

We're planning to launch four projects in Mysore, what average ticket size are we looking at?

It should be around north of ₹1.5 crores.

All right. I'll just join back

Hi, team. Thank you for this opportunity.

Just, again, probably repeating myself, and lots of questions on the launches and maybe presales that you're expecting in let's say FY27. My question is, we started the year with a target of 15% presales growth on FY25 number.

Is it possible to reach that number on a 2-year CAGR basis at the end of FY27? We'll

have to look at that. That seems like a pretty aggressive number considering where we are today.

We will be looking at doing better than last year in FY26 numbers. Beyond that, we'll have to see based on which projects approvals come through, and the timeliness of those approvals.

Definitely the intent is to keep growing at our 15% number that we have said in the past.

Right. No, so, I am just probably connecting this 15% number back to some of the comments that were made on the call that these projects are delayed, and demand is still there, right, in a way.

If that is the case, why should this 15% be a bit aggressive number given that we have a launch pipeline, right, and the approval also are pretty much now in line, right? Is it some capacity issue internally, or we don't think the market is as good as probably it was at the start of the year?

No, I think it is okay to continue with a 15% year-over-year assumption, because the base is also something we've been able to grow over the last few years. Based on how the launches are looking at the end of next quarter, I think we'd have a better picture.

Which ones come into Q4, and which ones are going to be into FY27, we'll have a better understanding in terms of our estimate for FY27.

Thank you. Thank you.

Hi, Pavitra. My first question is the miss on the guidance on presales, and we are expecting flat kind of a growth.

Was it a issue of just delay in approvals, or was it a issue of velocity in different markets?

It's primarily an issue of the delay in approvals, because that impacts not just obviously the fact that we have that project and inventory, but the time that we have in the financial year to sell. As we've said many times in the past, the quarter of launch is not really impacting the profitability of the project, or the demand on ground, or any of that.

It is just how it looks year-over-year that is being these kind of optics. One other factor is as ticket size has increased, you've seen our own project portfolio, average price realization, more than double in the past 18 months.

That also larger ticket sizes that are still being absorbed, but that means the pace of absorption of those projects, whether it is the Brigade Eternia or Brigade Avalon or even a Brigade Gateway Hyderabad, all of these takes a little longer in terms of absorption. That doesn't change anything in terms of our profitability and other metrics.

Okay. We have launched ₹4,500 crores of new GDV this year, if you can help us with the split of that, and what has been the sales for this year from these launches city-wise?

About 50% of that has 50% in the past three quarters has come from the new launches, and from the ongoing projects.

So, 50% from the new launches, 4,500 includes the sustain in launch also, or just the new launch?

4,400 is the GDV of the projects that we have launched. Far we have shown for 9 months 50% of the presales number has come from new launches.

Pavitra,

this entire 4,400 is new launches, or it's also part of phases of existing projects released?

No, it is just a coincidence that that number is 4,400 similarly. So, 4.3 million square feet that got launched, that GDV is around 4,800 crores, actually.

The number that we saw in terms of presales was also around that number, but that doesn't mean 100% of what we launched got sold in the first 9 months.

Okay. Out of this 4,800, how much was Chennai, and how much we sold in Chennai and Hyderabad?

Just I want a break up of this new launches in Chennai and Hyderabad and Bangalore, and just to get the velocity of how much you've been able to sell during the launch for the 9 months.

For the 9 months, totally 15% came from Hyderabad, 20% came from Chennai, and 65% from Bangalore. Earlier, I had given the Q3 breakup, which was slightly different: 35% from Hyderabad, 16% sorry, 15% from Chennai, and 50% from Bangalore.

Okay. Just the last question on the business development, I think you have added 16,000 crores, I think you earlier told in this year, new GDV addition.

What is the breakup of that geography-wise?

I had said about opening remarks, I think I've said 54% from Bangalore, 30% from Hyderabad, and the rest across other markets.

Okay. Thank you.

Thank you very much. I don't have any questions.

Wish you all the best.

Before we wrap up, I'd like to highlight a few key achievements beyond this quarter's financial performance. Brigade has always been built on trust, on honoring our commitments, and consistently striving to do better.

As we look ahead, we're sharpening our focus on this promise. We've released our new tagline: Believe in Better, which captures the philosophy that has guided us for decades, a belief that there is always a better way to design, build, serve, and create lasting value.

As we close this quarter, we remain anchored in that belief and energized by what lies ahead. CREDAI, the Confederation of Real Estate Developers' Association, honored the CSR-led restoration of Venkatappa Art Gallery with a runner-up award, acknowledging Brigade's commitment to preserving cultural heritage through responsible partnerships.

A few noteworthy awards: Pavitra Shankar and Nirupa Shankar were, once again, featured in Business Today's amongst the Most Powerful Women in Business. Brigade Group received Rotary Midtown CSR Award 2025 for its impactful contributions to community welfare.

Brigade Group was recognized under Silver category at the Arogya World Healthy Workplace Award 2025. St.

John's Medical College Hospital at Brigade Meadows successfully completed 1 year of providing quality care and service. At the Global Business Forum 2025, a reciprocity Memorandum of Understanding was signed between World Trade Center Bangalore, World Trade Center Chennai, and Kochi, along with World Trade Center Shenzhen.

The agreement aims to strengthen collaboration in areas such as international trade promotion, investment facilitation, innovation exchange, and business networking. Brigade REAP will serve on the jury for the YES!

Bengaluru Challenge, part of the World Economic Forum's Global Future Cities program. The initiative focuses on identifying innovative solutions to help reimagine and transform the city of Bengaluru.

Thank you very much.