Brigade Enterprises Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Brigade Enterprises Ltd trades at ₹567, in a downtrend and 49 weeks into that stage. That is −4.3% against its own 200-day average. It sits at 14% of a 52-week range of ₹489 to ₹1,038. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 2 straight weeks.

Today the stock is in a downtrend — week 49 of stage 4, confirmed. At ₹567 it trades −4.3% versus its 200-day average and sits at 14% of its 52-week range (₹489–₹1,038).

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +515% while the NIFTY 500 moved +274% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 2 straight weeks — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 53rd percentile of its own range.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Brigade Enterprises Ltd trades at 26.3× P/E, mid-range by its own standards (53rd percentile). Its long-run median P/E is 25.0×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 26.3× is mid-range by its own standards (53rd percentile), against a long-run median of 25.0× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved −6.1% against a −49.0% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 10y, of the +18.0%/yr price move, ~+13.7%/yr came from earnings growth and ~+4.3 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 73% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Brigade Enterprises Ltd reads as mixed on its fundamental arc. Mixed — no clean majority across the growth curves, ROCE holding at 11.0% — the per-curve reads carry the story. The read is built from 10 quarters across 3 curves, on partial evidence.

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

4-Factor Sector Score

46.9/100 — rank 5 of 7 in Realty - National · 73% evidence confidence

Brigade Enterprises Ltd scores 46.9 out of 100 against the 7 companies it is compared with in Realty - National, ranking 5. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 12.7 + 14.6 + 11.4 + 8.2 = 46.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Brigade Enterprises Ltd reported ₹1,458 Cr of revenue in the Mar 26 quarter, −0.1% year on year. Over 10 years it has compounded at 10.8% a year. The last full year, FY26, came in at ₹5,697 Cr. The last four reported quarters add to ₹5,697 Cr.

Brigade Enterprises Ltd reported ₹1,458 Cr of revenue in the Mar 26 quarter, −0.1% year on year. Over 10 years it has compounded at 10.8% a year. The last full year, FY26, came in at ₹5,697 Cr. The last four reported quarters add to ₹5,697 Cr.

FY26 revenue came in at ₹5,697 Cr (+12.3% on the year), capping 10 years at 10.8% compound. The latest quarter (Mar 26) printed ₹1,458 Cr, −0.1% year on year.

Pace check: the last four quarters averaged +13.8% growth against the decade's 10.8% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +12.3% over the last 4 quarters against +7.9%/yr over the last 8 — accelerating; TTM profit +6.5% vs +34.5%/yr — rolling over.

→ Revenue slipped — did margins hold as it scaled? Next: 25.0% this quarter (−3.0 pp YoY).

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Brigade Enterprises Ltd's operating margin is 25.0% in the Mar 26 quarter, −3.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 24.0% to 32.0%. The current quarter sits inside that band.

Brigade Enterprises Ltd's operating margin is 25.0% in the Mar 26 quarter, −3.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 24.0% to 32.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 25.0%, −3.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 24.0%–32.0%.

🚨 Why the margin moved: operating margin went −3.5 pp year on year while gross margin went +0.4 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

→ Margins slipped — did that reach the bottom line? Next: profit −23.3% in the latest quarter.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Brigade Enterprises Ltd earned ₹191 Cr of net profit in the Mar 26 quarter, −23.3% year on year. Full-year FY26 profit was ₹725 Cr. The 10-year compound rate is 18.0%. That is 13.1% of the quarter's revenue. The same quarter a year earlier earned ₹249 Cr.

Brigade Enterprises Ltd earned ₹191 Cr of net profit in the Mar 26 quarter, −23.3% year on year. Full-year FY26 profit was ₹725 Cr. The 10-year compound rate is 18.0%. That is 13.1% of the quarter's revenue. The same quarter a year earlier earned ₹249 Cr.

Mar 26 profit was ₹191 Cr, −23.3% year on year. On the full year, FY26 printed ₹725 Cr (+6.6%), and the 10-year compound rate is 18.0%.

🚨 Why profit moved: revenue contributed −0.1% and the margin −3.0 pp — the quarter was revenue-led despite a thinner margin.

Pace comparison, last four quarters: profit +26.7% vs revenue +13.8%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 66% of the last 3 years' profit arrived as cash.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 66% of Brigade Enterprises Ltd's reported profit arrived as operating cash — most of the profit is real cash. In FY26 that was ₹−137 Cr of operating cash against ₹725 Cr of profit. After ₹2,034 Cr of capital spending, ₹−2,171 Cr was left as free cash.

FY26: operating cash of ₹−137 Cr against reported profit of ₹725 Cr, leaving free cash of ₹−2,171 Cr after ₹2,034 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 66% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

🚨 Why conversion sits at 66%: the cash cycle tightened 4,516 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner. Less than 70% of profit arriving as cash is the thing to watch on this page.

Router verdict: the bigger cash user is investment — capital spending ran 4.7× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹4,241 Cr of building over 3 years.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Brigade Enterprises Ltd's cash conversion cycle runs 4,345 days in FY26, down from 8,861 days in FY21. Capital spending ran ₹4,241 Cr over the last 3 years. At FY26 sales of ₹5,697 Cr each day of that cycle holds about ₹15.6 Cr, so roughly ₹67,818 Cr sits inside the business at any moment.

FY26: debtors at 38 days, inventory at 4,667 days — roughly 153.5 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 4,345 days, tighter than FY21's 8,861.

The full loop: cash goes out to suppliers and production on day 0; stock waits 4,667 days to sell; customers pay about 38 days after that; and suppliers themselves are paid at 361 days — netting out to the 4,345-day cycle.

In money terms: at FY26 sales of ₹5,697 Cr, each day of the cycle holds about ₹15.6 Cr — so the 4,345-day loop keeps roughly ₹67,818 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹4,241 Cr over the last 3 fiscal years against ₹903 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹222 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 11%.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Brigade Enterprises Ltd earns a ROCE of 11% in FY26. That is up from a trough of 4% in FY21. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 12.7% net margin on 0.22× asset turns.

FY26 ROCE is 11%, recovered from a FY21 trough of 4% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 12.7% net margin × 0.22× asset turns × 3.84× balance-sheet leverage ≈ 10.7% on equity. Margin does its share; leverage is a meaningful part of the equation.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 73% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.93.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Brigade Enterprises Ltd carries ₹6,344 Cr of borrowings against ₹6,821 Cr of equity in FY26, a debt-to-equity of 0.93. Operating profit covers the interest bill 4×. Over 5 years borrowings went from ₹5,005 Cr to ₹6,344 Cr. Capital spending ran ₹4,241 Cr across the last 3 of those years.

FY26: borrowings of ₹6,344 Cr against equity of ₹6,821 Cr — a debt-to-equity of 0.93. Operating profit covers the interest bill 4×. Over 5 years borrowings went from ₹5,005 Cr to ₹6,344 Cr while capital spending ran ₹4,241 Cr in just the last 3 — part of the build-out is riding on borrowed money.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 73% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

→ Who owns this, and are they adding or leaving? Next: Promoters cut 2.6 points over 8 quarters.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Promoters cut 2.6 points of Brigade Enterprises Ltd over 8 quarters, the biggest move on the register. That takes promoters to 41.1% of the company. Domestic institutions moved +2.6 points over the same window, to 25.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Promoters: −2.6 points over 8 quarters to 41.1%; Domestic institutions: +2.6 points over 8 quarters to 25.5%; Foreign institutions: −0.5 points over 8 quarters to 15.6%.

🚨 Why the register moved: promoters drove it (−2.6 points), absorbed on the other side by domestic institutions (+2.6 points) — distribution into the market’s bid.

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Brigade Enterprises Ltd: the Z-score is withheld — it comes from the second data source this page could not reconcile, and a solvency score is not worth printing on a number two sources dispute. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure.

The safety line in one sentence: the Z-score is withheld — it comes from the second data source this page could not reconcile, and a solvency score is not worth printing on a number two sources dispute.

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