ICICI Securities has retained its buy rating on Brigade Enterprises with an unchanged target price of ₹885 in its latest research report. The brokerage values the company at a 30% premium to its net asset value of ₹680 per share, considering growth opportunities across segments. According to the latest analysis, the recommendation is based on the company's strong launch pipeline and expansion plans across multiple business segments.
Brigade Enterprises experienced a muted Q1FY27 with sales bookings of ₹1,060 crore, representing a 5% year-on-year decline. As reported by ICICI Securities, this subdued performance was attributed to the absence of major launches during the quarter. However, the company's recent strategic moves indicate a recovery in project momentum, with the brokerage noting that FY26 sales bookings of ₹7,400 crore had also declined 5% YoY due to delayed approvals.
The company's momentum has improved significantly with the September 2026 launch of Brigade Barcelona in Neopolis, Hyderabad, which carries a gross development value (GDV) of ₹2,700 crore. According to ICICI Securities, this launch represents the beginning of a more active project launch cycle for the real estate developer. Management has expressed confidence in achieving ₹9,000 crore of FY27 sales bookings, representing 20% year-on-year growth. For the remainder of FY27, the company aims to launch 9.4 million square feet of residential projects with a potential GDV of ₹10,000 crore spread across Bengaluru, Chennai and Hyderabad.
ICICI Securities projects strong growth momentum for Brigade Enterprises, with the company planning to launch projects with a gross development value of approximately ₹100 billion in FY27. The brokerage has modeled sales bookings of ₹92 billion for FY27E and ₹113 billion for FY28E, factoring in the company's robust launch pipeline. Additionally, the company plans to double its hotel and annuity asset portfolio over FY26–31, with plans for 1,700 incremental hotel keys and approximately 10 million square feet of annuity assets. An unsold inventory of ₹9,000 crore in ongoing projects is also expected to support future sales bookings.
