BSE Realty Real Estate Sector Regulatory Filings — May 11, 2026

FY26 revenue +11% YoY to INR5,909 crores, PAT +7% YoY to INR725 crores, Q4 pre-sales +44% QoQ to INR2,521 crores showing sequential momentum

EBITDA margins stable at 28% despite pre-sales dip, 88% debt backed by commercial rentals, net debt (Brigade share) INR1,679 crores with D/E 0.27x

FY27 pre-sales guidance raised to at least INR9,000 crores (+20% YoY) from 11.6M sq ft pipeline (GDV INR11,900 crores), launches to drive 43% of sales

Q4 revenue + strong QoQ trends outperform FY aggregate, sustenance sales at 57% of FY26 pre-sales indicating base stability

Bandhan MF SAST disclosure under Reg 29(2) signals potential DII institutional interest/accumulation in realty peer

Q4FY26 concall audio uploaded May 11, 2026, provides access to business updates for relative performance benchmarking

Investor call on May 14, 2026 at 16:00 IST to discuss FY26 results and outlook, potential for guidance upgrades vs Brigade's +20%

100,000 sq ft re-leased post-Amazon vacancy at World Trade Center, expecting 10-15% rate uplift on remaining 530,000 sq ft

FY26 launches contributed 43% pre-sales vs 57% sustenance, low D/E supports reinvestment without dilution

1/4 filings (Brigade) shows Q4 QoQ outperformance (+44% pre-sales) vs FY YoY weakness, signaling inflection

FY26 pre-sales -5% YoY to INR7,424 crores due to approval delays, launches only 8.3M sq ft vs 12M planned

Reduced launches (8.3M sq ft vs 12M) dragged FY26 performance, potential carryover to FY27 if delays persist

Occupancy flat at 78% amid geopolitical impacts, no sequential improvement noted

Amazon vacated 630,000 sq ft at World Trade Center, only 100,000 sq ft re-leased so far exposing rental income

Net debt INR2,278 crores (Brigade share INR1,679 crores), reliant on 88% lease rental backing amid vacancy risks

Bandhan MF SAST filing lacks direction/size details, could signal disposal vs accumulation

Mixed sentiment in high-materiality filing (Brigade 9/10), YoY pre-sales decline outlier vs QoQ strength raises execution risk

Neutral materiality (4/10) concall audio requires review for hidden weakness vs Brigade's detailed misses

11.6M sq ft FY27 pipeline with GDV INR11,900 crores supports +20% pre-sales growth to INR9,000 crores, undervalued vs execution

10-15% rate uplift expected on 530,000 sq ft post-Amazon vacancy, boosts commercial rental stability

D/E 0.27x and 88% debt rental-backed enables aggressive launches without capital strain

Bandhan MF activity flags potential institutional buying in undervalued realty peer, monitor for stake build-up

May 14, 2026 call on FY26 results/outlook could reveal superior pre-sales/guidance vs Brigade's -5% YoY

Review Q4FY26 audio for margin/pipeline insights, potential outperformance in launches vs Brigade shortfalls

+44% QoQ pre-sales and revenue inflection positions for FY27 beat if approvals accelerate

2/4 filings flag calls (DLF May 14, Oberoi audio), trade pre-event on guidance vs Brigade's +20% benchmark

Brigade (1/4 filings) shows FY26 -5% YoY decline to INR7,424 crores from delays, but +44% QoQ Q4 strength; implies sector launch execution as key theme, watch peers for similar patterns

Brigade targets +20% FY27 pre-sales to INR9,000 crores from 11.6M sq ft pipeline, contrasting FY26 misses; sector forward-looking optimism despite YoY weakness

Brigade's Amazon 630k sq ft vacancy (partial re-lease) highlights office exposure, flat 78% hospitality occupancy amid geopolitics; potential drag on 3/4 neutral filings

Brigade D/E 0.27x with rental-backed debt stands out; no capital allocation shifts noted across filings, supports reinvestment in launches

3/4 filings procedural (concalls, SAST), Brigade detailed (9/10 materiality); sector event-driven near-term, aggregate QoQ > YoY trends signal recovery

Monitor May 14, 2026 16:00 IST webcast for FY26 pre-sales/revenue vs Brigade's +11%/-5%, outlook guidance changes [May 14, 2026]

Review uploaded Q4FY26 recording for pipeline/margins relative to Brigade's 28% EBITDA, launch execution details [Immediate]

Track progress on 530k sq ft World Trade Center uplift (10-15% rates) post-Amazon vacancy for rental growth [Ongoing Q2 2026]

Watch occupancy recovery from flat 78% amid geopolitics, potential FY27 drag if no QoQ gains [Q1 FY27]

Monitor Bandhan MF for subsequent SAST disclosures on stake direction/size, confirms institutional conviction [Next 7-10 days]

Launches ramp-up to 11.6M sq ft pipeline critical for FY27 +20% target, flag delays vs FY26 shortfall [Q1 FY27]

No activity in current filings, watch for pledges/trades in Brigade/DLF post-calls for conviction signals [Next 2 weeks]