1. ECONOMIC OVERVIEW Global
I n 2025, the world economy grew 3.4% at similar levels as 2024 with some relief in trade tensions susceptible to occasional spikes. Global economy exhibited resilience amidst persisting policy uncertainty. Global inflation reduced from 5.8% in 2024 to 4.1% in 2025.
| Region | 2023A | 2024A | 2025A | 2026P | 2027P |
| Global economy | 3.3 | 3.3 | 3.4 | 3.1 | 3.2 |
| Advanced economies | 1.7 | 1.8 | 1.9 | 1.8 | 1.7 |
| Emerging markets and developing economies | 4.4 | 4.3 | 4.4 | 3.9 | 4.2 |
*A=actuals, P=projected
The start of the year 2026 saw a major crisis developing in the Middle East leading to disruptions in energy supplies and global supply chain. Periodic volatility in energy markets, particularly crude oil and LNG, has led to heightened uncertainty in global trade and investment flows. Even in the post war period, heightened crude prices and trade disruption will have medium to long term impact.
Slowdown in growth and increase in inflation are expected to be particularly pronounced in emerging markets and developing economies. Overall economy is expected to grow at 3.1% in 2026 and 3.2% in 2027, assuming that the conflict remains limited in duration and scope. A longer or broader conflict, worsening geopolitical fragmentation, or renewed trade tensions could significantly weaken growth and destabilize financial markets. Surging investment in technology, including artificial intelligence (AI), especially in North America and Asia than in other regions works, in favour of global growth.
Source: IMF World Economic Outlook, April2026
Indian Economy
According to the provisional estimates (base year recalibrated to 2022-23), Indias Gross Domestic Product (GDP) growth is estimated at 7.6% in FY26, higher than the 7.1% in FY25. The growth was led by robust domestic consumption, and strong growth in the manufacturing sector. The second half of the fiscal year saw benefits arising due to the demand boost from the GST rationalisation and expected discontinuation of compensation cess. CPI inflation averaged around 2%. Continued government support through various schemes like PLI, Make in India, PMAY, SCM, etc continue to make the economy resilient and strong amidst rising global uncertainty.
The government has invested ~3% of the GDP in capital infrastructure in the last few years, with a view to support long-term growth. In the Union Budget 2026-27, an allocation of 112.22 Lakh Crore was made, 11.5% more than the revised estimate of 110.96 Lakh Crore in the previous budget. Continued focus on digitalisation and formalisation of the economy, driven by initiatives such as GST and digital
payment infrastructure, are enhancing efficiency and broadening the tax base.
Despite an array of challenges from foreign trade partners in FY26, Indias total exports (merchandise and services) recorded an all-time high, increasing to US $863 billion, up 4.6% YoY. The US, UAE, China, the Netherlands, and the UK remained key export destinations. Further boost to exports is expected by the Free Trade Agreement with the European Union concluded in Q4 FY26, post three years of embargo, India and the United States also signed an interim bilateral trade deal signalling economic cooperation.
In FY26, the Reserve Bank of India (RBI) eased its monetary stance reducing the repo rate to 5.5% in October 2025 and further down to 5.25% in December 2025, with a view to support growth amid moderating inflation. The RBIs Monetary Policy Committee kept the repo rate unchanged at 5.25%, focusing on maintaining stability amid global uncertainties.
While domestic fundamentals remain strong, the outlook for FY27 will depend on global developments, particularly geopolitical tensions, commodity price movements, and external demand conditions. GDP growth for FY27 is projected to decline to 6.6%.
Source: Ministry of Statistics and Program Implementation, Reserve Bank of India, PIB
1.1 Outlook
The Reserve Bank of India (RBI) has projected Indias GDP growth for FY27 at 6.6% which is good as compared to other developed and developing nations across the globe. Growth is expected to be driven by sustained momentum in the services sector, revival in industrial activity, robust household consumption supported by low inflation and stable agricultural output. Rising agricultural and industrial production, coupled with resilient rural and urban demand, is expected to reinforce Indias growth trajectory amid global uncertainties.
The ongoing West Asia conflict with the supply disruptions already experienced and which may be experienced with the volatile crude oil prices will have an impact on the Indian
Economy. The higher crude oil prices will impact the entire supply chain as India is one of biggest importer of crude oil. The Indian Rupee also weakened during the year.
2. INDUSTRY OVERVIEW
Indian real estate sector acts as a strategic pillar of national development with significant contribution to growth, employment, and inclusive urbanization. The sector contributes nearly 8% to Indias GDP and fosters sustainability and equitable growth across tier I, II, and III cities alike. As the country progresses along the vision of a $35-40 trillion economy by 2047, real estate alone holds the potential to contribute $5-10 trillion driven by strong demand across multiple asset classes including residential, commercial, data centres, industrial & warehousing, retail, hospitality etc.
Despite global uncertainties and domestic affordability challenges, the Indian real estate sector has exhibited strong resilience, led by structural drivers such as urbanisation, strong government support, infrastructure expansion, capital market innovations, rising income levels, and accelerating digitalisation. The sector is expected to continue evolving towards greater institutionalisation, technological integration, and sustainable growth.
The government has continued to remain focus on real estate and infrastructure development recognizing them as key strategic pillars of growth. Various reforms like the Real Estate Regulation and Development Act (RERA) and GST have played a vital role in boosting transparency. To attract investments government extends policy support through various pro-FDI policies, Real Estate Investment Trust (REIT) guidelines, the Benami Transactions (Prohibition) Amendment Act, Smart Cities Mission, Housing for All, and AMRUT (Atal Mission for Rejuvenation and Urban Transformation).
The market comprises of four sub-sectors, namely, residential, retail, hospitality and commercial. In a year marked by significant global economic uncertainty, the Indian real estate sector, in 2025, sustained its growth momentum, playing a vital role in economic growth. The sector continued to attract strong interest from both domestic and international investors, led by structural reforms, rapid urbanisation and evolving consumer aspirations. Private equity investments in the Indian real estate surged to US $6.7 billion in 2025, up 59% driven largely by overseas institutional capital, accounting for ~76% of total inflows. The i nvestments were led by the office segment accounting for the largest share of private equity investments at 35.3% of total inflows. Data centres emerged as the second-largest investment destination with a 23.2% share, followed by residential assets at 21%. Industrial and logistics assets accounted for 9% of investments, while retail and hospitality attracted 6% and 5%, respectively. Co-living and student housing remained nascent, together accounting for just 0.5% of total inflows.
I n 2025, the residential real estate market demonstrated remarkable resilience with a pronounced shift toward premium housing segments amid overall volume adjustments. The affordable housing segment saw mixed results with growing developer shift towards premium housing. Housing segment above 11 Crore saw increased traction. Other sectors like the industrial and warehousing sector maintained robust growth trajectory, driven by 3PL players, e-commerce, Make in India, and rising logistics needs. The office leasing segment saw re-bound in demand due to GCCs, IT/ITES, e-commerce, and flexible workspaces, especially in Tier 1 cities and emerging Tier 2 hubs. Overall office market exhibited strong absorption and positive rental growth.
The retail segment saw robust growth in leasing activity, reaching a historic high of ~8.9 Million sq. ft. in 2025, primarily driven by a strategic shift towards experiential flagships, Gen Z-centric formats, and the physical expansion of direct-to-consumer (D2C) brands with strong expansionary sentiment among both domestic and global retailers. The sector maintained strong growth momentum throughout 2025 despite year-end challenges posed by rising global instability and disruptions in the aviation sector. The supply pipeline in 2025 shifted decisively towards premiumisation, catering to the rising consumer preference for luxury experiences.
Overall, the Indian real estate sector in FY26 is characterised by greater institutionalisation, technology adoption, sustainability focus, and capital discipline. Demand has remained end-user driven, supply has become more measured, and investment flows increasingly favour high-quality, compliant assets. With strong structural drivers, policy support, and favourable macroeconomic fundamentals, the sector is well positioned for stable and long-term growth, notwithstanding short-term global uncertainties.
2.1 Residential Segment
The Indian residential real estate market demonstrated underlying resilience in FY26, even as demand momentum moderated compared to the exceptional highs of the preceding year. While structural drivers such as urbanization, household formation, and aspirational upgrades remain intact, buyer sentiment in certain segments was tempered by a confluence of external factors. Heightened geopolitical uncertainty, softness in the equity markets, and signs of caution in the IT and technology employment landscape introduced a degree of wait-and-watch behaviour among a section of homebuyers, particularly in markets with significant IT- sector concentration such as Bengaluru and Hyderabad.
Bengaluru, Mumbai, Hyderabad, Pune, and Delhi-NCR continued to account for most national launches and sales. The premium and luxury segments held up better relative to the mid-market, with price appreciation persisting across
most micro-markets. However, volume growth across the industry moderated as these overhangs weighed on conversion timelines and overall transaction velocity.
A defining feature of FY26 was the continued premiumization of housing demand across key markets. Homebuyers increasingly prefer larger homes, integrated townships, lifestyle-led developments, and projects offering superior amenities, sustainability features, and community infrastructure. This shift was accompanied by a continued consolidation of demand towards organized developers with strong execution capabilities, transparent governance standards, and established brand credibility. As a result, the premium and luxury segments continued to outperform broader market trends, supported by aspirational consumption, rising household incomes, and an increased focus on quality living environments.
South India continued to remain one of the most attractive residential markets in the country, supported by robust economic activity, infrastructure expansion, and sustained employment generation across technology, Global Capability Centres (GCCs), manufacturing, and services sectors. Bengaluru, Chennai and Hyderabad continued to attract investment, talent and migration, driving both end- user housing demand and long-term residential absorption. The ongoing expansion of metro networks, peripheral growth corridors, and integrated infrastructure projects is expected to further strengthen housing demand and create new residential growth clusters across these markets in the years ahead.
Looking ahead, the residential sector is expected to benefit from favorable demographics, rising urbanization, improving affordability, and continued infrastructure investments across major cities. While market conditions may vary across micro-markets in the near term, the long-term outlook remains constructive, supported by healthy end-user demand, disciplined supply, and growing preference for trusted and compliant developers. These structural factors are expected to support sustained growth and value creation across the residential real estate sector. The Governments continued thrust on infrastructure with metro expansions, expressways, and peripheral development corridors is expected to provide medium-to-long-term support to residential demand, and market participants remain cautiously optimistic heading into FY27 as macro conditions stabilize.
The Governments continued thrust on infrastructure with metro expansions, expressways, and peripheral development corridors is expected to provide medium- to-long-term support to residential demand, and market participants remain cautiously optimistic heading into FY27 as macro conditions stabilize.
2.2 Lease Rental Segment (Office & Retail)
I ndias commercial office real estate sector maintained its strong performance in FY26, with leasing activity across the top seven cities totalling 73 Million sq ft, reflecting a 6%
year-on-year growth. Bengaluru led the market with its highest-ever leasing volume of 23 Mn Sft., while Hyderabad also set a new record, with leasing activity reaching 12 Mn Sft. for the first time.
FY26 witnessed a further broadening of demand dynamics, with Global Capability Centres (GCCs) emerging as a dominant force in the market. GCC leasing volumes are expected to reach 30-35 Mn Sft in CY 2026, accounting for 40-50% of Grade A office space demand, as GCCs deepen capabilities in R&D, engineering, and AI/ML. Alongside GCCs, demand continued to diversify beyond technology, with BFSI, engineering and manufacturing, healthcare, and consulting firms gaining further traction. Domestic firms and multinational corporations collectively reinforced Indias position as a preferred global business hub, with occupiers increasingly prioritising quality, sustainability, and tech-enabled workspaces.
On the supply side, approximately 80-90% of incremental new supply in CY 2026 is expected to be green certified, as flight-to-quality becomes a norm across occupiers and developers respond with future-ready assets. Overall new supply for CY 2026 is forecast at 60-65 Million sq ft, up from 56.5 Million sq ft in CY 2025. Looking ahead, average rentals are likely to see continued appreciation of 5-10% annually across the top seven markets, supported by heightened demand for green-certified, future-ready office spaces. This trend is underpinned by robust GCC and flexible workspace demand, limited availability of prime supply, and occupiers preference for sustainable, amenity-rich, tech-enabled spaces that continue to command premium pricing.
Flexible workspaces emerged as a strategic cornerstone of occupier portfolios in FY26. The countrys flex stock is expected to reach 85-90 Million sq ft in CY 2026, with flex spaces projected to account for over 20% of Grade A leasing, driven by hybrid work models, cost optimisation, and portfolio decentralisation. Flex space leasing accounted for 21% of total leasing in Q4 FY26, with 3.9 Million sq ft taken up by flex operators across the top seven cities.
I ndias retail real estate sector had a landmark FY26, with the broader economy providing strong tailwinds - real GDP growth of ~7.6% and retail sales growth of ~6-10% Y-o-Y. Against this backdrop, retail leasing activity touched a record ~8.9 million sq. ft. for the year.
Fashion & Apparel remained the dominant leasing driver (~48% share), followed by F&B and Jewellery. D2C brands scaled their physical presence to ~27% of total leasing. The sectors tenant mix is also being reshaped by experiential fashion hubs, Gen Z-focused store formats, tech-enabled entertainment zones, and an evolving F&B landscape - with dining and entertainment together now occupying nearly one-third of total mall space - alongside a broader shift toward mixed-use integration, outlet stores, and transit- hub retail. Looking ahead, rental growth is expected to be led by jewellery and fashion & apparel flagships along with well-funded D2C and entertainment formats.
2.3 Hospitality Segment
FY2026 was a year of steady progress for Indias hospitality and tourism sector, supported by strong domestic demand and an ability to absorb disruption without losing momentum. The industry remained in a growth phase, marked by record performance and rapid expansion into Tier-II and Tier-III cities.
Industry occupancy and ADR continued to improve, signalling a shift from post-pandemic recovery to more sustainable, structural growth. Domestic business travel and leisure tourism remained the most consistent demand drivers, supported by ongoing infrastructure development across airports and roads.
Despite turbulence in global markets·economic slowdowns, geopolitical headwinds, and investor caution· India sustained strong momentum. Domestic demand continued to propel the industry, even as international arrivals remained uneven.
Domestic tourism remained the hotel sectors most dependable growth engine in FY2026. Demand was driven less by novelty and more by repeat travel·short breaks, drive-to leisure, pilgrimages, weddings, and social celebrations·supporting occupancies across regions and seasons. Tier-II and Tier-III cities continued to gain share, aided by decentralisation of economic activity and improved connectivity, while metros benefited from steady corporate travel and a consistent pipeline of meetings, events, and exhibitions.
The year was not without disruption. Mid-year geopolitical tensions between India and Pakistan briefly affected air connectivity and weighed on international travel sentiment. An erratic monsoon also reshaped travel patterns, compressing demand into shorter windows and diverting travellers to alternate destinations.
3. OPPORTUNITIES AND THREATS
The Indian real estate market post-pandemic has exhibited strong resilience and is poised for greater opportunities in the coming decade, despite the global economic uncertainty.
Opportunities
• Favourable demographics: India continues remains one of the youngest nations globally, with a median age of 28.6 years and 42% of the population below the age of 25. Indias working-age population is expected to continue growing both in quantity and proportion to the total population till 2050.
• Rising per capita income: Indias per capita income (at constant prices) has increased at ~5% CAGR FY16 to FY25, transforming India from a bottom of the pyramid economy to an economy driven by the middle class. More than 140 Million households are expected to be added to the upper mid and lower mid income brackets between 2018 and 2030, driving demand for housing and supportive infrastructure.
• Rapid urbanization: India has witnessed remarkable urban progress. According to UNDP (United Nations Development Programme) by 2050, over 880 million Indians will reside in urban areas. This rapid urbanization will consequently fuel the demand for real estate across all asset classes. As urban development takes place, a growing concern is the massive urban housing shortage plaguing the country presenting huge growth opportunities for the real estate market.
• Nuclearization of families: Aided by an increasing rate of higher education, increased migration to cities for better education and job opportunities and increasing urban economic pressure, the average family size in India declined with the proliferation of nuclear households. This result is an increase in the demand and consumption of housing.
• Improving home purchase affordability: We have seen improving trajectory of affordability levels in India. Strong macroeconomic fundamentals support a repo rate reversal and thereby interest rate reduction, that could provide fillip to the residential market.
• Enabling Government Reforms: The last couple of decades have witnessed a measured march towards transparency, governance, and financial discipline in Indias real estate market. The transformation of the sector has been driven by a confluence of factors, with technological advancements, a maturing investment landscape and regulatory reforms like RERA, GST and REITs playing a pivotal role.
• Surge in Institutional Investments in Real Estate: The real estate sector accounted for the largest share of 19% of cumulative Alternative Investment Funds (AIF) investments during FY26 amounting to 11,28,937 crore. Equity investment inflows have been substantially high in the real estate market primarily fuelled by developer activity and significant interest from real estate investment trusts (REITs) and institutional investors.
• Availability of Skilled Labour at Competitive Costs: The rapid adoption of emerging technologies globally has led to an exponential increase in the demand for tech talent. India boasts one of the worlds largest pools of STEM graduates with a highly competitive cost structure. This cost advantage attracts global tech companies to outsource work to Indian tech companies. The increased demand for quality office space by these companies is a significant driver for the growth of the real estate sector in India.
• Expansion of Innovation Driven Businesses and StartUps: Over the past decade, the startup ecosystem in India has experienced exponential growth, driven by innovation, substantial venture capital investments, and government support. India has emerged as the third-largest startup ecosystem in the world, which has yielded over 100 unicorn startups. This presents the commercial real estate and office segment with humungous growth opportunities.
Threats for real estate growth:
• Global economic uncertainty
• Cyclicity trends in the housing market
• Interest rate volatility
• Lack of availability and quality of infrastructure is crucial for residential set-ups and office real estate markets
• Limited access to financing options, high interest rates, and strict eligibility criteria for loans
• Complex regulatory environment
• Construction Quality and Delays
• Evolving Workplace Preferences
• Growing preference for green buildings
• Limited availability of prime land in major commercial hubs
The Company remains committed to identifying and addressing all potential threats. Mitigation measures are implemented to minimize risks & threats and ensure business continuity.
4. PERFORMANCE
4.1 Business Segment
4.1.1. Real Estate
The Indian residential real estate market demonstrated underlying resilience in FY 26, even as demand momentum moderated compared to the exceptional highs of the preceding year. While structural drivers such as urbanisation, household formation, and aspirational upgrades remained intact, buyer sentiment in certain segments was tempered by heightened geopolitical uncertainty, softness in equity markets, and signs of caution in the IT and technology employment landscape.
The residential sector in Brigades core markets of Bengaluru, Chennai, and Hyderabad grew 6% year-on-year in calendar year 2025, increasing their collective share from 32% to 37% across the top seven cities in India. Bengaluru, Mumbai, Hyderabad, Pune, and Delhi-NCR continued to account for the majority of national launches and sales. The premium and luxury segments held up better relative to the mid-market, with price appreciation persisting across most micro-markets. Luxury and premium housing now account for over one-fourth of national supply as developers increasingly shift focus towards higher-value segments.
There is a continued shift in homebuyer preferences towards products that enable an upgraded lifestyle with larger homes, integrated communities, wellness-oriented design, and differentiated experiences. The emergence of senior living as a distinct product category further reflects the evolving life-stage needs of Indian households.
The Governments continued thrust on infrastructure, metro expansions, expressways, and peripheral development corridors, combined with the RBIs reduction of the repo rate during FY 26 provides medium-to-long- term support to residential demand. The sector is expected to sustain its growth trajectory in FY 27, supported by rising urbanisation, growing household incomes, and the continued expansion of GCCs and professional services firms across our core markets.
Pre-sales & Realisations
In FY 26, Brigade Group achieved presales of 17,424 Crores with a sales volume of 6.13 Mn sq. ft. The average realisation for the year stood at 112,107 per sq. ft., an increase of 9% over FY 25 (111,138 per sq. ft.), reflecting the continued premiumisation of our portfolio and disciplined pricing across active projects.
Collections from the Real Estate segment for FY 26 stood at 15,480 Crores. The portfolio continued to maintain zero residential debt across the group for over two consecutive years, owing to robust sales and collection efficiency.
NRI buyers remained stable at approximately 10% of presales value. Bengaluru remained the largest contributor to presales, with growing contributions from Hyderabad and Chennai. We continue to observe healthy site visits with consistent conversions of 10% to 12% across cities and projects, with a broad customer base spanning multiple sectors.
Revenue
The Real Estate segment clocked a revenue of 14,002 Crores in FY 26, an increase of 11% year-on-year over FY 25, with an EBITDA of 1525 Crores.
Customer Engagement & Experience
Brigade continues to invest in deepening customer engagement across its residential portfolio. Our flagship property expo, Brigade Showcase, completed its 18th edition during the year, featuring over 15 Brigade projects across Bengaluru, Chennai, and Hyderabad, including new project launches. Notably, Brigade Showcase made its debut in Chennai in September 2025, further strengthening our brand engagement and customer reach in the region.
Our customer base remains broad and diversified across sectors including technology, financial services, healthcare, and manufacturing. Consistent site visit-to-conversion ratios of 10% to 12% across cities and projects reflect the strength of our product-market fit and customer trust in the Brigade brand. We continue to design our projects in response to evolving customer preferences, calibrating unit configurations, ticket sizes, and amenity offerings to ensure relevance across buyer segments.
Sustainability
Brigade Citrine, Indias first Net Zero residential community, launched in FY 25 in East Bengaluru, continues to see healthy demand. The project is designed to save approximately 8,900 tankers of water annually and utilises renewable energy for the entire common area lighting. Brigade remains committed to achieving Net Zero status by 2045, with learnings from Brigade Citrine being progressively incorporated into the design of future projects. Our residential developments continue to incorporate green building features, energy-efficient design, rainwater harvesting, and waste management systems.
Business Development & Land Bank
During FY 26, we added approximately 13 Mn sq. ft. in new projects across our focus markets, predominantly in Bengaluru (60%) and Hyderabad (30%). Our total land bank stands at 57 Mn sq. ft., of which approximately 75% is earmarked for residential development. Our land acquisition strategy remains disciplined and focused on Tier 1 markets of South India, utilising a mix of outright purchases and joint development agreements to optimise capital deployment.
Outlook
We continue to maintain a robust launch pipeline across Bengaluru, Chennai, Hyderabad, and Mysuru. For FY 27, the residential launch pipeline stands at 11.6 Mn sq. ft. across our focus markets, with launches planned across approximately 4.5 Mn sq. ft. in Bengaluru and 3 Mn sq. ft. each in Chennai and Hyderabad, along with new residential projects in Mysuru.
The FY 27 launch pipeline encompasses a diversified mix of premium apartments, mid-segment housing, plotted developments, and senior living communities across our four focus markets. In Bengaluru, planned launches span North, East, and South micro-markets, including new phases within established townships as well as entry into new growth corridors. In Hyderabad, we plan to build on the success of our Neopolis development with the next phase, along with expansion into new micro-markets in the city. In Chennai, multiple new projects are planned for launch in the latter half of the year. In Mysuru, we are expanding our
portfolio with both residential and senior living offerings, reinforcing our commitment to this growing market.
Our product mix for FY 27 reflects a conscious calibration towards optimising unit sizes and price points to drive broader market participation while maintaining our premium brand positioning.
As Indias urbanisation deepens and residential demand extends across emerging Tier 1 and Tier 2 urban centres, Brigade remains committed to progressively expanding its development footprint. Our entry into new micro-markets within existing cities reflects this long-term orientation towards capturing the structural opportunity presented by Indias urbanisation trajectory.
Senior Living
FY 26 marked Brigade Groups strategic re-entry into the senior living segment through a partnership with Primus Senior Living to develop three senior living communities across Bengaluru and other South Indian markets. Two of the three communities will be integrated within larger Brigade township developments, reinforcing our philosophy of building multi-generational living environments.
This builds on Brigades experience in the segment through Parkside at Brigade Orchards, operational since 2017. The upcoming communities will feature senior-first design with dedicated wellness centres, medical bays, and community engagement programmes.
The senior living segment represents a structurally underpenetrated opportunity in India. Indias 60-plus population is projected to reach 230 million by 2036, yet the organised senior living market currently serves only a fraction of this addressable base. The partnership model allows Brigade to leverage its strengths in land acquisition, project development, and brand positioning, while Primus brings domain expertise in senior care programming and community management. Brigades re-entry positions us to capture a meaningful share of this growing segment while deepening our presence across the life-stage housing spectrum.
The projects that we launched in FY26 are as follows:
| # Project | City | Project Area (in Mn sq. ft.) | BEL Interest (in Mn sq. ft.) |
Residential |
|||
| 1 Brigade Morgan Heights - Ph 1 | Chennai | 1.09 | 0.82 |
| 2 Brigade Avalon | Bengaluru | 0.64 | 0.64 |
| 3 Brigade Lakecrest | Bengaluru | 0.93 | 0.65 |
| 4 Brigade Cherry Blossoms | Bengaluru | 0.45 | 0.23 |
| 5 Brigade Gateway - Tower B | Hyderabad | 1.19 | 1.19 |
| 6 Brigade Stellaris | Chennai | 0.82 | 0.82 |
| 7 Brigade Laurel & Maple | Bengaluru | 0.42 | 0.29 |
| 8 Brigade Belvedere | Bengaluru | 1.04 | 0.64 |
| 9 Brigade Lumina | Bengaluru | 0.60 | 0.41 |
| 10 Brigade Insignia - Ph 2 | Bengaluru | 0.20 | 0.20 |
| 11 Brigade Enclave | Hyderabad | 0.45 | 0.23 |
| 12 Brigade Manor | Hyderabad | 0.48 | 0.24 |
Total |
8.31 | 6.36 | |
Leasing |
|||
| 13 El Dorado Beryl: Commercial block | Bengaluru | 0.09 | 0.09 |
| 14 Brigade International Finance Centre Phase 2 | Gujarat | 0.45 | 0.45 |
| 15 Brigade Padmini Tech Valley - Tower A | Bengaluru | 0.31 | 0.16 |
| 16 Brigade Icon Commercial Tower | Chennai | 0.41 | 0.41 |
Total |
1.26 | 1.11 | |
Total |
9.57 | 7.47 |
The projects under development as on March 31, 2026 (Million sq. ft.)
| Projects | Project Area | Co. Share | LO/JV Share |
| Real Estate projects for sale | 20.57 | 15.92 | 4.65 |
| Brigade Orchards* | 1.96 | 1.35 | 0.61 |
| Brigade Cornerstone Utopia | 0.41 | 0.27 | 0.14 |
| Brigade Cherry Blossom | 0.45 | 0.26 | 0.19 |
| Brigade Insignia | 1.09 | 1.09 | - |
| Brigade El Dorado | 3.25 | 3.25 | - |
Total Real Estate (A) |
27.73 | 22.14 | 5.59 |
*Through Special Purpose Vehicles (SPVs)
4.1.2. Lease Rental (Office & Retail)
Brigade Groups commercial office portfolio delivered a stable performance through FY26, with cumulative leasing of approximately 1.1 million sq ft, comprising 0.5 million sq ft of new leases and 0.6 million sq ft of renewals, replacements, and managed office transactions. Brigade Twin Towers, WTC Bangalore and Brigade Padmini Tech Valley continued to attract strong occupier interest, with growing enquiries from both large-format tenants and individual investors, reflecting improving market sentiment and sustained preference for Grade A, amenity-rich, tech-enabled spaces. The office business reported leasing revenues of INR 865 Crs for FY26, representing a 10% year-on-year growth, while rental collections remained robust at approximately 99%. During the year, Brigade launched approximately 1.3 Mn Sft of new commercial office development, with a further pipeline of approximately 4.2 Mn Sft scheduled for launch in FY27.
The Orion Malls maintained an average occupancy of 95%, with our flagship property, Orion Gateway, achieving 99% occupancy. Fashion and F&B emerged as the top-performing leasing categories, driven by a continued focus on premiumising the brand mix.
Operating Office and retail projects as on March 31, 2026 are as follows:
(Million Sq. ft.)
| Name of the Project | Location | Leasable Area | Leased | To be Transacted |
| Brigade Tech Gardens* | Bangalore | 3.00 | 2.98 | 0.02 |
| WTC Chennai* | Chennai | 1.98 | 1.98 | - |
| WTC Kochi* | Kochi | 0.77 | 0.77 | - |
| WTC Bangalore | Bangalore | 0.62 | 0.25 | 0.37 |
| Brigade Twin Towers - Tower A & C | Bangalore | 0.57 | 0.06 | 0.51 |
| Brigade Opus | Bangalore | 0.30 | 0.30 | - |
| Brigade Intl Financial Center, GIFT City* | Gift City | 0.27 | 0.27 | - |
| Brigade Bhulwalka Icon | Bangalore | 0.19 | 0.19 | - |
| Brigade Southfield | Bangalore | 0.16 | 0.16 | - |
| Orion Gateway Mall | Bangalore | 0.83 | 0.82 | 0.01 |
| Orion Uptown Mall | Bangalore | 0.27 | 0.24 | 0.03 |
| Orion Avenue Mall | Bangalore | 0.15 | 0.13 | 0.02 |
| Brigade Vantage, Mysuru | Mysuru | 0.07 | - | 0.07 |
| Brigade Vantage, Chennai | Chennai | 0.06 | 0.01 | 0.05 |
| Others | Bangalore | 0.12 | 0.10 | 0.02 |
Total |
9.36 | 8.26 | 1.10 |
Special Economic Zone Projects
Projects under development as on March 31, 2026
| Lease Rental Projects | Location | Project Area | Co. Share | LO/ JV Share |
| Brigade Square, Thiruvananthapuram | Thiruvananthapuram | 0.19 | 0.19 | - |
| Arcadia @ Brigade Cornerstone Utopia* | Bengaluru | 0.12 | 0.08 | 0.04 |
| Brigade Padmini Tech Valley- Tower B | Bengaluru | 1.04 | 0.53 | 0.51 |
| Brigade Tech Boulevard | Chennai | 0.84 | 0.51 | 0.33 |
| Brigade El dorado Commercial B block | Bengaluru | 0.09 | 0.09 | - |
| Brigade International Finance centre - Ph 2 | Gujarat | 0.45 | 0.45 | - |
| Brigade Icon Commercial Tower | Chennai | 0.41 | 0.41 | - |
Total Leasing |
3.14 | 2.26 | 0.88 |
Through Special Purpose Vehicles (SPVs)
The FY27 outlook remains constructive, supported by Indias projected economic growth trajectory and anticipated monetary policy support. Indias Grade A office stock is on track to surpass 1 Billion Sft over the next few years, with GCCs, flexible workspaces, and growing institutionalisation through REITs and equity listings expected to define the next phase of structural growth. While global trade uncertainties and rising construction costs warrant monitoring, the sectors diversified occupier base, deepening institutional participation, and adaptive supply pipeline provide a sound foundation for continued resilience.
4.1.3. Hospitality
FY2026 was a year of steady progress for Indias hospitality and tourism sector, supported by strong domestic demand and an ability to absorb disruption without losing momentum. Despite turbulence in global markets, economic slowdowns, geopolitical headwinds, and investor caution, India sustained strong momentum. Domestic demand continued to propel the industry, even as international arrivals remained uneven. Our portfolios ADR for FY26 grew to 17,453 from 16,696 the previous year. RevPAR for our portfolio saw a growth of 10% over the previous financial year. This led to overall revenue growth of 13% and an EBITDA growth of 11% over FY25.
Domestic tourism remained the hotel sectors most dependable growth engine in FY2026. Demand was driven less by novelty and more by repeat travel, short breaks, drive-to leisure, pilgrimages, weddings, and social celebrations, supporting occupancies across regions and seasons.
Industry is hopeful to regain momentum in the latter part of FY2027, supported by robust domestic demand, citywide events, and sustained corporate travel. While international travel continues its gradual recovery, the outlook remains firmly anchored in domestic demand.
From a structural standpoint, the Indian hospitality sector continues to benefit from favorable demand- supply dynamics, a robust pipeline of room additions, and sustained growth in domestic travel. Rising activity across MICE (meetings, incentives, conferences, and exhibitions), weddings, and corporate travel is expected to underpin demand over the medium term.
5. FINANCIAL REVIEW
5.1 Equity Share Capital
The Company has an authorised share capital of 125,000 Lakhs. As of March 31, 2026, the paid-up equity share capital was 124,459 Lakhs, compared to 124,437 Lakhs as of March 31, 2025.
5.2 Total Debt
As of March 31, 2026, the net bank debt was 12,27,815 Lakhs, compared to 196,215 Lakhs as of March 31, 2025. The net debt-to-equity ratio was 0.27. The average cost of debt is 7.57%.
5.3 Credit Rating
The credit rating upgrade for the credit facilities being availed from banks and financial institutions during the financial year 2025-26 is as follows:
Rating Agency |
Present Rating & Outlook |
Previous rating & Outlook |
| ICRA Limited | AA/Stable | AA-/ Stable |
| CRISIL Ratings | AA-/ Positive | AA-/ Positive |
5.4 Revenue
• Revenue from operations up by 12% to 15,69,722 Lakhs in FY26 from 15,07,421 Lakhs in FY25 growth is driven by better performance in all 3 segments.
• The pre-sales of ~ 6.13 Million sq. ft. with a sales value of 17,42,409 Lakhs in FY26, a decrease of 5% from FY25, due to lower launches however there is a increase in average realisation by 9% to 112,107 per sq. ft. in FY26.
• Revenue from Real Estate segment recorded at 13,81,331 Lakhs in FY26 compared to 13,33,325 Lakhs in FY25 and the revenue is increased for the year is due to higher project closures compared to last year.
• Revenue from leasing services climbed 8% in FY26 to 1102,712 Lakhs from 195,514 Lakhs in FY24, owing to a higher leasing in Brigade Tech Gardens, WTC Chennai and annual increase in lease contracts.
• Revenue from hospitality services climbed 12% in FY26 to 157,960 Lakhs from 151,905 Lakhs in FY25.
• Our revenue from maintenance services increased by 12% 121,699 Lakhs in FY26 from 119,397 Lakhs owning to a higher leasing in Brigade Tech Gardens and WTC Chennai.
• Other operational revenue has been decreased by 8% in FY26 to 13,714 Lakhs from 14,017 Lakhs in FY25.
5.5 Other Income
Other income decreased by 12% in FY26 to 121,179 Lakhs
from 123,933 Lakhs in FY25. This decrease was caused by
reduction in bank deposit interest.
5.6 Expenses
• Sub-contractor cost: Our subcontractor cost increased by 18% in FY26, from 11,53,368 Lakhs in FY25 to 11,81,531 Lakhs in FY26.
• Cost of raw materials, components and stores consumed: Increased from 150,444 Lakhs in FY25 to 178,351 Lakhs in FY26, our cost of raw materials, components and stores consumed grew by 55% in FY26. This growth was the result of increased operations and the launch of new projects and increase of area which is under house construction.
• Purchase of land stock: Our purchase of land stock cost was 12,65,290 Lakhs in FY26 compared to 11,62,672 Lakhs in FY25, Increase is due to the acquisition of land and launches of Joint development projects in Bangalore, Chennai and Hyderabad.
• Increase in inventories of flat stock, land stock and work-in-progress: Increase in inventories of flat stock, land stock and work-in-progress increased to 12,56,813 Lakhs in FY26 from 11,34, ,804 Lakhs in FY24. This was attributed to higher number of new joint developments and new land acquisitions, which resulted in higher costs for inventories.
• Employee benefits expense: Our employee benefits expense grew by 19% to 148,186 Lakhs in FY26 from 140,473 Lakhs in FY25, owing to an increase in employee cost due to increase in operations of all segments.
• Finance costs: Our finance costs decreased by 17% in FY26 to 140,944 Lakhs from 149,549 Lakhs in FY25.
• Depreciation and amortisation expense: From 128,878 Lakhs in FY25 to 131,237 Lakhs in FY26, our depreciation and amortisation expense Increased by 8%, with asset additions of Brigade Twin towers and Ibis Styles Mysore in last month of previous year.
• Other expenses: Our other expenses increased by 15% in FY26, from 193,847 Lakhs in FY25 to 11,08,113 Lakhs in FY26. This was a result of an increase in Advertisement and sales promotion, Repairs and maintenance and donations.
5.7 Profit before taxes:
I n FY26, our profit before tax increased to 190,388 Lakhs, up from 186,927 Lakhs in FY25. This is due to increase in all segments i.e. real estate, leasing and hospitality.
5.8 Tax Expenses
In FY26, Tax expenses stood at 117,912 Lakhs.
5.9 Cashflows
(Rs. in Lakhs)
| FY26 | FY25 | |
| Net cash flow from operating activities | (13,706) | 99,531 |
| Net cash flow used in investing activities | (1,43,604) | (58,990) |
| Net cash flow from Financing Activates | 94,170 | 85,966 |
| Net increase in cash and cash equivalents | (63,140) | 1,26,507 |
5.10 Operating Activities:
Net cash flow from operating activities was 1(13,706) Lakhs for FY26 as compared to 199,531 Lakhs for FY25 and the negative cashflow is contributed due to acquisition of land in real estate segment.
5.11 Investing Activities:
Net cash flow used in investing activities was 1(1,43,604) Lakhs for FY26 as compared to net cash flow used in investing activities for FY25, which was 1(58,990) Lakhs, the increase is due to higher investments in Purchase of property, plant and equipment and Investment property.
5.12 Financing Activities:
Net cash flow from financing activities was 194,170 Lakhs for FY26 as compared to 185,966 Lakhs for FY25.
Liquidity
Our liquidity needs are primarily driven by our operating activities, capital expenditures for new project construction, loan repayment, and debt servicing obligations. Historically, our primary sources of funding have been cash from operations, short- and long-term bank borrowings, demand- repayable overdraft facilities, cash and cash equivalents, and stock and financing provided by our shareholders. We have also entered into several revolving credits and other working capital arrangements, which offer adequate liquidity for our Companys needs. Our cash and cash equivalents consist of cash in hand, cheques in hand, current accounts at banks, and other amounts kept with banks as short-term deposits. As of March 31, 2026 and March 31, 2025, we had cash and cash equivalents of 12,68,501 Lakhs and 13,26,100 Lakhs, respectively.
5.13 Capital Expenditure
During FY26 and FY25, our total capital expenditure was 12,02,909 Lakhs and 11,39,761 Lakhs, respectively.
Segmental capital expenditure
(1 in Lakhs)
Segment |
FY26 | FY25 |
| Real Estate | 4,181 | 2,952 |
| Hospitality | 19,175 | 20,357 |
| Leasing | 1,79,553 | 1,16,452 |
Total |
2,02,909 | 1,39,761 |
5.14 Key financial ratios as per consolidated
financial statements for FY26 compared with FY25
Particulars |
FY26 | FY25 | Variance% | Rationale |
| Cash Ratio | 0.21 | 0.29 | 27% | Cash and Cash Equivalents have reduced during the period as the unutilised pr1oceeds from the FY25 QIP have been fully deployed in line with approved utilisation requirements. |
5. RISK & ENTERPRISE RISK MANAGEMENT
The business landscape is undergoing continual transformation due to evolving customer expectations, regulatory modifications, and persistent economic volatility. Robust risk management not only safeguards capital by mitigating financial losses but also enhances investment decisions, instills confidence among stakeholders, and fortifies stakeholder relationships by evidencing a clear commitment to minimizing potential adverse outcomes and cultivating trust. Our unwavering dedication to realizing our vision·“to be a world-class organization in products, processes, people, and performance”·relies fundamentally on the identification and effective mitigation of key risks impacting the organization.
Brigade operates comprehensively across all verticals of the real estate sector, including residential, commercial (encompassing office and retail leasing), and hospitality segments. The Company has constituted a Risk Management Committee at the Board level, vested with the responsibility
of overseeing and reviewing the risk management strategy to ensure its ongoing efficacy. The Board of Directors has delineated the roles and responsibilities of this Committee, aligning them with prevailing regulatory requirements to guarantee that the risk management process is thoroughly coordinated and executed according to an established risk management framework.
Brigade maintains a comprehensive risk management policy ratified by the Board. This policy articulates the objectives and guiding principles of risk management and provides an overview of the processes, procedures, and responsibilities assigned to Committee members. It serves as a foundation for systematically identifying and evaluating a wide range of risks, including but not limited to financial, operational, regulatory, reputational, extended enterprise, strategic, sectoral, and cyber security risks.
Risk Management Approach and Framework
Brigade has instituted a comprehensive risk management framework underpinned by a clearly defined governance structure, meticulously designed in alignment with the Companys organizational hierarchy to ensure seamless integration of the Enterprise Risk Management (ERM) process. This framework systematically facilitates the identification, assessment, monitoring, and reporting of risks that may arise from both internal and external sources. Internal risks primarily encompass aspects such as land bank management, project execution, and the attraction and retention of talent, while external risks pertain to macroeconomic factors and political uncertainties. The risk management policies and systems are subject to periodic review by various members of the management and leadership teams, including the Board of Directors, to ensure they remain responsive to evolving risk profiles resulting from changes in the external environment and strategic objectives.
Brigade demonstrates a proactive approach in anticipating and addressing potential risks that may challenge the Company, through the implementation of its robust risk management and mitigation strategies. This enables the organization to effectively withstand and navigate various adversities. The Board of Directors, supported by the risk management team, diligently monitors the Companys risk profile and evaluates the efficacy of mitigation measures adopted to manage identified business risks. Major risks identified by business and functional heads are systematically addressed through ongoing and targeted mitigating actions.
Outlined below are several major risks that could impact our operations, along with the corresponding mitigation measures we have implemented:
| Risks | Significance and meaning | Mitigation |
| Market Risk | Market risk, commonly referred to as systemic risk, denotes the potential for financial losses resulting from factors that influence overall market performance. Such risks originate from macroeconomic variables, including fluctuations in interest rates, changes in foreign trade policies, indicators of industrial output, political instability, natural disasters, and geopolitical events. Although diversification is unable to fully eliminate market risk, the application of various hedging strategies may serve to mitigate its impact. While these risks are not exclusive to our business or industry, they can affect investor sentiment and ultimately influence overall earnings performance. | The integration of our residential and annuity divisions establishes a resilient business model. The residential sector is inherently exposed to market dynamics and attendant risks, whereas the annuity segment delivers consistent and reliable revenue streams, thereby providing greater insulation from market volatility. To mitigate these risks, we conduct exhaustive and methodical market research prior to any investment decision. This approach encompasses a thorough evaluation of local economic indicators, demographic trends, employment statistics, and prevailing market conditions. In addition, we adhere to a strategy of diversification, investing across a range of property types and geographic locations, which further serves to disperse and reduce market risk. |
| Raw Material Risks | Raw materials represent a significant cost component of our operations. Fluctuations in the price or availability of these materials can substantially impact our profitability, cash flow, and operational performance. As we do not currently engage in long-term vendor agreements or hedging strategies to mitigate commodity-related risks, the volatility in fuel and logistics prices directly affects raw material costs, contributing to periodic inflation. | BEL controls raw material costs by setting fixed base prices at the time of contract award, with all subsequent price variations tracked and reconciled during procurement to ensure transparency and fairness. At project sites, we maintain optimal inventories of key commodities like steel, cement, copper, and aluminium, and regularly monitor market trends to guide our procurement decisions. To address potential cost escalations, we implement proactive measures such as efficient design, value engineering, and robust waste management, while our budgeting process incorporates contingency provisions to maintain financial flexibility amid market fluctuations. |
| Land Related Risk | Land is a critical input for our any construction projects. Non-availability of suitable land at strategic locations and reasonable prices can drive up costs. Such price increases can have a negative impact on the companys overall performance. | The Company adopts a strategic approach to land acquisition, utilizing a hybrid model that includes outright purchase, joint ventures, and collaborative development. When land costs are elevated, joint venture or joint development options are considered to minimize capital outflow. Our Legal Department undertakes comprehensive due diligence on land titles, and we engage specialists in real estate law for further scrutiny prior to finalizing any agreements. While limited availability of quality land at competitive prices poses challenges to expanding our land bank, the use of aggregators helps broaden our leads, thereby increasing feasible options and mitigating risks. |
Risks |
Significance and meaning |
Mitigation |
| Execution Risk | Real estate projects are vulnerable to several implementational problems such as availability of raw materials and their cost, regulatory compliances which may cause project start up delays, construction delays, cost overruns and unavailability of skilled labor, weather conditions, logistics, accidents and quality gaps. | • The successful execution and effective management of project activities are critical to achieving desired project outcomes. To this end, comprehensive Project Plans and execution strategies are meticulously prepared prior to project initiation, and thorough orientation sessions are conducted for all stakeholders. These initiatives are designed to ensure complete awareness and alignment with the requisite processes, procedures, and subsequent implementation requirements. |
| • During the development phase, strict compliance with established policies and procedures by all stakeholders is rigorously enforced. Regular coordination and evaluation meetings are convened with cross-functional teams to review progress, assess adherence to quality benchmarks, and resolve emerging challenges. Emphasis is placed on engaging reputable, best-inclass contractors and implementing a strategy-driven approach to both planning and monitoring. Robust daily tracking mechanisms are maintained to ensure adherence to project timelines and sustain high standards of quality. | ||
| • Given that Health and Safety constitute the principal risk factors, it is acknowledged that the majority of construction fatalities arise from falls from heights and incidents involving moving vehicles, while non-fatal injuries are predominantly caused by slips, trips, falls, and contact with moving or falling objects. Through the implementation of a robust Environmental and Social (E&S) policy and diligent monitoring practices, these risks are effectively mitigated. | ||
| Interest Rate Risk | We are exposed to market risk from fluctuations in interest rates on our borrowings. As all our borrowings are linked to floating interest rates, an increase in rates could elevate our finance costs and negatively impact earnings. These rates are influenced by changes in the Reserve Bank of Indias monetary policy, as well as broader economic factors such as inflationary pressures, many of which are beyond our direct control. | We consistently uphold one of the lowest borrowing rates within the real estate sector. During the development phase, construction loans are obtained and subsequently repaid from project-generated cash flows. Upon completion, loans associated with commercial projects are generally converted into lease rental discounting loans with favorable interest rates. It is important to note that fluctuations in interest rates may influence the overall returns on real estate investments, as increasing rates could prompt investors to pursue higher yields in alternative avenues. In order to mitigate such risks, we strategically diversify our real estate portfolio across multiple geographic regions and property categories |
| Inflation Risk | Inflationary pressures arise from various factors impacting both domestic and global economic growth, such as pandemic outbreaks and geopolitical tensions that disrupt supply chains. Domestic inflation can directly increase operational and procurement costs. Additionally, changes in monetary policy may lead to higher interest rates, indirectly raising the cost of debt servicing. | We proactively manage inflationary risks by incorporating an inflation premium into the interest rate or required rate of return (RoR) for investments, ensuring minimal impact on operations while maintaining a prudent and cautious approach. We have strengthened our supply chain by having alternate sourcing, prequalifying and adding additional supplier, vendors that provides confidence building. |
| IT Risk | Any disruption or delay in the functioning of our existing IT systems, or in the implementation of new systems, could impair the Companys ability to effectively track, record, and analyze work in progress, potentially leading to the loss of critical data. | BEL is ISO 27000 certified organization with adequately defined policies and procedures that have been implemented across the organization ensure that the organization is protected. |
6. INTERNAL CONTROLS
We have comprehensive processes, guidelines and procedures in to our internal control systems based on the scale, nature and complexity of our business. Strong internal controls assure the resilience and adaptability of business operations, resulting in high operational efficacy. A management information and monitoring system is in place to support internal controls.
Our Internal Audit Department within the Company and external audit firm conduct periodic audits. Audits guarantee the integrity of internal control systems and adherence to management policies. The internal control system was designed with a firm commitment to complying with all applicable laws. The scope of work includes:
• Strict internal control review to verify accounting, productivity, and economy of operations;
• Submission of the internal auditors audit report to the Audit Committee;
• Suggest improved practices by the internal auditors;
• Providing a status report on the implementation of their recommendations;
• Continuous review of various audit reports from our internal audit team, the Internal Auditors Audit;
• Committee and the Board to enhance the efficacy and efficiency of internal controls.
7. HUMAN RESOURCES
At Brigade, our people remain the cornerstone of our growth, resilience, and long-term value creation. In FY26, the Human Resource function continued to play a strategic role in enabling business transformation by fostering a culture of collaboration, innovation & learning, accountability, and inclusion across the organization. Our people strategy focused on strategic workforce planning, leadership pipeline acceleration, employee experience and well-being, culture and organizational effectiveness, people analytics, digital HR ecosystems, and AI-enabled talent practices to build a future-ready workforce.
We are committed to creating a workplace where employees feel respected, empowered, and supported to achieve their full potential. Guided by our core pillars· Welcoming, Belonging, Enabling, and Developing·we strive to deliver meaningful employee experiences that strengthen engagement, performance, innovation, and long-term growth.
a) Workforce Composition
As of March 31, 2026, Brigades permanent employee strength is 3,392 across its core business segments like Residential, Commercial, Retail, Hospitality, Facility management, Engineering and corporate functions. The overall strength of employees at group level including both permanent and contractual employees is 5,876.
• Gender Diversity:
- Overall women representation: 20%
- Women in mid-to-senior leadership roles: 10%
We continued to maintain a balance of experienced professionals and young talent, fostering a healthy mix of expertise and innovation.
b) Learning, Leadership & Capability Development
GROW - Getting Ready for the Opportunities at Work is our flagship learning and development initiative focused on building employee skills, knowledge, and capabilities. Through continuous learning and development, GROW enables career growth, strengthens organizational effectiveness, and supports the development of future-ready talent.
Highlights from FY2025-26:
i. Key training topics
• Code of Conduct and PoSH
• ESG/Sustainability- Environment/ Climate Risk
• Data Privacy & cyber security
• Financial Wellness Programme for Women and Early investors (upto 30years)
• First Time Manager Program
• BRIGHT Leadership Development Programme
• Tech Forward - Tier 1 & 2 (Building Digital capability)
• DEI - Awareness program
• Sales Capability Program
• GET - Buddy and Mentorship program
Highlights of few unique programs during the year:
Certification program in Construction Management: Launched for engineering team in collaboration with Symbiosis Institute of Operations Management (SIOM), Nashik.
Partnership with Harvard Manage Mentor (HMM)
for self-learning modules and certifications for First Time Manager Program.
The Talent Development Centre was introduced for mid-to-senior sales professionals in partnership with top B-Schools (XLRI and XIMB) to assess leadership capabilities and strengthen future leadership readiness through structured development interventions.
CAMPUS-2-CORPORATE: We have curated "Campus 2 corporate program" for all the freshers joining at Brigade through campus placement.
Brigade Wignite: Empower women professionals at junior management levels to set a direction for their careers by effectively demonstrating leadership skills.
Early Career Leadership and Intentional Career Pathing: A transformative workshop designed exclusively for mid-managerial women who are ready to elevate their career trajectory.
Digital & Tech Capability (Tech Forward): Tech Forward was launched as an innovation program to solve business challenges through emerging technologies. The initiative enabled cross-functional teams to develop and present proof-of-concept solutions, fostering innovation and a digital-first mindset across the organization.
Leadership Pipeline(Bright): Following the successful completion of the first batch, the second batch of the Bright program is currently driving critical cross-functional projects while strengthening the ready-now and future leadership pipeline. The program focuses on tiered technology capability building and live business impact projects.
Jombay AI 50U50 women leaders: AI Program was introduced in collaboration with Jombay exclusively for mid-senior leaders (under 50) to fast-track their careers into senior leadership by understanding AI implementation.
I) Training & Development conducted: 3983
II) Total training hours: 2,58,885 hours
III) Average training hours: 57.36 hours
a) Performance Management & Total Rewards
Our Performance Management System evolved into a more agile and growth-focused framework emphasizing continuous feedback, goal alignment, regular check-ins, coaching- led conversations, and capability building to drive employee growth and organizational performance.
b) Comp & Ben
The implementation of the Labour Codes, as notified on 21st Nov 2025 by Ministry of Labour & Employment, GOI marked as a major constitutional and regulatory reform and a significant milestone for the organization. We successfully navigated this complex transition with strategic guidance and legal expertise from Trilegal, ensuring seamless implementation, compliance alignment, and effective change management across the organization.
c) Rewards & Recognition
• The Brigade Group STAR Awards
marked the launch of an employee-driven digital recognition platform designed to celebrate excellence in real time. The initiative enabled instant appreciation through manager-to-peer and peer- to-peer recognition, fostering a culture of continuous acknowledgement, collaboration, and high performance across the organization.
• Long Service Award - We conducted Long Service Award celebration on 25th September 2025 & 69 eligible employees got felicitated during this ceremony.
d) Digital HR & Process Transformation
To enhance scalability, workforce agility, and employee experience, HR processes were strengthened through digital transformation initiatives focused on automation, AI-enabled people practices, self-service capabilities, and data-driven decision-making across the employee lifecycle.
Key digital initiatives includes:
• Darwinbox serves as the integrated employee lifecycle management platform, covering processes from recruitment to separation and key HR functions.
• Legatrix and BCMS strengthen compliance management and contractor workforce governance.
• Brigade AI provides 24x7 AI-driven support for employee and HR- related queries.
• Brigade STAR Awards, powered by Xoxoday, enables timely employee recognition and appreciation.
• AscentHR supports compensation, benefits, taxation, and employee query management.
• Courseplay & LinkedIn Learning
drives organizational learning and development through structured training interventions.
• SAP Concur enhances efficiency and transparency in travel and reimbursement management.
• Viva Engage fosters collaboration and employee engagement across the organization.
e) Employee Engagement & Culture Building
Brigade continued to strengthen its high-trust, high-performance culture through focused employee engagement initiatives that fostered collaboration, recognized achievements, and amplified employee voice across all levels of the organization.
Our Engagement Framework:
We continue to strength core values in all our engagement initiatives -
1. Connect- Strengthening emotional bonds and leadership accessibility
2. Celebrate- Recognizing excellence and shared wins
3. Care- Focusing on physical, mental, and emotional well-being
4. Collaborate- Fostering team spirit and innovation
Below is the glimpse of EE initiatives conducted in FY26
a) Annual Outbound Team Bonding:
As part of this initiative, we have organized 3 days outbound team bonding activity for all the teams/ departments across the organization. As part of this event, various team building activities were organized.
b) BRIGADE FIESTA: As part of Brigade Foundation Day and the celebration of 39 years of excellence, Brigade Fiesta was organized as a large-scale employee engagement initiative from 15th to 18th October 2025, fostering fun, collaboration, and togetherness through interactive activities, employee performances, and leadership participation across locations.
c) WOMONEYSTA: Financial Wellness program for women: To strengthen financial wellness and empower women employees, Brigade partnered with Womoneysta to launch a six-month financial literacy program covering investments, wealth creation, retirement
planning, taxation, and goal-based financial planning.
d) GPTW Award-GreatPlace To Work recognized Brigade Group as a Great Place to Work for the 15th consecutive year, with the organization ranking among the Top 100 Companies at 75th position. This recognition reflects Brigades continued commitment to building a high-trust, high- performance culture founded on credibility, respect, fairness, pride, and camaraderie, making it one of the few real estate organizations in India to achieve this milestone consistently.
e) GPTW Best Workplaces for Women: Brigade Group got recognized as a Great Place to Work for Women 2025.
f) Counselling sessions to Labours:
Counselling sessions were introduced for construction labourers across project sites to support psychological and emotional well-being, create awareness on mental health, and facilitate timely professional intervention where required.
g) Womens Day - At Brigade Group, Womens Day was celebrated under the theme “Rights. Justice. Action. For All Women and Girls”,
highlighting the organizations commitment to gender equality and inclusion. The celebrations featured a leadership panel discussion titled "Path to the Pinnacle" with Pavitra Shankar, Nirupa Shankar, Sujaya Nag, and Shama Chanekar, moderated by Sajid Iqbal, offering insights on leadership and career growth, followed by an engaging performance by renowned ventriloquist Indushree.
h) Story telling by Capt. Raghu Raman: We invited Capt. Raghu Raman for a leadership talk on “Four Diseases that are Killing the Organization”. We invited all the leaders in the organization to be part of this session. Session was conducted on 6th Dec 2025 & it was very well received by everyone.
i) Celebrations of Festivals & Important days in the year: Various festivals and special occasions were celebrated throughout the year to
strengthen employee engagement, foster workplace camaraderie, and create opportunities for employees to connect and celebrate beyond their day-to-day work environment.
Following celebrations were organised during this year:
• Earth Day
• Environment Day
• Safety Day
• Childrens Day
• Dasara, Christmas, Sankranthi, Ganesh Chaturthi, Christmas.
f) Employee Wellness Programs:
Fitness@Brigade: The 28-day Fitness@ Brigade challenge was organized to promote employee well-being and healthy lifestyles through digitally tracked fitness activities, encouraging participation, daily step goals, and engagement through leaderboards and rewards.
• Corporate Sponsorship for Sports:
To encourage sportsmanship among brigadiers, we sponsor employees to participate in various corporate sports activities.
- SILA Corporate Box Cricket: We
are two times champions in a row in this tournament. 10 of our employees who are passionate about cricket were chosen to participate.
- TCS Bengaluru & Uru Marathon:
We sponsored 35 Brigadiers to participate in this marathon.
- Brigade Badminton Tournament:
For this first time we have curated this sport for the Badminton enthusiasts. We conducted this event across four locations in Bangalore, Chennai, Hyderabad & Mysore. •
• “Yoga for you”- online desk yoga sessions: Online Mindfulness and Meditation sessions were organized on International Yoga Day to promote employee well-being, mindfulness, and holistic wellness across the organization.
• HR Roundtable - A platform to listen to employee concerns & to give the update on various HR Polices: We
at Brigade believe in having a personal touch with our employees and building camaraderie and rewarding employee
experience. HR Roundtable is an initiative intended to establish direct connection between HR Team members with employees working on the ground, at all locations/sites.
• CIEL HR Award - Brigade Group was recognized among the Top 10 Future-Ready Workplaces in India by Fortune India in collaboration with CIEL HR, reaffirming its commitment to building a progressive and future- focused workplace.
• Arogya World - Brigade Group received the SILVER level certificate of appreciation at the 2025 Healthy Workplace Awards presented by Arogya World India Trust, recognizing its commitment to building a healthy, supportive, and people-centric workplace culture.
• Avatar - Brigade Enterprises Limited got recognized as a winner in the Avtar & Seramount Best Companies for Women in India (BCWI) 2025.
• “Employee Assistance program”
- We have partnered with YourDost, a specialized counselling organization which provides counselling services to all its staff and their dependents.
• Inner Circle - A mentorship program by women and for women: We are committed to womens empowerment and our management is committed to helping women to leadership roles within the company.
• Town Hall - The Brigades town hall meet is conducted by the management on bi-yearly basis. This is a half-day event with the theme ‘Inform & Involve, which lays a strong emphasis on our value system. We conducted town hall on 19th July 2025 and more than 1200 employees participated in the event.
Outlook for FY2026-27
In the coming year, we intend to focus on:
AI Integration: Strengthen the adoption of AI- enabled people practices and digital capabilities across HR and business functions to enhance productivity, data-driven decision-making, employee experience, and future-ready workforce capabilities.
Succession Planning: Build a robust leadership pipeline through structured succession planning, critical role mapping, and accelerated development interventions to ensure business continuity and leadership readiness across levels.
The Brigade Way: Further institutionalize the "Brigade Way" by reinforcing shared values, leadership behaviours, collaboration, and a high- performance culture that strengthens organizational identity and employee experience.
8. AWARDS AND RECOGNITION
As on date of this report, your Company and Management
has received numerous awards and accolades which were
conferred by reputable organizations. Some of the awards
and recognitions received are as under:
• M R Jaishankar, Executive Chairman was recognized as Legendary Icon in Real Estate at the Time Real Estate Conclave and Awards 2025 by The
Economic Times.
• Pavitra and Nirupa Shankar named among Fortune Indias 100 Most Powerful Women in Business 2025.
• Nirupa Shankar was named Real Estate Icon of the Year at the Economic Business Awards 2025.
• Our architecture partners, Bentel Associates, have been awarded the ‘Best Commercial High Rise Architecture in India for Brigade Gateway, Hyderabad at the Asia Pacific Property Awards
2025-2026.
• Brigade Group has been recognized as a winner under the category 5000 Cr -Service Industry - Water by BCIC ESG Award 2025.
• Brigade Group was recognized under two categories: Indias Wealth Creators and Top Builders at the Construction World Architects and Builders Awards 2025.
• Brigade Group was recognised at the Global Real Estate Brand Awards (GREBA): Brigade Twin Towers was named Iconic Property of the Year - Commercial.
• Brigade Enterprises Limited and Brigade Hospitality Services Limited have been recognized among Indias Top 100 Mid -size Workplaces by Great Place to Work in 2025, ranking75th & 8th, respectively. This marks 15 consecutive years of Brigade Group receiving this recognition.
• Brigade Group has been named in the Forbes India Developers A-List 2025.
• Brigade Group was awarded the Rotary Midtown CSR Award 2025 in recognition of our outstanding contribution towards community welfare by detecting, curing and saving precious lives by providing free cancer screening and treatment.
• Pavitra and Nirupa Shankar have been recognised by Business Today among the Most Powerful Women, 2025.
• Brigade Citadel won ‘Residential Project of the Year at the 17th Realty* Excellence Awards 2025 - South.
• Brigade Group was recognized as one of Indias Best Workplaces for Women 2025 by Great Place to Work institute.
• Brigade Group was recognised under the Silver category at the Arogya World Healthy Workplace Awards 2025.
• Lifetime Achievement Person of the Year,
M R Jaishankar, Executive Chairman, Brigade Group at the The Economic Times Real Estate Awards 2026.
• Brigade Gateway Hyderabad won “Mixed-use Project of the Year” at the 3rd Realty+ Excellence Awards 2026 Hyderabad.
• Brigade Group has been recognised as the 3rd Most Sustainable Organization in the Real Estate category, and the 44th Most Sustainable Organization in India across sectors, by BW Indias IMS? 2025-26.
9. ENVIRONMENT, HEALTH AND SAFETY (EHS)
The Environment, Health, and Safety (EHS) policy of ISO 14001:2015 and ISO 45001:2018 (OHS)- certified, Brigade demonstrates sincere dedication to Environment, Health, and Safety (EHS) through rigorous operational controls and proactive management. By conducting periodic reviews of statutory approvals, we ensure full compliance and timely renewals.
Our EHS management system utilizes a well-defined control mechanism·outlining objectives, scope, and responsible teams·supported by validated procedures and documentation. All potential hazards, risks, and environmental impacts are strictly managed in accordance with established EHS plans and policies.
"Our EHS Annual Activity Plan outlines key safety and environmental initiatives, including HIRA, compliance checks, the Helmet of Honour rating system, and comprehensive audits. We proactively manage all EHS- related activities via risk assessments and rigorously review all vendor Safe Work Method Statements (SWMS) before implementation. For high-risk tasks·such as high- rise work, deep excavation, and hot work·we provide specialized protective equipment. Furthermore, we ensure all machinery is certified by third parties and subject to regular inspection and maintenance."
We prioritize worker and workplace safety by strictly adhering to activity-specific protocols and permits. To ensure comprehensive protection, we maintain a robust emergency response plan tailored to construction hazards.
Our emergency response team stays prepared through routine training and simulated exercises.
Vendor partners receive regular EHS awareness training to ensure seamless safety system implementation and site monitoring. Furthermore, all employees undergo EHS orientation, job-specific training, and regular toolbox talks, educating them on proper PPE usage and raising awareness of potential job hazards and risks.
To foster a strong safety culture among our partners, we conduct monthly Safety Committee meetings with 50% contractor participation, ensuring all issues are documented and resolved. Since 2009, our ‘Helmet of Honour initiative has evaluated project-site EHS implementation, recognizing top-performing contractors at our monthly engineers meeting.
EHS performance is driven by a structured approach, including monthly cross-site audits, aligned activity plans, and a robust training calendar. Adhering to these schedules and disseminating timely safety alerts significantly enhances EHS awareness and overall operational performance.
Held annually in March, our Safety Week celebrations aim to motivate and educate the workforce through various interactive activities, including safety skits, quizzes, posterpainting competitions, athletic meets, and PPE displays. In addition to this event, we actively observe Road Safety Week, Fire Safety Week, and World Environment Day to foster a comprehensive culture of safety and responsibility
"We maintain a well-established workers colony designed for holistic employee welfare. The facility includes comprehensive pre-medical checkups, structured counselling programs, dedicated rest areas, and convenient clean drinking water points across the site. To support health during summer, we provide cooling refreshments like buttermilk and lemon juice. A male nurse regularly visits the colony to monitor the upkeep, assess worker health, and conduct training on personal hygiene.
Key Innovations Using AI for Safety Monitoring
Computer Vision (CV) PPE Detection: AI-powered cameras analyse live video feeds to detect whether workers are wearing required safety gear-helmets, safety vests, gloves, and glasses·achieving 95-99% accuracy. The system can trigger instant alerts to supervisors or prevent machinery from starting if PPE is not detected.
Behavioural Analysis and Fatigue Detection:
Computer vision techniques (pose estimation) analyse human movement to detect signs of fatigue, improper lifting postures, or hazardous behaviours, such as phone
distraction while operating high-risk machineries like Tower crane and other Plant and machineries.
Formation of safety circles to list out all the pain points and find solution by involving cross function team.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
The social and environmental commitment of the Brigade Group is ingrained into its very structure. In the spirit of being responsible developers, we have carried out significant environmental improvement projects within our projects as well as the surrounding community. These projects include the planting of trees within and around our projects, the revitalisation of lakes, the preservation of historic trees, and the creation of green lung areas within our projects. Brigade is fully committed to proactively support inclusive and environmentally sustainable growth in India.
During the financial year, we undertook several initiatives for the enhancement of the lives of communities and the natural environment in and around our operation sites. Brigade Foundation carried out various developmental activities in the areas of:
a) Health
b) Skill Development/ Education
c) Promotion of music and other culture
d) Environment
The details of the CSR initiatives have been detailed in the other section of the Annual Report.
Cautionary statement
This report contains statements that may be ‘forwardlooking, including, but without limitation, statements relating to the implementation of strategic initiatives and other statements relating to the Companys future business developments and economic performance. While these forward- looking statements indicate our assessment and future expectations concerning the development of our business, several risks, uncertainties, and other unknown factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, general market, macroeconomic, governmental, and regulatory trends, movements in currency exchange and interest rates, competitive pressures, technological developments, changes in the financial conditions of third parties dealing with your Company, legislative developments and other key factors that could affect our business and financial performance. The Company undertakes no obligation to publicly revise any forward- looking statements to reflect future/likely events or circumstances.
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