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Brigade Enterprises Ltd Stock Analysis

Mid Cap
Evaluated by 953 users | BSE: 532929 | NSE: BRIGADE |
Construction - Real Estate

Brigade Enterprises Limited (BEL) was originally set up as a partnership firm between M R Jaishankar and Gita Shankar in 1990. BEL was converted into a private company in 1995 and a public company in July 2007. It develops residential, commercial and retail...

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Brigade Enterprises Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation
 Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21TTM
Return on Capital Employed 5.14%5.68%7.16%6.31%8.72%9.14%8.1%8.34%9.17%6.13%-
Growth Parameters
Growth Parameters Colour Code Guide
Net Sales (Rs. Cr.) 5727768999881,5781,5731,2651,8061,8521,5241,524
Y-o-Y Gr. Rt.-35.7%15.8%9.9%59.7%-0.3%-19.6%42.8%2.6%-17.7%-
Adjusted EPS (Rs.) 3.483.74.963.978.79.868.8411.2612.856.856.30
Y-o-Y Gr. Rt.-6.3%34.1%-20%119.1%13.3%-10.3%27.4%14.1%-46.7%-
Book Value per Share (Rs.) 68.971.5575.5377.8489.8799.32114.04112.85122.88131.45142.52
Adjusted Net Profit 58.562.383.667.2148168181230263145145
Net Op. Cash Flow (Rs. Cr.) 243125449-1621341469.2230292419-
Debt to Cash Flow from Ops 3.58.111.88-77.458.063.9828.38.316.984.47-
Standalone financials take only the parent company into account while consolidated financials take into account financials of the parent company as well as of all its subsidiaries. In most companies consolidated financials should be used for analysis.
Brigade Enterprises Ltd. should be analysed on a Standalone basis
CAGR
CAGR Colour Code Guide
  9 yrs 5 yrs 3 yrs 1 yr
Net Sales 11.5%-0.7%6.4%-17.7%
Adjusted EPS 7.8%-4.7%-8.2%-46.7%
Book Value per Share 7.47.94.97
Share Price 29.8% 24.7% 37.6% 138.2%
Key Financial Parameter
Performance Ratio Colour Code Guide
 Mar'12Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21TTM
Return on Equity (%) 5.125.256.745.1910.3810.448.989.9310.835.434.6
Operating Profit Margin (%) 24.6426.231.7229.9423.5127.2931.726.6926.6426.4126.4
Net Profit Margin (%) 10.248.029.36.89.3510.6914.2712.7414.189.499.49
Debt to Equity 0.730.840.660.941.120.970.840.830.810.680.51
Working Capital Days 7475795516145085967997388521,047614
Cash Conversion Cycle 32824419119222127934224755170053
Entity Percentage Holding
Promoters 44.11%
Institutions 38.09%
Non-Institutions 17.80%
Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

MoneyWorks4Me analysed the past 10-year performance of Brigade Enterprises Ltd and arrived at the following conclusion:

Past 10 year's financial track record indicates that Brigade Enterprises Ltd is a below average quality company. However, for specific investment actions please connect with your investment advisor.

The 5-year analysis of Brigade Enterprises Ltd's performance infers:

Brigade Enterprises Ltd earnings have declined by -4.7%, whereas share price has appreciated 24.7% CAGR over the past five years, indicating the company's share price is likely overvalued. However, for specific investment actions please connect with your investment advisor.

We analysed the performance of Brigade Enterprises Ltd share prices over the last 10 years. Here is what we found out:

Brigade Enterprises Ltd share price has appreciated 22.1% annually over the past ten years.

Brigade Enterprises Limited (BEL) was originally set up as a partnership firm between M R Jaishankar and Gita Shankar in 1990. BEL was converted into a private company in 1995 and a public company in July 2007. It develops residential, commercial and retail properties primarily in Bangalore and Mysore, and has also developed and is managing around 115 serviced apartments under the brand, Brigade Homestead.

It is one

Brigade Enterprises Limited (BEL) was originally set up as a partnership firm between M R Jaishankar and Gita Shankar in 1990. BEL was converted into a private company in 1995 and a public company in July 2007. It develops residential, commercial and retail properties primarily in Bangalore and Mysore, and has also developed and is managing around 115 serviced apartments under the brand, Brigade Homestead.

It is one of India’s leading property developers with over three decades of expertise in building positive experiences for all its stakeholders and winning customer’s trust. Instituted in 1986, the company has developed many landmark buildings and transformed the city skyline of cities across South India namely: - Bengaluru, Mysuru, Mangaluru, Hyderabad, Chennai and Kochi with developments across Residential, Offices, Retail, Hospitality and Education Sectors.

Brigade’s residential portfolio includes villas, villaments, penthouses, premium residences, luxury apartments, value homes, urban studios, independent living for seniors and mixed-use lifestyle enclaves and townships. Brigade is among the few developers who also enjoys a reputation of developing Grade A commercial properties. The company is the license owners of the World Trade Center across South India, its commercial spaces have top international clients operating out of them. Brigade’s retail projects include Orion Mall, Orion East and Orion OMR. Brigade’s hospitality offerings include star hotels, recreational clubs and convention centres, Celebrations Catering & Events and The Baking Company.

Business area of the company

The company is engaged in developing residential, commercial and retail properties primarily in Bangalore and Mysore, and has also developed and is managing a number of serviced apartments under the brand, Brigade Homestead. It has a uniquely diverse multi-domain portfolio that covers property development, property management services, hospitality and education. The company is also engaged in the business of Real estate, Hospitality, Lease Rentals. 

Awards and Accolades

2015-16

  • Orion Mall won the ‘Best Shopping Mall of the Year Award in South India’ at the 4th Indian Retail & eRetail Awards 2015.
  • Orion Mall received two of the coveted trophies - ‘IMAGES Most Admired Shopping Centre of the Year: South’ and ‘IMAGES Most Admired Shopping Centre Marketing & Promotions of the YearSouth’, at the IMAGES Shopping Centre Awards 2015.
  • Brigade Group won the ‘Hotel Owner of the Year Award’ at The ‘Hospitality Leaders’ Industry Choice Awards’2015.
  • Brigade Group has been Ranked No. 1 in the Real Estate Industry and No. 28 across all industries in India as India’s Great Companies to Work for 2015 by Great Place to Work Institute and The Economic Times.
  • Brigade Caladium received the ‘Best Ultra Luxury Project of the Year- North Bangalore’ at the Silicon India Bangalore Real Estate Awards 2015.
  • Brigade Exotica won the ‘ICI (KBC)-BIRLA SUPER Award’ for Outstanding Concrete Structure of Karnataka (Building Category)-2015 from Indian Concrete Institute during the Concrete Day Celebrations.
  • Brigade Group won both CREDAI National Awards for CSR at the CREDAI Conclave 2015. The Environmental Impact Award for rejuvenating Sitharampalya Lake in Whitefield and the redevelopment of the Sangolli Rayanna Park in Malleswaram and the Social Infrastructure Award for the redevelopment of the Shri Nadaprabhu Kempegowda Playground in Malleswaram and the Skywalk with escalator across Dr. Rajkumar Road in Rajajinagar.
  • Brigade Exotica won the ‘Luxury Apartment Project of the Year Award’ at the NDTV Property Awards 2015.

2016-17

  • Brigade Cosmopolis won the Best Residential Project in Bangalore in the Luxury segment at the 11th CNBC Awaaz Awards 2016.
  • Brigade at No. 7 won the Best Residential Project in Hyderabad in the Ultra Luxury segment at the 11th CNBC Awaaz Awards 2016.
  • Brigade Group won the Integrated Township of the Year - South and Developer of the Year- Mixed Use at the Estate Awards 2017.
  • Brigade Group has been Ranked No. 1 in the Real Estate Industry and No. 39 across all Industries in India as India’s Great Companies to Work for 2016 by Great Place to work Institute and the Economic Times.
  • Orion East Mall won “Retail Property of the Year-South” at the 5th Indian Retail & e-Retail Awards 2016.
  • Brigade Exotica received the ‘Best Design Apartment Project of the Year - East Bangalore’ award at the SiliconIndia Bangalore Real Estate Awards 2016.
  • Brigade Group received India’s Top Builders 2016 Award at CWAB Awards.
  • Brigade Group won the 1 st Runner Up for the South Region in the CII-National Excellence Practice Competition-2016.
  • Brigade Group scored a Hat-Trick at the 6th Annual Construction Week India Awards 2016 - Mr. M.R. Jaishankar won the Real Estate Person of the Year Award, Ms. Nirupa Shankar Won the - Young Entrepreneur of the year Award and Brigade Exotica won theRunners Up Award in the High Rise Building Category.
  • Orion Mall won 3 Awards at the Times Retail Icon Awards - Bangalore 2016 - Emerging Mall - Orion East, Best Marketing & Promotion - Orion Mall at Brigade Gateway and Best CSR Activities - Orion Mall at Brigade Gateway.
  • Aspen at Brigade Orchards, Won the ICI (BC) - Birla Super Jury Appreciation Award for Outstanding Concrete Structure of Karnataka 2016 in the Building Category.
  • Mr. M.R Jaishankar was recognised as a Professional Developer par Excellence by Association of Consulting Civil Engineers (India), Bangalore Centre for his Contributions to the Society at REDECON 2016.
  • Brigade won 2 Awards at the Realty Plus Excellence Awards (South) 2016 - Developer of the year - Commercial for Nalapad Brigade Centre & CSR Initiatives of the Year for the Redevelopment of Sitharampalya Lake.
  • Mr. M.R. Jaishankar has been recognised as one of India’s Best CEO’s and ranked in the Top 100 CEO’s by Business Today - PwC in the Annual ranking of India’s Best CEO’s 2016.
  • Brigade Orchards won the Order of Merit Award at the Businessworld Smart Cities Conclave & Awards.
  • Orion Mall won the Retail Property of the Year - South at the Estate Awards 2017.
  • Nirupa Shankar, Director - Brigade Hospitality won the ‘Restaurant owner of the Year’ award and Saurabh Bakshi, General Manager - Sheraton Grand Bangalore won the ‘General Manager of the Year’ award at the Hospitality Leaders’ Industry Choice Awards (HLICA) at the 7th edition of the Hotelier Summit India.
  • Mr. Vishal Mirchandani, CEO - Retail & Commercial won the IMAGES Most Admired Shopping Centre Professional of the year Award.

2017-18

  • Brigade has been recognized for being amongst the best in the Construction and Real Estate industry, at the Great Place To Work for 2017 Awards.
  • WTC Kochi won the ‘Commercial Project of the Year’ award at the 9th Realty Plus Excellence Awards (SOUTH) 2017.
  • Brigade Palmgrove, Mysuru won in the ‘Villas & Row Houses’ category at the CREDAI Karnataka’s CARE Awards 2017.
  • Brigade was recognised as one of India’s Top Builders at the Construction World Architects & Builders Award 2017.
  • Brigade Palmgrove won the first prize and Brigade Symphony won the second prize for the ‘Best Landscaped Gardens’ at the Annual Mysuru Dasara Flower Show 2017 jointly organised by Horticulture Department, District Horticulture Association and Mysuru City Corporation (MCC), at Mysuru.
  • Brigade Exotica won the Best Residential Project at the CIA World Construction & Infra Awards 2018.
  • Brigade Palmgrove Mysore won the Premium Villa Project of the Year at NDTV Property Awards 2018.
  • Brigade won the first runner up award for Excellence in Workplace Safety Award from CII, Institute of Quality.
  • Brigade was recognised as one of Bengaluru’s Hot 50 Brands at the Brand Summit & Hot Brands 2018 event organised by Paul Writer.
  • Orion East won in the ‘Shopping Malls’ category at the CREDAI Karnataka’s CARE Awards 2017.
  • Orion Mall won the Images Most Admired Shopping Centre of the Year: Metro South at the Images Shopping Centre Awards 2017.
  • Orion Mall won the Images Most Admired Shopping Centre of the Year: Marketing and Promotions-South at the Images Shopping Centre Awards 2017.
  • Orion Mall won the Images Most Admired Shopping Centre of the Year: Best Sales Per sqft.-South at the Images Shopping Centre Awards 2017.
  • Brigade has been recognised as one of the ‘Companies with Great Mangers’ in India. Two managers from Brigade were selected in the list ‘Hunt for Great Managers’- Ms. Jayashree VenkateshSr. General Manager-QS received the award in the category ‘Women Leaders’ and Mr. Manu R- Sr. DGM-Facilities received the award in the category ‘Overall’.
  • Mr. M R Jaishankar is ranked no.27th amongst the Top 100 CEO’s of India and 2nd in the Real Estate and Construction Sector by Business Today & PwC.
  • Mr. M R Jaishankar, CMD, Brigade Enterprises Ltd. was awarded the ‘Scroll of Honour’ for his contributions to the real-estate sector at 9th Realty Plus Excellence Awards (SOUTH) 2017.
  • Mr. M R Jaishankar was felicitated for being one of the top 10 visionaries from South India, who have built great consumer Brands, Retail Concepts and Shopping & Leisure Spaces at Images South India Retail Award 2017.
  • Mr. M R Jaishankar was conferred the ‘Entrepreneur Extraordinaire Award’ by Builders Association of India, Mysuru Centre.
  • Ms. Nirupa Shankar, Director of Brigade Hospitality Services Limited, won the ‘Woman CXO of the year’ award at 9th Realty Plus Excellence Awards (SOUTH) 2017.

2018-19

  • Best Thematic Decoration - ET Now Global Awards for Retail Excellence.
  • Most Admired Shopping Centre of the year - ET Now Global Awards for Retail Excellence
  • Shopping Mall of the year - 10th Annual Estate Awards.
  • Best Shopping Mall of the year - UnBox Retail.
  • Food Court of the year - Restaurant Awards 2018, South India.
  • Best Facility Management - National Energy Management Awards.
  • Most Admired Shopping Centre of the year (South) - India Shopping Centre Awards.
  • Orion Mall won the ‘Shopping Mall of the Year - South” at India Retail Award 2019 by Franchise India.
  • Nalapad Brigade Center won ‘Best Commercial Project’ South Zone by Realty Plus.
  • SEEM National Energy Management Awards 2017 - OMG won in 2018.
  • Ms. Nirupa Shankar, Executive Director, was awarded the Women Entrepreneur of the Year - Retail at the Times Power Women 2019 Awards.

2019-20

  • Brigade Enterprises Ltd has been 'Ranked 43', in the coveted Top 50 category, across companies.
  • Brigade Enterprises Ltd also has the distinction of being among India’s Top 100 Best Companies to Work For, 10 years in a row.
  • Brigade Hospitality Services Ltd. has been ranked 3rd amongst India’s Great Mid -Size Workplaces in 2020 by the Great Place to Work Institute and The Economic Times.
  • Brigade Enterprises has been ranked one among India’s 75 Best Places to Work for Women in 2019 by the Great Place to Work Institute and The Economic Times.
  • Brigade International Financial Centre in GIFT City, Gujarat received the ‘Commercial Project of the Year Award’ at the Realty Plus Awards 2019.
  • Brigade Mountain View won the award for 'Best Residential Dwellings above 50 units in Mysuru' at the CARE Awards 2019.
  • ‘India Top Challengers’ award at the CWAB Awards, 2019.
  • ‘Integrated Township Project of the Year’ award for Brigade Cornerstone Utopia at 11th Realty Plus Awards, 2019.
  • Brigade Opus won the Best Commercial Complex Award at the CARE Awards 2019.
  • Brigade Group was awarded the ‘Best Developer of the Year, South India’ at the Common Floor and India Property Realty Awards 2020.
  • ‘Best Developer of the Year’ award at the Times Business Awards 2019.
  • Mr. M R Jaishankar received the ‘Lifetime Achievement Award’ at the 11th Realty Plus Awards, 2019.
  • Brigade Panorama received the ‘Excellence in Delivery’ award at the 11th Realty Plus Awards, 2019.

Milestones

  • 1986: The launch of Brigade Towers, Bengaluru’s tallest building by a private developer.
  • 1992: Brigade Gardens, Bengaluru’s first centrally air-conditioned shopping complex project completed.
  • 1994: Brigade Residency, its first luxury apartment project in Mysuru, completed.
  • 1996: Obtained ISO 9001:1994 certification from Veritas Quality International, London.
  • 2001: Komarla Brigade Residency, an eco-friendly residential complex, handed over.
  • 2002: Brigade Millennium, an integrated lifestyle enclave in Bengaluru, completed.
  • 2007: A successful completion of Rs 650 crore IPO led to the public listing of the company’s shares.
  • 2010: World Trade Center, Bengaluru came into being as South India’s tallest building [1.1 Million Square Foot (mn. sqft.)].
  • 2011: Sheraton Hotel became operational at Brigade Gateway, Malleswaram (230 keys).
  • 2012: Orion Mall became operational at Brigade Gateway, Malleswaram (0.8 mn. sqft.).
  • 2013: World Trade Center, Bengaluru bagged the Best Commercial Complex Award (Bengaluru zone) at CREDAI Real Estate Awards Karnataka.
  • 2014: Partnered GIC, Singapore to jointly invest Rs 1,500 crore in residential projects across South India.
  • 2015: Completed Brigade Exotica-Azure, 35 floor residential tower.
  • 2016: Completion of 30 projects in the 30th year of business.
  • 2017: Brigade Pinnacle, Brigade’s first luxury residential project in Mangaluru was completed and inaugurated.
  • 2018: Successfully raised Rs 500 crore through Qualified Institutional Placement.
  • 2019: Pre-launch of “Brigade Cornerstone Utopia Phase 1”, a 47 acre mixed use township on Whitefield Sarjapur Road, Bengaluru.
  • 2019: Diversification with the launch of “BuzzWorks”, its new brand in emerging coworking segment with an initial plan of adding 2,500+ seats across Bengaluru, Kochi and GIFT City (Gujarat).
  • 2020: Brigade inaugurates St. John’s Health Centre at Brigade Meadows.
Puchho Befikar
SEBI Registered: Investment Adviser - INA000013323

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