Brigade Enterprises Ltd Stock Analysis

BSE: 532929 | NSE: BRIGADE | Construction - Real Estate | Mid Cap

BSE Share Price 23-Sep-2022 18:01
516.15 -14.60 (-2.75%)

DeciZen - Make an Informed Decision on Brigade Enterprises

Overall Rating

1. Quality

2. Valuation

Overvalued

3. Price Trend

Semi Strong

Brigade Enterprises Price Chart

P/E Ratio (SA) :
29.71
Market Cap :
11,900.7 Cr.
52-wk low :
385.3
52-wk high :
585
Bole Toh?

1. Is Brigade Enterprises Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Brigade Enterprises Ltd is a average quality company.

2. Is Brigade Enterprises Ltd undervalued or overvalued?

The key valuation ratios of Brigade Enterprises Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is Brigade Enterprises Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Brigade Enterprises Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Brigade Enterprises:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

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 performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Value Creation Index Colour Code Guide

Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22TTM
ROCE % 5.7%7.2%6.3%8.7%9.1%8.1%8.3%9.2%6.1%8.3%-
Value Creation Index -0.6-0.5-0.6-0.4-0.4-0.4-0.4-0.4-0.6-0.4-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 7768999881,5781,5731,2651,8061,8521,5242,1612,545
YoY Gr. Rt. %-15.8%9.9%59.7%-0.3%-19.6%42.8%2.6%-17.7%41.8%-
Adj EPS 3.7548.79.98.811.312.96.913.417.4
YoY Gr. Rt. %-34.1%-20%119.1%13.3%-10.3%27.4%14.1%-46.7%95.8%-
BVPS (₹) 71.675.577.889.999.3114112.9122.9131.5154.7159.7
Adj Net Profit 62.383.667.2148168181230263145309401
Cash Flow from Ops. 125449-1621341469.2230292419534-
Debt/CF from Ops. 8.11.9-77.58.1428.38.374.53.1-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 12.1%6.6%6.2%41.8%
Adj EPS 15.4%6.3%6%95.8%
BVPS 8.99.311.117.7
Share Price 29.2% 25.3% 37.9% 23.1%

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'13Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22TTM
Return on Equity % 5.36.75.210.410.499.910.85.49.711.1
Op. Profit Mgn % 26.231.729.923.527.331.726.726.626.423.923.2
Net Profit Mgn % 89.36.89.410.714.312.714.29.514.315.7
Debt to Equity 0.80.70.91.110.80.80.80.70.5-
Working Cap Days 5795516145085967997388521,0477580
Cash Conv. Cycle 2441911922212793422475517004840

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 11.10%

Debt to equity has declined versus last 3 years average to 0.46

Sales growth is good in last 4 quarters at 85.60%

Sales growth has been subdued in last 3 years 6.16%

Net Profit has been subdued in last 3 years 6.00%

Latest Financials - Brigade Enterprises Ltd.

Standalone Consolidated
TTM EPS (₹) 17.4 9.1
TTM Sales (₹ Cr.) 2,545 3,518
BVPS (₹.) 159.7 128.6
Reserves (₹ Cr.) 3,451 2,735
P/BV 3.23 4.01
PE 29.71 56.52
From the Market
52 Week Low / High (₹) 385.25 / 585.00
All Time Low / High (₹) 18.53 / 585.00
Market Cap (₹ Cr.) 11,901
Equity (₹ Cr.) 230.6
Face Value (₹) 10
Industry PE 41.6

Management X-Ray of Brigade Enterprises :

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Brigade Enterprises

Adj EPS (Rs.)
Sales (Cr.)
ROE (%)
ROCE (%)

News

About Brigade Enterprises Ltd

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.
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