Interim report
Page 1
Ref: BEL/NSEBSE/BMD/29102026 October 29, 2026 Listing Department Department of Corporate Services – Listing National Stock Exchange of India Limited BSE Limited Exchange Plaza, P. J. Towers Bandra Kurla Complex, Bandra (East) Dalal Street, Mumbai – 400 051, Mumbai – 400 001 Re.: Scrip Symbol: BRIGADE/Scrip Code: 532929 Dear Sir/ Madam, Sub.: Board Meeting Decisions This is in continuation to our letter dated October 15, 2026 and pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a Meeting of the Board of Directors of the Company was held as scheduled today i.e., Thursday, October 29, 2026 and the Board inter-alia took the following decisions: (i) Approved the unaudited consolidated financial results for the second quarter and half year ended September 30, 2026 along with the Limited Review Report of the Statutory Auditors of the Company. (ii) Approved the unaudited standalone financial results for the second quarter and half year ended September 30, 2026 along with the Limited Review Report of the Statutory Auditors of the Company. The unaudited financial results and Limited Review Report are enclosed pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The meeting started at 2:30 p.m. and ended at 5.25 p.m. The trading window of the Company was closed from October 1, 2026 and shall open on November 1, 2026. The above information is also hosted on the website of the Company at www.brigadegroup.com Kindly take the same on your records. Thanking you, Yours faithfully, For Brigade Enterprises Limited P. Om Prakash Company Secretary & Compliance Officer
Page 2
Walker Chandiok & Co LLP Walker Chandiok & Co LLP 5th Floor, N0.65/2, Block “A”, Bagmane Tridib, Bagmane Tech Park, C V Raman Nagar, Bengaluru 560093 T +91 804243 0700 F +91 80 4126 1228 Independent Auditor’'s Review Report on Consolidated Unaudited Quarterly Financial Results and Year to Date Financial Results of Brigade Enterprises Limited pursuant to the Regulation 33 and Regulation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) To 1. the Board of Directors of Brigade Enterprises Limited We have reviewed the accompanying statement of consolidated unaudited financial results (‘the Statement’) of Brigade Enterprises Limited (‘the Holding Company’) and its subsidiaries (the Holding Company and its subsidiaries together referred to as ‘the Group’), and its joint ventures (refer Annexure 1 for the list of subsidiaries and joint ventures included in the Statement) for the quarter ended 30 September 2026 and the consolidated year to date results for the period 01 April 2026 to 30 September 2026, being submitted by the Holding Company pursuant to the requirements of Regulation 33 and Regulation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (‘Listing Regulations’) read with SEBI Master Circular SEBI/HO/DDHS/DDHS-PoD/P/CIR/2025/0000000137 dated 15 October 2025. This Statement, which is the responsibility of the Holding Company’s management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting (‘Ind AS 34’), prescribed under Section 133 of the Companies Act, 2013 (‘the Act’), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 and Regulation 52(4) of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under Section 143(10) of the Act, and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the Listing Regulations, to the extent applicable. Chartered ace&.fl;.m.‘ns Jio i Walker Chandiok & Co LLP is registered Pune with limited liability with identification Offices in alur !}fi- digarh, Chizrinai, Gun Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and number AAC-2085 and its registered office at L-41 Connaught Circus, New Delhi, 110001, India
Page 3
Walker Chandiok & Co LLP Independent Auditor’s Review Report on Consolidated Unaudited Quarterly Financial Results and Year to Date Financial Results of Brigade Enterprises Limited pursuant to the Regulation 33 and Regulation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (Cont’d) 4. Based on our review conducted and procedures performed as stated in paragraph 3 above and upon consideration of the review reports of the other auditors referred to in paragraph 8 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under Section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 and Regulation 52(4) of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 5. We draw attention to Note 9(a) to the Statement, in connection with ongoing legal proceedings with respect to certain outstanding refundable deposits. Based on legal assessment of the matter, the Holding Company’s management has considered these refundable deposits as good and recoverable. Our conclusion is not modified in respect of this matter. 6. We draw attention to Note 10 to the accompanying Statement regarding the Survey conducted by the Income Tax Department under Section 133A of the Income Tax Act, 1961 at various business premises of the Holding Company and certain other group companies during December 2025. The management, after considering available information as of date and as detailed in Note 10, is of the view that no adjustment is required to accompanying Statement in respect of this matter other than those already recognised in the consolidated unaudited financial results. The aforesaid matter is also included within the Emphasis of Matter reported in the review report dated 26 October 2026 issued by another firm of Chartered Accountants on the financial results of Brigade Hotel Ventures Limited, a subsidiary of the Holding Company, for the quarter ended and year to date period ended 30 September 20286, which is reproduced in Paragraph 7 below. Our conclusion is not modified in respect of this matter. 7. In relation to the matter described in Note 9(b) and Note 10 to the accompanying Statement and the following Emphasis of Matter paragraph included in review report on the financial results of Brigade Hotel Ventures Limited, a subsidiary of the Holding Company, reviewed by an independent firm of Chartered Accountants, vide their review report dated 26 October 2026 which is reproduced by us as under: We draw attention to Note 9(b) and Note 10 to the accompanying Statement in connection with ongoing legal proceedings relating to property tax and income tax survey matters. Our conclusion is not modified in respect of these matters. Chartered Accountants
Page 4
Walker Chandiok & Co LLP Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results and Year to Date Financial Results of Brigade Enterprises Limited pursuant to the Regulation 33 and Regulation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (Cont’d) 8. We did not review the interim financial information of 25 subsidiaries included in the Statement, whose financial information reflects total assets of ¥ 1,005,683 lakhs as at 30 September 2026, total revenues of Z 67,286 lakhs and ¥ 117,095 lakhs, total net profit after tax of ¥ 11,922 lakhs and Z 19,086 lakhs, total comprehensive income of ¥ 11,937 lakhs and ¥ 19,105 lakhs, for the quarter and year to date period ended 30 September 2026, respectively, and net cash outflows of Z 1,364 lakhs for the period ended 30 September 2026, as considered in the Statement. The Statement also includes the Group’s share of net profit / (loss) after tax of ¥ 8 lakhs and ¥ (16) lakhs and total comprehensive income/ (loss) of Z 8 lakhs and ¥ (16) lakhs, for the quarter and six-month period ended 30 September 2026, respectively, as considered in the Statement, in respect of 1 joint venture, whose interim financial information have not been reviewed by us. These interim financial information have been reviewed by other auditors whose review reports have been furnished to us by the Holding Company’s management, and our conclusion in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and joint venture is based solely on the review reports of such other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion is not modified in respect of this matter with respect to our reliance on the work done by and the reports of the other auditors. For Walker Chandiok & Co LLP Chartered Accountants Firm Regis}T/tion No: 001076N/N500013 % Manish Agrawal Partner Membership No. 507000 UDIN: 26503 000HPT2KCER35 - Place: Bengaluru Date: 29 October 2026 Chartered Accountants
Page 5
Walker Chandiok & CoLLP Independent Auditor’s Review Report on Consolidated Unaudited Quarterly Financial Results and Year to Date Financial Results of Brigade Enterprises Limited pursuant to the Regulation 33 and Regulation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (Cont’d) Annexure 1: List of subsidiaries and joint ventures included in the Statement (in addition to Holding Company) R Sl. No. | Name of the Company/Entity Relationship | 1 Brigade Properties Private Limited Subsidiary 2 Perungudi Real Estates Private Limited Subsidiary 3 Aureya FM Services Private Limited (formerly known as WTC Trades | Subsidiary & Projects Private Limited) (*) 4 BCV Developers Private Limited Subsidiary 5 Brigade Hospitality Services Limited Subsidiary 6 Brigade Tetrarch Private Limited Subsidiary 7 Brigade Estates and Projects Private Limited Subsidiary 8 Brigade Infrastructure and Power Private Limited Subsidiary 9 Brigade (Gujarat) Projects Private Limited Subsidiary 10 Mysore Projects Private Limited Subsidiary 11 Brigade Hotel Ventures Limited Subsidiary 12 Augusta Club Private Limited Subsidiary 13 Tetrarch Developers Limited Subsidiary 14 Tetrarch Real Estates Private Limited Subsidiary 15 Brigade Innovations LLP ' Subsidiary 16 Brigade Flexible Office Spaces Private Limited Subsidiary 17 Venusta Ventures Private Limited B B Subsidiary 18 Brigade (Kerala) Private Limited (formerly known as AMG Info Park | Subsidiary Private Limited) (w.e.f. 26 September 2025) 19 Celebrations Property Private Limited (incorporated w.e.f. 01 | Subsidiary September 2026) 20 Tetrarch Estates Private Limited (incorporated w.e.f. 01 September | Subsidiary 2026 21 Celebrations Development Company Private Limited (Formerly | Subsidiary known as BCV Real Estates Private Limited) | 22 Celebrations Private Limited Subsidiary 23 SRP Prosperita Hotel Ventures Limited Step-down subsidiary 24 Propel Capital Ventures LLP Step-down subsidiary 25 Brigade HRC LLP Step-down subsidiary 26 Ananthay Properties Private Limited | Step-down subsidiary 27 Auraterra Developers LLP (incorporated w.e.f. 05 June 2025) Step-down subsidiary _ 28 Vibrancy Real Estates Private Limited | Joint venture (w.e.f. 29 April 2026 until which subsidiary) 29 Zoiros Projects Private Limited Joint venture (*) Tandem Allied Services Private Limited (erstwhile subsidiary) is merged with Aureya FM Services Private Limited s 74 A Chartered Acgpuntants \gfl 24 ,.;; NN _ R D ACCOY 8
Page 6
BRIGADE ENTERPRISES LIMITED Corporate [dentity Number (CIN): L85110KAT995PLC019126 ~ Regd Office: 29th & 30th Floor. Woild Trade Center. Brigade Gateway Campus, 26/1 —_— Dr Rajkumar Road. Malleswaram-Rajajinagar. Bangalore 560 053 —_— Phone: -91-80-41379200. Fax:—91-80-2221 0784 Email: enquiry@brigadegioup com Website: www brigadegroup com BRIGADE Statement of Consolidared Unsudited Financial Results of Brigade Enterprises Limited for the quarter and six months ended 30 September 2026 (% in lakhs) 1N, fcul: .09. 30.09.2026 < .03. S . [i,o ?9:22; 30.06.2026 30.09.2025 | 30.09.2025 3 'A 0':’1 iOjG naudite |Unaudited| |Unaudited| |Unaudited| [Audited] 1 Income (a) Revenue from operations 1.19.636 [.11.555 1.38.337 231191 2.66.451 5.69.722 (13} Other income 5.363 6.367 4.649 11.730 9.821 21.179 Tatal income 1.24,999 1,17,922 1.42,986 2,42,921 2,76,272 5,90,901 2 Expenses {11} Sub-contractor costs 49.585 40.935 54.291 90,520 96.997 1.81.531 (b) Cost of 1aw materials, components and stores consumed 14.393 15.548 19.226 29,941 34,610 78.351 () Land purchase cost (including development rights) 52.518 365 85.441 52.883 1,51,156 2.65.290 (d} Purchase of stock-in-trade - - - . - 2.331 {¢) Changes in inventories of stock of flats, land stock, stck-in- (78,522) (20.046) (94.357) (98.568) (1.54.897) (2,56.813) trade and work-in-progress (f) License fees and plan approval charges 3.663 652 4.577 4315 6,256 12,567 (g) Architect and consultancy fees 1.686 2.152 1.102 3.858 2,605 6.296 (h) Employee benefits expense 13,328 13,534 11,779 26.862 22.697 48,186 (1) Finance costs 11.053 10.915 10.226 21.968 20,789 40,944 (j) Depreciation and amortisation expense 7.993 7.323 7.648 15.316 15,209 31,237 (k) Other expenses 20.534 22273 23.473 42.807 41,857 89,250 Toml expenses 96,231 93,651 1,23,406 1,89,882 2,37,279 4,99,170 3 | Profit before share of (loss) / profit of joint ventures, exceptional 28,768 24,271 19,580 53,039 38,993 91,731 items and tax {1-2) 4 |Share of (loss) / profit of joint ventures (8) (72) (25) (80) (57) 37 5 |Profit before exceptional items and tax (3+4) 28,760 24,199 19,555 52,959 38,936 91,768 6 |Exceptional items - 4,288 - 4.288 - (1,380) 7 | Profit before tax ( 5+6) 28,760 28,487 19,555 57,247 38,936 90,388 8 |Tax expense (a) Current tax (including tax for earlier years) 12,049 10,987 9,901 23.036 25312 45.629 (b) Deferred tax (credit) (5,171) (4.194) (7.374) (9,365) (19,199) (27,717) Total tax expense 6,878 6,793 2,527 13,671 6,113 17,912 9 |Profit for the period / year (7-8) 21,882 21,694 17,028 43,576 32,823 72,476 Attributable to: (i) owners of the holding company 19,360 20,041 16.250 39,401 31.238 64.439 {11) non-controlling interests 2.522 1.653 778 4.175 1.585 8,037 10 |Other comprehensive income Items that will not be reclassified to profit or loss Re-measurement gain / (losses) on defined benefit plans 12 5 8 17 QY] 214 Fair value changes on equity instruments through OCI - - - - - 157 [ncome tax telating to above (1} (1} (1) 2) I (58) Tatal other comprehensive income, net of tax 11 4 7 15 - 313 Atinibutable to: (i) owners of the holding company 13 4 7 17 - 302 (ii) non-controlling interests (2) = - 2) - {1 11 |Total comprehensive income for the period / year (9+10) 21,893 21,698 17,035 43,591 32,823 72,789 Attributable to: (i) owners of the holding company 19,373 20.045 16,257 39.418 31,238 64,741 {11} non-controlling interests 2,520 1,653 778 4,173 1,585 8,048 12 (Earnings per equity share (in ) (refer note 8) (411 T 10/- each) (not annualised except for the year end): {a) Basic 594 614 499 12.08 959 19.77 (b} Diluted 593 614 498 1207 957 19.75 13 [Pmd-up equity share capital (refer note 7 and 8) 32.626 32,616 24.448 32.626 24,448 24,459 (Face value of 2 10/- each) 14 [Diher equity (excluding non-controlling interests) 6,57,563 \ ~
Page 7
Consolidated Statement of Assets and Liabilities (Z1n lakhs) As at 30.09.2026 | As at 31.03.2026 Particulars [Unaudited| |Audited| A |ASSETS I Non-current assets (a) Property. plant and equipment 1.03.998 1.05.663 (b) Capital work-in-progress 37.605 21.592 (c) Investment properties +.15.309 4.07.518 (d} Investment properties under development 3.16.703 3.36.783 et Goodwill 2.034 2.034 () Other intangible assets 3215 1.665 (¢} [ntangible asset under development - 606 (hi} Investments accounted for using equity method 31.706 267 {11 Financial assets (i) Investments 3.704 920 (it) Other financial assets 37.036 29.033 (j) Other non-current assets 44,580 16.303 (k) Deferred tax assets (net) 83,753 74.019 (1) Income tax assets (net) 17,166 17.578 10,96,809 10,13,981 2 |Current assets (a) Inventories 12,42,669 11,40,089 (b} Financial assets (1) Investments - 5.039 (i1) Trade receivables 86.890 60,069 (i1i) Cash and cash equivalents 1,17,263 1,48,629 (iv) Bank balances other than (iii) above 1,20,468 1,19,872 (v) Other financial assets 77.686 66,789 {c) Other current assets 78,422 70,878 17,23,398 16,11,365 TOTAL ASSETS (1+2) 28,20.207 26,25,346 B |EQUITY AND LIABILITIES I |EQUITY Equity share capital 32,626 24459 Other equity 6.82.857 6,57.563 Equity attributable to owners of the Holding Company 7,15,483 6,82,022 o controlling interest 75.717 70,380 Tatal Equity 7,91,200 7,52,402 2 |LIABILITIES (i) |Non-current liabilities (m) Financial liabilities (i) Borrowings 5,40,700 5,26,797 (i1) Lease liabilities 20,569 21,935 (iii) Other financial liabilities 13,919 14,092 (b) Provisions 785 719 (¢) Deferred tax liabilities (net) 5,822 4,924 (d) Other non-current liabilities 5914 6,469 5,87,709 5,74,936 (ii) |Current liabilities {a) Financial liabilities (1) Borrowings 91,862 84.166 (ii) Lease liabilities 2,749 1,497 (iii) Trade payables - Total outstanding dues of micro enterprises and 23,676 20.990 small enterprises; and - Total outstanding dues of creditors other than micro 84.966 67,180 enterprises and small enterprises (iv) Other financial liabilities 1,01,313 92,499 (b) Other current liabilities 11,28,312 10,24,200 (¢) Provisions 5,104 4,643 (d) Current tax liabilities (net) 3,316 2,833 . 14,41,298 12,98,008 fi | Total liabilides (i+ii) 20,29,007 18,72,944 ¢ TOTAL EQUITY ANDEIA BIl.I'ITB.‘_i‘;i:j.+Z] 28,20,207 16,25,346
Page 8
Cunsolidated Statement of Cash Flows Statement of Consolidated Unaudited Financial Results of Brivade Enterprises Limited for the quarter and six months ended 30 September 2026 (21 lakhs) Particulars Six months ended Corresponding six 30.09.2026 months ended 30.09.2023 |Unaudited) [Unaudited| {4} [Cash flows from operating activities Profit before tax 52.959 38.936 Adjustments for: Depreciation and amortisation expense 15316 15,209 Finance costs 21,968 20.789 Exceptional items 4,288 - Interest income from financial assets at amortised cost (9.028) (8.750) Gain on sale of investments in mutual funds (net) (341) (92) Provisions no longer required, written back (391) (31) Expected credit loss on financial asset (including written-offs) 192 126 Share of loss of joint venture 80 57 (Gain) on sale of property, plant and equipment (net) (142) (33) Share based payments to employees 205 360 Operating profit before working capital changes 84,906 66,571 Movements in working capital in : Trade payables 21,051 21,851 Other financial liabilities 5,844 471 Other liabilities 96,563 80,450 Trade receivables (26,948) 201 Inventories (1,03,514) (1.59,330) Other financial assets (9,679) (18.139) Other assets (28,1553) 16,385 Provisions 527 231 Cash generated from operations 40,595 7,749 Direct taxes paid, net (22.142) (26,230) Net cash flows generated from/ (used in) operating activities (A) 18,453 (18.481) (B} |Cash flows from investing activities Purchase of property, plant and equipment, investment properties and intangible assets (10,571) (1,31,729) (including capital work-in-progress, investment properties under development and intangible assets under development) Proceeds from sale of property, plant and equipment 142 1.153 Proceeds from sale of non current investments 500 - Redemption of mutual funds 5,039 3.753 Repayment of loans given - 243 Acquisition of a subsidiary = (1,345) Investments in other body corporates (2,584) (268) Movement in bank deposits, net (8,577) 19,986 Investments in joint venture (31,386) - [nterest received 6.900 10.368 Net cash flows (used in) investing activities (B) (40.537) (97& {C) |Cash flows from financing activities Proceeds from issue of equity shares, (including securities premium), net 332 336 Proceeds from issue of equity shares to NCI in subsidiary (including securities premium), net - 84,181 Capital contribution by non-controlling interests in subsidiaries - 22 Proceeds from non-current borrowings (including current maturities) 32,618 91,420 Repayment of non-current borrowings (including current maturities) (14,404) (94,748) Repayments of short term borrowings, net (5,280) (3,677) Payment of principle portion of lease liabilities (1,052) (262) Payment of interest portion of lease liabilities (610) (726) Interest paid (23,205) (24,309) Dividends paid (including unclaimed dividend) (6,515) (6,112) Net cash flows generated from financing activities (C) (18.116) 46.125 Net (decrease) in cash and cash equivalents (A + B + C) (40,200) (70,195) Cash and cash equivalents at the beginning of the period 1,20,390 1,83,530 Cash and cash equivalents at the end of the period 80,190 1,13,335 Components of cash and cash equivalents As at 30.09.2026 As at 30.09.2025 |Unaudited] [Unaudited] Balances with banks: - On current accounts 33.477 22,359 - Deposits with original maturity of less than 3 months 83,530 97,063 Cash on hand 256 263 Cash and cash equivalents reported in balance sheet 1,17,263 1,19,685 Less: Bank overdraft/Cash credit facilities from banks (refer note (ii) below) (37.073) (6,350) Cash and cash equivalents reported in cash flow st 80.190 1.13.335 (1) The above Consolidated Statement of Cash Flows has been prepared under the “Indirect Method" as set out in the Indian Accounting Standard (Ind AS 7), Statement of Cash Flow (i) For the purpose uf cash ow statement. these bank overdrafts/cash credit facilities that are repayable on demand and form an integral part of the croup!s cash #
Page 9
tof C lidated U di d Fi I discl ial Results of Brigade Enterprises Limited for the quarter and six hs ended 30 S ber 2026 P es as per regulation 52(4) of Securities & Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 SLNo. Particulars Quarter ended 30.09.2026 |Unaudited] th Preceeding quarter ended 30.06.2026 Corr ponding quarter ended 30.09.2025 a1 Six ended 30.09.2026 [Unaudited] [Unaudited] [Unaudited] Corresponding six months ended 30.09.2025 |Unaudited] Year ended 31.03.2026 [Audited] (a) Debt equity ratio (gross) (in times) Numerator: Non-current borrowings + Current borrowings Denominator: Equity attributable to owners of the Holding Company 0.88 079 0.88 0.79 0.90 Debt equity ratio (net) (in times) Numerator: Non-current borrowings + Current borrowings - Cash and bank balances (includes non current deposits) Denominator: Equity attributable to owners of the Holding Company 0.51 0.44 0.40 (®) Debt service coverage ratio (in times) Numerator: Profit before tax, finance costs, depreciation and amortisation and exceptional items Denominator: Finance costs (*) + (Principal repayment for current and non-borrowings and repayment lease liabilities) 0.96 2.10 048 1.29 0,79 © Interest service coverage ratio (in times) Numerator: Profit before tax, finance costs, depreciation and amortisation and exceptional iterns Denominator: Finance costs (*) 3.53 (d) Outstanding redeemable preference shares (2 in lakhs) NA NA NA NA NA NA (e) Capital redemption reserve and debenture redemption reserve (% in lakhs) NA NA NA NA NA NA ® Net worth [Equity Share Capital + Other equity] ( in lakhs) 7,15,483 7,02,289 6,48,186 7,15,483 6,48,186 6,82,022 (g) Net profit after tax (2 in lakhs) 21.882 21.694 17.028 43.576 32.823 72.476 () Current ratio (in imes) Numerator: Current assets Denominator: Current liabilities 1.20 1.20 1.22 1.20 1.22 1.24 0] Long term debt to working capital (in times) Numerator: Non-current borrowings + Current maturity of non-current borrowings Denominator: Current assets - current liabilities + current maturity of] non-current borrowings 1.77 1.62 1.62 1.54 ® Bad debts to account receivable ratio (in times) Numerator: Bad debts Denominator: Average trade receivables NA NA NA NA NA NA & Current liability ratio (in times) Numerator: Current liabilities Denominator: Total liabilities 0.71 o Total debts to total assets ratio (in times) Numerator: Non-current borrowings + Current borrowings Denominator: Total assets Debtors tunover ratio (in times) (annualised) Numerator: Revenue from operations Denominator: Average trade receivables 6.00 6.72 8.82 6.29 8.49 9.27 (m) Inventory turnover ratio (annualised) Numerator: Revenue from operations Denominator: Average inventory 0.57 (0) Operating margin (in %) Numerator: Profit before tax, finance cost, depreciation and amortisation, exceptional items and other income Denpminator: Revenue from operations 35.48% 23 70% 33.96% 24 44% 25 06% (p) Met profit margin (in %) Numerutor: Profit after tax Denominator: Revenue from operations 18.29% 1945% 1231% 18.85% 12.72% * 1epresents gross finance cost o Iy NA - Not applicable Banga 5600
Page 10
Notes: "~ Statement of Consolidared Unaudited Financinl Results of Brigade Enterprises Limited for the quarter and six months ended 30 September 2026 The consolidated unaudited financial results of Brigade Enterprises Limited (the 'Holding Company') and its subsidiaries (the 'Holding Company’ and its subsidiaries together referred as 'the Group') and its joint ventures for the quarter and six months ended 30 September 2026 have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting ("Ind AS 34°). prescribed under Section |33 of the Companies Act. 2013 (“the Act’), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 and Regulation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ("Listing Regulations’) These consolidated unaudited financial resuits have been reviewed and recomumnended by the Audit Conunittee and approved by the Board of Directors at their meeting held on 29 October 2026 The statutory auditors of the Holding Company have carried out limited review as required under Listing Regulations of the above consolidated unaudited financial results for the quarter and six months ended 30 September 2026 and have issued an unmodified review report The Holding Company has 27 subsidiaries (including step-down subsidiaries) and 2 Joint ventures as on 30 September 2026 The aforesaid consolidated unaudited financial results are available on the Holding Company’s website www hrigadegtoup com and on the website of BSE Limited (www hszindin com) and National Stock Exchange of India Limited (www nseindia copi} C lidated seg wise r , results, assets and liabilities Based on the “management approach” as defined in Ind AS 108 - Operating Segments. the Chief Operating Decision Maker (CODM) evaluates the Group's performance and allocates resources based on an analysis of various performance indicators by business segments Accordingly, information has been presented along these business segments viz . Real estate, Leasing and Hospitality Details of Consolidated segment wise revenue, results, assets and liabilities is given below: [T in lakhs) Particulars Ql;aorl;;rzeonzdfied qul;:ter em;ed i:lalrte; ende; Sk ;r(l]o(;lgthzsozr;ded C':;;e:::losnedr::egdsm :ea‘;;nded - 30.06.2026 30.09.2025 - 30.09.2025 [kud'iztgjf v dited) U dited] [Unaudited] Segment revenue Real estate 72.019 65,417 1,02,031 1,37,436 1,87,299 3,96.985 Hospitality 15,462 14.467 14.133 29.929 28.158 59,561 Leasing 32,559 32,524 34,341 65,083 64.239 1,29,707 Total 1,20,040 1,12,408 1,50,505 2,32,448 2,79,696 5,86,253 Less: Inter segment revenues (404) (853) (12,168) (1.257) (13.245) (16,531) Revenue from operations 1,19,636 1,11,555 1,38,337 2,31,191 2,606,451 5,69,722 Segment results Real estate 12,670 14.544 11,665 27,214 21,849 56,007 Hospitality 3,501 3.082 2,386 6,583 5,474 12.770 Leasing 24.696 19.181 19.367 43,877 36,201 73,054 Profit before exceptional items, tax, interest and share of (loss) / 40,867 36,807 33,418 77,674 63,524 1,41,831 profit of joint ventures Less: Finance costs (11.053) (10,915) (10,226) (21,968) (20,789) (40,944) Less: Other unallocable expenditure (6,409) (7,988) (8,261) (14,397) (13,563) (30,335) Add/(less): Exceptional items - 4,288 - 4,288 - (1,380) Add/(less): Share of (loss) / profit of joint ventures (8) (72) (25) (80) (57) 37 Add: Other income 5,363 6,367 4,649 11.730 9.821 21.179 Profit before tax 28,760 28,487 19,555 57,247 38,936 90,388 Segment assets (#) Real estate 16,09,095 14.90.615 13,52,927 16,09,095 13,52,927 14,32,227 Hospitality 1,36,414 1,24,831 1.16,444 1,36,414 1,16,444 1,20,859 Leasing 7,59,484 7,47.843 7.05,600 7,59,484 7,05,600 7,59,405 Unallocated assets 3,15,214 3,50.096 2,51,580 3,15214 2,51,580 3,12,855 Total segment assets 28,20,207 27.13,385 24,26,551 28,20,207 24,26,551 26.,25,346 Segment liabilities (#) Real estate 12,18,755 11,72,285 10,56,804 12,18,755 10,56,804 11,21,896 Hospitality 28,280 26,598 28,310 28,280 28,310 26,443 Leasing 1,25,509 1,24,612 95,820 1,25,509 95,820 96,838 Unallocated liabilities 6,56,463 6.14,851 5,34,247 6,56,463 5,34,247 6,27,767 Total segment liabilities 20.29.007 19.38.346 17.15.181 20,29,007 17,15,181 18,72,.944 (#) Capital employed = Segment assets - Segment liabilities Figures for Standalone Unaudited Financial Results for the quarter and six hs ended 30 September 2026 of the Holding Company are as follows: (R in lakhs) [‘I'Jol;gz':::::] 30.06.2026 30.09.2025 [‘;’Jl'mu'd“: dl 30.09.2025 [ku d‘iztejl |Unaudited] [Unaudited] [Unaudited] Revenue from operations 52,640 61,413 66,071 1,14,053 1,09,672 262,418 Profit before tax 12,832 14,366 6,685 27,198 13,455 36,817 Profit after tax 11,449 11,921 5,019 23,370 10,519 27,747 The standalone unaudited financial results for the quarter and six months ended 30 September 2026 can be viewed on the 'Holding Company' website www brigadegroup com and also be viewed on the website of BSE Limited (www bseindia. com) and National Stock Exchange of India Limited (www nseindia com) j.}'f Bangalore\‘-': 5\ P 055 )3
Page 11
Notes: Statement of Consolidated Unaudited Financial Results of Bripade Enterprises Limited for the quarter and six months ended 30 September 2026 During the quarter ended 30 September 2026, the paid-up equity share capital of the Holding Company has increased from ¥ 32,616 lakhs to ¥ 32,626 lakhs pursuant to allotment of 96,903 equity shares on exercise of stock options by employees. During the previous quarter ended 30 June 2026, the Holding Company issued bonus shares of 8,15,40,595 in the ratio of 1:3 i.e., one (1) new fully paid up equity share for every three (3) existing fully paid-up share held by the shareholders of the Holding Company as on the record date. In accordance with Ind AS 33 "Eamings per share", the eamnings per share has been adjusted for all periods presented to give effect to the aforesaid bonus issue. (a) The Holding Company has outstanding balance of ¥ 860 lakhs that is under litigation, out of the refundable deposit paid towards one Joint Development Agreement. The performance obligations under the said Joint development arrangement are fulfilled and hence the Holding Company has initiated procedure for recovery of the balance refundable deposit and other additional costs as per terms of the said agreement with Landowner. However, the Landowner has filed an arbitration challenging the same and both parties have filed claims and counter claims, Based on the overall assessment and legal evaluation, the underlying refundable deposit are considered as good and recoverable by the management (b) Brigade Hotel Ventures Limited (BHVL'), a subsidiary of the Holding Company has received a demand notice from the municipal authority assessing the property tax for certain hotel property for the period from financial year 2011-12 to financial year 2021-22 resulting in demand of % 9,222 lakhs including interest and penalty thereon and BHVL has subsequently paid % 4,603 lakhs under protest, which are provided for as at 30 September 2026. During the earlier years, the net outstanding demand was revised from Z 4,121 lakhs to Z 2,874 lakhs for the financial year 2011-12 to financial year 2023-24 under One time settlement Scheme by a competent authority. BHVL has litigated the aforesaid matter, which is pending adjudication. BHVL is reasonably confident of a favourable outcome in respect of the aforesaid matter based on the management's evaluation and the legal opinion obtained by the management. Pending ultimate outcome of the matter, no adjustments have been made in the accompanying consolidated unaudited financial results. 10 A survey under section 133A of the Income Tax Act (‘the Act) was conducted in December 2025 at various business premises of the Holding Company and certain other group companies. The 12 13 14 15 Group has complied with / responded to the notices received from Income tax authorities (‘Tax authorities’) and in this regard, has complied with the requirements of applicable laws and regulations, and does not expect any additional liability beyond the amount already provided for during the previous year. In relation to an ongoing residential project (‘project’) in Chennai, the State Environment Impact Assessment Authority, Tamil Nadu ("SEIAA") revoked the Environmental Clearance in May 2026, citing certain reasons which are disputed despite having itself approved the Environmental Clearance after the required lengthy process, The carrying value of the project-related assets, including development rights (net of corresponding liability under the joint development arrangement), aggregates to Z 12,900 lakhs. The Management based on its overall assessment, believes that the project has been launched only after obtaining all requisite approvals from various statutory authorities in compliance with applicable laws and regulations prevailing and accordingly, the Holding Company had challenged the said order before the competent authorities and has also filed a writ petition before the Hon'ble Madras High Court. Based on legal advice and its assessment of the facts and circumstances, management believes that it has a strong case on merits and that the expected outcome of the ongoing proceedings is not likely to have a material impact on the Group's consolidated unaudited financial results. The Board of Directors of the Holding Company at their meeting held on 06 May 2026 have recommended a final dividend of Z 2 per equity share of 2 10 each for the financial year ended 31 March 2026, which was subsequently approved by the shareholders of the Holding Company at the annual general meeting held on 13 August 2026 and paid in current quarter. During the quarter ended 30 September 2026, the Holding Company has incorporated two Wholly Owned Subsidiaries namely Celebrations Property Private Limited ("CPPL") and Tetrarch Estates Private Limited ("TEPL") on 01 September 2026 to undertake development of real estate projects and invested in 100% Equity Share Capital in such subsidiaries. Consequently, CPPL and TEPL have become a subsidiaries of the Company effective from 01 September 2026. During the quarter ended 30 September 2026, the Board of Directors of the Holding Company has approved the allotment of 4,000 rated, listed, unsecured commercial papers ("CP") on 29 September 2026 having maturity of ¥ 500,000/~ for each CP and aggregate maturity vatue of 20,000 lakhs at issue price of ¥ 463,300/- only for each CP aggregating to ¥ 18,531 lakhs having tenure of 360 days with maturity date of 24 September 2027. The CPs were listed with BSE Limited on 29 September 2026 Previous period's / year's figures have been regrouped or reclassified wherever necessary to conform with the current period figures. The impact of such other reclassifications / regroupings are not material to the consolidated unaudited financial results. For and on behalf of the Board of Directors of BRIGADE ENTERPRJSES LIMITED Pavitra Shankar Managing Director Bengaluru, India 29 October 2026 \ 4y 1/ \\I\\i_[) \ 9| Bangalore || ) 560 055 )g'
Page 12
Walker Chandiok & Co LLP Walker Chandiok & Co LLP 5th Floor, No.65/2, Block “A”, Bagmane Tridib, Bagmane Tech Park, C V Raman Nagar, Bengaluru 560093 T +91 80 4243 0700 F +91 80 4126 1228 Independent Auditor’s Review Report on Standalone Unaudited Quarterly Financial Results and Year to Date Financial Results of Brigade Enterprises Limited pursuant to the Regulation 33 and Regulation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) To the Board of Directors of Brigade Enterprises Limited 1. We have reviewed the accompanying statement of standalone unaudited financial results (‘the Statement’) of Brigade Enterprises Limited (‘the Company’) for the quarter ended 30 September 2026 and the year to date results for the period 01 April 2026 to 30 September 2026, being submitted by the Company pursuant to the requirements of Regulation 33 and Regulation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations’) read with SEBI Master Circular SEBI/HO/DDHS/DDHS-PoD/P/CIR/2025/0000000137 dated 15 October 2025. 2. The Statement, which is the responsibility of the Company’s management and approved by the Company’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting (‘Ind AS 34’), prescribed under Section 133 of the Companies Act, 2013 (‘the Act’), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 and Regulation 52(4) of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under Section 143(10) of the Act, and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Chartered Accountants Walker Chandiok & Co LLP is registered with limited liability with identification Offices in Bengaluru, Chandigarh, Chennai, g| Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and number AAC-2085 and its registered office Pune at L-41 Connaught Circus, New Delhi, 110001, India
Page 13
Walker Chandiok & Co LLP Independent Auditor’s Review Report on Standalone Unaudited Quarterly Financial Results and Year to Date Financial Resuits of Brigade Enterprises Limited pursuant to the Regulation 33 and Regulation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (Cont’d) 4. Based on our review conducted as above and the consideration of the review report of the other auditor referred to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under Section 133 of the Act, and other accounting principies generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 and Regulation 52(4) of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 5. We draw attention to note 7 to the Statement, in connection with ongoing legal proceedings with respect to certain outstanding refundable deposits. Based on legal assessment of the matter, the management has considered these refundable deposits as good and recoverable. Our conclusion is not modified in respect of this matter. 6. We draw attention to note 10 of the accompanying Statement regarding the Survey conducted by the Income Tax Department under Section 133A of the Income Tax Act, 1961 at various business premises of the Company and certain other group companies during December 2025. The management, after considering available information as of date and as detailed in the note 10, is of the view that no additional adjustment is required to accompanying Statement in respect of this matter, other than those already recognised in the standalone unaudited financial results. Our conclusion is not modified in respect of this matter. 7. The Statement also includes the Company’s share in the net (loss) / profit (including other comprehensive income) of T (56) lakhs and ¥ 109 lakhs for the quarter and year-to-date period ended 30 September 2026 in respect of one Limited Liability Partnership (“LLP”), whose interim financial information have not been reviewed by us. Such interim financial information have been reviewed by the other auditor, whose review report has been furnished to us by the management, and our conclusion, in so far as it relates to the amounts and disclosures included in respect of this LLP, is based solely on the review report of such other auditor. Our conclusion is not modified in respect of this matter with respect to our reliance on the work done by and the report of the other auditor. For Walker Chandiok & Co LLP Chartered Accountants Firm Regist/rafi/on No: 001076N/N500013 W Manish Agrawal Partner Membership No.: 507000 UDIN: 24507000 L0L X URL &4 Place: Bengaluru Date: 29 October 2026 Chartered Accountants
Page 14
Corporate Identity Number (CIN): L85110KA1995PLC019126 —_— Regd Office 29th & 30th Floor. Woild Trade Center. Brigade Gateway Campus, 26/1. _— Dr Rajkumar Road. Malleswaram-Rajajinagar. Bangalore 560 033 BRIGADE Phone: -91-80-41379200. Fax —91-80-2221 0784 Email enquiry@brigadegroup com Website: www brigadegroup com Sutement of stundalone unaudited financial results of Brigade Enterprises Limited for the quarter and six months ended 30 September 2026 {in € lakhs) Quarter ended | PreeiE | ComePOROnE | Six months ende | CSIRORESY | vear ended [ Parti .09. 30.09.2026 .03, SiNe REGEUIEES iO Es j,‘:z: 30.06.2026 30.09.2025 Cnaudited] 30.09.2025 310“;,2'2;]6 (Unaudited] [Unaudited] |Unaudited] [Unaudited| Aud 1 |Income (a) Revenue from operations 52.640 61.413 66,071 1.14,053 1.09.672 262418 (b) Other income 7.443 6.892 8242 14.335 14282 26.798 Total income 60.083 68.305 74,313 1.28.388 1.23.954 2.89.216 2 |Expenses (a) Sub-contractor costs 34.743 28.513 36.402 63.256 63.096 1.21 142 (b) Cost of raw materials. components and stores consumed 11.765 10.890 9.893 22,655 17.254 45468 (c) Land purchase cost (including development rights) 18.532 365 15.180 18.897 80,895 1.96.291 (d) Purchase of stock- in- trade - - - - - 2331 (e) Changes in inventories of stock of flats, land stock, stock-in-trade (46.388) (11.609) (18.363) (57,997) (93,860) (2,15.900) and work-in-progress (f) License fees and plan approval charges 3.664 422 1.388 4,086 3.048 8.364 (g) Architect and consultancy fees 955 1,209 805 2.164 1.805 4.069 (h) Employee benefits expense 8.748 8.508 6,902 17.256 13.120 28.698 (1) Finance costs 3.884 3.736 2.509 7.620 4.577 12.125 (j) Depreciation and amortisation expenses 2813 2.364 2,140 5,177 4.082 8.979 (k) Other expenses 8.535 9.541 10,772 18,076 16.482 39.886 Total expenses 47,251 53,939 67,628 1,01,190 1,10,499 2,51,453 3 |Profit before exceptional items and tax (1-2) 12,832 14,366 6,685 27,198 13,455 37,763 4 |Exceptional items i - - - - (946) 5 |Profit before tax (3+4) 12,832 14,366 6,685 27,198 13,455 36,817 6 |Tax expense (a) Current tax (including tax for earlier years) 6.056 5,453 4,783 11,509 15.100 23.038 (b) Deferred tax (credit) (4.673) (3.008) 3.117) (7,681) (10.164) (13.968) Total tax expense 1,383 2,445 1,666 3,828 2,936 9,070 7 |Profit for the period/ year (5-6) 11,449 11,921 5,019 23,370 10,519 27,747 8 |Other comprehensive income Items that will not be reclassified to profit and loss Re-measurement gains on defined benefit plan - - - - - 157 Income tax relating to above - - - - - (40) Total other comprehensive income, net of tax - - - - - 117 9 |Total comprehensive income for the period/ year (7+8) 11,449 11,921 5,019 23,370 10,519 27,864 10 |Earnings per equity share (of ¥10/- each) (refer note 6) (not annualised except for year end) a) Basic 3 366 155 717 324 851 b) Diluted 3.65 1 54 716 323 850 11 |Paid-up equity share capital (refer note 6) 32,626 32,616 24,448 32,626 24,448 24,459 (Face value of Z 10/- each) 12 |Other equity 6,09.879 -3
Page 15
Statement of stamdalone ungudited financinl results of Brioade Enterprises Limited for the guarter and six months ende Standalone Statement of \isety and Liabilities (2 In Iakhs) As at As at Particulars 30.09.2026 31.03.2026 [Unaudited) [ Audited] A |ASSETS | |Non-current assets (1) Property, plant and equipment 5.666 5.957 (b} Investment properties 145416 1.38.169 12) Investment properties under development 2.36.671 2.01.881 {1 Other intangible assets 1.417 33 (] Intangible asset under development 606 | f) Financial assets (1) Investments 2.77.599 2,46,066 (ii) Loans 62364 52.303 (iii) Other financial assets 13,340 11,051 (g) Other non-current assets 13.298 11.522 (h) Deferred tax assets (net) 25.459 17.777 (i) Income tax assets (net) 4.390 600 7.85.620 6,85,965 2 |Current assets {a) Inventories 7.63.590 7,05.041 (h) Financial assets (i) Investments - 5.039 (ii) Trade receivables 59,690 38,513 (1ii) Cash and cash equivalents 85.721 1.05.304 (iv) Bank balances other than (iii) above 30.096 41.942 (v) Loans 34.268 68.172 (vi) Other financial assets 56.047 51,266 (c) Other current assets 57.560 47.738 10,586,972 10,61,015 TOTAL ASSETS (1+2) 18,72,592 17,46.980 B |EQUITY AND LIABILITIES 1 |EQUITY (a} Equity share capital 32,626 24,459 {11} Other equity 6,19,121 6,09,879 6,51,747 6,534,338 2 |LIABILITIES (i) [Non-current liabilities {n) Financial liabilities (i) Borrowings 2,38,322 2.40.172 (ii) Lease liabilities 3.929 4,957 (iit) Other financial liabilities 825 779 (b) Other non-current liabilities 228 154 243,304 2,46,062 (i) |Current liabilities (a) Financial liabilities (1) Borrowings 58431 60,538 (i1) Lease liabilities 1,425 756 (iii) Trade payables - Total outstanding dues of micro enterprises and smali 13,301 10,046 enterprises, and - Total outstanding dues of creditors other than micro 62,502 41,296 enterprises and small enterprises (iv) Other financial liabilities 57,693 52,067 (b) Other current liabilities 7,81,271 6,97,810 (c) Provisions 2918 2,618 (d) Current tax liabilities (net) - 1ab49 9,77.541 8,66,580 Total liabilities (i+ii) 12,20,845 11,12.642 TOTAL EQUITY AND LIABILITIES (1+2) 18,72,592 17,46,9580 d 3 Seprember 2026
Page 16
> =] - 5 Standalone Statement of Cash Flow Staternent of stundalone unaudited financial results of Brigade Enterprises Limited for the quarter and six months ended 30 September 2026 12 in lakhs) Six months ended Corresponding six Cash and eash equivalents renorted in cash flow statement Particulars 30.09.2026 months ended 30.09.2025 (Unaudited] [Unaudited] Cash flows from operating activities Profit before tax 27.198 13.455 Adjustments for : Depreciation and amortisation expense 5.177 4.082 Finance costs 7.620 4577 Interest mcome from financial assets at amortised cost (11,681) (11,973) Loss / (Gain) on sale of investiments in mutual fund 27 (10) (Gain) on sale of propertv. plant and equipment, net 39 2) Loans and advances receivables written off 65 51 Provision no tonger required written back (581) - Dividend mcome (1.828) (2.001) Share in (profit)loss of limited liabilitv partnership (LLP) (109) 165 Share based payments to employees 188 282 Operating profit before working capital changes 26,037 8,624 Movements in working capital in : Trade payables 24,908 14,899 Other financial liabilities 4315 (1.156}) Other liabilities 77,862 77,027 Provisions 300 - Trade receivables 21,177 2,179 [nventories (60.549) (94.865) Other financial assets (4,236) (13,751 Other assets (9.952) (12.695) Cash generated from/(used in) operations 37,508 (19,738) Direct taxes paid (net) (16.748) (12.238) Net cash flow generated from/(used in) operating activities (A) 20.760 (31.976) Cash flows from investing activities Purchase of property. plant and equipment, investment properties and intangible assets (38,088) (16,820) (including investment property under development and intangible assets under development) Loans given to subsidiaries (32,750) (86,281) Loans repaid by subsidiaries 58,800 12,687 Redemption of mutual funds (net) 5,012 630 Investments in subsidiaries and joint ventures (18.187) (1,698) Redemption of investments in subsidiaries 7,525 17,142 Movement in bank deposits, net 10,594 32,711 [nterest received 4,592 9,319 Dividend received 1.828 2,001 Net cash flow (used in) investing activities (B) (20.674) (30.309) ‘|Cash flows from financing activities Proceeds from issue of equity shares (including securities premium), net 332 336 Repayment of current borrowings (net) (2,107 - Proceeds from non- current borrowings (including current maturities) 2.500 40,011 Repayment of non- current borrowings {including current maturities) (4.350) (4,945) Payment of principal portion on lease liability (356) - Payment of interest portion on lease liability (339) 211) Interest paid (12.478) (7.637) Dividends paid (6.515) (6.112) Net cash flow (used in)/ generated from financing activities (C) (23.313) 21.442 Net (decrease) in cash and cash equivalents (A + B + C) (23.227) (40,843) Cash and cash equivalents at the beginning of the period 79.321 1.10,938 Cash and cash eauivalents at the end of the period 56.094 70.095 Components of cash and cash equivalents As at 30.09.2026 As at 30.09.2025 [Unaudited| |Unandited] Balances with banks: — On current accounts 19,963 3,346 — Deposits with original inaturity of less than 3 months 63,532 67,904 Cash on hand 226 227 Cash and cash equivalents reported in balance sheet 85,721 71.477 Less: Cash credit facilities from banks (29.627) (1.382) 56.094 70.095 Note: The Standalone Statement of Cash Flow has been prepared under the ‘Indirect Method' as set out in the Indian Accounting Standard (Ind AS 7) - Statement of Cash Flow, Cash and cash equivalents includes bank overdrafts that are repayable on demand and form an integral part of the Company's cash management 4
Page 17
Statement of standalone unaudited finaneial results of Bri pate Enterprises Limited for the uarter and six months ended 30 Se tember 2026 Additional disclosures as per regulation 52(4) of Securities & Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 SL.No. Particulars Quarter ended 30.09.2026 |Unaudited] Preceeding quarter ended 30.06.2026 |Unaudited] Corresponding quarter ended 30.09.2025 {Unaudited] Six months ended 30.09.2026 [Unaudited] Corresponding six months ended 30.09.2025 [Unaudited| Year ended 31.03.2026 |Audited] (a) Debt equity ratio (Gross) (in times) Numerator: Non-current borrowings - Current borrowings Denominator: Total equity 0 46 047 046 031 047 Debt equity ratio (Net) (in times) Numerator: Non-current borrowings - Current borrowings - Cash and bank balances (including non-current deposits and investments ) Denominator: Total equity 026 012 012 (b} Debt service coverage ratio (in times) Numerator: Profit before tax, finance costs, depreciation and amortisation and exceptional items Denominator: Finance costs (*) = (Principal repayment for current and non-current borrowings and repayment lease liabilities) 164 099 046 (c) Interest service coverage ratio (in times) Numerator: Profit before tax, finance costs, depreciation and amortisation and exceptional items Denominator: Finance costs (*) 328 339 276 (d) Qutstanding redeemable preference shares (% in lakhs) NA NA NA NA NA NA (e) Capital redemption reserve and debenture redemption reserve (Z in lakhs) NA NA NA NA NA NA Net worth [Eauitv Share Capital + Other equitv] (2 in lakhs) 6,351,747 6,46,475 6,16,611 6,51,747 6,16,611 (g} Net profit after tax (2 in lakhs) 11,449 11,921 23,370 27,747 (h) Current ratio (in times) Numerator: Current assets Denominator: Current liabilities L1l 115 Il 122 (i) Long term debt to working capital (in times) Numerator: Non-current borrowings + Current maturity of non-current borrowings Denominator: Current assets - current liabilities + current maturity of] non-current borrowings 148 114 122 0 Bad debts to account receivable ratio (in times) Numerator: Bad debts Denominator: Average trade receivables NA NA NA NA NA NA (k) Current liability ratio (in times) Numerator: Current liabilities Denominator: Total liabilities 079 080 078 O] Total debts to total assets ratio (in times) Numerator: Non-current borrowings + Current borrowings Denominator: Total assets 017 (m) Debtors turnover ratio (in times) (annualised) Numerator: Revenue from operations Denominator: Average Trade Receivables 389 w o (V3] 6.73 (n) [nventory turnover ratio (annualised) Numerator: Revenue from operations Nenaminatar: Averaoe Inventory peminator: Avergog Inventory 028 046 031 044 (0) Operating margin {in %) Numerator: Profit before tax, finance cost, depreciation and amortisation, exceptional items and other income Denominator: Revenue from operations 22 96% 22.10% 468% 22 50% 7.14% 1222% (p) Net profit margin (in %) Numerator: Profit after tax Denominator: Revenue from operations 21.75% 19 41% 7.60% 20.49% 9 39% 10 57% (*) represents gross fimanea iis1, o NA- Not ap p]lcflbllL",Cr\_‘.”/ U S 0/ N
Page 18
Notes: uarter and six months ended 30 September 2026 Stutement of standalone unavdited financial results of Brigade Enterprises Limited for the The standalone unaudited financial results of Brigade Enterprises Limited (the 'Company’) for the quarter and six months ended 30 September 2026 have been prepared in accordance with the recogmition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting (*Ind AS 34°). prescribed under Section 133 of the Companies Act. 2013 (the Act’). and other accounting principles generally accepted in India and 1s in compliance with the presentation and disclosure requirements of Regulation 33 and Regulation 52(4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations. 2015 (as amended) (" Listing Regulations’) These standalone unaudited financial results have been rexiewed and recommended by the Audit Comunittee and approved by the Board of Directors at their meeting held on 29 October 2026 2 The stamtory auditors of the Company have carried out limited review as required under Listing Regulations of the above standalone unaudited financial results for the quarter and six months ended 30 September 2026 and have issued an unmodified review report 3 The aforesaid standalone unaudited financial results are available on the Company's website www brigadesronp:com and on the website of BSE Limited (www bsemdia com) and National Stock Exchange of India Limited (www. nseimdia com) 4 Standalone segment wise revenue, results, assets and liabilities Based on the "management appioach” as defined in Ind AS 108 - Operating Segments, the Chief Operating Decision Maker (CODM) evaluates the Company's performance and allocates resources based on an analysis of various performance indicators by business segments Accordingly, information has been presented along these business segments viz , Real estate and leasing Details of standalone segment wise revenue, results, assets and liabilities is given below: {in T lakhs) . . C dine si Quarter ended Pretcered:;ged Corretspont:;ndg Six months ended (:;l“)e:t[;::nfl::egdsm Year ended SLNo|Particulars 30.09.2026 L el 30.09.2026 31.03.2026 |Unaudited] 30.06.2026 30.09.2025 [Unaudited] 30.09.2025 |Audited] [Unaudited] [Unaudited] [Unaudited| { Seoment revenue Real estate 40.805 49,764 53,434 90,569 85,319 2,12,084 Leasing 11.835 11,649 12,637 23,484 24,353 50,334 Revenue from operations 52,640 61,413 66,071 1,14,053 1,09,672 2,62,418 11 |Segment results Real estate 8,531 11,947 (434) 20,478 (1,532) 16,716 Leasing 7,897 8,133 9.535 16,030 18.521 37.713 Profit before exceptional items, tax and interest 16,428 20,080 9,101 36,508 16,989 54,429 Less: Finance costs (3.884) (3,736) (2.509) (7,620) 4,577) (12,125) Less: Other unallocable expenditure (6,306) (7,926) (8.149) (14,232) (13,239) (29,762) (Less): Exceptional items - - - - - (946) Add/(Less): Share of (losses)/ profits in a subsidiary Limited Liability (56) 165 (86) 109 (165) (948) Partnership Firm (LLP) Add: Other income 6,650 5,783 8,328 12,433 14,447 26,169 Profit before tax 12,832 14,366 6,685 27,198 13,455 36,817 III |Segment assets (#) Real estate 10,28,198 9,52,242 7,81,428 10,28.198 7,81,428 9,08,310 Leasing 4,09,438 3,90,547 3,22,525 4,090,438 3,22,525 3,64,467 Unallocated assets 4,34,956 4,67,236 4,34,183 4,34,956 4.34,183 4,74 203 Total assets 18,72,592 18,10,025 15,38,136 18,72,592 15,38,136 17,46,980 IV |Segment liabilities (#) Real estate 8.55,388 8,08,892 6.74.853 8,55,388 6,74,853 7,61,029 Leasing 63,915 73,899 47,727 63,915 47,727 48,771 Unallocated liabilities 3,01,542 2.80,759 1,98,945 3,001,542 1,98,945 3,02,842 Total liabilities 12,20,845 11,63,550 9,21,525 12,20,845 9,21,525 11,12,642 (#) Capital employed = Segment assets - Segment fiahilities 5 During the quarter ended 30 September 2026, the paid-up equity share capital of the Company has increased from 2 32,616 lakhs to ¥ 32,626 lakhs pursuant to allotment of 96,903 equity shares on exercise of stock options by employees 6 During the previous quarter ended 30 June 2026, the Company issued bonus shares of 8,15,40,595 in the ratio of 1:3 i.e, one (1) new fully paid up equity share for every three (3) existing fully paid-up share held by the shareholders of the Company as on the record date. In accordance with [nd AS 33 "Eamings per share”, the earnings per share has been adjusted for all periods presented to give effect to the aforesaid bonus issue 7 The Company has outstanding balance of 2 860 lakhs that is under litigation, out of the refundable deposit paid towards one Joint Development Agreement. The performance obligations under the said Joint Development Agreement are fulfilled and hence the company has initiated procedure for recovery of the balance refundable deposit and other additional costs as per terms of the said agreement with Landowner However, the Landowner has filed an arbitration challenging the same and both parties have filed claims and counter claims Based on the overall assessment and legal evaluation, the underlying refundable deposit are considered as good and recoverable by the management 8 The Board of Directors of the Company at their meeting held on 06 May 2026 had recommended a final dividend of Z 2 per equity share of Z 10 each for the financial year ended 31 March 2026, which was approved by the shareholders of the Company at the annual general meeting held on 13 August 2026 and paid in current quarter 9 In relation to an ongoing residential project (*project’) in Chennai, the State Environment [mpact Assessment Authority, Tamil Nadu ("SEIAA") revoked the Environmental Clearance in May 2026, citing certain reasons which are disputed despite having itself approved the Environmental Clearance after the required lengthy process. The carrying value of the project-related assets, including development rights (net of corresponding liability under the joint development arrangement), aggregates to ¥ 12,900 lakhs. The Management based on its overall assessment, believes that the project has been launched only after obtaining all requisite approvals from various statutory authorities in compliance with applicable laws and regulations prevailing and accordingly, the Company had challenged the said order before the competent authorities and has also filed a writ petition before the Hon'ble Madras High Court. Based on legal advice and its assessment of the facts and circur L T nent believes that it has a strong case on merits and that the expected outcome of the ongoing proceedings is not likely to have a material impact on the Standalone unaudited financial results 10 A survey under section 133A of the Income Tax Act (‘the Act) was conducted in December 2025 at various business premises of the Company The Company has complied with / responded to the notices received from Income tax authorities (*Tax authorities’) and in this regard, has complied with the requirements of applicable laws and regulations, and does not expect any additional liability beyond the amount already provided for during the previous year
Page 19
Statement of standalone unaudited financial results of Brigade Enterprises Limited for the quarter and six months ended 30 tember 2026 11 During the quarter ended 30 September 2026, the Board of Directors of the company has approved the allotment of 4,000 rated, listed, unsecured commercial papers ("CP") on 29 September 2026 having maturity of ¥ 500,000/- for each CP and aggregate maturity value of 20,000 lakhs at issue price of T 463,300/- only for each CP aggregating to 18,531 lakhs having tenure of 360 days with maturity date of 24 September 2027. The CPs were listed with BSE Limited on 29 September 2026. 12 During the quarter ended 30 September 2026, the Company has incorporated two Wholly Owned Subsidiaries namely Celebrations Property Private Limited ("CPPL") and Tetrarch Estates Private Limited ("TEPL") on 01 September 2026 to undertake development of real estate projects and invested in 100% Equity Share Capital in such subsidiaries. Consequently, CPPL and TEPL have become a subsidiaries of the Company effective from 01 September 2026 13 Previous period's / year's figures have been regrouped or reclassified wherever necessary to conform with the current period figures. The impact of such reclassifications / regroupings is not material to the standalone unaudited financial results. For and on behalf of the Board of Directors of B ADE ENTERFPRISES LIMITED Pavitra Shankar Managing, Director Bengaluru, India 29 October 2026