Ladies and gentlemen, good day and welcome to Brigade Enterprises Limited Q1 FY 2027 financial results conference call. As a reminder, all participant lines will be in the listen only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Pavitra Shankar, Managing Director of Brigade Enterprises Limited. Thank you, and over to you, ma'am.
Good afternoon. Good afternoon, everyone, and thank you for joining us for Brigade Enterprises Limited's Q1 FY 2027 earnings call. I am joined by the management of Brigade Group, our Executive Chairman, Mr. M.R. Jaishankar, Joint Managing Director, Ms. Nirupa Shankar, Executive Directors, Mr. Roshin Mathew, Mr. Amar Mysore, and Mr. Pradyumna Krishna Kumar, and our CFO, Yogesh Patel. In real estate, Q1 FY 2027 saw consistent performance coming off a launch-led Q4 FY 2026. Although we did not have new launches in Q1, we remain on track for our FY 2027 guidance, supported by a strong launch pipeline over the coming quarters as well as contribution from our sustenance sales. Pan India, residential sales were down 6% year-on-year in the same April to June window per ANAROCK.
With Bengaluru and Hyderabad among the only major cities to hold sales growth in the quarter, a favorable backdrop for Brigade, given both our core markets. For Brigade, Q1 FY 2027 net sales were INR 1,061 crores, 5% lower against Q1 FY 2026. Our realization though increased to INR 14,256 per square foot, a strong 21% year-over-year improvement driven by disciplined pricing increases in our existing projects and a positive shift in our product mix towards higher-value homes. Our planned relaunch of Brigade Morgan Heights, highlighted last quarter, was impacted by the project's environment clearance being revoked by SEIAA. We have refunded affected home buyers. Our position remains that the project land does not fall within the Pallikaranai Marshland.
We have approached the High Court, which in turn directed SEIAA, which is a state environment impact authority, to file its counter affidavit and asked all authorities to maintain status quo. We are committed to the project and will plan the relaunch once the issue has been addressed. For the next four quarters, our launch pipeline stands at 16.4 million sq ft, of which 12.4 million sq ft is residential, with a GDV of approximately INR 13,400 crores. Bengaluru accounts for 4.3 million sq ft, Hyderabad 4 million, Chennai 3 million, and Mysore 1 million sq ft. Of the 4 million sq ft launch pipeline for commercial, Bengaluru accounts for 2.6 million sq ft, Chennai 1.3 million sq ft, and Kochi 0.2 million. We also have 1,700 keys of hospitality inventory in the pipeline.
This pipeline gives us confidence that we remain on track for our FY 2027 guidance of INR 9,000 crores in pre-sales, with launches expected to be more back-ended into the coming quarters, similar to the pattern we saw in FY 2026. On the business development front for the residential segment, we added INR 2,400 crores of GDV across 2.7 million sq ft in projects during Q1 FY 2027, primarily in Hyderabad. We continue to monitor the macroeconomic situation in terms of the Middle East conflict and impact of AI but believe that the core drivers of growth remain intact. Brigade Group's commercial office business continued to deliver resilient operating performance in Q1 FY 2027 with an operational portfolio of 8 million sq ft of GLA across Bengaluru, Chennai, Kochi, and Ahmedabad and portfolio occupancy at 88%.
The business recorded 0.22 million sq ft of gross leasing during the quarter. Leasing demand during the quarter remained broad-based, led by industrial manufacturing, flexible workspace, and life sciences. At the portfolio level, GCCs contributed 58% of gross leasing, with the GCC occupier base diversified across automotive and mobility, technology, industrial and engineering, and BFSI. IT and ITES accounts for 26% of the overall portfolio mix, reflecting a diversified occupier profile across the commercial office portfolio. Commercial office revenues stood at INR 200 crores, while operating EBITDA margins stood at 80% and rental collections remained robust at 99%. The business had 0.9 million sq ft of vacant lease-up opportunity within its operational portfolio. Turning to retail, as of Q1 FY 2027, the Orion Mall portfolio delivered a strong performance, with footfalls growing 11% year-on-year.
The increase was driven by brand-new additions, mall-led experiential promotional events, along with a 20% year-on-year rise in cinema admissions. Retail sales grew 35% year-on-year, led by strong growth in destination categories. Across the malls, anchor retailers emerged as a key growth driver with a 64% year-on-year increase in sales led by new anchors, followed by F&B restaurants at 46% year-on-year and electronics at 33% year-on-year.
Coming to hospitality, BHVL delivered a strong quarter despite geopolitical disruptions from the West Asia conflict by shifting focus to domestic demand. The company achieved 7% ADR growth, 2% occupancy growth, 9% growth in RevPAR EBITDA, and 140% increase in profit from INR 7 crore to INR 17 crore. Domestic corporate travel, weddings, and social events remained resilient, helping offset weaker international travel demand. While F&B revenues were impacted by softer MICE activity and event postponements, management views this as a temporary challenge.
During the quarter, BHVL rebranded Four Points by Sheraton Kochi Infopark to Courtyard by Marriott Kochi Infopark and remains confident of continued ARR growth supported by strong demand and limited supply in its markets. Looking ahead, BHVL has a 1,700 key development pipeline targeting 3,300 keys by FY 2031. The company will launch Courtyard by Marriott Chennai WTC, 45 keys, and part of the World Trade Center Chennai campus in FY 2027.
Sustainability efforts continue to gain momentum, with 61% of portfolio energy requirements now sourced from renewable energy. The current operating portfolio is entirely EDGE certified, a green building standard from IFC, the International Finance Corporation. With that, I will now hand over the call to Yogesh to take you through the financial performance for the quarter in detail.
Thank you, Pavitra. Good afternoon, and a warm welcome to all once again. To start with the highlights of the Group's financial performance for Q1 FY 2027. The consolidated revenue for the quarter stood at INR 1,179 crores with an EBITDA of INR 425 crores. The EBITDA margin stood at 36% as compared to 28% in Q1 of FY 2026, an improvement of almost 800 basis points, primarily led by increase in real estate margins. The real estate segment clocked a turnover of INR 707 crores with an EBITDA of INR 150 crores, an absolute increase of 45% from Q1 FY 2026. The real estate EBITDA margin improved to 21% as compared to 12% in Q1 of FY 2026. This improvement is led by recognition of revenue from projects with better margins, as was expected too.
The leasing segment clocked a revenue turnover of INR 328 crores, an increase of 9% over Q1 FY 2026, with an EBITDA of INR 230 crores. EBITDA margin stood at 70%, which is the same as what we clocked for full year FY 2026. The hospitality segment clocked a turnover of INR 144 crores with an EBITDA of INR 45 crores. Consolidated PAT stood at INR 216 crores, a year-on-year growth of 37%, and a quarter-on-quarter growth of 14%. PAT after minority interest for this quarter is INR 200 crores. We have had an exceptional item in the quarter, a gain of INR 36.6 crore at PAT level. This is due to reclassification of our investment in a subsidiary upon investment from Bain Capital. The said gain has only been consolidated at PBT and PAT level and does not impact the EBITDA measure as has been detailed earlier.
Coming upon cash flow performance, collections for the quarter were steady and stood at INR 1,856 crores, a growth of 7% year-on-year. We remain confident of sustaining healthy cash flows in the coming quarters as well. Collections from the real estate segment stood at INR 1,346 crores, an increase of 8% over Q1 FY 2026. Leasing segment contributed INR 343 crores, a growth of 10% over previous year, and the balance of INR 167 crores came from hospitality segment. Net cash flow from operating activities stood at INR 354 crores, which is also a growth of 10% from Q1 FY 2026. Coming to debt and liquidity, we continue to have adequate liquidity and undrawn credit lines from banks and financial institutions to support our growth plans. Our average cost of debt for June 2026 stands at 7.61%.
As of June 30, 2026, the gross debt of the group stood at INR 5,305 crores, while cash and cash equivalents were INR 3,087 crores. The company's net debt outstanding as of June 30, 2026, was INR 2,218 crores, out of which Brigade Enterprises share, I mean excluding the JV owner share, would be INR 1,541 crores. About 86% of this debt pertains to the leasing segment, which is backed by the rental incomes from it itself. The debt-equity ratio at the end of the quarter stood at 0.26. We will continue to have our debt-equity ratio well under 1x, accommodating for all the current CapEx commitments and projected business development spends, given these will be serviced through a combination of internal accruals prior to accessing debt. I will now hand it back to the moderator for questions.
Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touchtone telephone.
If you wish to withdraw yourself from the question queue, you may press star and two. Participants are requested to use handset while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. First question is from the line of Karan Khanna from Ambit Capital. Please go ahead.
Yeah. A couple of questions from my side. Firstly, Pavitra, of the 12 million sq ft launches that are planned, just a clarification, is this for remainder of FY 2027 or for rolling four quarters? Secondly, can you provide some color on quarter wise timings for these launches? Is there a risk for slippage here due to approval lag delays or any other reasons? Because in Q1 you were targeting 1.5 million sq ft of launches which didn't come through. Does the 3 million sq ft in Chennai also include Brigade Morgan Heights?
Yeah. Hi, Karan. The 12.36 million sq ft that we mentioned is a rolling four quarters. Yes, there is a slip over into Q1 of next financial year. For the remaining three quarters of this financial year, we are looking at 9.36 million sq ft in FY 2027 and there is a 3 million sq ft that will move into Q1 FY 2028. The launches in Q1 was partially because of Brigade Morgan Heights itself. We were planning to relaunch the project based on all the favorable movements that had happened in Q4. But since then, as mentioned in the opening remarks, we have not been able to get that clarity. Hence, we have removed Brigade Morgan Heights from any of the launch numbers that we have previously communicated, and it is not part of the 3 million sq ft to Chennai as well for the next four quarters.
Q2, we are hoping to launch around 2.36 million sq ft and therefore the remaining seven for the financial year will come in H2. There is always that risk of approvals coming in on time, but this is what we are going for. 2.36 in Q2, the remaining seven in H2, and another 3 million in Q1 FY 2028. None of that will include Brigade Morgan Heights.
Sure. Just as a follow-up with Q1 sales at INR 1,050 crores and your guidance of about INR 9,000 crores, how should we think about sales velocity? Is the expectation that volumes will accelerate from here with upcoming launches or should we expect pricing mix to remain significant part of the pre-sales growth?
We do expect more sales velocity associated with the launches. Since we are expecting those launches to come starting from Q2 itself, the run rate per quarter will definitely be increasing.
My second question to you, Nirupa. If you look at slide 29, you launched around 4 million sq ft of commercial properties across Bangalore and Hyderabad. Given the amount of CapEx still to be deployed across the commercial pipeline, can you give some visibility on the leasing timelines, occupancy at completion and when these projects will start becoming meaningful contributors to the rental EBITDA? As a follow-up with all the expansion plans on the leasing front, what does steady state revenue and EBITDA look like and by which year?
Hi, Karan. Thank you for that. The properties that were launched, about 4 million that we've launched in Q1 will take some time to come over the next two to three years. If I look at how the launches are coming to the market, we can expect about 2.5 million or so to come into the market by FY 2028. As of now for FY 2027 we have about 3.89 million ongoing, of which 2.85 is Brigade share and we still have some of it in the sale and in the leasing portfolio. As I was saying, for FY 2027 we have about 3.8 million ongoing of which 2.85 is Brigade share. In 2028 we can expect about 2.86 million to come into the market. In 2029 maybe some smaller properties so about 650,000 and the bulk of it will come in FY 2030.
Almost 6 million sq ft will come in FY 2030. We do have some runway to lease these assets. Typically, we would like to lease assets within the first six to eight quarters of getting the OC. That's typically what we would take. The spend of course for these CapEx items will be over the next four to five years. In terms of the revenue, in FY 2026 we had a total commercial, just the office leasing at around INR 765 crores. I would say over the next five to six years we can expect a CAGR for the leasing revenue to increase by about 20%. That's how we see the portfolio growing. By FY 2032 I think we've mentioned numbers earlier.
Sure. Lastly on hotels, can you talk a bit about what are the near term trends that you're seeing in the hotels business and incrementally do you foresee occupancies or ARR as the primary driver of growth for FY 2027 and with Kochi Infopark Hotel now being rebranded to Courtyard by Marriott, what kind of improvements in occupancies as well as ARR do you anticipate over here?
Yeah. In terms of hospitality, we did see some impact of the West Asia crisis. While we increased our ADR by 7% compared to Q1 of FY 2026, and the occupancy increased by about 2% from 74.5% to 76%. We saw total revenue increase of about 9%, but we did see a hit on the F&B aspect of it. While we managed to increase our EBITDA by 9%, we managed to increase our PAT by 140% from INR 7 crore to INR 17 crore. We did see some loss of business. When we tracked that business, we saw almost a 10% reduction in business just because of the West Asia crisis. This was due to cancellation or postponement of a lot of events that were supposed to have taken place in the city. We think that this business will come back a lot stronger in H2 of this fiscal year.
We are able to increase our ADR. What we did from a strategic perspective is because we anticipated the reduction of foreign travel. We managed to displace a lot of the foreign travel business with domestic business. But some of the larger MICE businesses could not be replicated. We do not see any major cause of concern. This quarter is actually quite encouraging and we are seeing some good bounce back of MICE, like I said, in the third quarter. Hopefully it is not a huge cause of concern. But like I said, there was some impact in Q1. I do see the ability to keep the rates quite-
Sorry to interrupt, ma'am. You are not audible.
Hi. Am I audible?
Yes, ma'am, you are audible now.
When you last, we will continue. What I was saying was that while we saw some impact in Q1, we expect a lot of that business to bounce back in Q3 of this fiscal year. In terms of Four Points by Sheraton in Kochi, yes, we rebranded it. We saw a blip in terms of the occupancy in the first quarter of rebranding. I think two reasons for that, because we displaced some of the crew business. There was a rebranding, so the systems had to identify a new hotel in place. But the bounce back in Q2 has been quite good. Our occupancies are back to the 70s, I would say. Because of the rebranding, we can expect at least a 15%-20% increase in ADR.
Great. That was very helpful. Thank you.
Thank you.
Thank you. Participants who ask a question, you may press star and one. Ladies and gentlemen, anyone who wishes to join the question queue, you may press star and one on your touchtone telephone. Next question is from the line of Pritesh Sheth from Axis Capital. Please go ahead.
Yeah. Thanks for the opportunity. Two, three questions. Firstly, in terms of the H2 launches, I think you had two larger launches this year scheduled for Q4. One is Brigade Neopolis 2.0 and the Whitefield-Hoskote launch, which you are planning again in Q4. So does timeline still remains Q4 or has there been some advancements there? That's my first question. Second on the leasing status for World Trade Center Bangalore. We did see some 30,000 sq ft out of leasing this quarter but how should one think about getting back to normal occupancy there?
Yeah. On the residential launches, the Hyderabad launch, we are planning to advance that. I think it's looking quite likely to come much earlier than Q4. Definitely Q3, if not sooner. The Whitefield Hosapete launch as well is looking like a Q3 launch for Bangalore.
Great. Good to know that. On the leasing part, World Trade Center Bangalore.
Yes. On the leasing side, of course, World Trade Center is a building that's about 1.13 million sq ft. Brigade has about 7.19 million sq ft of that. We have leased about 50% of that space. What we have left is about 375,000 sq ft of space. While we were expecting one or two large clients to come in and take up this space, what we have realized is as the client that was existing there left, we were also hit by the West Asia crisis. That has delayed some of the larger companies making large demands. A lot of the RFPs that we saw for 2 lakh sq ft, 1 lakh sq ft kind of disappeared or have been postponed. What we are having to do now is to do smaller leases of 20,000 sq ft or a floor rise of 40,000 sq ft.
This is how I think we will have to continue with the leasing because that's the kind of demand that we are getting right now. We are taking whatever business we get. The good news is that we're able to increase our rentals, so we are able to get that mark-to-market increase of at least 10%- 15%. We believe that there is strong demand, and the idea is to close out the leasing in the next three to four quarters.
Sure. Just a couple of more. Again, on the residential side, I think we have two, three larger projects in Bangalore, which are obviously not part of the current 12 months launch pipeline. Just want to know the status of that. First is the Brigade Cornerstone Utopia 2. Then we have a 75-acre land parcel at Devanahalli, and we have one large land parcel at Kengeri in Bangalore. If you can just provide the status of that in terms of when should one expect launches. Would it be next year or it might still take time for those to get unlocked? Yeah.
On the phase two of Brigade Utopia, that is something that's positive movement, and we will look at launching that hopefully in Q1 of next financial year. Although those numbers are not mentioned in the rolling fourth quarter projection that I gave, it's something that we're trying to work towards. When we have much further clarity in terms of approvals, we'll start incorporating those numbers. The second one that you mentioned was our 75-acre parcel Karnataka Industrial Areas Development Board allotment. The residential component of that is substantially smaller than what we had previously thought because of changes in the bylaws. That will come in later in this financial year.
But the component is much smaller. It's only around 3 lakh- 4 lakh sq ft that we're looking at. Finally, on the Kengeri land parcel. This is not in a position to be launched as yet. There is some ongoing litigation there.
The landowner is dealing with that piece, and we will eventually bring that to the portfolio. But right now, that is not forming part of any of the earlier numbers that I mentioned.
Sure. Got it. One last on the 4 million sq ft that we've launched this quarter on the commercial side, what would be the rental potential, and are we all going to hold those assets in our balance sheet, or we are trying to sell some of those?
Yeah. In terms of our launches, we've launched Brigade HRC Atrium. That's still a while away, so we need to see what the rentals will be like closer to the launch of that. But then we have an industrial block. Then we have Brigade United and Cauvery and the Orion Mall at Hyderabad. All of these we plan to hold, and none of these are for sale. In terms of the rentals that we can expect to get, I think we'll have to wait closer to the market and when they are launched. Maybe at least one year before that they launch, and then we can share those details.
Sure. Okay. That is from my side then. All the best. Thank you.
Thank you. Participants, if you wish to join the question queue, you may press star and one. Ladies and gentlemen, to ask a question, you may press star and one on your touchtone telephone. Next question is from the line of Abhishek from Kotak Securities. Please go ahead.
I just had one question. Of the 2.4 million sq ft of launches that you have for FY 2025, could you give us the list or name of the projects for us to track?
In terms of the Q2 launches, there is a project in Hyderabad, that is the Brigade Neopolis 2.0 project. There is a project in Mysore called Mitre Greens, which is already launched. And there is a very small project in our Brigade Meadows township. It is a senior living project or a senior-friendly project that we are waiting on the RERA for that as well.
How large is the Brigade Neopolis project in Hyderabad?
The Neopolis project is-
The-
That is about 2 million sq ft.
Okay. Just to confirm, is this likely to come in the next few days, or could we be hitting the end of the quarter for this one? If you have some sense on the timelines for that one, some clarity maybe.
It is this quarter. We are in the final stages of the approvals. We are working on bringing that within this Q2 itself.
Got it. One more clarification. When you say 12 million sq ft of launches for the next four quarters, and then you also give a land bank of about 56, 57 million sq ft. I just wanted to confirm, is there any other development potential that you own, or is this the sum total of all of your development potential that is there on Brigade's balance sheet as things stand today? Does that include all of the DD that you've ever done?
Whatever we are mentioning in the land bank is the entire development potential of the company, and we've given the detail in terms of market as well as segment in our investor presentation.
The planned launches are also part of that, just to confirm, the 20 million sq ft?
They're part of that.
Okay. The third and the-
What happens is-
Okay, thank you.
Sorry. The way we do it is whatever is in the launch pipeline, we are communicating it is in the pipeline. As soon as we have RERA and launch or declare the launch from a commercial standpoint, we remove it from the land bank. The land bank keeps their reductions based on what gets launched, and there are additions based on DD.
Got it. So till the time it is not launched, it is part of the land bank. Once you launch it will move to the ongoing projects. Is that right?
Correct. Yeah, that is right.
Sure. One final clarification. The reported financials for Brigade Hotel Ventures and what you report in the presentation for Brigade Enterprises, there is a small difference. Not very material, but there is still a difference. Could you just highlight what is the difference between that 5%-7% in terms of the revenue as well as the subsequent numbers? Is there anything that is not a part of Brigade Hotel Ventures that is there in the main entity?
Yes, Abhishek, that is correct. There are certain clubs which are run under an entity which is BHSL or Brigade Hospitality Services Limited, which is a subsidiary of BEL. So that is part of hospitality segment. But from an entity perspective is a BEL.
It's not in BHSL.
Correct.
All right. That's all from my end. Thank you.
Thank you. Before we move to the next question, a reminder to the participants to ask a question you may press star and one. Next question is from the line of Parvez Qazi from Nuvama. Please go ahead.
Hi, good afternoon and thanks for taking my question. So the first question is in our upcoming launch pipeline, 4 million sq ft commercial projects. Would it be possible to get a geographical split of this? In terms of city wise.
Yeah. I can give you the geographical split. If I look at it wise for deep, since we have quite. You mean only for Q1?
No, I am talking about the 4 million sq ft upcoming projects.
Yeah.
4.03 million sq ft commercial.
Yeah.
What would be a citywide split?
Bengaluru will be 57% and Hyderabad is 43%.
Sure. Sure. Thank you. That is it from my side.
Thank you. Next question is from the line of Harsh Pathak from Motilal Oswal. Please go ahead.
Yes. Hi, good afternoon, and thanks for taking my question. My first question is on slide number 12. You have given the estimated sales value of unsold units, it is around INR 8,950 crore. Does this involve any inventory from the Brigade Morgan Heights project?
Yeah. Hi, this is Pradyumna Krishna Kumar here. Currently, yes, it does include Brigade Morgan Heights. But in the next quarter's presentation, if the issue has not been addressed, we will remove it.
Sure. I assume that would be around
Yeah. The impact of that is about 0.7 million sq ft is Brigade Morgan Heights. Out of the 6.7 million sq ft that is shown as unsold.
Okay. Maybe the activatable value would be around INR 700 crore-INR 800 crore?
INR 650 crores is the attributable value, yeah.
INR 650 crores. Understood. Last quarter we mentioned that we are planning to launch around 11.5 million sq ft this year. The updated number I think is around 9.3. How do we see the shortfall? I understand 1 million sq ft might be Brigade Morgan Heights, but where would be the additional shortfall?
Primarily the shortfall is as you rightly write, from Brigade Morgan Heights. We have reduced a little more than 1 million sq ft from there.
Understood. Another 1 million sq ft?
The other 1 million sq ft is the way in which we represent some of our launches. What we are including in our launch pipeline is for the sales phasing. I think last year some of the projects we included the entire we would get as opposed to what we will actually do in terms of a sales phasing. That has been fine-tuned for FY 2027 and that is where we saw 1 million sq ft also change.
Understood. But we still maintain our pre-sales guidance of INR 9,000?
Yes.
For the year? Understood. And final question on the P&L recognition front. This quarter we have seen a higher margin revenue recognition on the residential bit. How should we look at the full year? What is the margin profile of projects getting recognized? How should we see the entire FY 2027 and 2028 as whole?
I mean from conversations last year also we were kind of highlighting that our last year margin muted was primarily because of the impact of the projects which were coming up for revenue recognition at a lower margin profile with that pedigree of three or four years back sold ones inventory. Given that is gone through improvement is seen effective first quarter itself. The operating impact of 5%-6% in improvement in contribution margin itself will mostly be retained right through the year. But obviously it will again depend on the mix as and when the revenue recognition comes through. But the improvement should be seen and GA mentioned that we would get into 20s while we were towards late or late teens towards the end of the financial year. Right.
Okay, sure. Thanks a lot for taking my questions.
Thank you.
Hi. I just wanted to make a clarification to Parvez Qazi's question. The numbers that I had given was for the launch for the commercial project launches for Q1 FY 2027, where it was 57% of the 4 million in Bangalore and 43% in Hyderabad. But I think the question was on the upcoming launches in the next four quarters, which is also around 4.03 million. There, 2.6 million sq ft will be in Bangalore, which is about 65%. We have a smaller bit in Kochi, about 4%, which is about 200,000 square feet. And the balance 1.3 million sq ft will be in Chennai. So about 31% for Chennai. Just wanted to make that clarification.
Thank you, ma'am. Participants, if you wish to ask a question, you may press star and one. Ladies and gentlemen, if you wish to ask a question, you may press star and one on your touchtone telephone. We have our next follow-up question from the line of Parvez Qazi from Nuvama. Please go ahead.
Hi. Thanks for taking my follow-up question. I just wanted to reconfirm of the 9 odd million sq ft that we are looking to launch in the rest of FY 2027. The GDV is around INR 13 odd thousand crore. Or is that number for the entire 12.2 million sq ft launch right now?
The INR 10,000 or INR 13,400 crore GDV, that is 12.36 million sq ft. So 9.36, you can take around INR 10,000 crore GDV.
Sure. Thanks and all the best.
Thank you.
Thank you. Next question is from the line of Sourabh Gilda from JM Financial. Please go ahead.
Yeah. Hi, thank you for taking my question. I just have one question on the CapEx commitment slide. I just wanted to understand when you say the estimated cost for all these projects, what is included except for the construction cost? Because when I look at the per square feet number, it gives a varied range of INR 4,000- INR 10,000 per sq ft. I understand the cost is also a function of the height that you are building, but I just wanted to get a sense. Is it just purely construction cost or anything else is loaded on this?
It is a cost of the entire construction itself. It does not include land cost, which you would have incurred earlier.
Okay. So this is just the construction cost.
Yeah, all costs excluding the land cost.
Okay. Got it. Thanks.
Thank you. Ladies and gentlemen, as there are no further questions from the participants, I now hand the conference over to Ms. Nirupa Shankar, Joint Managing Director, for closing comments.
Thank you. Before we wrap up, we would like to highlight a few achievements beyond this quarter's financial performance. Through the Brigade Foundation, our CSR arm, we renovated the 105-year-old Vishwavidyala Vidya School in Chikmagalur, Karnataka. The project reflects Brigade's commitment to strengthening rural education infrastructure and creating better learning environments for students. Brigade participated in the BDA-led tree plantation drive organized in association with CREDAI Bengaluru, which earned a Guinness World Record with nearly 15 lakh saplings planted across the city in 24 hours. As part of our net zero 2045 journey, we continue to support urban greening and biodiversity initiatives, having planted over 2 lakh trees to date across our projects. The Indian Music Experience Museum in J.P. Nagar completed seven years in July. To commemorate this occasion, the legendary L.
L. Subramaniam took the stage for a special anniversary concert alongside an ensemble of musicians. He also donated his violin and one of his handwritten musical compositions to the museum's permanent collection. As part of The Brigade Schools' Passion with Compassion initiative, SprintFest 2026 brought together more than 3,000 participants of runners, including 25 visually impaired participants. The initiative goes beyond promoting health and fitness, with 100% of the proceeds supporting educational facilities for underprivileged children and providing critical medical care to marginalized communities. We also received a few noteworthy recognitions. Our chairman received the Nadaprabhu Kempegowda Award 2026 from the BBMP, commemorating the 517th birth anniversary of Bengaluru's founder, Nadaprabhu Sri Kempegowda. Pavitra and I were recognized among Fortune 100's 100 Most Powerful Women in India for the second consecutive year.
I was honored to be recognized as Hospitality Visionary of the Year at the EazyDiner Foodie Awards 2026 Bangalore edition. Brigade Foundation received a special recognition at the FKCCI Global CSR and Sustainability Summit 2026 for its work on the St. John's Medical College Hospital and Brigade Meadows. Brigade Hospitality Services Limited ranked fourth amongst India's Great Mid-Sized Workplaces 2026 by Great Place to Work India. With that, we wrap up our Q1 earnings call. Thank you all for joining.
Thank you, ma'am. On behalf of Brigade Enterprises Limited, that concludes this conference. Thank you all for joining us. You may now disconnect your lines.