1. BHVL - 3,300 keys by FY31 On track - At the Q1 FY27 call, management said BHVL had a 1,700-key development pipeline, targeting 3,300 keys by FY31. As of Q1 FY27 the 1,700-key pipeline was active; the FY31 horizon has not yet been reached.
2. Morgan Heights Phase 1 relaunch - Q1 FY27 Missed - At the Q4 FY26 call, management planned the Morgan Heights Phase 1 (0.1 crore sq ft) relaunch in Q1 FY27. In Q1 FY27 SEIAA revoked the environmental clearance, the relaunch did not occur, the project was removed from launch numbers and affected homebuyers were refunded.
3. FY27 residential launch pipeline - 1.16 crore sq ft On track - At the Q4 FY26 call, management guided an FY27 residential launch pipeline of 1.16 crore square feet with GDV of INR 11,900 crores. In Q1 FY27 no new launches happened; guidance was revised to \~0.93 crore sq ft with a 4-quarter pipeline of 1.64 crore sq ft, 1.24 crore residential with GDV \~INR 13,400 crores.
4. FY27 presales - at least 20% growth, INR 9,000 crores On track - At the Q4 FY26 call, management guided FY27 presales of "at least 20% growth on our FY26 numbers and aiming for INR 9,000 crores". Q1 FY27 presales were INR 1,061 crores, 5% lower than Q1 FY26, but management remained on track for the INR 9,000 crores target.
5. FY26 presales growth - 15% to 20% Missed - At the Q4 FY25 call, management guided FY26 presales growth of 15% to 20% year-over-year. By Q2 FY26 the \~INR 9,000 crores target "may not be met" and by Q3 FY26 the 15% growth target "seems aggressive"; FY26 presales closed at INR 7,424 crores, 5% lower than FY25.
6. FY26 launch pipeline - 1.6 crore sq ft Missed - At the Q4 FY25 call, management stated a robust pipeline of about 1.6 crore square feet of developments across residential, commercial and hospitality for FY26. By Q3 FY26 less than 0.45 crore sq ft had been launched in 9M FY26 and management said "we will not meet that for the fiscal year for residential"; FY26 closed with 0.83 crore sq ft of new launches.
7. Office rentals FY25 - \~INR 700 crores Delivered - At the Q4 FY24 call, management expected office rentals of \~INR 600-odd crores in FY24 to increase by about 16% in FY25, hitting about INR 700 crores by end of FY25. FY25 leasing revenue came in at INR 1,165 crores, far exceeding the INR 700 crores office rental target.
8. FY25 presales growth - 30% Delivered - At the Q4 FY24 call, management expected 30% growth in sales bookings for FY25. FY25 presales value reached INR 7,847 crores, up 31% over FY24, meeting the 30% target.
9. FY25 launch pipeline - 1.26 crore sq ft Delivered - At the Q4 FY24 call, management had a pipeline of 1.26 crore square feet of new residential launches lined up for FY25, later refined to about 1.05 crore sq ft with GDV INR 10,000-12,000 crores. FY25 closed with 1.15 crore sq ft launched at GDV of INR 13,500 crores, of which 0.95 crore was residential.
10. No residential debt - as long as cycle continues Delivered - At the Q1 FY24 call, the Chairman said the company did not intend to take any debt on the residential part as long as the cycle continues. Zero residential debt was reported in Q1 FY24, Q2 FY25, Q4 FY25 and again in Q2 FY26, maintained for the last two years.
11. Sales volume growth - 0.65 to 1 crore sq ft On track - At the Q1 FY24 call, the Chairman said the intention was to grow overall sales volume from 0.65 crore sq ft to 1 crore sq ft, with roughly 40-50% from Chennai and Hyderabad combined, later clarified as an FY27 run rate. FY24 sales were 0.76 crore sq ft, FY25 presales 0.71 crore, FY26 presales 0.61 crore and Q1 FY27 presales 0.07 crore sq ft; the FY27 horizon is not yet reached.
12. Hyderabad Kokapet land payment - INR 700 crores in 90 days Delivered - At the Q1 FY24 call, the CFO said INR 700 crores would definitely be paid in 90 days. In Q2 FY24 the Hyderabad auction land was fully paid, with about INR 227 crores paid in the first week of October, one month ahead of schedule.
13. FY24 residential launches - 0.79 crore sq ft Partial - At the Q1 FY24 call, management planned 0.79 crore square feet of residential launches in the next three to four quarters, later revised to 1.1 crore sq ft over 4 quarters with 0.65 crore before end of FY24. FY24 closed with \~0.6 crore sq ft launched, and the trailing four quarters totalled 0.5 crore sq ft.
14. No further equity dilution - medium or long term Missed - At the Q2 FY23 call, management said no further equity dilution was planned in the medium or long term ("No"). By Q3 FY24 a capital raise of INR 1,500 crores mixing equity and debt was planned, and a QIP of Rs. 1,500 crores was completed in Q2 FY25, oversubscribed 10x.
15. Hotel portfolio EBITDA potential - Rs. 175-200 crores Delivered - At the Q2 FY23 call, management said hotel portfolio EBITDA potential was Rs. 175-200 crores going forward once all hotels stabilize, "a couple of years out". Hospitality EBITDA was Rs. 168.4 crores in FY24 and Rs. 207 crores in FY26 - an 11% growth over FY25, implying roughly Rs. 186 crores that year - with FY26 exceeding the range.
16. Leasing EBITDA margin - iron out at 75% Partial - At the Q2 FY23 call, management expected leasing EBITDA margin to "iron out at 75%" over the quarter. Leasing EBITDA reached 75% in Q1 FY24 but otherwise fluctuated between 59% (Q4 FY25) and 74%, standing at 70% in Q1 FY27.
17. Land bank - 4.5-5 crore sq ft saleable area over 5-year lookout On track - At the Q2 FY23 call, management said land bank backed by \~Rs. 1,000 crores of remaining dues corresponded to \~4.5-5 crore sq ft saleable area and Rs. 3,000 crores-plus GDV, to be launched over a \~5-year lookout. By Q4 FY26 the land bank stood at 5.7 crore sq ft, \~75% residential, and \~5.6-5.7 crore sq ft in Q1 FY27.
18. Rolling four-quarter launch outlook - 1.5 crore sq ft Missed - At the Q2 FY23 call, management raised the rolling four-quarter launch outlook to 1.5 crore sq ft total (1.3 crore residential + 0.2 crore commercial), later trimmed to 0.9 crore sq ft. By Q1 FY24, the last four quarters' actual launches totalled only 0.5 crore sq ft.
19. Mount Road launch - Q4 FY23 Partial - At the Q2 FY23 call, management targeted the Mount Road, Chennai launch in Q4 FY23, with subsequent calls pointing to Q4 FY24, then Q1 FY25. RERA was received for the Brigade Icon project in Q1 FY25 and the project was taken to market in July.
20. Office portfolio - financial partners at project level Delivered - At the Q1 FY23 call, management said the office portfolio was seeking financial partners at project level, ideally at greenfield stage. By Q4 FY26 a 50-50 JV with Bain Capital for a \~0.2 crore sq ft mixed-use Whitefield project was in place, announced as a strategic partnership in Q1 FY27.
21. Hospitality monetization - stake sale in entire portfolio Delivered - At the Q1 FY23 call, management said any hospitality divestment would be a stake sale in the entire hotel portfolio, not cherry-picking. After preliminary partner discussions, BHVL filed its DRHP in Q2 FY25 and listed on NSE/BSE via IPO in July 2025.
22. Hyderabad land acquisition - 0.15 crore sq ft Delivered - At the Q1 FY23 call, management said the Hyderabad 0.15 crore sq ft land acquisition was work in progress but explicitly declined to commit. In Q1 FY24 Brigade won the bid for a 9.7-acre Neopolis Phase 2 parcel at Kokapet with \~0.35 crore sq ft development potential, fully paid by Q2 FY24.
23. Net debt expected to come down Delivered - At the Q1 FY23 call, management said net debt was expected to come down, not go up, despite Rs. 1,000 crores of land payments. Net debt fell from Rs. 2,406 crores in Q1 FY23 to Rs. 367 crores by Q3 FY25, before rising to Rs. 2,218 crores by Q1 FY27 on commercial capex.
24. Hospitality EBITDA - 15-20% higher than pre-COVID FY20 Delivered - At the Q4 FY22 call, management hoped to cross pre-COVID FY20 levels and get EBITDA at least 15-20% higher than pre-COVID FY20. Hospitality AGOP ran at 143% of pre-COVID by Q2 FY23, and FY23 hospitality EBITDA reached Rs. 394 crores, up 120%.
25. Business development - 1 to 1.5 crore sq ft new land in FY23 Delivered - At the Q4 FY22 call, management said the team was working towards signing 1 to 1.5 crore square feet of new land in FY23. FY23 land additions totalled 0.87 crore square feet at INR 5,000 crores GDV, and \~2.3 crore square feet of developable space was signed over the trailing year to Q1 FY24.
26. Land balance payable - TVS Chennai payment by Q3 FY23 Partial - At the Q4 FY22 call, management said the TVS Chennai payment of \~Rs. 500 crores would be completed in Q3 FY23. About Rs. 100 crores had been paid towards Mount Road land by Q2 FY23, and the INR 480 crores TVS land payment was made in Q4 FY23, one quarter later than targeted.
27. FY23 sales value - Rs. 4,000 crores aspirational Delivered - At the Q4 FY22 call, management said average realization could go up to Rs. 6,900-7,000, in which case FY23 sales could reach Rs. 4,000 crores, aspirational, later framed as Rs. 3,500-4,000 crores. FY23 residential sales value was INR 3,908 crores, with total new sales including commercial at INR 4,109 crores.
28. FY23 residential sales volume growth - 20%+ Delivered - At the Q4 FY22 call, management aimed for 20%+ growth in residential sales volume in FY23. FY23 residential sales reached 0.61 crore sq ft, growth of 31% in area over FY22, exceeding the target.
29. FY23 launch pipeline - 0.8 crore sq ft residential Partial - At the Q4 FY22 call, management expected to launch about 0.8 crore square feet of residential business in FY23, later framed as \~1 crore sq ft total with 0.8 crore residential. FY23 closed with 0.63 crore sq ft of residential sales launched, and trailing four-quarter launches of 0.5 crore sq ft by Q1 FY24.
30. Hospitality cash positive after interest - 4-5 quarters Delivered - At the Q2 FY22 call, management expected the hospitality business to be cash positive after interest expenses in four to five quarters. By Q1 FY23 the hospitality vertical was cash positive after depreciation and interest, within the stated window.
31. Unsold inventory - 0.68 crore sq ft sold over six quarters Partial - At the Q2 FY22 call, management said unsold inventory of \~0.68 crore sq ft would be sold over approximately six quarters. Inventory fell to \~0.58 crore sq ft by Q3 FY22, the lowest in 5 to 6 years, but then fluctuated between 0.4 and 0.75 crore sq ft through FY26.
32. Residential growth - 20-25% annualized for next 2-3 years Partial - At the Q2 FY22 call, management reaffirmed \~20-25% annualized residential growth for the next two to three years, first flagged at the Q1 FY22 call as 20% to 25%, maybe 30%. Growth was 31% in FY23 and 31% in FY25 presales value, but 9% in FY22 and -5% in FY26.
33. Leasing segment revenue - Rs. 550-600 crores by end of 2023 Delivered - At the Q2 FY22 call, the CFO guided leasing segment revenue in the range of 550 to 600 crores by end of 2023. Leasing segment revenue reached Rs. 768 crores in FY23 and Rs. 937.7 crores in FY24, exceeding the guided range.
34. Residential EBITDA margin - 22% to 24% going ahead Partial - At the Q2 FY22 call, the CFO guided residential EBITDA margin in the range of 22% to 24% going ahead, later framed as 23% to 24% sustainable and 20-25% going forward. Real Estate segment PBIT margin ran 14.55% in FY23, 14.15% in FY24, 19.10% in FY25 and 14.11% in FY26, with Q1 FY27 EBITDA margin at 21%.
35. FY22 residential sales - better than last year's 0.44 crore sq ft Delivered - At the Q2 FY22 call, management expected FY22 sales to be better than last year's 0.44 crore sq ft. FY22 net new bookings came in at 0.47 crore sq ft, above the prior year.
36. Hospitality to reach pre-COVID levels Delivered - At the Q3 FY21 call, management expected hospitality to reach pre-COVID levels in due course depending on vaccination program success. By March FY22 occupancy reached pre-COVID levels at \~64% with ARR at 78% of pre-COVID, and by Q2 FY23 occupancy was at 103% of pre-COVID with AGOP at 143%.
37. No expansion beyond Vindhyas - focus on Bangalore, Chennai, Hyderabad Delivered - At the Q3 FY21 call, management had no plans to go beyond the Vindhyas other than Gift City, with focus markets remaining Bangalore, Chennai and Hyderabad. Expansion outside South India stayed at the exploratory stage through Q1 FY27, with the call deferred from FY26 onward.
38. Retail rental waivers end March FY21 Partial - At the Q3 FY21 call, management said all retail rental waivers were effective only till March of that fiscal year, with April back to normal run rate per lease agreements. By Q3 FY22, 85% of retailers had no COVID rental relief and by Q4 FY22 none for larger malls, but FY22 retail rentals were still expected at only \~65% of FY2020.
39. No strata sale of Twin Towers - FY22 and next 12 months Delivered - At the Q3 FY21 call, management said no strata sale of Twin Towers would be considered at least in that financial year and the next 12 months. No strata sale occurred during that window; Tower B was converted from rental to outright sale only in Q4 FY24, with plans to sell the project by Q4 FY26.
40. Mall occupancy back to pre-COVID levels - six months Partial - At the Q3 FY21 call, management said mall occupancy would be back to pre-COVID levels in six months' time ("Certainly"). Occupancy recovered to around 85% by Q1 FY22 and over 85% across all three malls by Q2 FY22, reaching a combined 91% by Q1 FY24.
41. Average cost of debt - further reduction of 10-15 bps Delivered - At the Q3 FY21 call, management expected the average cost of debt to further reduce by 10 to 15 bps going forward from 9%. Cost of debt fell to 8.40% by Q4 FY21 and 7.65% by Q4 FY22, well beyond the 10-15 bps target.
42. Real estate debt - quarter-on-quarter reduction Delivered - At the Q3 FY21 call, management targeted quarter-on-quarter reduction in real estate debt. Real estate debt fell by Rs. 195 crores in FY21, 45% during FY22 to Rs. 272 crores and 83% to Rs. 46 crores by Q4 FY23, with zero residential debt in BEL stand-alone.
43. EBITDA margin - 26% to 30% going forward Partial - At the Q3 FY21 call, management guided EBITDA margin going forward in the range of 26% to 30%, with ±2% variation. OPM held at 27% in FY22 and 28% in FY25 and reached 32% in Q1 FY27, but came in at 25% in FY23, 24% in FY24 and 25% in FY26.
44. Hospitality breakeven - 30%+ occupancy at ARR Rs. 3,500-4,000 Delivered - At the Q2 FY21 call, management said achieving 30% plus occupancy at an ARR of about Rs. 3,500 to 4,000 would be sufficient for hospitality portfolio breakeven. The 8 hotels broke even operationally by Q4 FY21, and all eight were GOP positive by Q2 FY22.
45. Office leasing - remaining inventory transacted within 2-3 quarters Partial - At the Q2 FY21 call, management was confident of transacting the remaining office inventories at BTG and WTC Chennai, \~0.14 crore sq ft under discussion, within the next two to three quarters, later extended to \~95-100% occupancy in 12 months. BTG reached 100% occupancy by Q4 FY24 and the portfolio ran at 98% in FY25, but occupancy was 88% in Q1 FY27.
46. Retail rental normalization - 100% by March 2021 Missed - At the Q1 FY21 call, management said charging 100% rental in retail "will all take about March this year", increasing sequentially via revenue share. Q4 FY21 rent recovery was 96% versus Q4 FY20, and FY22 retail lease rental collections were still expected at only 70-75% of FY20 levels.
47. Twin Towers ready - end of 2022 Partial - At the Q1 FY21 call, management said Twin Towers (Brigade) will be ready "by you can say end of 2022 or so", later revised to completion by March 2024 and then Q1 FY25. Construction of the \~0.13 crore sq ft project was completed by Q1 FY25, awaiting OC, with about 46-50% sold by Q3 FY26.
48. Tech Gardens new rental commencement - Q3 FY21 Delivered - At the Q1 FY21 call, management said Tech Gardens new rental commencement "should also happen maybe in Q3". BTG lease rentals of around Rs. 22 crores were booked in Q2 FY21, rising to around Rs. 6.5 crores per month by Q3 FY21.
49. Chennai WTC rentals - start by January 2021 Partial - At the Q1 FY21 call, management expected Chennai (WTC) rentals to start mostly by 1st of January or middle of January, later pushed to end of March and then Q2 FY22 on a graded approach. Rentals started coming in during Q1 FY22, with Chennai contributing \~15-20 crores in the quarter and \~55 crores over H1 FY22.
50. Residential launches - 0.2 crore sq ft over next few quarters Delivered - At the Q1 FY21 call, management planned to launch another 0.2 crore sq ft of residential over the next few quarters in Hyderabad, Bangalore and Chennai, plus 0.05 crore sq ft of commercial in Bangalore, with the CFO adding 0.26 crore sq ft of further launches. Brigade Citadel (\~0.06 crore sq ft) launched in Q3 FY21, and FY21 total launches came close to 0.4 crore sq ft.