First question is from the line of Karan Khanna from AMBIT Capital.

A couple of questions from my side. Firstly, Pavitra, of the 10 million square feet launches that are planned, just a clarification, is this for remainder of FY27 or for rolling 4 quarters? And secondly, can you provide some color on quarter-wise timing s for these launches? Is there a risk of slippage here due to approval lag delays or any other reasons? Because even in Q1 you were targeting 1.5 million square feet of launches which didn't come th rough. And does that 3 million square feet in Chennai also include Morgan Heights?

Karan, so the 12.36 million square feet that we mentioned is for rolling 4 quarters. Yes, there is a slip over into Q1 of the next financial year. So for the remainin g 3 quarters of this financial year, we're looking at 9.36 million square feet in FY27. And there is a 3 million square feet that will move into Q1 FY28. The launches in Q1 was partially because of Morgan Heights itself. We were planning to relaunch the project based on all the favorable movements that had h appened in Q4. But since then, we were -- as mentioned in the opening remarks, we have not been able to get that clarity. Hence, we have removed Morgan Heights from any of the launch nu mbers that we have previously communicated, and it is not part of the 3 million square fee t in Chennai as well for the next 4 quarters. Q2 we are hoping to launch around 2.36 million square feet. And therefore, the remaining 7 million for the financial year will come in H2. There is always the risk of approvals not coming in on time, but this is what we're going for. 2.36 million in Q2, th e remaining 7 million in H2 and another 3 million in Q1 FY28. And none of that will include Morgan.

Sure. And just as a follow-up with Q1 sales at INR1,050 crores in yo ur guidance of about INR9,000 crores. How should we think about sales velocity? Is the expectatio n that volumes will accelerate from here with upcoming launches? Or should we expect pricin g mix to remain significant part of the presales growth?

My second question to you, Nirupa. And if you look at Slide 29, you launched around 4 million square feet of commercial properties across Bangalore and Hyderabad. G iven the amount of CapEx still to be deployed across the commercial pipeline, can yo u give some visibility on the leasing time lines, occupancy at completion and when these projects will sta rt becoming meaningful contributors to the rental EBITDA? And as a follow-up with all the expansion plans on the leasing front, what does steady state revenue and EBITDA look like and leverage here?

Karan, thank you for that. So the properties that were launched, ab out 4 million that we have launched in Q1 will take some time to come over the next 2 to 3 y ears. 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 FY28. As of now for F Y27, we have about 3.89 million ongoing, of which 2.85 million is Brigade share. And we still have some of it in the sale and in the leasing portfolio. So as I was saying, for FY27, we have about 3.8 million ongoing, of which 2.8 million is Brigade share. In '28, we can expect about 2.86 million to come into the market. In '29, smaller properties, so about 650,000 and the bulk of it will come in FY '30. So almost 6 million square feet will come in FY '30. So we do have some runway to lease these assets. Typically, we would like to lease assets within the first 6 to 8 quarters of them of getting the OC. That's typically is what we would take. In terms of construction yes, the spend, of course, for these CapEx items will be over the next 4 to 5 years. And in terms of the revenue, the way in FY26, we had a total commercial, just the office leasing at around INR765 crores. In FY 31 and I would say over the next 5 to 6 years, we can expect a CAGR for the leasing revenue to increase by about 20%, and that's how we see the portfo lio growing. By FY '32, I think we have mentioned some numbers earlier.

Sure. And then 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 occu pancies or ARR as the primary driver of growth for F Y27? And with Kochi Infopark Hotel now being rebranded to Courtyard by Marriott, what kind of improvements in occupancies as we ll as ARR do you anticipate over here?

Yes. In terms of hospitality, we did see some impact of the West Asia crisis. So w hile we increased our ADR by 7% compared to Q1 of F Y26 and the occupancy increased by about 2% from 74.5% to 76%. So we saw a total revenue increase of about 9% but we did see a hit on the F&B aspect of it. So while we managed to increase our EBITDA by 9%, we managed to increase our PAT by 140% from INR7 crores to INR17 crores. We did see some loss of business. When we track that business, we sa w almost 10% reduction in business just because of the West Asia crisis. This was due to cancellations or postponements of a lot of events that were supposeto have taken place in the city. We think that this business will come back a lot stronger in H2 of th is fiscal year. So we are able to increase our ADRs. 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 through domestic business, but some of the larger MICE businesses could not be replicated. We don't see any major cause of concern. This quarter is actually q uite encouraging, and we're seeing some good bounce back of MICE, like I said, in the third quarter. So hopefully, it's not a huge cause of concern. But like I said, there was some impact in Q1. I'm not seeing any -- I do see the ability to keep the rates quite...

Sorry to interrupt, ma'am, you are not audible.

Am I audible?

Yes, ma'am, you are audible now.

I am audible now. What did you hear last. I 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 2 reasons for that because we displaced some of the crew bu siness. There was rebranding, so the systems had to identify a new hotel in place. But we are expecting -- but the bounce back in Q2 has been quite good. Our occupancies are back to the 7 0s, I would say. And because of the rebranding, we can expect at least a 15% to 20% increase in ADR.

Next question is from the line of Pritesh Sheth from Axis Capital.

3 questions. Firstly, in terms of the H2 launches, I think we had 2 larger laun ches this year scheduled for Q4. One is Hyderabad Neopolis 2, and the Whitefield-Hoskote launch, which we are planning again in Q4. So the time line still remains Q4? Or has th ere been some advancements there? That's my first question. And second, on the leasing status for WTC Banga lore. We did see some 30,000 square feet out of leasing this quarter, but how should one thi nk about getting back to normal occupancy there?

Yes. 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. And the Whitefield Hoskote launch as well is looking like a Q3 launch for Bangalore.

Good to know. And on the leasing part WTC Bangalore?

Yes. On the leasing side, of course, WTC is a building that's about 1.13 m illion square feet. Brigade has about .71 million square feet of that. We have leased about 50% of that space. And what we have left is about 375,000 square feet of space. While we were expecting 1 or 2 large clients to come in and take up the space, what we have realized is the -- as the client that was existing there left, we were also hit by the West Asia crisis. So that has delayed some of the larger companies making large demand.

So a lot of the RFPs that we saw for 2 lakh square feet, 1 lakh squa re feet kind of disappeared or have been postponed. So what we are having to do now is to do smaller leases of 20,000 square feet or a floor size of 40,000 square feet. So 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. So we are taking whatever business we get. The good news is that we are able to increase our rentals. So we are able to get that mark- to- market increase of at least 10% to 15%. But we believe that there is strong demand, and the idea is to close out the leasing in the next 3 to 4 quarters.

Sure. Just a couple of more again, on the residential side. So I think we have 2, 3 larger projects in Bangalore, which are obviously not part of the current 12 months launch pipeline. So just want to know the status of that. First is the Cornerstone Utopia 2. Then have a 75-acre land parcel at Devanahalli and we have lar ge land parcel at Kengeri in Bangalore. So 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? Yes.

So on the Phase 2 of Utopia, that is something that's positive movem ent, and we will look at launching that hopefully in Q1 of next financial year. Although those numbers are not mentioned in the rolling 4-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 in corporating those numbers. The second one that you mentioned was our 75-acre parcel KIADB allotment. The residential component of that is substantially smaller than what we had previously thought because of changes in the bylaws. So that will come in later in this financial year, but the component is much smaller, only around 3 to 4 lakh square feet that we are looking at. And finally, on the Kengeri land parcel. This is not in a position t o be launched as yet. There is some ongoing litigation there. So the landowner is dealing with that piece, and we will eventually bring that to the portfolio. But right now, that is not forming pa rt of any of the earlier numbers that I mentioned.

Sure. Got it. And one last on the 4 million square feet that we 've launched this quarter on the commercial side, what would be the rental potential? And are we all going to held -- hold those assets in our balance sheet? Or we are planning to sell some of those?

Yes. So 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. So all of these we plan to hold and none of these are for sale. In term s of the rental that we can expect to get, I think we have to wait closer to the market and when they are launched, maybe at least 1 year before that they launch and then we can share those details.

I just had one question. Of the 2.4 million square feet of projects tha t you have for total, could you give us the list or name of the projects for us to track?

So in terms of the Q2 launches, it's -- there is a project in Hyderabad. That's the Neopolis 2 project. There is a project in Mysore called Misty Green, which is already laun ched. And there is a very small project in our Brigade Meadows township. It's just -- it's a senior living project or a senior-friendly project for which we're waiting on the RERA for that as well.

How large is the Neopolis project in Hyderabad? Is that...

The Neopolis proect it is about 2 million square feet.

Okay. And 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 th e time lines for that one, some clarity maybe?

It is this quarter. We are in the final stages of approval. So we are working on doing that within this Q2 itself.

Got it. One more clarification. When you say 12 million square feet of launches for the next 4 quarters and then you also give a land bank of about 56 million, 57 million square feet. I just wanted to confirm, is there any other development potential that you own? Or is this sum total of all of the development potential that is there on Brigade's balance sheet as things stand today? Does that include all of the BD that you've ever done?

Yes. So 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 seg ment in our investor presentation.

And the planned launches are also part of that? Just to confirm, the 12 million square feet?

Yes. Yes. They're part of that.

Okay. And the third how is it moved to ongoing

What happens, 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. So the land bank keeps -- there are reductions based on what gets launched and there are additions based on BD.

Got it. So till the time it's not launched, it's part of the land b ank. Once you launch it, it will move to the ongoing projects. Is that right?

Correct. Correct. Yes, that's right.

Sure. So one final clarification. The reported financials for Brigade Hotel Ventu res and what you report in the presentation for Brigade Enterprises, there's a small difference, not very material, but there is still a difference. Could you just highlight what is the d ifference 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's correct. So there are certain clubs which are run u nder an entity, which is BHSL, 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 BHVL? All right.

Next question is from the line of Parvez Qazi from Nuvama.

So the first question is in our upcoming launch pipeline, 4 million s quare feet commercial projects, would it be possible to get a geographical split of this -- in terms of city wise?

Yes. I can give you the geographical split. you mean only for Q1 projects?

No. I'm talking about the 4 million square feet upcoming projects, 4 .03 million square feet commercial, what would be a city wide split?/

Bangalore will be 57% and Hyderabad is 43%.

Next question is from the line of Harsh Pathak from Motilal Oswal.

So my first question is on Slide #12, you have given the estimated sales value of unsold units. It's around INR8,950 crores. Does this involve any inventory from the Morgan Heights project?

This is Pradyumna, 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. So I assume that would be around...

Yes, the impact of that is about 0.7 million square feet is Brigade Morgan Heights out of the 6.7 million square feet that is shown as unsold.

Okay. So maybe the attributable value would be around INR700 crores, INR800 crores?

INR650 crores is the attributable value. Yes.

INR650 crores. Understood. And last quarter, we mentioned that we are plannin g to launch around 11.5 million square feet this year. So the updated number, I think, is around 9.3 million. So how do we see the shortfall? I understand 1 million square feet might be Morgan Heights, but whe re would be the additional shortfall?

So primarily, the shortfall is, as you're likely right from Morgan Heights. So we have reduced a little more than 1 million square feet from there.

Understood. And another 1 million square feet?

So the 1 million square feet is the way in which we represent some o f 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 project we would get as approval to what we will actually do in terms of the sales phasing. So that has been fine-tuned for FY27, and that's where we saw 1 million square feet also change.

Understood. But we still maintain our presales guidance of INR9,000 crores?

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. So how should we look at the full year? what's the margin profile of projects getting recognized? How should we see the entire F Y27 and '28 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 comin g up for revenue recognition had a lower margin profile with that pedigree of 3 or 4 years back sold ones inventory. Given that's gone through improvement is seen effective first quarter itself. The operating impact of 5% to 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 we had mentioned that we would get into 20s while we were towards late teens towards the end of the financial year.

I just wanted to make a clarification to Parvez Qazi's question. So the nu mbers that I had given was for the launch -- for the commercial project launches for Q1 FY27, where it was 57% of the 4 million in Bangalore and 43% in Hyderabad. But I think the qu estion was on the upcoming launches in the next 4 quarters, which was also around 4.03 million. So there, 2.6 million square feet 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 square feet will be in Chennai, about 31% for Chennai. I just wanted to make that clarification.

So just wanted to reconfirm of the 9-odd million square feet that we are looking to launch in the rest of FY27, the GDV is around INR13,000-odd crores. Or is that number for the entire 12.2 million square feet launch pipeline?

The INR3,000 crores or INR13,400 crores GDV, that is 12.36 million square feet. So 9.36, you can say it's around INR10,000 crores GDV.

Next question is from the line of Sourabh Gilda from JM Financial.

I just have one question on the CapEx commitment slide. Just wanted to u nderstand 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 varie d range of INR4,000 to INR10,000 per square feet. I understand the cost is also a function of the height that you're building. But just wanted to get a sense, is it just purely construction c ost or anything else is loaded on this?

So it's the cost of the entire construction itself. It does not include the land cost which you would have incurred earlier.

So this is just the construction cost?

Yes, all costs, excluding the land cost.

Ladies and gentlemen, as there are no further questions from the partic ipants, I now hand the conference over to Ms. Nirupa Shankar, Joint Managing Director, for closing comments.

Thank you. Before we wrap up, we'd 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 creatin g better learning environment for students. Brigade participated in the BDA-led tree plantation drive organized in associatio n withCREDAI, Bangalore, 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 JP Nagar completed 7 years in J uly. To commemorate this occasion, the legendary 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 School's Passion with Compassion initiative, Sprin tfest 2026 brought together more than 3,000 participants of runners, including 25 visu ally 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 Rajya Award 2026 by the Government of Karnatakacomme morating the 517th

birth anniversary of Bengaluru's founder, Nadaprabhu, Sri. Kempegowda. Pavitra and I were recognized among Fortune 100's 100 Most Powe rful 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 Globa l CSR and Sustainability Summit 2026 for its work on the St. John's Medical College Hospital a t Brigade Meadows. Brigade Hospitality Services Limited ranked fourth amongst India's Great M id-sized Workplaces 2026 by Great Place to Work India. With that, we wrap up our Q1 earnings call. Thank you all for join ing.

Thank you, ma'am. On behalf of Brigade Enterprises Limited, that conclud es this conference. Thank you all for joining us, and you may now disconnect your lines. ****************************************** E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recordings uploaded on the stock exchanges on August 14, 2026 will prevail.