October 10, 2025
HDFCSec
HDFC Sec has released an “Initiating Coverage” report on Brigade Enterprises claiming that the value of operational assets is more than the market cap and that stock has a potential upside of 59%
HDFC Sec has released an “Initiating Coverage” report on Brigade Enterprises claiming that the value of operational assets is more than the market cap and that stock has a potential upside of 59%




Value of operational assets > Current Market Cap

Brigade Enterprises Ltd. (BRGD) is a South India based developer with operations concentrated primarily in Bengaluru along with other cities like Hyderabad, Mysore, Chennai and Kochi. The developer currently has ongoing projects of ~12msf and land bank of 24msf. Additionally, its ready portfolio of marquee rental and hospitality assets in Bengaluru makes BRGD an excellent proxy for a revival in the Bengaluru rental market over the next three years.

We initiate coverage on BRGD with a BUY recommendation and a TP of Rs 253/sh (CMP Rs 159/sh). Key upside triggers are addition of more land parcels through the 50:50 JV tie-up with GIC to cumulatively invest ~Rs 15bn (Rs 7.5bn each) across South India and value accretion from Rs 5bn of committed investment in GIFT City, Gujarat.

Leave a Reply

Your email address will not be published. Required fields are marked *