Target: ₹1,250

CMP: ₹963.90

In 9M-FY24, pre-sales jumped 44 per cent y-o-y to ₹3,770 crore (90 per cent of FY23 presales). This growth was driven by strong sustained sales, with new launches contributing 50% to the overall pre-sales value in 3Q-FY24 and 44 per cent in 9M-FY24. Despite moderation in new launches in 4Q, BRGD is on track to deliver ₹5,300 crore in pre-sales for FY24, up 28 per cent y-o-y. This translates into a CAGR of 24 per cent in bookings over FY21-24.

While Bengaluru has been the focal point of the strong performance, BRGD has significantly expanded its footprint in Chennai and Hyderabad. Of the 16 msf acquired since FY23, 13 msf were into these two markets.

Overall, the company has ₹19,000 crore worth of project pipeline in Chennai and Hyderabad and is planning to launch INR60b (5msf) worth of projects in these markets over the next 12 months (including the Kokapet and Mount road projects).

On the back of planned launches of 11msf over the next four quarters and a strong overall project pipeline of over 43msf, we expect BEL’s bookings to rise to ₹8,400 crore by FY26, implying a CAGR of 26 per cent over FY24-26 with ₹2,500-3,000 crore stemming from these two new markets.

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