Interim report
Page 1
Ref: BEL/NSEBSE/BMD/29102025 29th October, 2025 Listing Department Department of Corporate Services – Listing National Stock Exchange of India Limited BSE Limited Exchange Plaza, P. J. Towers Bandra Kurla Complex, Bandra (East) Dalal Street, Mumbai – 400 051, Mumbai – 400 001 Re.: Scrip Symbol: BRIGADE/Scrip Code: 532929 Dear Sir/ Madam, Sub.: Board Meeting Decisions This is in continuation to our letter dated 16th October, 2025 and pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a Meeting of the Board of Directors of the Company was held as scheduled today i.e., Wednesday, 29 th October, 2025 and the Board inter -alia took the following decisions: (i) Approved the unaudited consolidated financial results for the second quarter and half year ended 30th September, 2025 along with the Limited Review Report of the Statutory Auditors of the Company. (ii) Approved the unaudited standalone financial results for the second quarter and half year ended 30th September, 2025 along with the Limited Review Report of the Statutory Auditors of the Company. The unaudited financial results and Limited Review Report are enclosed pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. (iii) Appointment of Mr. Debashis Chatterjee (DIN: 00823966) as an Additional Director in the category of Non-Executive Independent Director of the Company for a consecutive period of 5 (five) years with effect from 29th October 2025 to 28th October, 2030. This is based on the recommendation of the Nomination & Remuneration Committee and is subject to shareholders’ approval through postal ballot. The aforesaid director is not debarred from holding office as a Director of the Company, by virtue of any Securities and Exchange Board of India (SEBI) Order or any other Regulatory Authority. Disclosure pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI Listing Regulations’) relating to the aforesaid appointment is contained in Annexure 1. The meeting started at 12:30 p.m. and ended at 5:45 p.m.
Page 2
The trading window of the Company was closed from 1st October, 2025 and shall open on 1st November, 2025. The above information is also hosted on the website of the Company at www.brigadegroup.com Kindly take the same on your records. Thanking you, Yours faithfully, For Brigade Enterprises Limited P. Om Prakash Company Secretary & Compliance Officer Encl.: a/a
Page 3
Annexure 1 Information as required under Regulation 30 – Para A Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 are as follows: SI No. Requirement Disclosure 1. Name Mr. Debashis Chatterjee 2. DIN 00823966 3. Reason for change viz., appointment, resignation, removal, death or otherwise Appointment 4. Date of appointment/ cessation (as applicable) and terms of appointment Appointment of Mr. Debashis Chatterjee as an Additional Director in the category of Non-Executive Independent Director of the Company for a period of five years with effect from 29th October, 2025 subject to shareholders approval through postal ballot. 5. Brief Profile Mr. Debashis Chatterjee has done Bachelor Degree of Mechanical Engineering from Jadavpur University at Kolkata, West Bengal. He has more than three decades of experience of driving multi- billion-dollar transformations and strategic growth initiatives across Fortune 500 clients and global enterprises. He spent more than 10 years on the Boards of leading companies such as Cognizant India , Mindtree and LTIMindtree. He played a pivotal role in steering enterprise strategy, shaping digital transformation roadmaps, and strengthening governance frameworks. He has recently served as the Chief Executive Officer and Managing Director of LTIMindtree. He is widely recognized for architecting and executing one of the Indian IT industry's most complex, high -stake mergers —between LTI and Mindtree in November 2022. He has served twi ce as a member of the Executive Council at NASSCOM. 6. Disclosure of relationships between directors NIL
Page 4
Walker Chandiok & Co LLP Walker Chandiok & Co LLP 5th Floor, No.65/2, Block “A”", Bagmane Tridib, Bagmane Tech Park, C V Raman Nagar, Bengaluru 560093 T +91 80 4243 0700 F +91 80 4126 1228 Independent Auditor’s Review Report on Consolidated Unaudited Quarterly Financial Results and Year to Date Results of Brigade Enterprises Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) To the Board of Directors of Brigade Enterprises Limited 1. We have reviewed the accompanying statement of unaudited consolidated financial results (‘the Statement’) of Brigade Enterprises Limited (‘the Holding Company’) and its subsidiaries (the Holding Company and its subsidiaries together referred to as ‘the Group’) and its joint venture (refer Annexure 1 for the list of subsidiaries and joint venture included in the Statement) for the quarter ended 30 September 2025 and the consolidated year to date results for the period 01 April 2025 to 30 September 2025, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (‘Listing Regulations’). 2. This Statement, which is the responsibility of the Holding Company’'s management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting (‘Ind AS 34’), prescribed under Section 133 of the Companies Act, 2013 (‘the Act’), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under Section 143(10) of the Act, and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India (“SEBI") under Regulation 33 (8) of the Listing Regulations, to the extent applicable. Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and its registered office at L-41 Connaught Circus, New Delhi, 110001, India
Page 5
Walker Chandiok & CoLLP Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results and Year to Date Results of Brigade Enterprises Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (Cont’d) 4. Based on our review conducted and procedures performed as stated in paragraph 3 above and upon consideration of the review reports of the other auditors referred to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accardance with the recognition and measurement principles laid down in Ind AS 34, prescribed under Section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 5. We draw attention to Note 8(a) to the Statement, in connection with ongoing legal proceedings with respect to certain outstanding land advances. Based on legal assessment of the matter, the management has considered these advances as good and recoverable. Our conclusion is not modified in respect of this matter. 6. In relation to the matter described in Note 8(b) to the Statement and the following Emphasis of Matter paragraph included in review report on the financial results of Brigade Hotel Ventures Limited, a subsidiary of the Holding Company, reviewed by an independent firm of Chartered Accountants, vide their review report dated 24 October 2025 which is reproduced by us as under: We draw attention to Note 8(b) to the Statement, in connection with an ongoing litigation relating to assessment of property tax. Our conclusion is not modified in respect of this matter. 7. We did not review the interim financial information of 23 subsidiaries included in the Statement, whose financial information reflects total assets of ¥ 970,854 lakhs as at 30 September 2025, total revenues of ¥ 53,853 lakhs and ¥ 103,807 lakhs, total net profit after tax of ¥ 2,305 lakhs and ¥ 4,334 lakhs and total comprehensive income of ¥ 2,305 lakhs and Z 4,327 lakhs and, for the quarter and six-month period ended 30 September 2025, respectively, and cash flows (net) of ¥ (15,677) lakhs for the period ended 30 September 2025, as considered in the Statement. The Statement also includes the Group's share of net loss after tax of ¥ 25 lakhs and ¥ 57 lakhs for the quarter and six-month period ended 30 September 2025, as considered in the Statement, in respect of 1 joint venture, whose interim financial information have not been reviewed by us. These interim financial information have been reviewed by other auditors whose review reports have been furnished to us by the Holding Company’s management, and our conclusion in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and joint venture is based solely on the review reports of such other auditors and the procedures performed by us as stated in paragraph 3 above. Our conclusion is not modified in respect of this matter with respect to our reliance on the work done by and the reports of the other auditors.
Page 6
Walker Chandiok & Co LLP Independent Auditor’s Review Report on Consolidated Unaudited Quarterly Financial Results and Year to Date Results of Brigade Enterprises Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (Cont’d) 8. The Statement includes the interim financial information of 1 subsidiary, which has not been reviewed by their auditors, whose interim financial information reflect total assets of 352 lakhs as at 30 September 2025, and total revenues of 2 Nil lakhs and % Nil lakhs, net loss after tax of Z 0.32 lakhs and ¥ 0.32 lakhs, total comprehensive loss of ¥ 0.32 lakhs and ¥ 0.32 lakhs for the quarter and six-month period ended 30 September 2025 respectively, net cash flow outflow of Z Nil lakhs for the period ended 30 September 2025 as considered in the Statement, and have been furnished to us by the Holding Company's management. Our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this subsidiary, is based solely on such unreviewed interim financial information. According to the infoermation and explanations given to us by the Holding Company’s management, this interim financial information is not material to the Group. Our conclusion is not modified in respect of this matter with respect to our reliance on the interim financial information certified by the Board of Directors. For Walker Chandiok & Co LM, Chartered Accountants 157/ Firm Registration No.: 001076N/N500013 Manish Agrawal Partner Membership No.: 507000 UDIN: 2550 +OOOBMMK TR98733 Place: Bengaluru Date: 29 October 2025 Chartered Accountants
Page 7
Walker Chandiok & Co LLP Independent Auditor's Review Report on Consolidated Unaudited Quarterly Financial Results and Year to Date Results of Brigade Enterprises Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (Cont'd) Annexure 1 List of subsidiaries and joint venture included in the Statement (in addition to Holding Company) Sr. No. Name of the Company/Entity Relationship 1 Brigade Properties Private Limited Subsidiary Perungudi Real Estates Private Limited Subsidiary 3 Aureya FM Services Private Limited (formerly known as WTC | Subsidiary Trades & Projects Private Limited) (*) 4 Vibrancy Real Estates Private Limited Subsidiary 5 BCV Developers Private Limited Subsidiary 6 Brigade Hospitality Services Limited Subsidiary T Brigade Tetrarch Private Limited Subsidiary 8 Brigade Estates and Projects Private Limited Subsidiary 9 Brigade Infrastructure and Power Private Limited Subsidiary 10 Brigade (Gujarat) Projects Private Limited Subsidiary 11 Mysore Projects Private Limited Subsidiary 12 Brigade Hotel Ventures Limited Subsidiary 13 Augusta Club Private Limited Subsidiary 14 Tetrarch Developers Limited Subsidiary 15 Tetrarch Real Estates Private Limited Subsidiary 16 Brigade Innovations LLP Subsidiary 17 Brigade Flexible Office Spaces Private Limited Subsidiary 18 Venusta Ventures Private Limited Subsidiary 19 AMG Info Park Private Limited (w.e.f. 26 September 2025) Subsidiary 20 SRP Prosperita Hotel Ventures Limited Step-down subsidiary 21 BCV Real Estates Private Limited Step-down subsidiary 22 Celebrations Private Limited ) Step-down subsidiary 23 Propel Capital Ventures LLP Step-down subsidiary 24 Brigade HRC LLP (w.e.f. 26 July 2024) Step-down subsidiary 25 Ananthay Properties Private Limited (w.e.f. 16 December 2024) | Step-down subsidiary 26 Auraterra Developers LLP (incorporated w.e.f. 05 June 2025) Step-down subsidiary 27 Zoiros Projects Private Limited _ Joint venture (w.e.f 18 March 2025 until which subsidiary) (*) Tandem Allied Services Private Limited (erstwhile subsidiary) is merged with Aureya FM Services Private l,imi_t_ed (formerly known as WTC Trades and Project Private Limited), and hence, not included above. ¢
Page 8
BRIGADE ENTERPRISES LIMITED Corporate Identity Number (CIN): L8S110KA 1995PLC019126 Regd Office 29th & 30th Floor, World Trade Center. Brigade Gateway Campus, 26/1. Dr Rajkumar Road, Malleswaram-Rajajinagar, Bangalore 560 055 Phone: +91-80-41379200, Fax . +91-80-2221 0784 Website' www brigadegroup com Email- enquiry(@brigadegroup com BRIGADE Statement of Consolidated Unaudited Financial Results of Brigade Enterprises Limited for the guarter and six months ended 30 September 2025 __(Xin lakhs) SI. Ne Particulars Quarter ended |Preceding quarter| Corresponding Six months ended. | Corresponding Year ended 30.09.2025 ended quarter ended 30.09.2025 six months 31.03.2025 [Unaudited] 30.06.2025 30.09.2024 [Unaudited] ended |Audited] [Unaudited] [Unaudited] (*) 30.09.2024 [Unaudited] (*) 1 |Income (a) Revenue from operations 1,38,337 1,28,114 1,07,216 2,66,451 2,14 988 5.07.421 {b) Other income 4,649 5172 6,597 9,821 10,169 23,933 Total income 1,42,986 1,33,286 1,13,813 2,76,272 2,25,157 5,31,354 2 |Expenses {a) Sub-contractor costs 54,201 42,706 37,078 96,097 69,645 1,53,368 {b) Cost of raw materials, components and stores consumed 19,226 15,384 11,533 34.610 21,783 50,444 {c) Land purchase cost (including development rights) 85,441 65,715 9.873 1,51,156 21,769 1,62,672 td) Changes in inventories of stock of flats, land stock and work-in- (94,357) (60.540) (13,240) (1,54.897) (16,579) (1.34,804) progress (e} License fees and plan approval charges 4,577 1,679 1,729 6,256 4,036 14,765 (f) Architect and consultancy fees 1,102 1,503 1,480 2,605 2,673 5364 () Employee benefits expense 11,779 10,918 9,957 22,697 18,834 40,473 (h) Finance costs 10,226 10,563 12,263 20.789 27,457 49,549 (1) Depreciation and amortisation expense 7.648 7.561 6,893 15,209 13,685 28878 (j) Other expenses 23,473 18,384 19,612 41,857 34,375 73,718 Total expenses 1,23,406 1,13,873 97,178 237,279 1,97,678 4,44,427 3 |Profit before share of loss of joint venture and tax (1-2) 19,580 19,413 16,635 38,993 27,479 86,927 4 |Share of loss of joint venture (25) (32) - (57) - - 5 Profit before tax ( 3+4) 19,555 19,381 16,635 38,936 27,479 86,927 6 |Tax expense (a) Current tax 9,901 15411 7613 25312 15,001 30,292 (b) Deferred tax {credit) (7,374) (11,825) (2,486) (19,199) (7,083) (11,412) Total tax expense 2,517 3,586 5,127 6,113 7,918 18,880 7 |Profit for the period / year (5-6) 17,028 15,795 11,508 32,823 19,561 68,047 Attributable to (i) owners of the holding company 16,250 14,988 11,898 31,238 20,270 68,576 (11) non-controiling interests 778 807 (390) 1,585 (709) (529) 8 | Other comprehensive income Items that will not be reclassified to profit or loss Re-measurement gain /(losses) on defined benefit plans 8 (%) - () 2 (548) Income tax relating to above (1) 2 - 1 - 119 Total other comprehensive income/(loss), net of tax 9 & ()] - - - (429) Atributable o (i) owners of the holding company 7 (7) - - - (425) (ii) non-controlling interests - B - - - (4) 9 |Total comprehensive income for the period / year (7+8) 17,035 15,788 11,508 32,823 19,561 67,618 Anributable to (i) owners of the holding company 16,257 14,981 11,898 31,238 20,270 68,151 (ii) non~centrolling interests 778 807 (390) 1,585 (709) (533) 10 |Earnings per equity share (in ) (of T 10/- each) (not annualised except for the year end) a) Basic 6.65 613 4.94 1278 840 28.74 b) Diluted 6.64 6.12 4.92 12.76 £37 28.68 11 |Paid-up equity share capital 24 448 24,443 24422 24.448 24,422 24,437 (Face value of T 10/- each) 12 |Other equity (excluding non-controlling interests) 5,39 408 (*) refer note 12
Page 9
Consolidated Statement of Assets and Liabilities (T in lakhs) As al 30.09.2025 | As at 31.03.2025 SI. No Particulars [Unaudited] |Audited] A |ASSETS 1 Non-current assets (a) Property, plant and equipment 1,05,672 99,233 (b) Capital work-in-progress 15383 13,784 {c) Investment properues 4,02 144 408,102 (d) Investment property under development 298,439 1,79,075 (e) Goodwill 2,034 2,034 () Other intangible assets 1,436 1,505 (8) Investments accounted for using equity method 173 230 (h) Financial assets (1) Investments 679 411 (ii) Other financial assets 32719 28,742 (1) Other non-current assets 16,117 39,331 (j) Deferred tax assets (net) 65,017 45898 (k) Income tax assets (net) 14,173 10,564 9,53,986 8,28,909 2 |Current assets (a) Inventones 10,44,357 8,88,735 {b) Financial assets (1) Investments = 3.661 (1) Trade receivables 62,585 62,912 (iii) Cash and cash equivalents 1,19,685 1,856,996 (1v) Bank balances other than (1) above 1,16,276 1,39,104 (v) Loans = 240 (v1) Other financial assets 64,465 47,226 (c) Other current assets 65,197 51,221 14,712,565 13,580,095 TOTAL ASSETS (1+2) 24.26,551 22,09,004 EQUITY AND LIABILITIES B |EQUITY Equity share capital 24,448 24,437 Other equity 6,23.738 5,39, 408 Equity attributable to owners of the Holding Company 6,48,186 5,63,845 Non controlling interest 63,184 27,689 Total equity 7,11,370 591,534 C |LIABILITIES 1 |Non-current liabilities (a) Financial liabilities (1) Borrowings 4.60,162 436,135 (i1) Lease liabilities 21,112 18,133 {111) Other financial liabilities 16,159 13,444 (b) Provisions 307 283 {c) Deferred tax liabilities (net) 4,136 1,424 (d) Other non-current liabilities 7,027 7,203 5,08,903 4,76,622 2 [Current liabilities (a) Financial liabilities {1) Borrowings 54,50% 91,34 (1) Lease liabilities 1,707 810 (iii) Trade payables - Total outstanding dues of micro enterprises and small 16,195 15,025 enterprises; and - Total outstanding dues of creditors other than micro 84,204 63,552 enterprises and small enterprises (iv) Other current financial liabilities 84,465 88,476 (b) Other current liabilites 9,58,522 8,77,896 (c) Provisions 3268 3,062 (d) Current tax liabilities (net) 3,408 716 12,06,278 11,40,848 Total Liabilities _(fll+2) 17,15,181 16,17,470 | TOTALEQUITY M LIABILITIES (B+C) 24,26,551 22,09,004
Page 10
Consolidated Statement of Cash Flows (2 in lakhs) Particulars Six months ended Corresponding six 30.09.2025 months ended 30.09.2024 [Unaudited {Unaudited] (A) Cash flows from operating activities Profit before ax 38,936 27,479 Adjustments Depreciation and amortisalion expense 15,209 13,685 Finance costs 20,789 27,457 Interest income from financial assets at amortised cost (8,750) (7,797 Gain on sale of investments in mutual funds (net) (92) (976) Provisions no longer required, written back (3an - Expected credit loss on financial asset (including written-off) 357 102 Share of loss of joint venture 57 B Bad debts wnitten of T 69 84 (Gain) / loss on sale of property, plant and equipment (net) (33) 9 Share based payments to employees 360 560 Operating profit before working capital changes 66,571 60,603 Movements in working capital in Trade payables 21,351 5915 Other financial liabilities 471) 3,203 Other liabilities 80,450 83,067 Trade receivables 201 (8,417)] Inventories (1,59.330) (17,710) Other financial assets (18,139) (12,290), Other assets 16,385 (8.486) Provisions 231 1,632 Cash generated from operations 7.749 1,07,517 Direct taxes paid, net (26,230) (14,176), Net cash flows (used in)/ generated from operating activities (A) (18.481) 93,341 (B) Cash flows from investing activities Purchase of property, plant and equipment (including capital work in progress), investment (1.31,729) (28,831) properties (including investment property under development) and intangible assets o - Proceeds from sale of property, plant and equipment 1,153 66 Purchase of mutual funds - (4.700) Redempuion of mutual funds 3,753 9,444 Repayment of loans given 243 = Acquisition of a subsidiary (refer note 10) (1,345) - Investments in body corporates (268) (799) Redemption of investments in body corporates - 1,616 Movement in bank deposits, net 19,9846 (1,63,080) Acquisition of non controlling interest - (278) Interest received 10,368 5,517 Net cash Qows (used i) imvesting activities {B) 197.839) {1.81.048)] (C) Cash flows from financing activities Proceeds from issue of equity shares, (including securities premium) net 336 147475 Issue of equity shares to NCI in subsidiary (including secunties premium), net 84,181 - Capital contnibution by non-controlling interests in subsidiaries 22 4 Proceeds from non-current borrowings (including current maturities) 91,420 21,980 Repavment of non-current borrowings (including current maturities) {94,748) (39,677) Repavment of short term borrowings (3,67T) S |Payment of principle portion of lease liabilities (262) (112) Payment of interest portion of lease liabilities (726) (107) Interest pard (24,309) (26,295) Dividends paid (including unclaimed dividend) (6,112) (4,620) Net cash flows generated from financing activities (C) 46,125 985648 Net (decrease)fincrease in cash and cash equivalents (A +B + C) (70,195), 10,944 Cash and cash equivalents at the beginning of the period 183,330 57.021 \C_flh and cash equivalents at the end of the period 1,13,335 67,965 Components of cash and cash equivalents As at 30.09.2025 Balances with banks i— On current accounts — Deposits with onginal maturity of less than 3 months Cash on hand Cash and cash equivalents reported in balance sheet Less' Cash credit facilities from banks Cash and cash equivalents reported in cash flow statement As at 30,09.2024 Unaudited Unaudited 22,359 30,666 97,063 39,155 263 245 1,19,685 70,066 (6.350) (2.101) 1,13.335 67,965 (i) The above Consolidated Statement of Cash flows has been prepared under the "Indirect Method" as set out in the Indian Accounting Standard (Ind AS 7), Statement of Cash Flows. (ii) Cash and Cash equivalents included bank overdrafis thar are repayable on demand and form an integral part of the group's cash management
Page 11
Statement of Consolidated Unaudited Financial Results of Brigade Enterprises Limited for the quarter and six months ended 30 September 2025 The consolidated unaudited financial results of Brigade Enterprises Limited (the 'Holding Company') and its subsidiaries (the 'Holding Company' and its subsidiaries together referred as ‘the Group') and its joint venture for the quarter and six months ended 30 September 2025 have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Intenim Financial Reporting (‘Ind AS 34"), prescribed under Section 133 of the Compamies Act, 2013 (‘the Act’), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (‘Listing Regulations’) These consolidated unaudited financial results have been reviewed and recommended by the Audit Commitiee and approved by the Board of Directors at their meeting held on 29 October 2023 The statutory auditors of the Holding Company have carried out limited review as required under Lisung Regulations of the above consolidated unaudited financial results for the quarter and six months ended 30 September 2025 and have issued an unmodified review report The Holding Company has 26 subsidiaries (including step-down subsidiaries) and 1 Joint ventre as on 30 September 2025 The aforesaid consolidated unaudited financial results are available on the Holding Company's website www brigadegroup com and on the website of BSE Limited (www bseindia com) and National Stock Exchange of India Limited (www nseéindia com) Consolidated segment wise revenue, results, segment assets and liabilities Based on the "management approach” as defined in Ind AS 108 - Operating Segments, the Chief Operating Decision Maker (CODM) evaluates the Group's performance and allocates resources based on an analysis of vanous performance indicators by business segments. Accordingly, information has been presented along these business segments viz., Real estate, leasing and hospitality Details of Consolidated segment-wise revenue, results, assets and liabilities is given below Particulars Quarter ended |Preceding quarter| Corresponding Six months ended | Corresponding Year ended 30.09.2025 ended quarter ended 30.09.2025 six months 31,03.2025 [Unaudited] 30.06.2025 30.09.2024 [Unaudited] ended [Audited| [Unaudited) [Unaudited] (*) 30.09.2024 [Unaudited] (*) Segment revenue Real estate 1,02,031 85,268 66,506 1,87,299 1,37.226 3,40,263 Hospitality 14,133 14,025 12,470 28,158 24,273 53,877 Leasing 34,341 29,898 29,685 64,239 55,627 1,18,057 Total 1,50,505 1,29,191 1,08,661 2,79,696 2,17,126 512,197 Less Inter segment revenues (12,168) (1,077) (1,445) (13,245) (2,138) (4,776) Revenue from operations 1,38.337 1,28,114 1,07,216 2,66,451 2,14,938 5,07,421 Segment results Real estate 11,665 10,184 7.948 21,849 16,877 65,003 Hospitality 2,386 3,088 2,947 5474 5,168 12,462 Leasing 19,367 16,834 16,734 36,201 32,194 58,294 Profit before tax, interest and share of loss of joint venture 33418 30,106 27,629 63,514 54,239 1,35,759 Less: Finance costs (10,226) (10,563) (12,263) (20,789) (27,457) (49,549) Less: Other unallocable expenditure (8,261) (5.302) (5,328 (13,563) {9.472) 23,216) Add Share of loss of joint venture (25) (32) - (57) - - Add Other income 4,649 5172 6,597 9,821 10,169 23,933 Profit before tax 19,555 19,381 16,635 38,936 27479 86,927 Segment assets (#) Real estate 13,52,927 12,605,812 10,75,463 13,52,927 10,75,463 11,99,973 Hospitality 1,16,444 1.16,010 97,2710 116,444 97,279 110,111 Leasing 7,05,600 6,74.847 5,58,284 7,05,600 5,58,284 6,05,636 Unallocated assets 2,51,580 2.24,947 3,32,989 2.51.580 3,32,989 2,93,284 Total segment assets 24,26,551 22,81,616 20,64,015 24,26,551 20,64,015 22,09,004 Segment liabilities (#) Real estate 10,56,804 9,89.493 9.01.468 10,56,804 9,01,468 9,56,075 Hospitality 28310 26864 24 879 28310 24 879 25,200 Leasing 95,820 82,895 76,517 95,820 76,517 2,931 Unallocated liabilities 5,34,247 5,71,586 542,539 534,247 542,539 5,53264 Total segment liabilities 17,15,181 16,70,838 15,45,403 17,15,181 15,45,403 16,17,470 (#) Capital employed = Segment assets - Segment liabilities Figures for Standalone Unaudited Financial Results for the quarter and six months ended 30 September 2025 of the Holding Company are as follows: (% in lakhs Particulars Quarter ended |Preceding quarter Caorr di Six hs ended | Corresponding Year ended 30.09.2025 ended quarter ended 30.09.2025 six months 31.03.2025 [Unaudited] 30.06.2025 30.09.2024 [Unaudited] ended [Audited] [Unaudited] [Unaudited] 30.09.2024 [Unaudited] (*) Revenue from operations 66,071 43,601 42,150 1,09,672 95,548 2,11,693 Profit before tax 6.685 6,770 11,292 13,455 20,082 49 242 Profit after tax 5,019 5,500 9,053 10,519 15,616 45,530 The standalone unaudited financial results for the quarter and six months ended 30 September 2025 can be viewed on the ‘Holding Company' website www brigadegroup.com and also be viewed on the website of BSE Limited (www bseindia.com) and National Stock Exchange of India Limited (www.nseindia.com).
Page 12
During the quarter ended 30 September 2025, the pard-up equity share capital of the Holding Company has increased from ¥ 24,443 lakhs to 2 24,448 lakhs pursuant to allotment of 53,460 equity shares on exercise of stock options by employees (a) The Holding Company has outstanding balance of 2 860 lakhs that is under liugation, out of the-advances paid towards one Joint Development Agreement The performance obligations under the said Joint development arrangement (JDA) are fulfilled and hence the Holding Company has initiated procedure for recavery of the balance advance and other additional costs as per terms of the said agreement with Landowner However, the Landowner has filed an arbitration challenging the same and both parties have filed claims and counter claims Based on the overall assessment and legal evaluation, the underlying advances are considered as good and recoverable by the Holding Company's management. (b) Brigade Hotel Ventures Limited (BHVL'), 2 wholly owned subsidiary of the Holding Company has received a demand notice from the municipal authority assessing the property tax for certain hotel property for the period trom financial year 2011-12 to financial year 2021-22 resulting in demand of 2 9,222 lakhs including interest and penalty thereon and BHVL has subsequently paid 2 4,603 lakhs under protest, which are provided for as at 31 March 2025 During the previous year, the net outstanding demand was revised from 24,121 lakhs 1o ¥ 2,874 lakhs for the financial year 2011-12 1o financial year 2023-24 under One time settlement scheme by a competent authority BHVL has litigated the aforesaid matter, which is pending adjudication, BHVL is reasonably confident of a favourable outcome in respect of the aforesaid matter based on the management’s evaluauon and the legal opinion obtained by the management Pending ulumate outcome of the matter, no adjustments have been made in the accompanying consolidated unaudited financial results During the quarter ended 30 September 2025: a) BHVL has allotted an aggregate of 14,000,000 equity shares of face value of ¥ 10 each aggregating to ¥ 12,600 lakhs at an issue price of ¥ 90 per equity share (including a premium of Z 80 per equity share) on a preferential basis (Pre-IPO Placement). b) BHVL has completed its Initial Public Offering (IPO) comprising fresh issue of 84,412,565 equity shares of face value of 2 10 each aggregating to ¥ 75,960 lakhs (which comprises of 376,986 number of equity shares issued to employees at premuum of 77 per equity share and balance 84,035,579 number of equity shares issued at premium of % 80 per equity share) BHVL equity shares were listed on the National Stock Exchange of India Limited (NSE) and BSE Limited (BSE) on 31 July 2025. Pursuant 1o above. the Holding company's equity stake has been diluted by 25.91% and Group has recorded gain of 2 58,818 lakhs directly in other equity i €., difference between the amount by which Non - controlling interests are adjusted and the fair value of the consideration net of issue expense During the quarter ended 30 September 2025, the holding Company has acquired 100% equity shares of AMG Info Park Private Limited on 26 September 2025 Pusuant to such acquisition, the aforesaid company has become a wholly owned subsidiary during the quarter and the same has been consolidated based on management financial statements since it is not material 1o the group The Board of Directors of the Holding Company, in its meeting held on 14 May 2025 has proposed the final dividend of 2 2.5 per equity share of ¥ 10 each for the year ended 31 March 2023, The dividend proposed was approved by the sharcholders in the Annual General Meeting held on 21 August 2025, and paid in current quarter The financial information for the quarter and six months ended 30 September 2024 includes reclassification for correction of matenials purchased and issued to sub-contractor of the group amounting to 2 6,374 lakhs and ¥ 12,232 lakhs earlier presented as 'sub-contractor costs' is now reclassified and presented under 'cost of raw materials, components and stores consumed' in accordance with Ind AS 8, "Accounting policies, changes in accounting estimates and error”. Other previous period's / year's figures have been regrouped or reclassified wherever necessary to conform with the current period figures The impact of such other reclassification / regrouping is not matenial 1o the consolidated unaudited financial results. For and on behalf of the Board of Directors of RIGADE ENTERPRISES LIMITED Pavitra Shankar Managing Director Bengalury, India 29 October 2025
Page 13
Walker Chandiok & Co LLP Walker Chandiok & Co LLP 5th Floor, No.65/2, Block “A”, Bagmane Tridib, Bagmane Tech Park, C V Raman Nagar, Bengaluru 560093 T +91 80 4243 0700 F +91 80 4126 1228 Independent Auditor’'s Review Report on Standalone Unaudited Quarterly Financial Results and Year to Date Financial Results of Brigade Enterprises Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) To the Board of Directors of Brigade Enterprises Limited 1. We have reviewed the accompanying statement of standalone unaudited financial results (‘the Statement’) of Brigade Enterprises Limited (‘the Company’) for the quarter ended 30 September 2025 and the year to date results for the period 01 April 2025 to 30 September 2025, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations’). 2. The Statement, which is the responsibility of the Company’s management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting (‘Ind AS 34’), prescribed under Section 133 of the Companies Act, 2013 (‘the Act), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the Standards on Auditing specified under Section 143(10) of the Act, and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as above and upon consideration of the review report of the other auditor of the Limited Liability Partnership (“LLP") firm referred to in paragraph 6 below nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under Section 133 of the Act, and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in accordance with the requirements of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement. 5. We draw attention to note 7 to the Statement, in connection with ongoing legal proceedings with respect to certain outstanding land advances. Based on legal assessment of the matter, the management has considered these advances as good and recoverable. Our conclusion is not modified in respect of this matter. Chartered Accoufitants .0 & Walker Chandiok & Co LLP is registered Ffn7d ’ i},‘ with limited liability with identification Offices )[Eqifi;nluru. Chandigarh, Chbf@fi;fiurugram Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and number AAC-2085 and its registered office Pune { at L-41 Connaught Circus, New Delhi, | \/ 110001, lndia
Page 14
Walker Chandiok & Co LLP Independent Auditor’s Review Report on Standalone Unaudited Quarterly Financial Results and Year to Date Financial Results of Brigade Enterprises Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (Cont’d) 6. The Statement includes the Company’s share in the net loss (including other comprehensive income) of ¥ 86 lakhs and ¥165 lakhs for the quarter and six month period ended 30 September 2025 in respect of one LLP, whose interim financial information have not been reviewed by us. This interim financial information has been reviewed by another auditor whose review report has been furnished to us by the management, and our conclusion in so far as it relates to the amounts and disclosures included in respect of such LLP is based solely on the review report of such other auditor. Our conclusion is not modified in respect of this matter with respect to our reliance on the work done by and the report of the other auditor. For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No: 001076N/N500013 Manish Agrawal Partner Membership No.: 507000 UDIN: 25507000BMMK TS 863| Bengaluru 29 October 2025 Chartered Accountants
Page 15
BRIGADE ENTERPRISES LIMITED Corporate Identity Number (CIN): L85110KA1995PLC019126 _:—/_/j Regd. Office: 29th & 30th Floor, World Trade Center, Bnigade Gateway Campus, 26/1, ——// Dr Rajkumar Road, Malleswaram-Rajajinagar, Bangalore 560 055 ee——" Phone: +91-80-41379200, Fax:+91-80-2221 0784 Email: enquiry(@brigadegroup.com Website: www brigadegroup.com BRIGADE Statement of standalone unaudited financial results of Brigade Enterprises Limited for the quarter and six months ended 30 September 2025 (in 2 lakhs SL.No Particulars Quarter ended Preceding Corresponding Six months | Corresponding six| Year ended 30.09.2025 quarter ended | quarter ended ended months 31.03.2025 |Unaudited| 30.06.2025 30.09.2024 (%) 30.09.2025 ended |Audited] |Unaudited|] [Unaudited] |Unaudited] 30.09.2024 (%) [Unaudited] 1 |Income (a) Revenue from operations 66,071 43,601 42,150 1,09,672 95,548 2.11,693 (b) Other income 8,242 6,040 9,424 14,282 13,781 26,713 Total income 74313 49,641 51,574 1,23,954 1,09,329 2,38,406 2 Expenses (a) Sub-contractor costs 36,402 26,694 16,976 63,096 39,049 87.496 (b) Cost of raw materials, components and stores consumed 9,893 7.361 6,026 17,254 10,552 24,247 (c) Land purchase cost (including development rights) 15,180 65,715 9,573 80,895 21,469 90,075 (d) Changes in inventories of stock of flats, land stock and work-in- (18,363) (75.497) (14,378) (93,860) (23,524) (1,04,771) progress (¢) License fees and plan approval charges 1,388 1,660 796 3,048 3,000 14,295 () Architect and consultancy fees 805 1,000 1,086 1,805 1,963 4,070 (g) Employee benefits expense 6,902 6,218 5,718 13,120 10,846 23,840 (h) Finance costs 2,509 2,068 3,395 4,577 8,153 12,964 (1) Depreciation and amortisation expenses 2,140 1,942 1,964 4,082 3,829 7.978 (j) Other expenses 10,772 5,710 9,126 16,482 13,910 28,970 Total expenses 67,628 42,871 40,282 1,10,499 89,247 1,89,164 3 |Profit before tax (1-2) 6,685 6,770 11,292 13,435 20,082 49242 4 |Tax expense (a) Current tax 4,783 8317 4,141 13,100 9,797 17,291 (b) Deferred tax (credit) (3,117) (7,047) (1,902) (10,164) (5,331) (13,579) 1,666 1,270 2,239 2,936 4,466 3,712 5 |Profit for the period/ year (3-4) 5,019 5,500 9,053 10,519 15,616 45,530 6 |Other comprehensive income Items that will not be reclassified to profit and loss Re-measurement (losses) on defined benefit plan - - - - - (366) Income tax relating to above - - - - - 92 Total other comprehensive (loss), net of tax - - - - - (274) 7 |Total comprehensive income for the period/ year (5+6) 5,019 5,500 9,053 10,519 15,616 45,256 8 |Earnings per equity share (of T10/- each) (not annualised except for year end) a) Basic 2.05 225 3.89 4.30 6.70 19.09 b) Diluted 2,05 225 387 4.30 6.68 19.04 9 |Paid-up equity share capital (Face value of 2 10/- each) 24 448 24,443 24,422 24 448 24,422 24,437 10 (Other equity 587,071 (*) Refer note 8
Page 16
Statement of standalone unaudited financial results of Brigade Enterprises Limited for the quarter and six months ended 30 September 2025 Standalone statement of Assets and Liabilities (2 In lakhs) As at As at SLNo Particulars 30.09.2025 31.03.2025 |Unaudited| |Audited] A |ASSETS 1 |Non-current assets (a) Property, plant and equipment 4,258 3,650 (b) Investment propertics 1.31.082 130,835 (c) Investment property under development 1.71,056 1,45,333 (d) Other intangible assets 27 31 (e) Financial assets (1) Investments 2,27,188 241,522 (i1) Loans 71,743 40,039 (iti) Other financial assets 14,347 11,059 (f) Other non-current assets 12,379 8,185 (g) Deferred tax assets (net) 14,013 3,849 (h) Income tax assets (net) 794 793 6,46,887 5,85,296 2 |Current assets (a) Inventones 5,85.375 490,510 (b) Financial assets (1) Investments - 620 (ii) Trade receivables 37,193 39.420 (iit) Cash and cash equivalents 71477 1,10,938 (1v) Bank balances other than (i) above 38,166 73,843 (v) Loans 69,924 25,543 (vi) Other financial assets 49,671 36,831 (c) Other current assets 39,443 26,125 8,91,249 8,03.830 TOTAL ASSETS (1+2) 15,38,136 13,89,126 B |EQUITY AND LIABILITIES 1 |EQUITY (a) Equity share capital 24,448 24,437 (b) Other equity 592,163 5.87.071 6,16,611 6,11,508 2 |LIABILITIES (i) |Non-current liabilities (a) Financial habilities (i) Borrowings 1,81,517 1,48,015 (11) Lease labilities 4,152 1,588 (111) Other financial hiabilities 3,378 2,587 (b) Other non-current liabilities 186 159 1,89,233 1,52,349 (ii) |Current liabilities (a) Financial liabilities (i) Borrowings 11,836 8.890 (ii) Lease liabilities 1,109 298 (1) Trade payables - Total outstanding dues of micro enterprises and small 10,079 9,177 enterprises, and - Total outstanding dues of creditors other than micro 43,080 28,753 enterprises and small enterprises (1v) Other financial liabilities 44,830 43 866 (b) Other current liabilities 6,159,082 532,972 (c) Provisions 1413 1,313 (d) Current tax liabilities (net) 863 - 732,292 6,25,269 * |Total Liabilities (i + i) 9,21,525 7,77,618 TOTAL EQUITY AND LIABILITIES (1 +2) 15,38,136 13,89,126 p -
Page 17
Standalone Statement of Cash Flow Statement of Unaudited Standalone Financial Results of Brigade Enterprises Limited for the quarter and six months ended 30 September 2025 Z in lakhs) Particulars Six months ended | Corresponding six 30.09.2025 months ended 30.09.2024 Unaudited| [Unaudited A|Cash flows from operating activities Profit before tax 13.455 20,082 Adjustments for Depreciation and amortisation expense 4,082 3.829 Finance costs 4577 8,153 Interest income from financial assets at amortised cost (11,975) (9.383) Gain on sale of mvestments i mutual fund (10) (60) Profit on sale of property, plant and equipment 2) & Loans and receivables written off 51 55 Dividend income (2,001) (3.340) Share in loss/(profit) of limited liability partnership firm 165 (621) Share based payments to employees 282 560 Operating profit before working capital changes 8.624 19,275 Movements in working capital in : Trade pavables 14,899 5314 Other financial habilities (1,156) (913) Other habilities and provisions 77.027 46,143 Trade receivables 2179 (5,636) Inventories (94.865) (24.664) Other financial assets (13.751) (8.058) Other assets (12.695) (2,035) Cash generated from operations (19,738) 29,426 Direct taxes paid. net (12.238) (9.780) Net cash flow (used in)/ generated from operating activities (A) (31,976) 19,646 | B|Cash flows from investing activities Purchase of property, plant and equipment, investment property and intangible assets (16.820) (19.257) (including investment property under development) Loans given to subsidiaries (86.281) (4.500) Loans repaid by subsidiaries 12,687 3212 Redemption of mutual funds 630 9.444 Purchase of mutual funds - (4.700) Investments in subsidiaries and joint ventures (1,698) (1.224) Redemption of investments in subsidiaries 17,142 10,048 Movement in bank deposits, net 32,711 (1.44,720) Interest received 9319 5,020 Dividend received 2.001 3,340 Net cash flow used in investing activities (B) (30,309) (1.43.337) C|Cash flows from financing activities Proceeds from issue of equity shares, net (including securities premium) 336 1,47 475 Proceeds from non-current borrowings (including current maturities) 40,011 15,000 Repavment of non-current borrowings (including current maturities) (4.945) (18.611) Repayment of interest portion of lease habilities (211) - Interest paid (7.637) (9.085) Dividends paid (6,112) (4,620) Net cash flow generated from financing activities (C) 21,442 1,30,159 Net (decrease)/ increase in cash and cash equivalents (A + B + C) (40,843) 6,468 Cash and cash equivalents at the beginning of the period 1,10.938 9.401 Cash and cash equivalents at the end of the period 70,095 15,869 Components of cash and cash equivalents As at 30.09.2025 As at 30.09.2024 [Unaudited| [Unaudited] Balances with banks: — On current accounts 3,346 15,807 — Deposits with original maturity of less than 3 months 67,904 - Cash on hand 227 219 Cash and cash equivalents reported in balance sheet 71.477 16,026 Less: Cash credit facilities from banks (1.382) (157) Cash and cash equivalents reported in cash flow statement 70,095 15,869 Note: 1 The Standalone Statement of Cash flow has been prepared under the 'Indirect Method' as set out in the Indian Accounting Standard (Ind AS.7) - Statement of Cash Flow. 2 Cash and cash equivalents includes bank overdrafts that are repayable on demand and form an mntegral part of the Company's cash management.
Page 18
Statement of standalone unaudited financial results of Brigade Enterprises Limited for the quarter and six months ended 30 September 2025 Notes: 1 (=] (%) The standalone unaudited financial results of Brigade Enterprises Limited (the ‘Company') for the quarter and six months ended 30 September 2025 have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, Interim Financial Reporting {*Ind AS 347), presenbed under Section 133 of the Companies Act, 2013 (“the Act’), and other accounting principles generally accepted in India and is in compliance with the presentation and disclosure requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (‘Listing Regulations™). These standalone unaudited financial results have been reviewed and recommended by the Audit Commuttee and approved by the Board of Directors at their meeting held on 29 October 2025, The statutory auditors of the Company have carried out mited review as required under Listing Regulations of the above standalone unaudited financial results for the quarter and six months ended 30 September 2025 and have 1ssued an unmodified review report The aforesaid standalone unaudited financial results are available on the Company’s website www brigadegroup.com and on the website of BSE Limited (www bseindia.com) and National Stock Exchange of India Limited (www nseindia.com). 4 Standalone segment wise revenue, results, segment assets and liabilities Based on the "management approach” as defined in Ind AS 108 - Operating Segments, the Chief Operating Decision Maker (CODM) evaluates the Company's performance and allocates resources based on an analysis of various performance indicators by business segments. Accordingly, information has been presented along these business segments viz., Real estate and leasing. Details of standalone segment-wise revenue, results, assets and liabilities is given below: ( in T lakhs) Particulars Quarter ended Preceding Corresponding Six months | Corresponding six | Year ended 30.09.2025 quarter ended | quarter ended ended months 31.03.2025 |Unaudited] 30.06.2025% 30.09,2024 (%) 30.09.2025 ended |Audited| [Unaudited] [Unaudited| [Unaudited] 30.09.2024 (*) [Unaudited| I |Segment revenue Real estate 53,434 31,885 31,109 853,319 73,818 1,66,775 Leasing 12,637 11,716 11,041 24,353 21,730 44918 Revenue from operations 66,071 43,601 42,150 1,09,672 95,548 2,11,693 Il |Segment results Real estate (434) (1,098) 3,502 (1,532) 8.854 27,805 Leasing 9,535 8,986 6,950 18,521 15,001 31,114 Profit before tax and interest 9,101 7,888 10,452 16,989 23,855 58,919 Less: Finance cosis (2,509) (2,068) (3,395) (4,577) (8,153) (12,964) Less: Other unallocable expenditure (8,149) (5,090) (5.189) (13,239) (9.401) (23,426) Add: Share of (losses)/ profits in a subsidiary limited liability (86) (79) 721 (165) 621 418 partnership firm Add: Other income 8,328 6,119 8,703 14,447 13,160 26,295 Profit before tax 6,685 6,770 11,292 13,455 20,082 49,242 1l |Segment assets (#) Real estate 7.81,428 7,60,002 525,592 7,81,428 525,502 6.51,332 Leasing 3,22.,525 2,90,376 2,69,195 3,22,525 2,69,195 2,84.269 Unallocated assets 434,183 4,17.511 4.88.209 434,183 488,209 4,53,525 Total assets 15,38,136 14,67,889 12,82,996 15,38,136 12,82,996 13,89,126 IV |Segment liabilities (#) Real estate 6,74,853 6,19,509 4,87,747 6,74,853 4,87,747 5,71,564 Leasing 47,727 35,252 32,345 47,127 32,345 33,614 Unallocated habilities 1,98,945 1,95,722 1,83,943 1,98,945 1,83,943 1,72,440 Total liabilities 9,21,525 8,50,483 7,04,035 9,21,525 7,04,035 7,77,618 (#) Capital employed = Segment assets - Segment liabilities 5 During the quarter ended 30 September 2025, the paid-up equity share capital of the Company has increased from ¥ 24,443 lakhs to 24,448 lakhs pursuant to allotment of 55.460 equity shares on exercise of stock options by employees. 6 The Board of Directors, in its meeting held on 14 May 2025 had proposed the final dividend of 2.5 per equity share of 2 10 each for the year ended 31 March 2025, The dividend proposed was approved by the shareholders in the Annual General Meeting held on 21 August 2025, and paid in current quarter. 7 The Company has outstanding balance of 2 860 lakhs that is under litigation, out of the advances paid towards one Joint Development Agreement. The performance obligations under the said Joint Development Agreement are fulfilled and hence the Company has initiated procedure for recovery of the balance advance and other additional costs as per terms of the said agreement with Landowner. However, the Landowner has filed an arbitration challenging the same and both parties have filed claims and counter claims. Based on the overall assessment and legal evaluation, the underlying advances are considered as good and recoverable by the management. 8 The financial information for the quarter ended 30 September 2024 and half year ended September 2024 includes reclassification for correction of materials purchased and issued to sub- contractor of the Company amounting to ¥ 4,209 lakhs and Z 7,578 lakhs earlier presented as 'Sub-contractor costs' is now reclassified and presented under 'Cost of raw matenials, components and stores consumed' in accordance with Ind AS 8, "Accouting policies, changes in accouting estimates and error”. Other previous period's / year's figures have been regrouped or reclassified wherever necessary to conform with the current period figures. The impact of such other reclassification / regrouping is not material to the standalone unaudited financial results. For and on behalf of the Board of Directors of BRIGADE ENTERPRISES LIMITED Pavitra Shankar Managing Director Bengaluru, India 29 October 2025