Motilal Oswal Goes Bullish on Brigade Enterprises – Target Set at Rs 900

Motilal Oswal has just nudged Brigade Enterprises (BRGD) onto its BUY list, pegging a price target of roughly Rs 900 per share. The broker’s research note, dated September 6 2026, paints a picture of a real‑estate player that’s gaining momentum, especially as it gears up for a busy FY27.

According to the report, Brigade has a launch pipeline of about 9.4 million square feet slated for FY27, translating to a gross development value (GDV) of roughly ₹100‑110 billion. The momentum is already evident – the company recently rolled out about 2 million sq ft in Hyderabad, valued at ₹27 billion, and another 0.5 million sq ft in Mysuru, worth ₹3 billion. Both projects are ahead of schedule, which should help feed pre‑sales in the second quarter of FY27.

Looking ahead, the approvals for roughly 7 million sq ft of projects planned for the second half of FY27 are largely on track. Brigade continues to hold onto its FY27 pre‑sales guidance of ₹90 billion, though Motilal Oswal has taken a slightly more conservative view, estimating pre‑sales at ₹84 billion.

Valuation-wise, the stock is trading at about a 40 % discount to its residential net asset value, a gap that the broker believes offers deep value. On that basis, the 29 % upside implied by the Rs 900 target feels reasonable, prompting the reaffirmed BUY rating.

In short, if you’re looking for a real‑estate play that blends a solid pipeline, decent pre‑sales momentum and a sizable valuation cushion, Brigade Enterprises might just be worth a closer look.