Motilor Oswal Backs Brigade Enterprises with a Rs 900 Target

Motilal Oswal has once again shown confidence in the Indian real‑estate space, this time by flagging Brigade Enterprises (BRGD) as a BUY. In a research note dated September 6, 2026, the broker set a target price of Rs 900 per share – a figure that suggests roughly a 29% upside from current levels.

Why the optimism? The firm points to Brigade’s hefty pipeline for FY27, which totals about 9.4 million square feet of residential projects. That translates to a gross development value (GDV) of roughly Rs 100‑110 billion. Already, the company has got two launches under its belt for the coming fiscal year.

First, a 2 million‑sq‑ft project in Hyderabad – the kind of city where demand is still hungry – has been completed ahead of schedule and carries a GDV of about Rs 27 billion. Then there’s a smaller, 0.5 million‑sq‑ft development in Mysuru, valued at Rs 3 billion. Both are expected to feed pre‑sales in the second quarter of FY27.

Looking ahead, Brigade has about 7 million sq ft of projects slated for the second half of FY27. Approvals are largely on track, and the firm has stuck to its FY27 pre‑sales guidance of Rs 90 billion, though Motilal Oswal prudently trims that estimate to Rs 84 billion.

From a valuation perspective, the stock is trading at roughly a 40% discount to its residential net asset value. That gap, coupled with the strong pipeline, convinces the broker that the shares are undervalued and present a “deep‑value” opportunity.

In short, Motilal Oswal retains its BUY call, hopes investors will see the upside potential, and anticipates that the Rs 900 target could be reached if the pipeline proceeds as expected.