New Delhi, Feb. 20 -- Brigade Enterprises Ltd, a southern India-focused realty developer, has hit a rough patch. The stock has declined 28% over the past year, far steeper than the Nifty Realty index's 4% fall. Pre-sales, or bookings, fell 9% year-on-year in the nine months ended December (9MFY26) to Rs.4,902 crore. Slower launches, hurt by approval delays, have kept pre-sales subdued and clouded growth outlook. Sales in existing projects, too, have also been lower than expected.

The March quarter (Q4) is unlikely to materially change the pre-sales trajectory for FY26. Management said during the Q3FY26 earnings call that FY26 pre-sales would likely be similar to FY25 levels.

Estimates by Antique Stock Broking Ltd suggest Brigade may clo...