Tenda drops 4.4% on delayed municipal payouts

Construtora Tenda shares fell roughly 4.4% to 27.27 reais on Tuesday, September 29, 2026. The drop came while peers Cury, Direcional, and MRV gained 0.62%, 1.55%, and 1.54%, respectively. The broader Ibovespa slipped 0.1% to 182,907 points.

The decline coincided with a site visit for analysts and investors at the Cittá Vila Prudente development in eastern São Paulo. In an accompanying presentation, Tenda revealed that the city of São Paulo owes it 52.7 million reais in overdue payments under the Pode Entrar housing program, plus 21.79 million reais in interest, penalties, and inflation adjustments. The total overdue sum reaches almost 75 million reais, unpaid since May.

At Cittá Vila Prudente, which features 25 towers and 1,984 units scheduled for delivery in November, 281.9 million reais has been paid. Another 31.3 million reais is overdue, 83 million reais remains due, and 13 million reais is owed in adjustments, fines, and interest. Tenda also highlighted operational pressures from Caixa Econômica Federal, including stricter credit scoring that hurts informal-income buyers and a bank strike started on September 10 that delayed mortgage transfers.

Following the event, JP Morgan analysts noted a cautious tone for the third quarter of 2026, citing slower sales velocity and above-average cancellations. JP Morgan maintained an overweight rating on the stock with a price target of 52.50 reais, representing an upside potential of approximately 94%.