Buy SignatureGlobal India; target of Rs 1742: ICICI Securities

ICICI Securities's research report on SignatureGlobal India

SignatureGlobal India (Signature) delivered a 57% sales booking CAGR over FY21–25, largely in affordable/mid-income housing projects. Signature has achieved Q1FY26 sales bookings of INR 26bn and maintained its guidance of INR 125bn of sales bookings (20% growth); it aims to maintain a 20% CAGR over the medium term. Given its strong launch pipeline of projects with a cumulative GDV of >INR 450bn over FY25–28E, we estimate FY26/FY27 sales bookings of INR 130bn/ INR 147bn. As per the company, there is scope for diversification beyond its established market presence in Gurugram; it is keenly awaiting any new policy framework in New Delhi to take shape.

Outlook

Retain BUY with a revised TP of INR 1,742 (vs. INR 1,996), based on 7x FY25–27E average embedded EBITDA (25% discount to DLF) of INR 35.8bn.

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SignatureGlobal India_13082025_ICICI Securities