Buy Signature Global India; target of Rs 1786 : 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 H1FY26 sales bookings of INR 47bn, and given the new launches with GDV of INR 130–140bn lined up in Gurugram in H2FY26, the company maintains its guidance of INR 125bn of sales bookings (20% growth). Given Signature’s strong launch pipeline of projects with a cumulative GDV of >INR 450bn over FY25
28E, we estimate FY26/FY27/28 sales bookings of INR 119bn/INR 127bn/INR 139bn.

Outlook

Retain BUY with a revised TP of INR 1,786 (vs. INR 1,742 earlier), based on 7x FY25–28E average embedded EBITDA of INR 36.4bn. Key risks: Slowdown in Gurugram market; inability to replenish land bank.