Signatureglobal (India) Ltd. share price target

With a 32% upside from the CMP, we maintain our long-term BUY rating on the stock.

SignatureGlobal India (Signature) delivered a 57% sales booking CAGR over FY21–25, largely in affordable/mid-income housing projects.

Signature Global achieved pre-sales of INR26.4b in 1QFY26, down 15% YoY but up 63% QoQ (12% below our estimate), aided by the launch of ‘Cloverdale SPR’, a premium residential project located on Southern Peripheral Road (SPR), Sector 71, Gurugram.

We recommend a BUY rating on the stock with a target price of Rs 1,330/share, implying an upside of 10% from the CMP.

With a 27% upside from the CMP, we maintain our long-term BUY rating on the stock.

We are initiating coverage on Signatureglobal (India) Ltd. (SIGNATURE) with a BUY recommendation and a target price of Rs 1,645/share, which implies an upside of 29% from the CMP.

Signature Global (SIGNATUR), with its strong presence in strategic locations in Gurugram, is on track to capitalize on the ongoing demand, guided by a strong project pipeline of 24.3msf.

We retain our BUY rating on SignatureGlobal India (Signature) with an unchanged TP of INR 1,905, valuing it at 10x FY24–26E average embedded EBITDA on sales bookings.

SignatureGlobal India (SIGNATUR) began its operations in 2014 and in just a decade, it has become one of the leading real estate developers in the Delhi NCR market.

Issue Snapshot: Issue Open: Sep 20 Sep 22, 2023 Price Band: Rs. 366 385 *Issue Size: Rs 730.0 cr (Fresh Issue of Rs 603.0 cr + Offer for sale of Rs.127.0 cr) Reservation for: QIB atleast 75% eq sh Non-Institutional upto 15% eq sh ((including 1/3rd for applications between Rs.2 lakhs to Rs.10 lakhs)) Retail atleast 10% eq sh Face Value: Rs 1 Book value: Rs 3.81 (March 31, 2023) Bid size: - 38 equity shares and in multiples thereof 100% Book built Issue IPO Note - SignatureGlobal (India) Limited 18092023

IPO NOTE