DLF Ltd.
NSE: DLF
Real Estate · Real Estate - Development
₹675.00 last close on 16 Oct 2026 +0.67%
Research updated
Signatureglobal India Ltd.
NSE: SIGNATUREReal EstateReal Estate - Development
- Last close
- ₹729.85
- Day change
- +₹1.55 (+0.21%)vs
- Market cap
- ₹10,268 crIndian rupees
- Research updated
- 1 report
About Signatureglobal India
Signatureglobal India Ltd. is a real estate development company, primarily engaged in the construction and marketing of residential and commercial properties. The company's core mission is to provide affordable housing solutions, catering to the urban population in India. Signatureglobal has built a reputation for developing projects that emphasize quality construction, strategic locations, and modern amenities, addressing the needs of middle-income residents. Core operations are focused around the National Capital Region (NCR) of India, a significant hub for business and a rapidly growing population center. Established in the competitive landscape of Indian real estate, Signatureglobal India Ltd. aims to align its projects with government initiatives like 'Housing for All' by providing cost-effective residential options. Its developments often incorporate sustainable practices and technologies to enhance living standards for its customers. As part of the broader real estate market, Signatureglobal plays an important role in meeting the demand for homes in one of the world's fastest-growing economies. With its strong commitment to quality and affordability, Signatureglobal India Ltd. continues to impact the real estate sector positively, bolstering infrastructure development in key urban areas.
- Sector
- Real Estate
- Industry
- Real Estate - Development
- Listing
- NSE: SIGNATURE
- Employees
- 1,365
- Headquarters
- Gurugram, India
- ISIN
- INE903U01023
- Website
- signatureglobal.in
Public research · Report of
Business model & financial foundation
Signatureglobal (NSE: SIGNATURE), Residential real estate development: revenue of ₹2,596 crore in FY26 (+3.9% on FY25), an EBITDA margin of -1.8%, net profit of ₹1,095 crore and net debt of ₹204.2 crore.
- Revenue, FY26 (₹ crore)
- 2,596
- consolidated
- Revenue growth, FY26
- +3.9%
- on FY25
- EBITDA margin, FY26
- -1.8%
- EBITDA excluding other income and exceptional gains / revenue
- Net profit, FY26 (₹ crore)
- 1,095
- to owners
- Return on equity, FY26
- 85.0%
- on average equity
- Net debt, FY26 (₹ crore)
- 204.2
- Borrowings less cash, bank balances and liquid investments
- Market capitalisation (₹ crore)
- 10,587
- at the close of 17 Oct 2026
Company profile
Gurugram-focused developer transitioning from affordable housing to mid-income, premium and ultra-luxury residential projects. Bookings precede collections and revenue recognition, which depends on completion and transfer of control. FY26 reported profit contains a large non-cash remeasurement gain on the RMZ/GCL transaction; statutory EBITDA and management adjusted EBITDA are not interchangeable.
| Item | Value |
|---|---|
| Legal name | Signatureglobal (India) Limited |
| Exchange and ticker | NSE: SIGNATURE; BSE: 543990 |
| ISIN | INE903U01023 |
| Sector | Real Estate |
| Industry | Residential real estate development |
| Headquarters | Gurugram, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP (FY26); S. N. Dhawan & Co LLP successor secondary-confirmed |
| Market capitalisation | ₹10,587 crore (17 Oct 2026) |
| Shares outstanding | 14.05 crore shares (FY26) |
| Price | ₹729.8 (close, 17 Oct 2026) |
| 52-week range | ₹695.0 - ₹1,154 (to 17 Oct 2026) |
| Website | https://www.signatureglobal.in |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Signatureglobal Developers | 100% | Real estate development |
| Signatureglobal Homes | 100% | Real estate development |
| Indeed Fincap | 100% | NBFC |
| Gurugram Commercity Limited (JV) | 50% | Commercial office, hotel and retail development with RMZ |
Other wholly owned project subsidiaries recorded in FY26 annual report; activity-level descriptions not retrieved.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 69.63% | 69.63% | 69.54% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 10.12% | 9.53% | 9.45% | |
| Domestic institutions | 5.17% | 5.41% | 5.46% | |
| of which mutual funds | 2.40% | 2.64% | 2.67% | |
| Other | 15.09% | 15.44% | 15.55% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Gurugram-focused developer transitioning affordable to premium residential. Subsidiaries hold projects; revenue follows completion and transfer of control under Ind AS115, not current bookings. Saleable sold area and carpet-area pricing differ: multiplying them is invalid. GCL lost control30Mar2026 and became50% equity-accounted commercial JV with RMZ; owner book already includes its remeasurement, so no stake added twice.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Real estate | 2,666 | 102.7% | 487.1 | 96.6% |
| Non-banking finance company | 11.4 | 0.4% | 11.4 | 2.3% |
| Construction contracts support and trading | 1,029 | 39.6% | 5.77 | 1.1% |
| Intersegment revenue eliminations | -1,110 | -42.8% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| DLF (DLF) | NCR exposure; larger mature land bank |
| Godrej Properties (GODREJPROP) | Asset-light residential growth and NCR launches |
| Lodha (LODHA) | Residential execution and cash conversion benchmark |
| Prestige Estates (PRESTIGE) | Residential launch pipeline, mixed commercial assets |
| Oberoi Realty (OBEROIRLTY) | Premium residential margins and balance sheet |
| Sobha (SOBHA) | Construction execution and residential delivery cycle |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 883.1 | 1,545 | 1,241 | 2,498 | 2,596 |
| Cost of revenue (vendor classification) * | 820.1 | 1,256 | 971.8 | 1,907 | 1,927 |
| Other operating costs (vendor classification) * | 75.0 | 139.6 | 151.7 | 359.6 | 445.2 |
| EBITDA (vendor classification) * | -55.7 | 70.8 | 61.2 | 182.7 | 140.0 |
| EBIT * | -83.1 | 10.9 | 26.0 | 144.0 | 1,365 |
| Finance costs expensed | 53.3 | 67.6 | 30.2 | 51.5 | 60.3 |
| Profit before tax | -136.4 | -56.8 | 4.47 | 105.1 | 1,310 |
| Total tax expense/(credit) incl deferred | -20.9 | 6.96 | -11.9 | 3.86 | 215.5 |
| Profit/(loss) for the year | -115.5 | -63.7 | 16.3 | 101.2 | 1,095 |
| Diluted EPS (₹) | -8.28 | -4.55 | 1.22 | 7.19 | 77.83 |
| Other income | 84.0 | 140.0 | 183.0 | ||
| Cost of sales incl stock-in-trade purchases | 971.8 | 1,907 | 1,927 | ||
| Employee benefits expense | 117.0 | 171.5 | 250.0 | ||
| Other expenses including separately reported impairments | 179.5 | 375.6 | 467.0 | ||
| EBITDA excluding other income and exceptional gains | -27.8 | 44.0 | -47.9 | ||
| Depreciation and amortisation | 21.6 | 27.4 | 31.8 | ||
| Exceptional gain/(loss), signed | 0.00 | 0.00 | 1,267 | ||
| Profit attributable to non-controlling interests | 0.14 | 0.13 | 0.02 | ||
| Share of profit/(loss) of JV and associates, signed | 0.00 | 0.00 | -0.04 | ||
| Profit attributable to owners of Holding Company | 16.2 | 101.1 | 1,095 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners of Holding Company | -346.4 | 50.2 | 626.7 | 726.7 | 1,850 |
| Current plus non-current borrowings, excluding leases | 1,170 | 1,724 | 1,918 | 2,366 | 2,941 |
| Cash equivalents plus other bank balances and liquid investments | 190.5 | 530.2 | 736.1 | 1,498 | 2,737 |
| Trade receivables | 4.18 | 28.3 | 34.2 | 64.4 | 65.5 |
| Inventories | 3,392 | 4,406 | 6,149 | 9,280 | 10,874 |
| Trade payables including micro and small enterprises | 792.4 | 1,007 | 791.7 | 2,308 | 3,495 |
| Net property, plant and equipment * | 0.00 | 0.00 | 67.4 | 23.1 | 23.1 |
| Capital work in progress * | 1.00 | 1.38 | 16.1 | 1.50 | 1.00 |
| Total assets * | 4,431 | 5,999 | 8,473 | 12,866 | 17,255 |
| Borrowings less cash, bank balances and liquid investments | 1,182 | 868.2 | 204.2 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities after income taxes | 54.3 | -412.7 | 92.4 | 500.7 | 125.7 |
| Free cash flow (vendor definition) * | 115.9 | -297.1 | 56.5 | 456.0 | 99.2 |
| PPE, CWIP, intangibles and investment property purchases, outflow negative | -89.1 | -15.8 | -35.9 | -44.7 | -26.5 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Year-end equity shares outstanding | 14.05 | 14.05 | 14.05 | 14.05 | 14.05 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 749.3 | 827.7 | 520.4 | 865.7 | 338.5 | 284.4 | 1,107 | 552.0 |
| Cost of revenue (vendor classification) * | 634.4 | 639.8 | 321.8 | 668.1 | 236.8 | 188.5 | 833.5 | 440.2 |
| Other operating costs (vendor classification) * | 86.9 | 123.0 | -62.5 | 96.2 | 108.2 | 97.5 | 165.0 | 99.3 |
| EBITDA (vendor classification) * | 16.6 | 48.0 | 88.8 | 65.9 | -40.2 | -34.9 | 144.3 | 15.0 |
| EBIT * | 9.74 | 40.4 | 73.1 | 58.3 | -48.1 | -42.9 | 1,403 | 8.12 |
| Finance costs expensed | 16.9 | 14.2 | 13.0 | 12.6 | 13.5 | 16.9 | 17.3 | 29.1 |
| Profit before tax | -7.18 | 26.3 | 72.7 | 45.7 | -61.6 | -59.8 | 1,386 | -21.0 |
| Total tax expense/(credit) incl deferred | -11.3 | -2.88 | 11.6 | 11.3 | -14.7 | -14.4 | 233.4 | -4.48 |
| Profit/(loss) for the period | 4.15 | 29.1 | 61.1 | 34.4 | -46.9 | -45.3 | 1,152 | -16.5 |
| Diluted EPS (₹) | 0.29 | 2.07 | 4.34 | 2.45 | -3.34 | -3.22 | 81.94 | -1.18 |
| Other income | 28.1 | 34.5 | 50.0 | 32.7 | 34.0 | 28.3 | 88.0 | 59.7 |
| Cost of sales incl stock-in-trade purchases | 634.4 | 639.8 | 321.8 | 668.1 | 236.8 | 188.5 | 833.5 | 440.2 |
| Employee benefits expense | 39.6 | 51.4 | 48.3 | 68.2 | 67.8 | 61.7 | 52.3 | 57.0 |
| Other expenses including separately reported impairments | 86.9 | 123.0 | 106.8 | 96.2 | 108.3 | 97.5 | 164.9 | 99.3 |
| EBITDA excluding other income and exceptional gains | -11.6 | 13.5 | 43.6 | 33.2 | -74.4 | -63.2 | 56.5 | -44.5 |
| Depreciation and amortisation | 6.80 | 7.54 | 7.88 | 7.55 | 7.77 | 7.93 | 8.55 | 6.89 |
| Exceptional gain/(loss), signed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1,267 | 0.00 |
| Profit attributable to non-controlling interests | 0.05 | 0.02 | 0.03 | 0.02 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share of profit/(loss) of JV and associates, signed | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -0.04 | -0.22 |
| Profit attributable to owners of Holding Company | 4.11 | 29.1 | 61.1 | 34.4 | -46.9 | -45.3 | 1,152 | -16.5 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 1,093.4% | 75.0% | -19.7% | 101.4% | 3.9% |
| EBITDA margin | -2.2% | 1.8% | -1.8% | ||
| Net margin | 1.3% | 4.0% | 42.2% | ||
| Return on equity | 4.8% | 14.9% | 85.0% | ||
| Return on capital employed | -9.2% | 0.8% | 1.2% | 5.1% | 34.6% |
| Return on assets | 0.2% | 0.9% | 7.3% | ||
| Net debt (₹ crore) | 1,182 | 868.2 | 204.2 | ||
| Net debt / EBITDA | -42.6x | 19.7x | -4.26x | ||
| Interest cover | -1.56x | 0.16x | 0.86x | 2.80x | 22.7x |
| Asset turnover | 0.22x | 0.30x | 0.17x | 0.23x | 0.17x |
| Receivable days | 2 | 7 | 10 | 9 | 9 |
| Inventory days (on revenue) | 1,402 | 1,041 | 1,809 | 1,356 | 1,529 |
| Payable days (on revenue) | 328 | 238 | 233 | 337 | 491 |
| Cash conversion | 5.71x | 4.95x | 0.11x | ||
| Capex intensity | 10.1% | 1.0% | 2.9% | 1.8% | 1.0% |
| Free cash flow (₹ crore) | -34.8 | -428.5 | 56.5 | 456.0 | 99.2 |
| EPS, diluted (₹) | -8.28 | -4.55 | 1.22 | 7.19 | 77.83 |
| Book value per share (₹) | -24.65 | 3.57 | 44.60 | 51.72 | 131.6 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA excluding other income and exceptional gains / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Borrowings less cash, bank balances and liquid investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA excluding other income and exceptional gains.
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Signatureglobal India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Signatureglobal India
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Prices are the last close on the NSE, 16 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 17 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.