Signature Global India Set for Major Growth: ICICI Securities Predicts Target Price of ₹1,905

Overview: ICICI Securities is bullish on SignatureGlobal India and has recommended a “Buy” rating with a target price of ₹1,905. The company is set to benefit from its strong project pipeline and expansion plans in the NCR region.

Key Highlights:

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• SignatureGlobal recently launched Phase 1 of its Daxin Vistas project in Sohna, Gurugram. The project covers 126 acres, featuring independent floors and residential/industrial plots with a total estimated value of over ₹20 billion. The first phase has already received a positive response, generating over ₹20 billion in sales bookings by September 2024.
• SignatureGlobal aims to achieve a sales booking target of ₹100 billion for FY25, with a compound annual growth rate (CAGR) of 19% expected between FY24–27. Given the success of its recent launches and more projects planned for FY25, the company is well on track to meet this goal.
• SignatureGlobal is evolving from a mid-income housing developer in Gurugram to a premium housing player. The company’s first premium residential project, launched in March 2024, generated over ₹36 billion in sales, with an average unit price of ₹35 million. Additionally, its Titanium premium housing project in Sector 71, Gurugram, accounted for ₹31.2 billion in sales during Q1 FY25.
• The company is now looking to expand beyond Gurugram into Noida and other NCR regions, planning to acquire more land through direct purchases or joint development agreements (JDAs). This could be a key driver for future growth.

Risks: The primary risks include a potential slowdown in the Gurugram real estate market and challenges in acquiring new land for development.

Conclusion: SignatureGlobal India is positioned for significant growth with its expanding project pipeline and strategic moves in the NCR market. ICICI Securities maintains a strong “Buy” recommendation with a target price of ₹1,905, driven by the company’s successful project launches and potential for further expansion.