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Collections yet to catch-up last years shortfall Operating performance

• Signature Global achieved pre-sales of INR26.4b, marking a 15% YoY decline and a 63% QoQ rise (12% below our estimates), contributed by the launch of ‘Cloverdale SPR’, a premium residential project located on Southern Peripheral Road (SPR), Sector 71, Gurugram.
• Area sold in the quarter stood at 1.6msf, down 20% YoY and up 19% QoQ (12% below our estimates).
• Average sales realization stood at INR16,296/sq ft, up 6%/37% YoY/QoQ. Higher realization was due to the launch of Cloverdale SPR.
• Total units sold in the quarter were ~778, down 20% YoY and up 32% QoQ.
• Collections were down 23% YoY/21% QoQ to INR9.3b (39% below the estimate).
• The company acquired ~10 acres of land in the Sohna market. Its development potential is ~0.53msf.
• The company’s project pipeline remains strong, comprising 14.8 msf of recently launched projects, 24.6 msf of upcoming developments, and 10.4 msf under ongoing construction, all scheduled for execution over the next 2- 3 years.
• Net debt in 1QFY26 stood at INR8.9b vs INR8.8b in FY25.
• P&L performance: In 1QFY26, the company reported revenue of INR8.7b, up 2x/66% YoY/QoQ (24% below the estimate).
• EBITDA stood at INR332m vs a loss of INR13m YoY and a decline of 24% QoQ (84% below estimate). Margin stood at 3.8%.
• Adj. PAT in 1QFY26 was at INR344m, up 5x and down 44% QoQ (83% below estimate).

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