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Operating metrics likely to miss on full-year guidance

Operating performance

* Signature Global (SIGNATUR) recorded presales of INR20.1b, down 28% YoY and 24% QoQ (in line with our estimates). This was attributed to the absence of any material launches during the quarter. In 1HFY26, presales stood at INR46.5b, down 21% YoY.

* Area sold during the quarter stood at 1.3msf, down 44% YoY and 17% QoQ (9% above our estimates). In 1HFY26, volumes were 3msf, down 33% YoY.

* Average sales realization stood at INR15,000/sqft, up 28% YoY and down 8% QoQ (8% below our estimates). In 1HFY26, realizations stood at INR15,710/sqft, up 17% YoY.

* Total units sold during the quarter were ~573, down 46% YoY and 26% QoQ. In 1HFY26, units sold were 1,351, down 33% YoY.

* Collections stood at INR9.4b, up 2% YoY and 1% QoQ (8% below estimates). In 1HFY26, they stood at INR18.7b, down 12% YoY.

* In 2QFY26, the company acquired 33.47 acres of land with development potential of 1.76msf. In 1HFY26, the company acquired a total land of 2.3msf.

* Net debt increased to INR9.7b in 2QFY26 from INR8.9b in 1QFY26.

* Its project pipeline remains strong, comprising 17.1msf of recently launched projects, 24.3msf of upcoming developments, and 8.9msf under ongoing construction, all scheduled for execution over the next 2-3 years.

* P&L performance: In 2QFY26, the company reported revenue of INR3.4b, down 55%/61% YoY/QoQ (61% below estimate). In 1HFY26, revenue stood at INR12b, up 5% YoY.

* EBITDA loss stood at INR743m vs a loss of INR116m YoY. In 1HFY26, EBITDA loss stood at INR410m vs a loss of INR128m YoY.

* Adj. PAT loss in 2QFY26 stood at INR469m vs a profit of INR41m YoY. In 1HFY26, PAT loss stood at INR124m vs a profit of INR109m YoY.

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