1. At a Glance – Blink and You’ll Miss the Profit
SignatureGlobal is currently a ₹12,270 crore market cap real-estate developer selling homes that India desperately needs—affordable and lower mid-income housing—while its stock trades at ₹876, down ~19% in three months and ~30% over one year.
The irony? Operationally, the company is selling like hot samosas (₹66.8 billion pre-sales in Q3 FY26), but accounting-wise, it’s still serving losses on a silver platter.
Let’s talk highlights:
- Debt: ₹2,589 Cr
- ROE: 14.7% (yes, this exists despite losses—real estate magic 🪄)
- ROCE: 5.42% (meh)
- EPS (TTM): ₹0.24
- P/E: 3,696 (congratulations, you broke the calculator)
Quarterly PAT? –₹45 crore.
Quarterly revenue? ₹284 crore, down 65.6% YoY.
So what are we dealing with here?
A company with huge land bank, massive bookings, rising realizations, but timing mismatch between cash flow and profits.
Is this a growth story or a leverage soap opera?
Let’s open the file.
2. Introduction – Affordable Homes, Expensive Patience
SignatureGlobal isn’t here to build penthouses for Instagram influencers.
It builds homes for people who actually need homes—the ₹25–40 lakh buyer who wants Gurgaon access without kidney resale.
Founded in 2000, the company quietly became:
- #1 in affordable housing in Gurgaon
- 27% market share in Gurgaon
- 13% market share across NCR
- 30,000+ units sold as of H1 FY25
That’s not small talk. That’s scale.
But real estate accounting is cruel. You can sell thousands of homes, collect cash, and still show losses, because revenue is recognized only when construction milestones are met.
So while Twitter screams “LOSS-MAKING COMPANY”, the ground reality is:
- Inventory getting absorbed
- Prices per sqft rising
- Debt being refinanced (sometimes expensively)
- Execution speed becoming the real hero or villain
Think of SignatureGlobal as a fast runner
wearing a weighted jacket called leverage.
3. Business Model – WTF Do They Even Do?
SignatureGlobal plays a very specific game:
High volume × low ticket size × government-backed demand × NCR land.
Core focus:
- Affordable housing (<₹40L)
- Lower mid-income segment
- Haryana Affordable Housing Policy (AHP)
- Deen Dayal Jan Awas Yojana (DDJAY)
How money is made:
- Acquire land (mostly Gurgaon–Sohna belt)
- Develop mass housing projects
- Sell fast (pre-sales are king 👑)
- Collect customer advances
- Complete construction
- Recognize revenue (finally… years later)
Average ticket size in H1 FY25: ₹29 lakh
Sales realization rose to ₹13,379/sqft from ₹11,762/sqft in FY24.
Question for you:
Would you rather sell 10 luxury flats or 1,000 affordable ones every quarter?
SignatureGlobal chose chaos.
4. Financials Overview – Numbers That Need Therapy
Quarterly Comparison Table (₹ Cr)
| Metric | Latest Qtr (Q3 FY26) | YoY Qtr | Prev Qtr | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 284 | 828 | 338 | -65.6% | -16.0% |
| EBITDA | -63 | 13 | -74 | NA | NA |
| PAT | -45 | 29 | -47 | -256% | +4% |
| EPS (₹) | -3.23 | 2.07 | -3.33 | NA | +3% |
Commentary:
Revenue recognition in real estate is like waiting for a train that only stops once construction gods are pleased.
Pre-sales are strong, collections are healthy, but P&L looks drunk.
Ask yourself:
Are you investing in reported profits or cash flows + asset creation?
5. Valuation Discussion
