Good morning, everyone. On behalf of ICICI Securities, I'd like to welcome everyone on the call today.

As always, from the Signature Global management, we have with us Mr. Pradeep Kumar Aggarwal, the Chairman and Whole-Time Director; Mr.

Lalit Kumar Aggarwal, the Vice Chairman and Whole-Time Director; Mr. Ravi Aggarwal, Managing Director; Mr.

Devender Aggarwal, Joint Managing Director and Whole-Time Director; Mr. Rajat Kathuria, the Chief Executive Officer; Mr.

Sanjeev Kumar Sharma, the Chief Financial Officer; and Ms. Kritika Singh, Head of Investor Relations.

I would now like to hand over the call to the management for their opening remarks and comments. Over to you.

Thank you.

Good morning, everyone. It is a pleasure to welcome you all to the Q4 FY26 earnings conference call of Signature Global.

Thank you for joining us today. I hope you have had the opportunity to review our financial results and investor presentation shared yesterday.

To begin, I would like to reflect on the global and Indian housing and economic environment, which continues to support long-term real estate growth. Globally, real estate markets have remained stable compared to other asset classes, supported by urbanization, growing lifestyle, and strong demand for quality housing.

In India, the momentum is even stronger, driven by strong economic growth, rising income, rapid urbanization, infrastructure development, and policy reform that continue to improve transparency and investor confidence in the sector. According to a recent JLL report, Delhi-NCR recorded a strong 30% year-on-year growth in a housing sales during quarter one 2026, with Gurugram remaining one of the high-performing markets.

Further highlighting this momentum, nearly INR 27,000 crores was invested into new real estate projects in Gurugram during the first four months in 2026 as per Gurugram RERA data. Amid this positive backdrop, Signature Global has invented [cemented?]

its presence across the key residential micro markets while advancing in the diversification strategy. We have entered in a large-scale commercial development through a strategic collaboration with RMZ Group.

Through this, we will develop a mixed-use commercial project in Sector 71 on Southern Peripheral Road, Gurugram. Recently, we have entered in a branded residence segment with a strategic collaboration with Tonino Lamborghini for a premium branded residence project in Sector 71, Gurugram.

This move will further enhance our growth strategy. With rising demand for branded residence, we see strong long-term potential and will continue to pursue similar opportunity aligned with the evolving customer aspirations.

FY26 has been a year of stable progress for Signature Global. We saw strong customer demand across projects, better sales price, and constant growth in our core market.

Our profit for FY26 reached an all-time high, while revenue from operations also grew in a balanced manner. Net debt has come down to historical low level, reflecting our continued focus on financial discipline.

Looking ahead, we remain positive on the long-term growth of the housing sector, especially in the Gurugram and Delhi-NCR, supported by better infrastructure, strong end-user demand, and urban growth. We believe the market will continue to offer strong opportunity for quality developers.

At Signature Global, our focus will remain on timely delivery, customer-first approach, and financial discipline, and sustainable growth. With that, I would now like to invite our CEO, Mr.

Rajat Kathuria, to take you through the company's financial performance in detail. Thank you once again for joining us today and for your trust and support in Signature Global.

Thank you, Pradeep ji, for giving the opportunity. Good morning and thanks to everyone for joining this call today.

As a brief for the entire year, we launched two large high-rise projects during the year. The first launch was under the name of Cloverdale, which is about 1.75 million square foot development in Sector 71 on the Southern Peripheral Road in Gurgaon.

The second key launch was under the name of Signature Global Sarvam, which is even larger, almost closer to 3.75 million square foot. This project happens to be just off the Dwarka Expressway market.

Put together, these two launches contributed almost 85 odd percent of the total launches, which added up to about 6.5 million square foot, the balance being certain leftover areas in erstwhile projects or certain extensions in erstwhile projects. These two were the larger launches which the company did in its key markets over the previous year.

With the help of these launches and some of the inventory which we were sitting with, we achieved pre-sales of 82.5 billion, 82-plus billion INR, which can be seen in two manner. One is, of course, as a comparison to the previous year, which is FY25, there was a dip in pre-sales.

We prefer to see it more as a longer-term trend because if you look at the sales pattern between fiscal year '22 till fiscal year 2026, we've grown upwards of 30% on a year-on-year basis. As a longer-term basis, I think sales has an upward trajectory.

Half of this sales came out of the new launches which the company did in the previous year, by and large, just approximations, about half the sale came out of the new launches which the company did, while the balance came from sustenance sales from the erstwhile projects. Overall, we sold in excess of 5 million square foot and about 2,100-plus housing units got sold in order to achieve this sale, which was steady across quarters.

There was no lumpy quarter, but yes, I think by and large we've been selling on a steady basis across four quarters. One of the primary reasons for the same being that over the last one or two years, we've done multiple launches and we've created some inventory, hence sustenance sales and new launch sales happen in tandem with each other.

I would like to add on that if we look at the trend over the last eight to nine quarters, the company has launched multiple projects, both high-rise projects as well as large township projects. Put together, we've launched almost 21-plus million square foot, which has a GDV potential in excess of 30,000 crores, 300 billion INR.

Effectively, we've been firmly believing that supply creation leads to demand creation and vice versa. We've been creating continuous supply across the micro markets in Gurgaon.

As far as realizations and collection go, per-square-foot realization crossed 15,000 rupee mark, which is, of course, 20% plus realization on a per-square-foot basis vis-à-vis the previous year. This was primarily led by escalation in each of these individual markets and sale of more group housing product, which is the upper-end product being offered by the company.

We didn't come up with any new launches of mid-rise floors, which are comparatively lower in ticket size as well as price points. It was more premiumized product and in general some escalation in each of these markets.

A bit of dichotomy here that one could feel that while the markets in general are not doing well, why are the sales prices still escalating? One of the key factors very specific to Gurgaon, which we are able to understand, is that there is still huge shortage of actual units which have been handed over to customers.

A lot of sales has happened over the last few years ever since the markets have rebounded, but still there are only limited availability of liveable inventory in Gurgaon market, and that continues to push up prices of first the secondary stock, and as a follow-on impact on the primary stock, which we are creating on a quarterly basis along with other players in the industry. In summary, yes, realizations have gone up.

They went beyond 15,000 rupees a foot in the previous year. Even in the current year, we do expect certain normative increase, certain inflationary increase in selling prices.

We are not going to push that sales prices up, but yes, I think if market forces help us to price the product at a higher price, then, of course, we're going to grab that price increase for the company. Collection trend was steady, again very similar to the sales trend, that if we look at a longer-term trend of last three to four years, we'll see an annual sales collections have grown at more than 30%, whereas vis-à-vis the previous year, there was a marginal dip in the annual collections.

However, it's important to note that if we also consider the collection stroke realization which the company did out of the JV partnership formed, put together about 40 billion of annual collections and about 12.5 billion near about of the money which we received out of the JV transaction, the total cash collection by the company stood close to about 52 to 53 odd billion INR. Moving on to the portfolio position, we've till date completed close to 18 million square foot of development.

We were anticipating previous year to be better than what it ended up being in terms of completion, but there is some slippage into the current year because there were first bit of excessive rains and then fairly long-dated NGT restrictions got applied. This year there's a bit of cover-up activity for us to do.

There's another 12-odd million square foot which is very close to completion, and we are giving ourselves let's say just next four to five quarters to complete that entire erstwhile stock, which will by and large help us complete almost all the affordable projects which are still under development and bulk of the floors which we launched under the Deen Dayal Awas Yojana policy. Both of those projects are nearing completion, and we don't envisage more than four to five quarters now where we are in terms of completing that stock.

In a few quarters from now, I think we'll be close to 30 million square foot of completed and delivered projects for the company. In addition to that, I would like to club two buckets effectively, one projects which we've launched over the last eight quarters, which is in excess of 21 million square foot, and there's another 19 million square foot which land resource we currently have in the company.

Put together, this is about 40 million square foot. Put together, the GDV of both these sets of projects crosses 700 billion INR, 70,000 crores of GDV is there in between these two subsets of the portfolio.

Amongst the forthcoming set of projects, which is again nearing 20 million square foot, about 14.5 million will be executed solely by the company, whereas about 5.5 million square foot is being done in partnership with the RMZ Group, and I'll talk about that in a little bit more detail just in a short while. In summary, 18 million odd completed, 12 million nearing completion, another 40 million put together, half of it has been launched, we've demonstrated steady supply through these launches over the last eight to nine quarters, and we are in a very good position to launch the balance over the next similar time period of 8 to 12 quarters.

Put together this portfolio let's say in 8 to 12 quarters won't be like a land portfolio, this would be a cash-generating project portfolio worth nearing 700 billion INR. Talking a little bit more about the RMZ trade, in Sector 71, which is on the Southern Peripheral Road, as of today we have access to 90-plus acres of land, and of that about 18 acres of land is where we've entered this partnership, primarily because this 18 acres we could have done yield assets on that particular land parcel, whether it be offices, retail, hotel spaces, but that was good for office spaces of commercial development.

We've always been on a build-to-sell model of development and didn't want to learn a build-to-yield basis by doing it ourselves. We found very complementary skill sets in RMZ, whom we chose as a partner to do this 5.5 million square foot of development.

This project in itself is at an advanced stage because the land is fully licensed, which is a very local Gurgaon nuance, the land is fully licensed, almost all DTCP related approval payments have been made, and now we are together designing this project through one of the world's best architects, and we do intend to activate this project within this year itself. This project will primarily have office spaces, which will be in excess of 4 million square foot, between 4 to 4.5 million square foot, and the balance area will be split across retail and hotel spaces, and the exact numbers are getting worked out.

We just have approximation of these areas as of now. By and large, this would be done on a build-to-lease basis.

We may sell just a portion of it, but all that strategy is yet to be formed up. By and large, this will be on a build-to-sell basis, and once developed, we both the partners anticipate that the capital value of this asset will be in excess of 150 billion INR.

In addition, last year we did certain business developments in the Sohna market, which is one of our key focus markets. We spent upwards of 7 billion INR and added close to 2.5 million square foot.

This business development was lower than what we've been doing over the last couple of years, but we were just treading a little cautiously in the previous year given all the macro headwinds. As a result, we start this year with a very strong BD pipeline, which we can execute.

At the same time, we've also started this year with a very good liquidity position because of both our operating cash flows as well as the consideration out of the RMZ trade. Talking about some numbers, we did revenue recognition of close to 26 billion.

In area and value terms, this was about 3.75 million square foot of area got completed, and the average realization of the area which got completed was about 68, 6,900 rupees per square foot. We generated a gross profit margin of about 30%, EBITDA margin of 9% to 10%, and courtesy the exceptional item which is this transaction, I think the PAT surged to about 1,100-plus crores.

About another 11 billion plus of PAT the company generated. If we look at the operating surplus, we created an operating cash flow of close to 21 billion INR, and that could be split into three heads, three similar-ish heads so to say.

About one-third of it, about 7 billion plus, went into business development, a similar number went towards debt reduction, which really brought our net debt down to near-zero levels. We've maintained over the last one or two years that from a development business perspective, since we are going through a good business cycle, we do hope and we are now at a situation where net debt is actually down to a near-zero level.

It's just 2 billion, could have been positive 2 or -2, but by and large, this is almost down to a zero-level net debt position. The balance of the OCF of the company was used towards approval cost for upcoming projects or for interest payments.

That's how this 21 billion, 21 billion plus of operating cash surplus which the company generated through last year of operation went into business development, reducing debt, as well as doing approval costs and making interest cost payments. Fairly good healthy cash position for the company, fairly bullish on the business development prospects for the coming year.

As a best estimate basis, if we see the year going forward, we are estimating that we'll do new launches in excess of 150 billion. A bulk of this is coming through launch of certain group housing projects, the first and foremost being in Sector 71, even Pradeep ji updated that we've done a tie-up with Tonino Lamborghini to do a branded residence over some 12-plus acres of land and a little excess of 2 million square foot in Sector 71, Gurgaon, followed by two more launches in the group housing category itself, which will take our yearly launch target in excess of 150 billion.

In addition, we expect to do sales which are nearing 100 billion. We achieved this mark in fiscal '25, but feeling confident at the start of the year that we should be able to achieve this mark again during the current year, both on the bank of good launch pipeline as well as certain inventory in hand.

As a mix of both, we are hopeful of achieving sales in excess of 100 billion. Completion and collection go hand in hand, and hence we've kept a target of 50 billion for both of these metrics, revenue recognition of 50 billion, which means we'll have to do completions in the range of 60 to 65 billion, and even collections we are expecting it to cross 50 billion in the year to come.

That is a broad perspective on the guidance for the current year. This is a brief of the year gone by and what we expect in the year to come.

Happy to take any questions from your side.

Hi. Good morning.

Thanks for taking my question. My first question is regarding our launch pipeline of 150 billion.

Would be great if you could get some more color. One with regards to the timeline of various launches across the four quarters in FY27, and also the potential GDV and the location of these projects.

Thank you.

Yeah. Hi, Parvez.

Good morning. Parvez, you could split the launch into three different sets.

The first launch is in quarter one, which is roughly 2 million square foot, which is these branded residences in Sector 71 under the brand name of Tonino Lamborghini. That's planned for quarter one of this year.

The second launch would be again a similar quantum, but that would be more towards or timed more around the Diwali time, Q2 stroke Q3, not at the beginning part of Q2, but towards later part of Q2 or sometime in Q3 is when the second launch is being planned, again in Sector 71. The third launch will be towards the fourth quarter, wherein as part of this trade which we've done with RMZ, while the trade is for the commercial portion of that development, there's a residential component which is held 100% by the company.

We did not divest it, rather carved it out into our parent before getting into that partnership. There's another 2 million square footage of very prime land, which is right at the frontage of the Southern Peripheral Road.

Another 2 million square foot is expected towards the later part of the year as part of that development. That's the split as visible as of now for the entire year.

All these land parcels are completely tied up. We have full approvals for the first project and fairly advanced approvals for the other two projects which we intend to launch as part of this year.

A related question, do we have any launch plans for either Sector 37D or Sohna this year?

We'll have a smaller launch in Sohna. There was certain inventory which was held by us that we do intend to launch as part of Project Daxin during the course of the year.

In 37D, we are not launching maybe a new project, but yes, a kind of a phase 2 of Project Sarvam is something which we will do as part of this year. That's not like a fresh new launch.

It's more like part of a larger project which we've launched, and under that banner, some of the inventory will be getting released during the year.

Sure. My second question is regarding our BD approach.

We obviously have a very strong balance sheet position now. What is our overall BD approach?

Do we want to acquire more land in the three micro markets where we are present, or we are looking for land parcels in maybe other parts of Gurgaon or other parts of NCR? How should one look at it?

See, we are focusing on two markets and product segment in terms of BD right now. One is in the Sohna market.

We are quite actively looking at certain transactions and quite hopeful of closure in the first half of this year itself. That would be a good addition to the entire portfolio.

We've done a very successful launch of Daxin in Sohna, and we want to create larger project and create newer inventory in this market. Sohna is one market where we are quite active.

Second, the way we did this project called City of Colours, which was in Manesar last year, that was a plotted development comprising of residential and industrial plots. We are looking at some more projects stroke project of similar nature, and hence certain larger-format land parcels maybe acquired stroke collaborated again, hopefully, within first half of this year itself.

Thanks. I'll come back in queue for more questions.

Thank you.

Thanks, Parvez.

Thanks for the opportunity, sir. Two questions from my end.

First on the cash flows, collections, actually we started the year with about a 6,000 crore guidance, and we understand that maybe construction progress was maybe slower than expected, and we ended at about 4,000 crores. For the next year, we are again targeting about 5,000 crores.

With the contractors and all appointed and construction progressing now, sir would have expected a higher guidance on that. Any comments on that?

Rishit. It's more like once bitten, twice shy situation.

We don't want to kind of sound very aggressive with regard to these plans. If you'll see even last year, effectively see collection and completion will go hand in hand.

We are giving a number on both these accounts, which we feel is fairly achievable.

Sure. Okay.

Fair. Secondly, bookkeeping question.

In the ongoing projects, what would be the value of the inventory that we have right now?

It's very minimal. It would be about I think it's coming in the presentation, it's probably 7 billion or something which is there.

Not the ones which we've recently launched. Over there, that number will be closer to 70 to 80 billion, things which we've launched recently.

As part of the ongoing book, I think that number is about 7 billion.

Sure. Okay.

About 80, 85 billion of total inventory, including recent.

Yes.

Sir. Thanks.

Thank you for the opportunity. The first question is on our launches of 15,000 crores which you have lined up.

In our guidance for the year, how much are we targeting to sell out of that as part of guidance, ballpark number?

Adhidev, see the first target as we launch any new project is to achieve that 40% sort of a benchmark number out of the launched value. Because with a 40% achievement, we are able to very comfortably cover the construction cost over the span of that project.

That tends to be our first primary target which we give to our sales team. If you look at the balance sheet position of this entire 40 million in terms of recently launched and forthcoming projects, this 700 billion worth of GDV exists.

At the same time on the liability side, in terms of actual net debt, it is just 2 billion. Honestly, a simple way to understand the balance sheet is that basis the operating cash flows earned over the last decade, we've accumulated this portfolio of projects and, of course, proceeds from the IPO which came in, but there is no significant debt sitting on the books.

As we launch any new product, of course 40% is the minimum internal benchmark which we create. If we launch products worth 15,000 crores, we will target about 60 billion to be achieved out of these projects, and the balance, give or take should come out of the sustenance sales being done by the company.

So 4,000 from sustenance. I think you mentioned a number of 8,000 crores the inventory you have to sell, or is that number higher?

70 to 80, yes. Yes, that number.

Oh,

you're looking to monetize half the inventory this year from the sustenance projects and another 6,000 crores which is 40% of 15,000 crores potential launch.

That's our internal plan. Yes.

Fine, fine. The second question is now with the RMZ tie-up done, could you just help us guide what are going to be the capex requirements for the next four, five years, and on the accounting, how does this work?

Means is this something our JV off the books, or will the entire capex come onto our books? How does it work in terms of the capex will only Signature do it, or RMZ will also take an equal share?

Could you just help us understand the structure now going forward? Yeah.

Adhidev, commercially this is a 50-50 joint venture. No one owns one share more than the other.

It's absolutely equal share partnership with equal controlling rights, both in terms of directors and any representation. It's absolutely equal.

Basis our skill sets, we've divided the roles and responsibilities. For instance, the land was already in place, any approvals related activity is something which we'll take up.

Any construction-related activities because of our local presence is something which we'll take up. RMZ in parallel, while design is a joint aspect, but still, they will take some lead on the design side, and appointment of certain larger contractors with whom they have a good relationship, and on the leasing side.

Those are the aspects where while the decision-making will remain joint, but RMZ will take a lead as far as those aspects are concerned. In terms of capex, both the parties are open to taking construction loan for development of this asset.

Any contribution which the JV entity needs, both parties can keep pumping in that much requisite equity from their own book to fund the particular development. About 5.5 million square foot, you should assume capex in the range of about 3,500 to 4,000 odd crores should happen by both the parties put together over the next four to four and a half years.

Okay, 35 to 4,000 crores, which means around our share may be 1,500 to 2,000 crores, right, out of that?

Yes.

You're saying you may also take debt at that JV level, right? Just to understand the accounting, whatever money we put in will show up in the consolidated balance sheet as an investment in that JV, right?

It's not a direct capex which will come up right on the consolidated balance sheet cash flow, if my understanding is correct?

I'll ask Sanjeev to address this query. Yeah.

Yeah. Yeah.

Hi, Adhidev. Sanjeev here.

You are right, it is not going to be considered as a debt in the consolidated balance sheet. Whatever debt is being or will be taken by this JV, it will remain in JV's books, and if, as Rajat mentioned, if needed, both the partners may invest something in this JV in the form of equity.

That will definitely come as an investment as in the standalone and as well as the consolidated balance sheet. You're right, that will not add up in the consolidated debt of the company.

Yeah. Just to re-clarify, it will show up as an investment in the JV, right, if that whatever we are putting in money incrementally?

Okay. Fine.

Yeah. Yeah.

Okay. Okay.

Fine. Yeah.

That's it from my side. That answers my questions.

Thank you and all the best. Yes.

Thanks, Adhidev. Thank you.

Hi. Thanks for taking my follow-up question.

Couple of questions. First, how do we see the Gurgaon market now?

Obviously frenzy has abated, market has normalized. What are your views on let's say demand?

You just said that we would expect maybe 40% of our launches that we intend to do in FY27 to get sold. What's your view overall on demand and pricing and also on the unit sizes front?

We are somewhere closer to about 4 crore if one looks at our FY26 performance. In future, will it remain somewhere around these levels or do we intend to rationalize it?

Sure. Parvez, thanks for asking this question.

I'll break up the supply and demand of units in Gurgaon in two key segments. Over the last 10, 11 years since the company came into existence, we've created a lot of supply in affordable and early mid-income segments, which was either these high-rise affordable apartments or low-rise floors under the Deen Dayal Jan Awas Yojana, which used to exist for Gurgaon and still exists for areas on the peripheral areas of Gurgaon market.

A lot of supply we created, and, of course other players also created in this market over the last 10 years, and bulk of that launches have seen completion or are seeing completion over these years. In parallel, the launches which we are planning, which are these high-rise apartments in this particular coming year, if you look at the block period between 2014 till about 2022, for that seven or eight years while the markets in general weren't doing so well, there was literally zero supply of newer group housing units in Gurgaon throughout this seven, eight years span.

We've seen quite a few launches in this market by a lot of good pedigree players post-2022, but none of that supply has actually reached a completion stage. While you may feel that, okay, a lot of supply is happening, but actually on ground there is very little sort of delivered units which are available in Gurgaon, and that's why despite a run-up in prices, prices continue to go up because there isn't adequate supply of good quality, grade A, good location, good developer, grade A housing spaces, they're not available in the kind of quantum one would assume or estimates them to be in the market.

That is why we continue to create more supply in this space. We continue to see as a market prices still going up a little rather than coming down.

We feel confident that any of these projects which are being launched by Signature Global will get reasonable absorption of let's say 40% plus at the time of launch itself. That's been our kind of experience even in the previous year, and we are fairly hopeful that this trend is going to continue.

There are certain global headwinds right now. No one can predict how that's going to pan out for the country or for the region, but yes, assuming the dust settles over some time, I think we have full year, and with these two or three launches, we are fairly hopeful of doing what we are guiding towards.

Sure. Second question, of the two major projects that we launched in FY26, Cloverdale and Sarvam, how much proportion would we have sold, and what proportion of the FY26 collections came from these two launches?

Put together, I can share the specific number separately with you, but put together, if we did launches of 10,000 odd crores, I think we've done sales in excess of 4,000 crores for entire bucket put together. So 40% plus sales did get achieved out of whatever launches as a basket we did in the previous year.

Sure. Lastly, we did about 700 crore of BD in FY26.

Any target, guidance for FY27?

The number for the current year I think should be in between 1,000 to 1,500 crores.

Sure. Thanks and all the best.

Thank you, Parvez.

Okay. Thanks a lot, everyone.

I think wishing you all a good day and a great year ahead. Thank you.

Thank you. Thanks a lot.

Thank you.

Thank you.