Mumbai: Axis Capital has reiterated a ‘Buy’ rating on Signature Global (India) Ltd., assigning a target price of ₹1,300 per share, implying a potential upside of up to 22% from current levels.
According to the brokerage report, the recommendation follows Signature Global’s strategic entry into the commercial real estate segment through a joint venture with RMZ Corp. The partnership is expected to strengthen the company’s long-term growth profile by diversifying beyond residential development.
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Signature Global’s stock opened at ₹1,070.10 per share on February 18, 2026, during early trading hours.
Axis Capital stated that the joint venture will develop an office-centric, mixed-use Grade-A commercial asset with an estimated leasable area of approximately 5.5 million sq. ft. The project will also include retail and hotel components and will be located on Southern Peripheral Road in Sector 71, Gurugram.
The development will be undertaken through Gurugram Commercity Limited (GCL), a wholly owned subsidiary of Signature Global. RMZ will invest ₹12.8 billion in GCL for a 50% equity stake. The entity holds a total development potential of around 7.5 million sq. ft., with nearly 70% earmarked for commercial use and the balance allocated for residential development.
Construction is expected to commence within six to nine months, with project completion targeted over a five-year horizon. Upon stabilization, Axis Capital estimates monthly rentals of approximately ₹125 per sq. ft. for office space and ₹250 per sq. ft. for retail space.
In its report, Axis Capital noted, “The asset is still five years out; hence, we do not expect it to impact revenue or earnings estimates until FY28E. While the transaction implies a land valuation of ₹26 billion, we have ascribed a development value of ₹34 billion, which, after factoring in capital expenditure and discounting, appears reasonable. We maintain our target price at ₹1,300.”
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The brokerage highlighted that Signature Global’s entry into institutional-grade commercial real estate could enhance long-term earnings visibility and asset diversification, positioning the company more competitively within the NCR property market.
