Axis Capital Maintains 'Buy' on Signature Global, Sees 22% Upside with RMZ JV
Axis Capital, a leading brokerage firm, has maintained a 'Buy' rating on Signature Global (India) Ltd., citing the company's strategic foray into the commercial real estate segment through a partnership with RMZ as a key growth driver. The firm has set a target price of ₹1,300, which implies a potential upside of up to 22% in the stock price.
Signature Global’s stock opened at ₹1,070.10 per share on February 18, 2026, in early trading hours. This move by Axis Capital underscores the significant potential the company sees in Signature Global’s strategic initiatives and partnerships.
The partnership with RMZ involves the development of a Grade-A, office-centric mixed-use project with a planned leasable area of around 5.5 million square feet. The project will be located in Sector 71, Gurugram, on Southern Peripheral Road. In addition to office space, the development will include retail and hotel components, making it a comprehensive mixed-use asset.
Signature Global brings strong execution capabilities and development experience to the table, while RMZ contributes its expertise in conceptualizing and developing institutional-grade commercial assets. The construction is expected to commence over the next six to nine months, with the project slated for completion in about five years.
Upon completion, the company expects the office and retail segments to generate monthly rentals of approximately ₹125 per square foot and ₹250 per square foot, respectively. This long-term rental potential is a significant factor in the positive outlook provided by Axis Capital.
As part of the transaction, RMZ will invest ₹12.8 billion in Gurugram Commercity Limited (GCL), a wholly-owned subsidiary of Signature Global (India) Ltd., in return for a 50% equity stake. The entity has a total development potential of around 7.5 million square feet, of which nearly 70% (approximately 5.5 million square feet) is earmarked for commercial development, while the remaining area is designated for residential use.
“The asset is still five years out. Hence, we do not see it impacting our revenues/earnings estimates till FY28E. While the transaction implies a land value of ₹26 billion, we have ascribed a development value of ₹34 billion, which post capex and future discounting, seems fair. We maintain our TP at ₹1,300,” noted Axis Capital in its report.
This strategic move by Signature Global is expected to enhance its portfolio and diversify its revenue streams, making it a compelling investment opportunity for investors looking to capitalize on the growing commercial real estate market in India.
