Axis Capital has issued a ‘Buy’ recommendation for Signature Global (India) Ltd., highlighting the company’s entry into commercial real estate through a strategic partnership with RMZ as a major growth catalyst. The brokerage has set a target price of Rs. 1,300, implying an upside potential of up to 22% from current levels. The stock opened at Rs. 1,070.10 in early trade on February 18, 2026.
As part of its diversification strategy, Signature Global has entered the commercial segment via a joint venture with RMZ, a leading developer of leasing assets in South India. The collaboration will develop a Grade-A, office-led mixed-use project with an estimated leasable area of around 5.5 million sq. ft. The development will also include retail and hospitality components.
The project is planned along the Southern Peripheral Road in Sector 71, Gurugram. Signature Global will contribute its execution and residential development expertise, while RMZ will bring its institutional-grade commercial development capabilities. Construction is expected to begin within the next six to nine months, with overall completion targeted in about five years.
Post completion, the company expects average monthly rentals of approximately Rs. 125 per sq. ft. for office spaces and Rs. 250 per sq. ft. for retail areas. RMZ will invest Rs. 12.8 billion in Gurugram Commercity Limited (GCL), a wholly owned subsidiary of Signature Global, in exchange for a 50% equity stake.
The project carries a total development potential of nearly 7.5 million sq. ft., with close to 70% (around 5.5 million sq. ft.) allocated to commercial use and the balance reserved for residential development. Axis Capital noted that while the asset is still around five years away from completion and is unlikely to materially impact earnings before FY28E, the implied land valuation of Rs. 26 billion and the ascribed development value of Rs. 34 billion appear reasonable after factoring in capex and future discounting.
