SignatureGlobal India Ltd's Q2 FY27 numbers came in mixed. Here's a quick read of what worked, what to watch, and what management said.
Quick Details| Results date | November 05, 2026 |
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| Revenue (Q2) | Rs. 817.41 Cr (+141.49% YoY) |
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| PAT (Q2) | Rs. 669.05 Cr |
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| EBITDA margin | 15.76% (+2768 bps YoY) |
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| EPS (Q2) | Rs. 4.76 |
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Quarter Snapshot
Q2 FY27 marked a loss-to-profit transition with revenue up 141% YoY to Rs.817.41 Cr and EBITDA margin at 15.76%, driven by real estate recognition at a 26.48% segment margin. However, the company is behind straight-line on all three tracked FY27 guidance metrics — pre-sales (38% of Rs.10,000 Cr), collections (33.6% of Rs.5,000 Cr), and revenue recognition (27.4% of Rs.5,000 Cr) — and H1 CFO was negative at Rs.(198.77) Cr. The quarter delivered on recognition, but the full-year guided path requires a step-change in H2 bookings, collections, and completions.
Q2 FY27 Expectations vs Results
| Driver | Expected before results | What happened | Verdict |
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| Pre-sales/demand | "behind on pre-sales velocity vs the guided path" | Q2 pre-sales Rs.1,830 Cr, −9% YoY; 38.00% H1 cover | Played out |
| Margins | "compressing, with the steel spike hitting with a lag" | EBITDA margin 15.76% (vs 2.76% Q1) — margin expanded on recognition volume; steel pass-through remains a Q3/Q4 question | Contradicted in-quarter |
| Revenue-recognition gate | "the Q2 revenue print vs those thresholds is the swing factor" | Revenue Rs.817.41 Cr, +48.08% QoQ; PAT Rs.66.91 Cr | Played out |
| Collections bridge | "just under the quarterly commitment despite +51% QoQ" | Rs.1,010 Cr vs ~Rs.1,100 Cr/qtr — partial | Played out |
| GRAP Q3 disruption; Oct 7 rate hike | Post-quarter headwinds | Not addressed in the filing — remains open for the call | Not observable |
| Net-debt trajectory | Rising net debt | Rs.478.31 Cr computed vs Rs.204.25 Cr at Mar-26 | Played out |
Management Guidance vs Delivery
| What management said | Where | What happened | Verdict |
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| FY27 pre-sales Rs.10,000 Cr ("sales in excess of INR100 billion") | FY27 guidance, Q4 FY26 results (May 2026) | H1 Rs.3,800 Cr = 38.00%; Q2 Rs.1,830 Cr, −9% YoY | Stretch |
| FY27 collections Rs.5,000 Cr ("grow at 25%+ vs FY26") | FY27 guidance, Q4 FY26 results (May 2026) | H1 Rs.1,680 Cr = 33.60%; Q2 Rs.1,010 Cr | Stretch |
| Collections run-rate "Rs.1,100-odd Cr per quarter" from Q2 | Q1 FY27 earnings call (Aug 6, 2026) | Q2 Rs.1,010 Cr — ~8% below | Missed |
| FY27 revenue recognition Rs.5,000 Cr (completions Rs.6,000–6,500 Cr) | FY27 guidance, Q4 FY26 results (May 2026) | H1 revenue from ops Rs.1,369.40 Cr = 27.39% | Stretch |
| FY27 launches Rs.15,000 Cr | FY27 guidance, Q4 FY26 results (May 2026) | Lamborghini launched May 2026; H2 SPR launches planned | Too Early |
| Embedded EBITDA 35% of pre-sales | Pro forma P&L, Q4 FY26 presentation | Not comparable — reported EBITDA margin is 15.76% of revenue recognized (different base) | Too Early |
| Land capex Rs.1,500–1,800 Cr | Q4 FY26 call (May 2026) | ~220 acres added; inventories +Rs.579.87 Cr in H1 | Too Early |
| FY27 finance cost Rs.170 Cr | Pro forma P&L, Q4 FY26 presentation | H1 P&L finance costs Rs.58.87 Cr | On Track |
Key Numbers, Quarter by Quarter
| Metric | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
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| Pre-sales | 2,020 | 2,020 | 1,570 | 1,970 | 1,830 |
| Collections | 940 | 1,230 | 920 | 670 | 1,010 |
Key Investment Insights
Key Positives
- Revenue from operations grew 141.49% YoY and 48.08% QoQ to Rs.817.41 Cr
- Consolidated PAT swung to Rs.669.05 Cr from losses of Rs.(165.29) Cr in Q1 FY27 and Rs.(468.61) Cr in Q2 FY26; EPS Rs.4.76 vs Rs.(3.34) YoY
- EBITDA margin expanded to 15.76% from 2.76% in Q1 FY27 and (11.92)% in Q2 FY26
- Real estate segment result grew 205.36% YoY to Rs.214.22 Cr with a 26.48% segment margin, above Q1 (15.13%) and year-ago (21.61%)
- Debt-equity improved to 1.48 from 1.59 at Mar-26 and 3.52 a year ago; net worth (Reg 52 basis) Rs.1,864.11 Cr vs Rs.671.78 Cr a year ago
- H1 normalized PAT of Rs.84.91 Cr exceeds reported PAT of Rs.50.38 Cr after stripping non-operating gains
- Collections recovered 51% QoQ to Rs.1,010 Cr; H1 realization stable at Rs.17,122/sq ft vs Rs.17,093 in Q1
- FY27 finance cost guidance of Rs.170 Cr on track with H1 P&L finance costs of Rs.58.87 Cr
Risk Factors
- Q2 pre-sales declined 9% YoY to Rs.1,830 Cr; H1 at Rs.3,800 Cr is only 38% of the FY27 Rs.10,000 Cr guidance, requiring ~Rs.6,200 Cr in H2 (~2.5× H1 run-rate)
- Q2 collections of Rs.1,010 Cr missed management's stated Rs.1,100 Cr quarterly run-rate; H2 needs ~Rs.1,660 Cr/qtr to hit the Rs.5,000 Cr FY target
- H1 CFO was negative at Rs.(198.77) Cr vs +Rs.79.78 Cr in H1 FY26; net debt rose to Rs.478.31 Cr (computed) from Rs.204.25 Cr at Mar-26
- H1 revenue recognition of Rs.1,369.40 Cr is 27.39% of the Rs.5,000 Cr FY27 guidance, requiring ~Rs.1,815 Cr/qtr in H2 vs Rs.817.41 Cr in Q2
- Standalone entity remains loss-making (Q2 loss Rs.(268.48) Cr); 100%+ of group profit comes from subsidiaries
- Sales-leadership exits (Aug 31/Sep 3) flagged as a watch item alongside GRAP construction restrictions into Q3