NDTV Profit's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer NDTV Profit's subscribers an opportunity to expand their understanding of companies, sectors and the economy.ICICI Securities ReportWe initiate on SignatureGlobal India Ltd. with a 'Buy' rating and a target price of Rs 1,705, valuing the company at nine times FY24-26E average embedded Ebitda on sales bookings. The Gurugram-based, National Capital Region residential developer has a lean banking business model boasting rapid conversion from acquisition to delivery, enabling it to channel internal accruals for future growth. Signature delivered 43% sales booking CAGR over FY21-23, largely through affordable/ mid-income housing projects. It has now forayed into premium group housing projects in prime areas of Gurugram. Given its strong launch pipeline of projects with a cumulative gross development value of more than Rs 400 billion over FY24-26E, we estimate that Signature may clock 38% sales booking CAGR over FY23E-27E with sales booking ranging between Rs 100- 120 billion annually over FY25E-27E at average realisations of over Rs 13,000/psf-plus.Key risks: Slowdown in Gurugram market; inability to replenish land bank.Click on the attachment to read the full report:Prudent Corporate - Macro Tailwinds, Execution Could Support Better-Than-Expected Growth: ICICI SecuritiesDISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.Users have no license to copy, modify, or distribute the content without permission of the Original Owner.