Signatureglobal reports 4.78x market cover for listed NCDs

Signatureglobal (India) Limited reported 4.78x market-value security cover for its listed secured non-convertible debentures at 30 September 2026, using Rs 3,568.60 crore of charged project inventory and projects in progress against Rs 746.314 crore of covered debt and other amounts. The ratio was above the 1.50x minimum specified in the debenture trust deed.

How did Signatureglobal calculate the 4.78x NCD cover?

Signatureglobal calculated the 4.78x market-value cover by dividing Rs 3,568.60 crore of market value assigned to charged inventory and projects in progress by Rs 746.314 crore of covered obligations as at 30 September 2026. The certificate identifies Rs 729.173 crore of non-convertible debentures, or NCDs, and Rs 17.141 crore of other amounts in the market-value liability total.

The certificate separately reports 2.63x cover on book value. That measure compares Rs 1,945.179 crore of assets under exclusive charge with Rs 739.958 crore of liabilities under exclusive charge, whereas the 4.78x measure uses the market value of the identified inventory and project assets. The two ratios therefore use different asset bases and slightly different covered liability totals.

The listed instruments originated from a private placement of 87,500 rated, listed, secured and redeemable NCDs with a face value of Rs 1 lakh each, aggregating to Rs 875 crore in the year ended 31 March 2026. The NCDs carry interest of 11% a year, payable quarterly, and were listed on BSE Limited on 17 October 2025.

What assets secure Signatureglobal’s listed NCDs?

Signatureglobal’s NCDs have a first-ranking exclusive charge over specified assets of Signatureglobal Business Park Limited, including larger lands at Sohna, Haryana, present and future construction, project receivables, development rights, project escrow accounts, insurance receivables and movable assets. The filing identifies about 120.404 acres of the larger lands as project land.

The market-value calculation is based on Rs 3,568.60 crore of inventory and projects in progress. The security certificate says these assets relate to projects at Sohna, Gurugram, including Project Dax, Project Dax Vista, a commercial project and other developments on the project and larger lands. It says the inventory market value was derived from a valuation report dated 28 October 2026 issued by a registered valuer.

The accounting book value of inventory under the exclusive charge was Rs 1,737.361 crore, showing why the market-value and book-value cover calculations differ. Other assets under exclusive charge included Rs 21.535 crore of trade receivables, Rs 108.494 crore of cash and cash equivalents, Rs 76.404 crore of other bank balances and Rs 4 lakh of other financial assets.

The legal security package is broader than the Rs 3,568.60 crore figure used for market cover. It also extends to rights and interests under the collaboration agreement and monies in designated project escrow accounts, but the certificate does not add market values for those categories to the reported 4.78x ratio.

How did Signatureglobal’s project valuation change from March 2026?

Signatureglobal reported market or fair value of the relevant project land at Rs 3,568.60 crore on 30 September 2026, down Rs 90.90 crore from Rs 3,659.50 crore on 31 March 2026. Both amounts appear in the standalone financial-results notes as values from a registered valuer’s report for purposes of the NCD security requirement.

The filing does not provide a corresponding market-cover ratio for 31 March 2026, so the September 4.78x ratio cannot be compared directly with a March ratio. It does disclose that the debenture trust deed requires a minimum security cover of 1.50x of outstanding principal and interest due, compared with the reported 4.78x market-value cover at 30 September 2026.

The NCD-specific market-value liability figure of Rs 746.314 crore should not be confused with Signatureglobal’s broader paid-up debt capital or outstanding debt of Rs 3,315.998 crore at 30 September 2026. The latter includes non-current and current borrowings under the company’s financial-results definition, while the security certificate isolates obligations associated with the listed NCD security.

Signatureglobal’s debt-equity ratio was 3.53 at 30 September 2026, compared with 3.47 at 30 June 2026 and 2.28 at 30 September 2025. Those changes describe the wider standalone balance sheet, rather than the asset cover available specifically to holders of the listed NCDs.

What did the auditor conclude about NCD covenant compliance?

S N Dhawan & CO LLP said nothing had come to its attention that caused it to believe Signatureglobal had not complied with the NCD covenants as at 30 September 2026. The auditor also concluded, on its limited-assurance work, that the assets’ book values agreed with unaudited financial results, books of account and other relevant records of Signatureglobal and its subsidiary.

The engagement was limited assurance rather than an audit opinion. The auditor read the debenture trust deed, traced outstanding NCDs and other borrowings to books, traced asset values to financial records and checked the arithmetic in the statement. Its certificate was dated 5 November 2026 and was intended for submission to the stock exchange and debenture trustees.

For non-financial covenants, S N Dhawan & CO LLP obtained management representations and made inquiries, but said it did not conduct independent procedures on those matters. Signatureglobal stated that it had complied with the covenants under the debenture trust deed dated 30 September 2025, including requirements around use of proceeds, records, authorisations and environmental and social management.

The standalone-results notes state that NCD proceeds had been fully used in accordance with clause 14.5 of the debenture trust deed by the reporting date. The quarterly disclosure also listed 15 October 2026 as the next due date, as at 30 September 2026, for both NCD interest and principal; the supplied filing does not state the payment outcome after that date.

Conclusion

Signatureglobal reported Rs 3,568.60 crore of market value for charged inventory and projects in progress, supporting 4.78x market-value cover against Rs 746.314 crore of listed-NCD obligations and other covered amounts at 30 September 2026. The reported cover exceeded the 1.50x contractual minimum, while the separate book-value cover was 2.63x and the relevant project-land valuation was Rs 90.90 crore lower than at 31 March 2026.

The next matters to watch are the payment status of the 15 October 2026 interest and principal dates disclosed in the September table, and later security-cover certificates. Those filings would show whether the Rs 3,568.60 crore inventory valuation, Rs 729.173 crore NCD balance and 4.78x market-value ratio have changed, as well as any update on covenant compliance.