Develops residential and commercial real estate exclusively in the Mumbai Metropolitan Region (MMR), with a post-merger portfolio spanning 418 acres and 4.2 crore sq.ft. of developable area across Bhandup, Panvel and Dombivli. The business sells apartments in projects such as Monte South (Byculla), Nexzone (Panvel) and the Bhandup Neo series, and runs a commercial office and retail portfolio led by Marathon Futurex at Lower Parel, which holds about 224,000 sq ft of post-merger ready Grade A inventory. For the nine months to December 2025, area sales were 2.46 lakh sq ft, booking value INR 628 crore and collections INR 798 crore, with a 60:40 residential-to-commercial sales mix. Major FY26 launches were Nexzone Panvel Phase 3 (about 4.9 lakh sq ft, GDV ~INR 600 crore) and Bhandup Neohome (GDV ~INR 370 crore), with new entry micro-markets of Sewri (GDV ~INR 450 crore) and Versova (GDV over INR 450 crore) added through subsidiary Sunset Spaces. FY26 revenue was INR 496.12 crore, net profit INR 206.36 crore and EBITDA margin 52.67%, with INR 900 crore raised through a QIP and INR 340 crore used to repay debt, leaving the balance sheet net cash positive. Land and construction materials are the largest cost input at 63.3% of revenue. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Residential development (60%), Commercial development (40%). Cyclical, asset-heavy real estate development focused on MMR residential and commercial projects.
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 306 | 717 | 705 | 580 | 496 |
| EBITDA (ex other income) | 74 | 239 | 233 | 173 | 119 |
| margin % | 24.3 | 33.4 | 33.0 | 29.8 | 24.0 |
| Owners' profit | 39 | 124 | 166 | 187 | 203 |
| EPS, as reported (₹) | (3.36) | 26.12 | 34.43 | 37.21 | 32.56 |
| ROE % · ROCE % | 5.9 · 6.7 | 15.6 · 16.9 | 16.8 · 16.1 | 15.8 · 16.8 | 8.9 · 10.7 |
| Debt / equity (x) | 1.66 | 1.10 | 0.76 | 0.47 | 0.04 |
| Cash from operations | 127 | 386 | 22 | (25) | (54) |
| Capex | 0 | 0 | (1) | 0 | 0 |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 156 | 123 | 149 | 141 | 117 | 125 | 114 | 198 |
| Profit before tax | 59 | 53 | 62 | 68 | 78 | 38 | 63 | 65 |
| Net profit | 49 | 49 | 54 | 62 | 67 | 33 | 46 | 52 |
| EPS (₹) | 9.46 | 9.58 | 10.59 | 11.69 | 9.80 | 4.85 | 6.75 | 7.78 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DLF LIMITED | 1,59,533 | 35.9 | 3.51 | 48.1 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,11,589 | 27.0 | 4.76 | 22.1 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 67,594 | 52.8 | 4.73 | 26.2 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 64,519 | 56.6 | 3.85 | 18.5 | 7.8 | 6.8 | 11.8 | 38.1 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · Marathon Nextgen Realty to meet analysts and investors on Sept 17, 2026 | board shareholder meetings | low | — | — |
| 8 Sept 2026 · Shareholders and creditors approve composite amalgamation and arrangement scheme | strategic transactions | high | — | — |
| 8 Sept 2026 · NCLT scheme of amalgamation and demerger approved by shareholders | strategic transactions | high | — | — |
| 7 Sept 2026 · NCLT-ordered meetings held for composite amalgamation and demerger scheme | strategic transactions | high | — | — |
| 7 Sept 2026 · Court convened meetings held for Composite Scheme of Amalgamation | strategic transactions | high | — | — |
| 6 Sept 2026 · Notice of 49th AGM published in newspapers, e-voting and record date details | compliance | minimal | — | — |
| 4 Sept 2026 · Marathon Nextgen Realty files FY 2025-26 sustainability report | compliance | low | — | — |
| 4 Sept 2026 · Marathon Nextgen Realty Sets Record Date for Final Dividend FY26 | corporate actions | high | — | — |
| 4 Sept 2026 · Marathon Nextgen 49th AGM Sept 28; Rs 1 dividend, Rs 2100 cr RPTs | board shareholder meetings | low | — | — |
| 4 Sept 2026 · 49th AGM Notice and FY26 Annual Report filed with exchanges | board shareholder meetings | low | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| OBEROI REALTY LIMITED | 63,306 | 20.8 | 3.53 | 18.2 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 52,653 | 32.9 | 2.72 | 23.7 | 9.5 | 11.4 | 46.3 | 107.7 |
| ANANT RAJ LIMITED | 21,490 | 36.2 | 3.69 | 29.3 | 9.6 | 10.2 | 58.7 | 32.1 |
| BRIGADE ENTER. LTD | 20,941 | 24.4 | 2.78 | 15.7 | 9.6 | 6.8 | 23.9 | 41.9 |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 14.9 | 21.8 | 20 of 57 | 66% |
| P/B | 1.3 | 2.1 | 22 of 64 | 67% |
| ROCE | 10.2 | 6.8 | 25 of 67 | 64% |
| ROE | 8.9 | 8.2 | 32 of 67 | 53% |
| Debt / Equity | 0.0 | 0.4 | 16 of 67 | 77% |
| EBITDA margin | 33.4 | 29.6 | 28 of 66 | 59% |
| Revenue growth | 40.3 | 12.8 | 24 of 67 | 65% |
| Profit growth | (14.8) | 7.5 | 43 of 66 | 35% |
| Market cap | 2940 | 2250 | 28 of 67 | 59% |
| A rating (BUY / ADD / REDUCE / SELL) |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
