NSE: MARATHON · BSE: 503101
MARATHON NXTGEN REALT LTD
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.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ 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 |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DLF LIMITED | 1,64,917 | 37.1 | 3.63 | 49.7 | 9.7 | 6.0 | 8.6 | 37.1 |
| LODHA DEVELOPERS LIMITED | 1,01,079 | 24.5 | 4.31 | 20.2 | 14.6 | 15.7 | 25.1 | 40.5 |
| THE PHOENIX MILLS LTD | 67,952 | 53.1 | 4.75 | 26.3 | 10.9 | 9.9 | 32.7 | 63.4 |
| PRESTIGE ESTATE LTD | 59,932 | 52.6 | 3.58 | 17.4 | 7.8 | 6.8 | 11.8 | 38.1 |
| OBEROI REALTY LIMITED | 58,212 | 19.1 | 3.25 | 16.8 | 14.0 | 15.5 | 24.0 | 61.1 |
| GODREJ PROPERTIES LTD | 47,804 | 29.9 | 2.47 | 22.0 | 9.5 | 11.4 | 46.3 | 107.7 |
| BRIGADE ENTER. LTD | 17,613 | 20.5 | 2.34 | 13.7 | 9.6 | 6.8 | 23.9 | 41.9 |
| ANANT RAJ LIMITED | 16,622 | 28.0 | 2.86 | 22.6 | 9.6 | 10.2 | 58.7 | 32.1 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 12.8 | 20.5 | 16 of 57 | 73% |
| P/B | 1.1 | 1.9 | 22 of 64 | 67% |
| ROCE | 10.2 | 6.4 | 24 of 66 | 65% |
| ROE | 8.9 | 8.0 | 30 of 64 | 54% |
| Debt / Equity | 0.0 | 0.4 | 13 of 64 | 81% |
| 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 | 2508 | 1781 | 30 of 67 | 56% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Q2 and H1 FY27 earnings conference call postponed | board shareholder meetings | low | — | — |
| 26 Oct 2026 · Board meeting scheduled for October 27 postponed | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Quarterly sales and profit fall year on year | compliance | minimal | — | — |
| 22 Oct 2026 · Second quarter FY27 pre-sales up 79%; profit after tax of ₹45 crore | compliance | low | — | — |
| 22 Oct 2026 · Marathon Nextgen Realty reschedules Q2 FY27 earnings call to 28 Oct | board shareholder meetings | low | — | — |
| 21 Oct 2026 · Revenue grows, but half-year profit and operating cash flow weaken | results | high | — | — |
| 19 Oct 2026 · Marathon Nextgen Realty Q2 FY27 earnings call on Oct 23 | board shareholder meetings | low | — | — |
| 15 Oct 2026 · Board to Consider New Investments and Q2 FY27 Results on October 21 | strategic transactions | medium | — | — |
| 12 Oct 2026 · Quarterly compliance certificate on dematerialisation of shares | compliance | minimal | — | — |
| 30 Sept 2026 · Subsidiary Kanchi Rehab renamed to Marathon Habitat | general | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| 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 |
Sources, method and disclosures
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.