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Model Note · MARATHON NXTGEN REALT LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
MARATHON NXTGEN REALT LTD Discounted cash flow · base FY26
MARATHON NXTGEN REALT LTD
Value per share, this model₹224
CMP 2026-09-10₹436.00
Difference(48.5)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of MARATHON NXTGEN REALT LTD, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
-5% a year
FY26 (14.5)% · 5-yr CAGR 19.3%
EBITDA margin
24%
FY26 24.0% · 5-yr average 28.9%
Depreciation · capex, % of revenue
0.3% · 0%, fading to 1.2× depreciation
FY26 0.3% · 0.0%
Working capital, % of added revenue · tax
169.3% · 23.7%
618 working-capital days · effective 23.7%
Discount rate
11.00%
1-yr beta 1.39
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹16 · ₹0 · ₹0 cr
FY26 net debt ₹16 cr
Shares
6.74 crore
6.74 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
496
471
448
425
404
384
growth %
(14.5)
(5.0)
(5.0)
(5.0)
(5.0)
(5.0)
EBITDA
119
113
107
102
97
92
Depreciation
(2)
(1)
(1)
(1)
(1)
(1)
NOPAT
89
85
81
77
73
69
less capex
0
0
(0)
(1)
(1)
(1)
less working-capital build
—
42
40
38
36
34
Free cash flow to firm
—
129
122
115
109
103
Present value
122
104
89
76
65
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · MARATHON NXTGEN REALT LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
456
PV of the terminal value (70% of EV)
1,074
Enterprise value
1,529
less net debt
(16)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,513
÷ 6.74 crore shares
₹224
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
232
247
267
290
319
10.5%
215
228
244
262
285
11.0%
200
212
224
240
258
11.5%
188
197
208
221
236
12.0%
177
185
194
205
218
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
