Marathon Nextgen Realty Ltd(MARATHON)

NSE: MARATHONBSE: 503101

₹ 374.8+1.43%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,528 crWebsite: www.marathonnextgen.comUpdated: 24 Oct 2026

About

Marathon Nextgen Realty Ltd is a Mumbai-focused real estate developer operating across luxury residential, mid-income housing, affordable housing, integrated townships, and Grade-A commercial office segments. The company reported revenue of ₹496.12 Cr in FY26 and holds unsold GDV of ₹7,606 Cr (MNRL share) as of Q1 FY27. It ranks top-3 in sales volume across its three active micro-markets - Byculla, Panvel, and Bhandup - within the Mumbai Metropolitan Region.^[1][2][3][4]

Business segments

Revenue mix was 60% Residential and 40% Commercial for 9M FY26, with the Commercial portfolio described as the primary driver of profit growth in that period.^[5]
The company operates five distinct brand verticals: Monte (luxury), Nex series (townships), NeoHomes (affordable), Marathon Futurex (large commercial offices, Lower Parel), and Marathon Millennium (small business spaces, Mulund).^[1]

Key operating numbers

Pre-sales booking value (existing portfolio) was ₹86 Cr on 0.38 lakh sq ft area sold in Q1 FY27; on a merged-portfolio basis the figure was ₹108 Cr.^[3]
Collections (existing portfolio) were ₹118 Cr in Q1 FY27; on a merged-portfolio basis, ₹146 Cr.^[3]
Residential realisation was ₹22,487 per sq ft and commercial realisation was ₹29,047 per sq ft in Q1 FY27 (existing portfolio).^[3]
Unsold GDV (MNRL share, existing portfolio) stood at ₹7,606 Cr as of Q1 FY27, up from ₹6,708 Cr as of Q3 FY26.^[3][5]
Net debt position is net cash (₹0 debt) as of Q1 FY27, following the ₹900 Cr QIP closed June 2025 and ₹340 Cr debt repayment in July 2025.^[3][4]

Active projects and portfolio

Monte South (Byculla, 100% MNRL share): Tower A has full OC; Tower B has part OC to 45th floor; Tower C RCC completed to 28th floor as of Q1 FY27. Sold ~35,000 sq ft at ₹125 Cr booking value in Q1 FY27.^[3]
Marathon Nexzone (Panvel): Full OC achieved for Cedar and Daffodil towers in Q1 FY27, enabling customer handovers. Phase 3 'Nirvana Collection' launched in Q2 FY26 - 4.9 lakh sq ft, GDV >₹600 Cr, four 28-storey towers.^[3][6]
NeoHomes Bhandup (Neo Series): NeoValley Kaveri over 90% sold, NeoValley Narmada over 45% sold, NeoPark Ashoka over 70% sold as of Q3 FY26. New NeoHomes launch of 2.2 lakh sq ft, ₹370 Cr GDV added in Q2 FY26.^[5][6]
Marathon Futurex (Lower Parel, Grade A commercial): Existing tenants including Tata, L'Oréal, HP, and Zee are demanding additional space; realisations grew ~10% year-on-year in FY26.^[1][5]

Expansion and launch pipeline

Monte South Commercial (Byculla, JV with Adani Realty): ~7.5 lakh sq ft carpet area, GDV ₹3,400 Cr; Grade-A office and retail; launch formally announced in Q2 FY26, with bookings expected to contribute to FY27 revenues.^[6][3]
Post-merger pipeline (pending NCLT completion): 418 acres across Panvel (205 acres), Bhandup (130 acres), and Dombivli (83 acres), with 4.2 crore sq ft developable area and GDV of ~₹59,000 Cr.^[4]
Monte South Residential Tower D is planned for future launch: 4 lakh sq ft, GDV ₹1,600 Cr.^[6]
Dombivli Nextown township (83 acres, ~1.0 Cr sq ft developable area): self-development model; environmental clearance applied; 7 - 8 lakh sq ft presales expected after launch.^[5][6]
~₹200 Cr of acquisition capital remains available as of Q1 FY27, earmarked for new project acquisitions within FY27.^[3]

Redevelopment acquisitions

Versova society redevelopment (~1.5 acres, GDV ₹450+ Cr) entered via development agreement in Q1 FY27 through subsidiary Sunset Spaces Pvt Ltd - Marathon's first major society redevelopment.^[3]
Sewri cluster redevelopment (~7,500 sq mt, GDV ~₹450 Cr) entered via joint development agreement in Q1 FY27; combined new GDV added from Versova and Sewri is ~₹900 Cr.^[3]
Sunset Spaces Pvt Ltd (SSPL) acquisition: Marathon acquiring 90% stake for ₹8.1 Cr; SSPL holds two ongoing Dombivli projects (~75,000 sq ft each) and preferred developer status in a redevelopment with total project value ~₹1,000 Cr.^[5]
Kanjurmarg land (acquired Q4 FY26) is generating PTC (Permanent Transit Camp) sales demand from neighbouring developers; presales from PTC area expected in coming quarters.^[3]

Distribution and customers

Sales network supported by over 250 active channel partners; up to 50% of sales are driven by marketing-originated leads as of FY25.^[1]
Marathon ranked top-3 in supply and sales volume across all three active micro-markets - Monte South (Byculla), Marathon Nexzone (Panvel), and NeoHomes (Bhandup) - as of Q1 FY26.^[4]
All business activities are confined to Maharashtra, India; export percentage is zero.^[1]

Recent developments

Amalgamation scheme (merger of promoter holdco Marathon Realty into the listed entity) received 'No Adverse Observations' from BSE and NSE; stakeholder meetings planned for first week of September 2026, with second NCLT hearing to follow.^[3]
Navi Mumbai International Airport became operational as of Q3 FY26, strengthening the Panvel micro-market; Panvel-Karjat Rail Corridor deadline is December 2026.^[3][5]
Marathon Futurex holds a LEED India Gold pre-certification under the Core and Shell Rating System.^[1]

Market Cap

₹2,528 Cr

High / Low

₹664 / 343

Stock P/E

14.8

Price / Book

1.1

Book Value

₹337

EPS

₹30.1

No. of Shares

6.74 Cr

ROCE

13.3%

ROE

11.7%

OPM

41.0%

Debt / Equity

0.04

Sales

₹496 Cr

Net Profit

₹206 Cr

Promoter holding

56.4%

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