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Marathon Nextgen Reports Record 9M FY26 PAT of ₹161 Cr; Post-Merger Collections Reach ₹798 Cr
Marathon Nextgen Realty delivered a robust performance for 9M FY26, achieving its highest-ever nine-month profit after tax of ₹161 crores. On a post-merger basis, the company recorded sales of 2.46 lakh square feet with a booking value of ₹628 crores and collections of ₹798 crores. The company remains net debt-free and is benefiting from strong demand in its commercial portfolio, particularly Marathon Futurex, and premium residential projects like Monte South. Management is focusing on the MMR region, specifically Panvel and Bhandup, to capitalize on infrastructure-led growth.
Key Highlights
Achieved record 9M FY26 PAT of ₹161 crores on total revenue of ₹487 crores.
Post-merger booking value reached ₹628 crores with collections at ₹798 crores for the 9-month period.
Marathon Futurex commercial asset has 2.24 lakh sq. ft. of ready inventory post-merger to drive future revenue.
Launched Nexzone Phase 3 in Panvel with a Gross Development Value (GDV) of approximately ₹600 crores.
Maintains a net debt-free balance sheet while progressing on major residential projects in Byculla and Bhandup.
💼 Action for Investors
Investors should note the company's transition to a larger scale post-merger and its debt-free status, which provides a strong cushion for expansion. The focus on high-demand MMR micro-markets and ready-to-move-in commercial inventory suggests steady cash flow visibility.
Marathon Nextgen Reports Highest-Ever 9M PAT of ₹161 Cr; Remains Net Debt-Free
Marathon Nextgen Realty achieved its highest-ever nine-month Profit After Tax (PAT) of ₹161 crore for the period ending December 31, 2025, representing an 18% YoY growth. The company maintains a strong 33% PAT margin and remains net debt-free with a positive cash position. Operational performance was robust with 9M booking values reaching ₹796 crore and collections exceeding ₹1,071 crore on a post-merger basis. Key projects like Marathon Futurex and Monte South continue to drive realizations in the commercial and residential segments respectively.
Key Highlights
Reported highest-ever 9M PAT of ₹161 crore with a robust 33% net profit margin
Achieved 9M booking value of ₹796 crore and collections of ₹1,071 crore on a post-merger portfolio basis
Maintained a net debt-free balance sheet with a positive net cash position as of December 31, 2025
9M FY26 total revenues stood at ₹487 crore with an EBITDA of ₹200 crore
Commercial portfolio, led by Marathon Futurex, continues to attract high-value buyers and elevate realizations
💼 Action for Investors
Investors should take note of the company's strong margin profile and debt-free status, which provides significant financial flexibility. The stock warrants a positive outlook given the robust collections and steady progress in the residential project pipeline.
Marathon Nextgen to Acquire 90% Stake in Sunset Spaces for ₹8.10 Cr; Invests ₹70 Cr in Subsidiary
Marathon Nextgen Realty has approved the acquisition of a 90% stake in Sunset Spaces Private Limited for ₹8.10 Crores to achieve vertical integration in the MMR real estate market. The board also cleared a ₹70 Crore investment in its subsidiary, Nexzone IT Infrastructure, via optionally convertible debentures. Additionally, an existing ₹75 Crore unsecured loan to subsidiary Nexzone Fiscal Services will be converted into 0% optionally convertible debentures. These moves indicate a strategic consolidation of project assets and internal capital restructuring to support ongoing developments.
Key Highlights
Acquisition of 90% equity stake (90,000 shares) in Sunset Spaces Private Limited for ₹8.10 Crores.
Target entity Sunset Spaces is a related party with ongoing real estate projects in the MMR region.
Investment of up to ₹70.00 Crores in wholly owned subsidiary Nexzone IT Infrastructure Private Limited.
Conversion of ₹75.00 Crores unsecured loan of Nexzone Fiscal Services into 0% Optionally Convertible Debentures.
Sunset Spaces reported nil turnover for the last three financial years, indicating it is likely a project-specific SPV.
💼 Action for Investors
Investors should monitor the development progress of Sunset Spaces' projects as the acquisition involves a related party and a currently non-revenue generating entity. The internal funding and loan conversions suggest the company is streamlining its subsidiary balance sheets for long-term project execution.
Marathon Nextgen to Acquire 90% Stake in Sunset Spaces for ₹8.1 Cr; Restructures Subsidiary Debt
Marathon Nextgen Realty has announced the acquisition of a 90% stake in Sunset Spaces Private Limited for ₹8.10 Crores, a related party transaction involving a promoter-owned entity. The company is also making a significant investment of up to ₹70 Crores in its subsidiary, Nexzone IT Infrastructure, through optionally convertible debentures. Furthermore, it is converting a ₹75 Crore unsecured loan to Nexzone Fiscal Services into 0% OCDs. These moves indicate a major internal capital restructuring and expansion strategy within the Mumbai Metropolitan Region.
Key Highlights
Acquisition of 90% stake (90,000 shares) in Sunset Spaces Private Limited for a total consideration of ₹8.10 Crores.
Sunset Spaces reported zero turnover for the last three fiscal years (FY23-FY25) but holds ongoing real estate projects in MMR.
Approved investment of up to ₹70 Crores in wholly-owned subsidiary Nexzone IT Infrastructure via optionally convertible debentures.
Conversion of ₹75 Crores in unsecured loans to subsidiary Nexzone Fiscal Services into 0% Optionally Convertible Debentures.
Board approved unaudited financial results for the third quarter and nine months ended December 31, 2025.
💼 Action for Investors
Investors should monitor the underlying asset value and project pipeline of Sunset Spaces to justify the acquisition of a zero-revenue related-party entity. The large-scale conversion of subsidiary debt into debentures suggests a long-term capital commitment that requires a review of the consolidated balance sheet.
Marathon Nextgen to Acquire 90% Stake in Sunset Spaces; Approves Rs 70 Cr Subsidiary Investment
Marathon Nextgen Realty has approved the acquisition of a 90% stake in Sunset Spaces Private Limited for Rs 8.10 crore, targeting synergistic growth in the MMR real estate market. The board also authorized an investment of up to Rs 70 crore in its wholly-owned subsidiary, Nexzone IT Infrastructure, via optionally convertible debentures. Furthermore, a Rs 75 crore unsecured loan to Nexzone Fiscal Services will be converted into 0% optionally convertible debentures as part of a debt restructuring move. While the acquisition involves a related party with zero turnover in the last three years, the company expects benefits from vertical expansion.
Key Highlights
Acquisition of 90% equity in Sunset Spaces Private Limited for a total consideration of Rs 8.10 crore.
Investment of up to Rs 70.00 crore in Nexzone IT Infrastructure Private Limited through optionally convertible debentures.
Conversion of Rs 75.00 crore unsecured loan of Nexzone Fiscal Services into 0% optionally convertible debentures.
Sunset Spaces is a related party entity with ongoing projects in MMR but reported nil turnover for FY23, FY24, and FY25.
The acquisition is expected to be completed within one month following requisite approvals.
💼 Action for Investors
Investors should closely monitor the development progress of Sunset Spaces' projects and the impact of the Rs 70 crore capital infusion on the IT infrastructure subsidiary's performance. Given the related-party nature and the target's lack of historical revenue, the execution of these projects is critical for value realization.