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MARATHON - Marathon Nextgen

📊 NSE: MARATHON 🏢 Construction 📅 Last Updated: 12/14/2025 9:36

📢 Recent Corporate Announcements

Marathon Nextgen Realty Files Q4 FY26 SEBI Dematerialization Compliance Certificate

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 09 Apr 2026, 11:42 AM

Marathon Nextgen Realty Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations for the period ended March 31, 2026. The certificate, issued by Adroit Corporate Services, confirms that physical share certificates received for dematerialization were processed and cancelled. The company verified that the names of the depositories were substituted in the register of members as the registered owners. This process was completed within the mandatory 15-day timeframe as per regulatory requirements.

Compliance certificate issued for the quarter ended March 31, 2026.
Registrar and Share Transfer Agent (RTA) Adroit Corporate Services confirmed all demat requests were handled.
Physical certificates were mutilated and cancelled after verification by the depository participant.
Substitution of depository names in the register of members completed within 15 days of receipt.

💡 No action is required from investors as this is a routine regulatory filing confirming standard administrative compliance.

Marathon Nextgen Receives NSE 'No Objection' for Composite Scheme of Arrangement

🟢 POSITIVE ⭐ 8/10

M&A 📅 31 Mar 2026, 01:33 PM

Marathon Nextgen Realty Limited (MNRL) has received a 'no adverse objection' letter from the National Stock Exchange (NSE) on March 30, 2026, for its Composite Scheme of Amalgamation and Arrangement. This follows a similar clearance from the BSE on March 26, 2026, marking a significant regulatory milestone for the restructuring. The scheme involves the merger of two transferor companies and demergers from three other entities into MNRL and Marathon Energy. The company must now seek approval from the NCLT, shareholders, and creditors within the next six months.

Received 'no adverse objection' from NSE on March 30, 2026, following BSE clearance on March 26, 2026.
Scheme involves 7 entities including Matrix Water Management, Sanvo Resorts, and Marathon Realty Private Limited.
NSE observation letter is valid for 6 months for filing the draft scheme with the National Company Law Tribunal (NCLT).
Mandatory disclosure required regarding the change in Promoter/Promoter Group shareholding post-implementation.
Financials used for the valuation report must not be more than 6 months old at the time of filing.

💡 Investors should review the upcoming shareholder notice for specific details on the swap ratio and the impact on promoter stake. While regulatory clearance is positive, the valuation of the unlisted entities being merged will be the primary driver of long-term value.

Marathon Nextgen Realty Acquires Stakes in 3 Real Estate Entities for ₹70 Crore

🟢 POSITIVE ⭐ 8/10

M&A 📅 27 Mar 2026, 08:14 PM

Marathon Nextgen Realty, through its subsidiary Nexzone IT Infrastructure, has acquired a 51% controlling interest in three real estate entities: DVK Developers, Shree S S Developers, and Shree Swami Samarth Builders. The total cash consideration for these acquisitions is ₹70 crores. These entities possess ongoing projects in the Mumbai Metropolitan Region (MMR) with a combined projected Gross Development Value (GDV) exceeding ₹840 crores. This strategic move is intended to drive vertical expansion and significantly enhance the company's project pipeline.

Acquired 51% controlling interest in three MMR-based real estate firms for a total of ₹70 crores.
Combined expected Gross Development Value (GDV) of the acquired projects is over ₹840 crores.
Shree S S Developers acquisition (₹40.27 Cr) brings the largest GDV contribution of over ₹385 crores.
DVK Developers and Shree Swami Samarth Builders contribute expected GDVs of ₹245 crores and ₹210 crores respectively.
All acquisitions were completed as cash transactions through a wholly-owned subsidiary.

💡 Investors should look favorably on this expansion as it significantly boosts the company's future revenue visibility in the MMR market. Monitor the development progress and sales velocity of these new projects to assess long-term value creation.

Marathon Nextgen Realty to Close Trading Window from April 1 for Q4 and FY26 Results

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 27 Mar 2026, 06:45 PM

Marathon Nextgen Realty Limited has announced the closure of its trading window for all designated persons and insiders starting April 1, 2026. This mandatory regulatory step is taken in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's upcoming financial disclosures. The closure will remain in effect until 48 hours after the audited financial results for the quarter and year ending March 31, 2026, are declared. The specific date for the board meeting to approve these results has not yet been announced.

Trading window closure begins on Wednesday, April 1, 2026, for the Q4 and FY26 reporting period.
Restriction applies to all designated persons, insiders, employees, and their immediate relatives.
The window will reopen 48 hours after the official declaration of the audited financial results.
The board meeting date for the financial results announcement will be intimated separately in due course.

💡 This is a routine regulatory announcement and does not impact the company's fundamentals. Investors should monitor for the upcoming board meeting date to prepare for the financial results.

Marathon Nextgen Receives BSE 'No Objection' for Composite Scheme of Amalgamation

🟢 POSITIVE ⭐ 8/10

M&A 📅 26 Mar 2026, 05:41 PM

Marathon Nextgen Realty Limited has received a 'no adverse objection' letter from BSE dated March 25, 2026, regarding its proposed Composite Scheme of Amalgamation and Arrangement. The complex restructuring involves merging and demerging seven different entities, including Matrix Water Management, Sanvo Resorts, and Marathon Realty Private Limited. This regulatory clearance is a significant milestone in the consolidation process for the group. The scheme remains subject to final approvals from shareholders, creditors, and other statutory authorities.

Received 'no adverse objection' from BSE on March 25, 2026, for the composite scheme.
Involves the merger/demerger of 7 entities including Matrix Water Management and Sanvo Resorts.
Marathon Nextgen Realty Limited (MNRL) serves as the primary Resulting and Transferee Company.
The restructuring aims to consolidate group assets and streamline the corporate structure.
Next steps include seeking approvals from shareholders, creditors, and the NCLT.

💡 Investors should view this as a positive regulatory step toward corporate consolidation. Monitor upcoming shareholder meeting dates and the eventual impact on the company's asset base and debt profile.

Marathon Nextgen Promoter Group Acquires 10,000 Shares Worth ₹42.19 Lakhs

🟢 POSITIVE ⭐ 4/10

REGULATORY 📅 20 Mar 2026, 11:42 AM

Mrs. Ansuya Ramniklal Shah, a member of the promoter group of Marathon Nextgen Realty Limited, has purchased 10,000 equity shares via the open market. The transaction, valued at approximately ₹42.19 lakhs, was executed on March 18, 2026, on the NSE. This acquisition has increased her individual stake in the company from 0.194% to 0.209%. Promoter buying is typically viewed as a positive signal of internal confidence in the company's valuation and future performance.

Acquisition of 10,000 equity shares by promoter group member Ansuya Ramniklal Shah
Total transaction value reported at ₹42,19,400
Individual shareholding increased from 1,30,977 (0.194%) to 1,40,977 (0.209%)
Transaction conducted through an open market purchase on the NSE

💡 Investors should take this as a minor positive sign of promoter confidence in the business. While the stake increase is small, consistent insider buying can be a precursor to improved company performance.

Marathon Nextgen Promoter Group Acquires 10,000 Shares Worth ₹41.48 Lakhs

🟢 POSITIVE ⭐ 4/10

REGULATORY 📅 10 Mar 2026, 01:23 PM

Ansuya Ramniklal Shah, a member of the promoter group at Marathon Nextgen Realty Limited, has acquired 10,000 equity shares through an on-market transaction on March 9, 2026. The total value of the acquisition is approximately ₹41.48 lakhs, reflecting a purchase price of roughly ₹414.79 per share. This transaction increases the individual's stake in the company from 0.118% to 0.133%. Insider buying of this nature is typically interpreted as a sign of confidence by the promoter group in the company's intrinsic value and future outlook.

Promoter group member Ansuya Ramniklal Shah purchased 10,000 equity shares on the open market.
The transaction was valued at ₹41,47,900, excluding brokerage and taxes.
Individual shareholding increased from 79,600 (0.118%) to 89,600 (0.133%) shares.
The trade was executed on the National Stock Exchange (NSE) on March 9, 2026.

💡 Investors should note this insider purchase as a positive signal of management confidence, though the small transaction size suggests it is not a major catalyst on its own.

Marathon Nextgen Promoter Group Acquires 16,000 Shares Worth ₹69 Lakhs

🟢 POSITIVE ⭐ 4/10

REGULATORY 📅 09 Mar 2026, 05:13 PM

Mrs. Ansuya Ramniklal Shah, a member of the Promoter Group of Marathon Nextgen Realty Limited, has increased her stake in the company through an on-market purchase. On March 6, 2026, she acquired 16,000 equity shares at a total value of approximately ₹69.05 lakhs. This transaction raises her individual holding from 0.094% to 0.118%. Such insider buying is typically interpreted as a positive signal of confidence in the company's valuation and future prospects.

Acquisition of 16,000 equity shares by promoter group member Ansuya Ramniklal Shah.
Total transaction value of ₹69,04,640 executed via on-market purchase on the NSE.
Individual shareholding increased from 63,600 shares (0.094%) to 79,600 shares (0.118%).
The trade was executed on March 6, 2026, and reported to the exchange on March 9, 2026.

💡 Investors should view this minor stake increase by the promoter group as a positive sign of internal confidence. While the volume is relatively small, consistent promoter buying often supports stock price stability.

Marathon Nextgen Realty to Attend Bharat Connect Conference on March 11, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 06 Mar 2026, 05:30 PM

Marathon Nextgen Realty Limited has announced its participation in the 'Bharat Connect Conference: Rising Stars 2026' organized by Arihant Capital. The virtual meeting is scheduled for Wednesday, March 11, 2026, and will involve interactions with various analysts and institutional investors on a group basis. The company has clarified that no unpublished price sensitive information (UPSI) will be shared during these sessions. Such meetings are standard practice for listed companies to improve visibility and engagement with the investment community.

Participation in the 'Bharat Connect Conference: Rising Stars 2026' hosted by Arihant Capital.
The meeting is scheduled to take place virtually on March 11, 2026.
Interactions will be conducted on a group basis with institutional investors and analysts.
Company confirms that no Unpublished Price Sensitive Information (UPSI) will be disclosed.
The schedule remains subject to change based on the exigencies of the participants.

💡 Investors should monitor the company's website for any post-meet presentations or transcripts to gain insights into management's outlook. No immediate action is required as this is a routine investor relations activity.

Marathon Nextgen Promoter Group Member Acquires 25,000 Shares Worth ₹1.06 Crore

🟢 POSITIVE ⭐ 4/10

REGULATORY 📅 06 Mar 2026, 12:27 PM

Mrs. Ansuya Ramniklal Shah, a member of the promoter group at Marathon Nextgen Realty Limited, has acquired 25,000 equity shares through an open market transaction on March 5, 2026. The total acquisition value is approximately ₹1.06 crore, increasing her individual stake from 0.06% to 0.094%. This insider purchase reflects positive sentiment from the promoter group regarding the company's valuation and future prospects. Such transactions are often monitored by investors as a sign of internal confidence.

Acquisition of 25,000 equity shares by promoter group member Ansuya Ramniklal Shah
Total transaction value of ₹1,05,85,250 executed on the NSE
Individual shareholding increased from 38,600 (0.06%) to 63,600 (0.094%)
Transaction conducted via on-market purchase on March 5, 2026

💡 While the acquisition size is relatively small compared to the total equity, it indicates promoter confidence; investors should monitor if other insiders follow suit.

Marathon Nextgen Promoter Group Acquires 15,000 Shares Worth ₹62.48 Lakhs

🟢 POSITIVE ⭐ 4/10

ROUTINE 📅 05 Mar 2026, 12:37 PM

Mrs. Ansuya Ramniklal Shah, a member of the promoter group at Marathon Nextgen Realty Limited, has increased her stake in the company through an open market purchase. On March 4, 2026, she acquired 15,000 equity shares for a total consideration of approximately ₹62.49 lakhs. This transaction raises her individual holding from 0.04% to 0.06%. While the volume is relatively small, insider buying is generally perceived as a positive signal of management's confidence in the company's valuation and future.

Promoter group member Ansuya Ramniklal Shah purchased 15,000 equity shares on the NSE.
The total value of the acquisition was ₹62,48,850 excluding taxes and brokerage.
Individual shareholding increased from 23,600 shares (0.04%) to 38,600 shares (0.06%).
The transaction was executed on March 4, 2026, and officially disclosed on March 5, 2026.

💡 Investors should note this as a minor positive sign of promoter confidence. No immediate action is required, but it is worth monitoring if further buying occurs across the promoter group.

Marathon Nextgen Realty Promoter Group Member Acquires 23,000 Shares Worth ₹96.8 Lakhs

🟢 POSITIVE ⭐ 4/10

ROUTINE 📅 04 Mar 2026, 01:07 PM

Ansuya Ramniklal Shah, a member of the promoter group at Marathon Nextgen Realty Limited, has acquired 23,000 equity shares via an open market transaction on March 2, 2026. The total value of the acquisition is approximately ₹96.80 lakhs, excluding taxes and brokerage. This purchase increases her individual holding from a negligible 600 shares to 23,600 shares, representing 0.04% of the company. While the stake is small, insider buying is typically viewed as a positive signal of confidence by the promoter group in the company's valuation.

Acquisition of 23,000 equity shares by Promoter Group member Ansuya Ramniklal Shah
Total transaction value of approximately ₹96.80 lakhs executed on the NSE
Individual shareholding increased from 0.00% (600 shares) to 0.04% (23,600 shares)
Transaction conducted through the open market on March 2, 2026

💡 Investors should view this as a minor positive indicator of promoter confidence. No immediate action is required as the quantum of the purchase is relatively small compared to the total market capitalization.

Marathon Nextgen Reports Record 9M FY26 PAT of ₹161 Cr; Post-Merger Collections Reach ₹798 Cr

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 23 Feb 2026, 03:33 PM

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.

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.

💡 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 Realty Releases Audio Recording of Feb 17 Analyst/Investor Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 17 Feb 2026, 04:08 PM

Marathon Nextgen Realty Limited has officially released the audio recording of its conference call with analysts and institutional investors held on February 17, 2026. This disclosure is made in compliance with Regulation 30 of the SEBI (LODR) Regulations, 2015. The recording provides insights into the company's performance and future outlook discussed during the 12:00 PM session. Investors can access the full recording on the company's official website to review management commentary.

Conference call with analysts and investors conducted on February 17, 2026, at 12:00 PM.
Audio recording made available on the company's website as per regulatory requirements.
Compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The recording serves as a primary source for management's outlook on the real estate sector and company projects.

💡 Investors should listen to the recording to understand management's commentary on project execution and sales velocity. This is a useful resource for fundamental analysis of the company's current real estate pipeline.

Marathon Nextgen Reports Highest-Ever 9M PAT of ₹161 Cr; Remains Net Debt-Free

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 16 Feb 2026, 06:49 PM

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.

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

💡 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.

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💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue from operations declined by 18% YoY to INR 580.13 Cr in FY25, primarily due to the reclassification of inventory at Marathon Futurex as investment property. However, other income surged 134% to INR 96.27 Cr, driven by profits from the sale of these investment properties. Residential and commercial sales in Q2 FY26 showed strong momentum with booking values reaching INR 166 Cr, a 29% YoY increase.

Geographic Revenue Split

100% of revenue is generated from the Mumbai Metropolitan Region (MMR), specifically across micro-markets including South Mumbai (Monte South), Panvel (Nexzone), Bhandup (Neo Valley), and Mulund (Millennium).

Profitability Margins

The company maintains high profitability with a PAT margin of 28% in FY25. Profit After Tax reached INR 190.53 Cr, up 12.9% from INR 168.78 Cr in FY24. This was achieved through disciplined overhead management and efficient conversion of project execution into financial returns.

EBITDA Margin

EBITDA margin improved to 40% in FY25 from 37% in FY24. Absolute EBITDA stood at INR 269 Cr. The 300 bps margin expansion reflects operational efficiency and higher realizations from premium projects like Marathon Futurex and Monte South.

Capital Expenditure

While specific future CAPEX figures are not disclosed, the company significantly strengthened its balance sheet with a net worth of INR 1,187 Cr and total assets of INR 2,097 Cr as of March 31, 2025. A recent INR 900 Cr institutional fundraise provides liquidity for construction acceleration and land acquisitions.

Credit Rating & Borrowing

The credit rating was upgraded to IVR BBB/Stable in September 2024, later placed on 'Rating Watch with Developing Implications' in April 2025 due to merger announcements. The average cost of debt declined to 12.3% in FY25, reflecting improved creditworthiness.

⚙️ Operational Drivers

Raw Materials

Key construction materials include steel, cement, and finishing materials. While specific percentages are not disclosed, these typically constitute 60-70% of project construction costs in the MMR region.

Import Sources

Sourced primarily from domestic suppliers within Maharashtra and neighboring states to optimize logistics for Mumbai-based projects.

Key Suppliers

Not specifically disclosed in the provided documents, though the company maintains established relationships with Grade A contractors and material vendors.

Capacity Expansion

The company is executing a portfolio of 65 lakh sq. ft. across multiple projects. A proposed merger will unify over 400 acres of land bank in Panvel, Bhandup, and Dombivli, significantly expanding future development potential.

Raw Material Costs

Construction expenses are managed through a centralized procurement system. Total collections of INR 3,769 Cr against sold units (76% of sales value) are projected to be sufficient to cover all remaining construction costs for ongoing projects.

Manufacturing Efficiency

Project execution efficiency is high, with 76% of the 65 lakh sq. ft. saleable area already sold as of March 31, 2024. Tower A of Monte South received OC up to the 64th floor, demonstrating high-rise execution capability.

Logistics & Distribution

Distribution costs are minimal as the product is immovable real estate; however, marketing and sales commissions are part of the disciplined overhead management that supported the 28% PAT margin.

📈 Strategic Growth

Expected Growth Rate

18-29%

Growth Strategy

The primary strategy is the structural consolidation of promoter-held land parcels (400+ acres) into the listed entity. This will unify development under a single platform, enabling multi-phase developments in high-growth corridors like Panvel and Dombivli, supported by a recent INR 900 Cr fundraise.

Products & Services

Residential apartments (luxury and mid-income), Grade A commercial office spaces, retail shops, and leased commercial units.

Brand Portfolio

Marathon, Marathon Nexzone, Marathon Futurex, Monte South, Marathon Millennium, Marathon NeoValley, Marathon NeoSquare.

New Products/Services

Expansion into mixed-use formats and institutional-grade commercial developments following the merger of 400 acres of land bank.

Market Expansion

Deepening presence in the Mumbai Metropolitan Region (MMR), specifically targeting the Navi Mumbai growth corridor (Panvel) to capitalize on the upcoming International Airport.

Market Share & Ranking

Positioned as a leading developer in the MMR with a 50-year track record and over 8.4 million sq. ft. developed to date.

Strategic Alliances

Maintains JVs such as Swayam Realtors & Traders LLP (40%) and Columbia Chrome (I) Private Limited (40%) for specific project developments.

🌍 External Factors

Industry Trends

The industry is undergoing formalization and institutionalization. MMR new supply recovered to 1.43 lakh units in FY25, while absorption remains strong at 1.57 lakh units, indicating a healthy demand-supply gap that favors established developers like Marathon.

Competitive Landscape

Competes with other large Mumbai-based developers; however, its focus on specific micro-markets like Panvel and Bhandup provides a localized competitive advantage.

Competitive Moat

The company's moat is built on its 50-year brand legacy, a massive 400-acre strategically located land bank, and expertise in complex Mumbai redevelopments, which are difficult for new entrants to replicate.

Macro Economic Sensitivity

Highly sensitive to Mumbai's economic fundamentals; per capita income exceeding INR 4.6 lakhs in the region supports demand for the company's premium residential offerings.

Consumer Behavior

Shift toward 'well-located Grade A commercial spaces' and residential projects with comprehensive amenities (gyms, clubhouses) which now contribute to higher operating income.

Geopolitical Risks

Limited direct impact, though global supply chain disruptions could indirectly increase the cost of imported fit-outs for Grade A commercial projects.

⚖️ Regulatory & Governance

Industry Regulations

Operations are strictly governed by RERA (Real Estate Regulatory Authority) and the Unified Development Control and Promotion Regulations (UDCPR) of Maharashtra.

Environmental Compliance

The company adheres to RERA and local municipal norms for high-rise constructions, though specific ESG costs are not itemized.

Taxation Policy Impact

Effective tax expense was INR 45.42 Cr in FY25 on a consolidated basis.

Legal Contingencies

The company is currently seeking regulatory approvals for its major merger of promoter entities, a process expected to take 12-15 months.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the timing of regulatory approval for the proposed merger, which is critical for unlocking the 400-acre land bank's value.

Geographic Concentration Risk

100% of projects are located in Mumbai/MMR, making the company highly vulnerable to regional economic downturns or local regulatory changes.

Third Party Dependencies

Dependency on lease renewals for Marathon Futurex; non-renewal or lower-rate tie-ups could reduce cash surplus.

Technology Obsolescence Risk

Low risk in core real estate, but the company must continuously upgrade commercial building specs to maintain 'Grade A' status against newer completions.