MARATHONConsumer Discretionary

Marathon Nextgen Realty Limited

Residential, Commercial Projects · ISIN INE182D01020 · BSE 503101 · NSE EQ · FV ₹5
Last price
₹414
-0.22%today
What this company does

Marathon Nextgen Realty Limited operates in Residential, Commercial Projects, part of the Consumer Discretionary sector. It booked ₹198 cr of revenue in its latest quarter (Q1 FY27) and kept 25.4% of sales as profit.

ayThe Marathon W OUR LEGACY AND REACH fundamentals of our past with forward-thinking strategies that s urban needs. From smart home integrations respond to today(cid:146) Our story traces back even further(cid:151)to 1922(cid:151)when our patriarch to sustainable construction practices, MNRL is building a ecuted the masterplan for .
In the report:
74out of 100
Equitytale Health Score
Solid

Healthier than 74% of companies in Consumer Discretionary, on all six measures of filed financials. Each measure is ranked against the 63–421 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
50

At close. Not part of the score.

Profitability & returns64

How much profit it earns on the money it employs

Balance sheet86

How much it owes, and whether earnings cover the interest

Cash quality44

Whether reported profit actually arrives as cash

Growth & consistency91

Whether sales and profit have grown, and how steadily

Valuation74

What today's price implies, against our models or its peers

Governance & risk100

How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure

Is this company doing well?
not investment advice
Strengths
Makes a profit
Strong 25% net margin
Sales up 40% vs last year
Promoters hold 56%
No promoter shares pledged
Virtually debt-free
Turns profit into real cash
Watch-outs
! Profit down 16% vs last year

What if I invest in MARATHON?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 0% a year, it would become
₹12.00 lakh

The slider starts at 0%, taken from this company's own free-cash-flow trend. That is history, not a forecast — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹414 -0.22%
latest close · 2026-09-17
1-year return
+425.6%
52-wk low ₹7352-wk high ₹467
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio13.3Low
LowAverageHigh
P/B ratio1.23Moderate
Below bookModerateHigh
EV / EBITDA10.6Average
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity8.8%Fair
WeakFairStrong ▸15%
Return on capital10.8%Fair
WeakFairStrong
Net margin25.4%Strong
ThinDecentStrong
EBITDA margin33.4%Healthy
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.04Comfortable
LowModerateHigh ▸1
Interest cover94.6×Strong
RiskyOkayStrong ▸5×
Current ratio4.87Ample
Tight ◂1HealthyAmple
More figures
Market cap
₹2,792 cr
Book value
₹337
EPS
₹7.78
latest quarter
Net debt
₹16 cr
owes more than its cash
Enterprise value
₹2,808 cr
EBITDA
₹264 cr
annualised
EBIT
₹263 cr
annualised
Operating margin
33.2%
Return on assets
7.3%
Earnings yield
7.51%
P/S
3.53
Sales / share
₹117.2
Tax rate
24.4%
Face value
₹5
Shares
6.7 cr
Working capital
₹1,299 cr
Current assets
₹1,635 cr
Current liabilities
₹336 cr
Delivery %
48.3%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-09-17.

Worth vs price · from the FY 2025 report & filings
not investment advice
Looks overpricedMedium confidence
Median of 2 models ₹337 vs market price ₹414 — price is 23% above it
Safety cushion-23.0%(target ≥ +20%)
Models span ₹331₹343, midpoint ₹337
Model ₹337
Price ₹414
Cheap sideExpensive side

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q1 FY27 (consolidated)
Revenue from Operations₹198 cr
Other Income₹19 cr
Total Income₹217 cr
Cost of Materials₹76 cr
Purchases of Stock-in-Trade₹0 cr
Inventory Change (±)₹64 cr
Employee Benefit Expense₹6 cr
Finance Costs₹69.4 L
Depreciation & Amortisation₹37.9 L
Other Expenses₹6 cr
Total Expenses₹152 cr
Profit before Tax₹65 cr
Tax Expense₹16 cr
Share of JV / Associates₹3 cr
Net Profit₹52 cr
Net margin on total income24.2%
Where the money goes · Q1 FY27
% of total income
Materials + stock-in-trade₹139 cr63.2%
Employee benefit expense₹6 cr2.7%
Finance costs₹69.4 L0.3%
Depreciation & amortisation₹37.9 L0.2%
Other expenses₹6 cr2.6%
Tax expense₹16 cr7.2%
Profit for the period₹52 cr23.8%
Total income ₹217 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ3 FY26Q4 FY26Q1 FY27
Revenue125 cr114 cr198 cr
Total income141 cr152 cr217 cr
Expenses100 cr89 cr152 cr
Profit before tax38 cr63 cr65 cr
Tax10 cr18 cr16 cr
Net profit (owners' share)32 cr45 cr50 cr
Net margin (owners' share, on revenue)25.9%39.4%25.4%
EPS (₹)4.856.757.78
YoY (latest quarter): total income +13.7% · net profit -16.1%
Balance sheet & cash flow · as of Mar 2026
Debt-free
Total assets
₹2,760 cr
Shareholder equity
₹2,275 cr
parent shareholders
Total debt
₹99 cr
Cash
₹83 cr
Cash flow · H1 FY26
Operating
₹84 cr
Investing
₹-421 cr
Financing
₹350 cr
Peer comparison
Residential, Commercial Projects · by market value
CompanyPriceMarket capP/E
DLF Limited₹640₹1.58 L cr49.8
Lodha Developers Limited₹1,103₹1.10 L cr20.1
The Phoenix Mills Limited₹1,872₹66,957 cr56.4
Oberoi Realty Limited₹1,741₹63,292 cr29.1
Prestige Estates Projects Limited₹1,440₹62,025 cr65.7
Godrej Properties Limited₹1,678₹50,551 cr36.1
Anant Raj Limited₹597₹21,482 cr35.9
Brigade Enterprises Limited₹621₹20,251 cr25.3
Horizon Industrial Parks Limited₹52₹12,779 cr
Same industry · latest reported numbers · not a recommendation.
Corporate actions
Dividend yield
0.24%
trailing 12 months
Dividend / share (TTM)
₹1
Last dividend
₹1
ex 19 Sep 2025
ActionDetailEx-date
Dividend₹1 / share19 Sep 2025
Dividend₹1 / share17 Sep 2024
Dividend₹1 / share18 Sep 2023
Dividend₹0.5 / share22 Sep 2022
Dividend₹0.5 / share17 Sep 2019
Dividend₹2 / share10 Sep 2018
Who owns it · 2026-06-30
No pledge
Promoter
56.4%
FII / Foreign
4.7%
DII / Domestic
14.7%
Retail / others
24.2%
Promoter stake down 17.3% over the last 12 quarters.
Smart-money activity
Insider trades
BoughtAnsuya Ramniklal Shah · Promoter Group20,000 · ₹84.0 L25 Mar 26
BoughtAnsuya Ramniklal Shah · Promoter Group20,000 · ₹83.1 L24 Mar 26
BoughtAnsuya Ramniklal Shah · Promoter Group8,413 · ₹33.6 L23 Mar 26
Bulk / block deals
short · NSE12121 May 26
short · NSE239 Mar 26
short · NSE3319 Feb 26
Stake changes
SoldKhyati Sudhir Valia→ 0.00% · 1,73629 Jul 24
SoldVijay M Parekh→ 0.00% · 1.14 L29 Jul 24
SoldParesh M Parekh→ 0.00%29 Jul 24
Promoter pledges
ReleasedLENDER : PIRAMAL CAPITAL AND HOUSING FINANCE LIMITED TRUSTEE - PIRAMAL TRUSTEESHIP SERVICES PRIVATE LIMITED2.61 cr · 38.74% held23 Jul 25
PledgedAnand Rathi Share and Stock Broking Limited3.45 cr · 0.00% held10 Mar 25
ReleasedPIRAMAL CAPITAL & HOUSING FINANCE LTD2.35 cr · 0.00% held27 Sep 22
What shareholders were asked to approve

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Court Convened Meeting · 7 Sep 2026
See the official result
1
Approval of Composite Scheme of Amalgamation and Arrangement amongst Matrix Water Management Private Limited (Transferor Company 1), Sanvo Resorts Private Limited (Transferor Company 2), Marathon Realty Private Limited (Demerged Company 1), Matrix Enclaves Projects Developments Private Limited (Demerged Company 2), Matrix Land Hub Private Limited (Demerged Company 3), Marathon Nextgen Realty Limited (Transferee Company/ Resulting Company 1) and Marathon Energy Private Limited (Resulting Company 2)
Backed by 99% of shareholders other than promotersneeded 75%
1.16 cr votes for, 91,810 against

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 11 named members
owning 56.4% between them · as of 2026-06-30
MARATHON REALTY PVT LTD51.15%
SONAL MAYUR SHAH0.77%
CHETAN RAMNIKLAL SHAH0.74%
MAYUR RAMNIKLAL SHAH0.74%
SHAILAJA CHETAN SHAH0.74%
ANSUYA RAMNIKLAL SHAH0.50%
KAIVALYA SHAH0.37%
PARMEET MAYUR SHAH0.37%
Business done with them
FY2025 · 1 of the group
The company paid ₹89 cr to companies in the promoter group last year — about 15.4% of its ₹580 cr revenue.
MARATHON REALTY PRIVATE LIMITED
Other payments to them · Interest Income on Inter Corporate Deposits
also owns 51.15% of the company
₹89 cr
company paid

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

Money it raised, and what it did with it

When a company raises money from investors, it has to say up front what the money is for. The rules then make it report, every three months until the money is gone, how much of each of those things it has actually paid for — so a promise made while asking for the money can be checked afterwards.

₹900 cr raised in Jul 2025 by selling shares to large investors

As of Jun 2026, the company says it has spent 71% of what it set aside, leaving ₹254 cr still to be spent. India Ratings & Research Private Limited watches the spending on the exchange’s behalf.

Investment in Subsidiaries to fund certain of their Ongoing Projects
95%
₹151 cr of ₹160 cr
Repayment / pre-payment, in full or in part, of certain outstanding borrowings availed by our Company and/or certain of our Subsidiaries, through investment in such subsidiaries
spent more than set aside
100%
₹340 cr of ₹340 cr
Acquisition of land or land development rights
19%
₹56 cr of ₹300 cr
General corporate purposes
99%
₹88 cr of ₹90 cr
Spent by quarter: 51%61%71%71% (to Jun 2026)
₹90 cr raised in Jun 2025 by selling shares to large investors

The company has not broken this money down into purposes in its filing for Jun 2025, so there is nothing to measure it against yet. Ratings & Research Private Limited watches the spending on the exchange’s behalf.

Every figure above is taken from the statement the company files with the stock exchange each quarter, for as long as money it has raised remains unspent. The only thing we work out is how much of each stated purpose has been paid for — one number divided by another from the same filing. Whether a plan that changed was a good change is not something a filing can tell you. See the filing

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.