MARATHONConsumer Discretionary

Marathon Nextgen Realty Limited

Residential, Commercial Projects · ISIN INE182D01020 · BSE 503101 · NSE EQ · FV ₹5
Last price
₹396
+0.93%today
What this company does

Marathon Nextgen Realty Limited operates in Residential, Commercial Projects, part of the Consumer Discretionary sector. It booked ₹129 cr of revenue in its latest quarter (Q2 FY27) and kept 34.1% 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 69–428 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)
56

At close. Not part of the score.

Profitability & returns62

How much profit it earns on the money it employs

Balance sheet85

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

Valuation72

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 34% net margin
✓ Sales up 10% vs last year
✓ Profit up 52% vs last year
✓ Promoters hold 56%
✓ No promoter shares pledged
✓ Virtually debt-free
Watch-outs
! Low 7.4% return on equity
! Operating cash flow is negative

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 We do not publish price targets or predict returns.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
₹396▲ +0.93%
latest close · 2026-11-04
1-year return
+300.7%
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 ratio14.8Low
LowAverageHigh
P/B ratio1.13Moderate
Below bookModerateHigh
EV / EBITDA11.5Average
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity7.4%Weak
WeakFairStrong ▸15%
Return on capital9.6%Fair
WeakFairStrong
Net margin34.1%Strong
ThinDecentStrong
EBITDA margin47.2%Healthy
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.06Comfortable
LowModerateHigh ▸1
Interest cover83.6×Strong
RiskyOkayStrong ▸5×
Current ratio5.42Ample
Tight ◂1HealthyAmple
More figures
Market cap
₹2,672 cr
Book value
₹350
EPS
₹6.70
latest quarter
Net debt
₹123 cr
owes more than its cash
Enterprise value
₹2,795 cr
EBITDA
₹243 cr
annualised
EBIT
₹242 cr
annualised
Operating margin
46.9%
Return on assets
6.3%
Earnings yield
6.76%
P/S
5.18
Sales / share
₹76.5
Tax rate
30.2%
Face value
₹5
Shares
6.7 cr
Working capital
₹1,277 cr
Current assets
₹1,566 cr
Current liabilities
₹289 cr
Delivery %
49.2%
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 2026-11-04.

Worth vs price · from the FY 2025 report & filings
not investment advice
Looks overpricedMedium confidence
Median of 2 models ₹305 vs market price ₹396 — price is 30% above it
Safety cushion-29.9%(target ≥ +20%)
Models span ₹267–₹343, midpoint ₹305
Model ₹305
Price ₹396
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 · Q2 FY27 (consolidated)
Revenue from Operations₹129 cr
Other Income₹16 cr
Total Income₹145 cr
Cost of Materials₹99 cr
Purchases of Stock-in-Trade₹0 cr
Inventory Change (±)₹-32 cr
Employee Benefit Expense₹8 cr
Finance Costs₹72.3 L
Depreciation & Amortisation₹38.5 L
Other Expenses₹9 cr
Total Expenses₹85 cr
Profit before Tax₹60 cr
Tax Expense₹18 cr
Share of JV / Associates₹4 cr
Net Profit₹45 cr
Net margin on total income31.2%
Where the money goes · Q2 FY27
% of total income
Materials + stock-in-trade₹67 cr45.0%
Employee benefit expense₹8 cr5.3%
Finance costs₹72.3 L0.5%
Depreciation & amortisation₹38.5 L0.3%
Other expenses₹9 cr6.3%
Tax expense₹18 cr12.2%
Profit for the period₹45 cr30.5%
Total income ₹145 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ4 FY26Q1 FY27Q2 FY27
Revenue114 cr198 cr129 cr
Total income152 cr217 cr145 cr
Expenses89 cr152 cr85 cr
Profit before tax63 cr65 cr60 cr
Tax18 cr16 cr18 cr
Net profit (owners' share)45 cr50 cr44 cr
Net margin (owners' share, on revenue)39.4%25.4%34.1%
EPS (₹)6.757.786.70
YoY (latest quarter): total income -6.7% · net profit +51.7%
Balance sheet & cash flow · as of Sep 2026
Low debt
Total assets
₹2,810 cr
Shareholder equity
₹2,363 cr
parent shareholders
Total debt
₹136 cr
Cash
₹13 cr
Cash flow · H1 FY27
Operating
₹-43 cr
Investing
₹-63 cr
Financing
₹36 cr
Peer comparison
Residential, Commercial Projects · by market value
CompanyPriceMarket capP/E
DLF Limited₹709₹1.75 L cr33.8
Aditya Birla Real Estate Limited₹1,036₹1.27 L cr34.5
Lodha Developers Limited₹1,061₹1.06 L cr26.2
The Phoenix Mills Limited₹2,049₹73,277 cr56.2
Prestige Estates Projects Limited₹1,537₹66,199 cr70.1
Oberoi Realty Limited₹1,677₹60,976 cr20.0
Godrej Properties Limited₹1,670₹47,434 cr81.5
Brigade Enterprises Limited₹527₹17,189 cr22.2
Anant Raj Limited₹444₹15,967 cr25.4
Same industry · latest reported numbers · not a recommendation.
Corporate actions
Dividend yield
0.25%
trailing 12 months
Dividend / share (TTM)
₹1
Last dividend
₹1
ex 18 Sep 2026
ActionDetailEx-date
Dividend₹1 / share18 Sep 2026
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
Who owns it · 2026-09-30
No pledge
Promoter
56.4%
FII / Foreign
2.6%
DII / Domestic
14.5%
Retail / others
26.5%
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.

Yearly shareholder meeting · 28 Sep 2026
See the official result
1
To receive, consider and adopt - a. Audited Financial Statements of the Company for the financial year ended March 31, 2026, together with the Reports of the Board of Directors and the Auditors thereon. b. Audited Consolidated Financial Statements of the Company for the financial year ended March 31, 2026, together with the Reports of the Auditors thereon.
Backed by 100% of shareholders other than promotersneeded 50%
94.82 L votes for, 5,577 against · 0% of mutual funds and other big investors said no
2
To consider and declare the final dividend of 20% i.e. Rs. 1/- per equity share on a face value of Rs. 5/- each for the financial year ended 31 March 2026.
Backed by 100% of shareholders other than promotersneeded 50%
94.88 L votes for, 142 against · 0% of mutual funds and other big investors said no
3
To appoint a director in place of Mr. Kaivalya Chetan Shah (DIN: 03262973), who retires by rotation, and being eligible, offers himself for re-appointment.
Backed by 100% of shareholders other than promotersneeded 50%
94.87 L votes for, 460 against · 0% of mutual funds and other big investors said no
4
To appoint a director in place of Mr. Samyag Mayur Shah (DIN: 06884897), who retires by rotation, and being eligible, offers himself for re-appointment.
Backed by 99% of shareholders other than promotersneeded 50%
93.78 L votes for, 1.10 L against · 2% of mutual funds and other big investors said no

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 2026-09-30
MARATHON REALTY PVT LTD51.13%
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 51.13% 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 Sep 2026, the company says it has spent 77% of what it set aside, leaving ₹204 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
96%
₹154 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
34%
₹102 cr of ₹300 cr
General corporate purposes
99%
₹88 cr of ₹90 cr
Spent by quarter: 51% → 61% → 71% → 71% → 77% (to Sep 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.