Marathon Nextgen Realty Limited — Q3 FY26 earnings call

Call held 17 Feb 2026

Management summary

Marathon Nextgen Realty reported its highest-ever nine-month PAT of INR 161 crores for FY26, driven by strong post-merger booking value of INR 628 crores and collections of INR 798 crores. The company achieved a net debt-free balance sheet and is strategically positioned in the MMR with significant land bank additions from its ongoing merger. Key projects like Monte South and Futurex continue to perform well, with new launches in Panvel, Dombivli, and Bhandup expected to contribute to future growth.

Highlights

  • Highest ever nine-month Profit After Tax (PAT) of INR 161 crores, reflecting strong performance.

  • Post-merger 9-month booking value reached INR 628 crores and collections stood at INR 798 crores, demonstrating robust cash flow.

  • Achieved a net debt-free status, with current balances exceeding outstanding loans, indicating strong financial health.

  • The Futurex commercial project experienced a 10% increase in sales value and realizations, highlighting strong demand and pricing power.

  • Strategic land bank additions from the ongoing merger (approx. 400 acres) and new project launches in Panvel, Dombivli, and Bhandup are set to drive future growth.

Key financials

2 periods

9M FY26

  • PAT
    ₹161 Cr
  • Revenue
    ₹487 Cr

9M FY26, Post-Merger

  • Booking Value
    ₹628 Cr
  • Collections
    ₹798 Cr

What they filed

Q1 FY27: revenue up 62.5%, net profit down 11.9% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue53 39 74 24 63 +19%22 −44%68 −8%39 +63%
EBITDA24 19 19 3 27 +13%10 −47%28 +47%16 +433%
Net profit36 35 41 42 61 +69%28 −20%59 +44%37 −12%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Segment breakdown

  • Residential
    60% Share of 9M Revenue
  • Commercial
    40% Share of 9M Revenue

Order book

high confidence

Inflow this quarter

₹628 Cr

Composition

Mix 3 projects
  • Marathon Futurex (Ready Inventory) 2.24 lakh sq ft 52.8%
  • Monte South Tower A (Unsold) 1 lakh sq ft 23.6%
  • Panvel Phase 1 (Pending Inventory) 1 lakh sq ft 23.6%

Share of order book by project, derived from disclosed amounts

Pipeline

other

Upcoming launches and presales from Nexzone Phase 3 (Panvel), Bhandup Neo series, Marathon Nextown (Dombivli), and Nexworld (Dombivli).

Booking momentum is steady, with Monte South consistently achieving INR 100 crores in quarterly sales. Futurex is seeing a 10% increase in sales value and realizations.

Source: Prepared remarks

Capital allocation

high confidence
  • Debt Net cash ₹20 Cr
    • Repayment A big chunk of QIP proceeds used for debt repayment. ₹340 Cr
    We have reduced debt to almost zero. So in fact, it is a negative debt, as we have current balances. So if you say net debt, we are negative. But currently, some car loans or equipment loans and other things are about INR 20-odd crores worth of loans. This is a major reduction from what we had about two years ago. ... a big chunk has gone towards repayment of debt. ... Around INR 340 crores.
  • M&A SSPL (Sunset Spaces Private Limited) Acquisition · Announced · Consideration ₹[object Object] (cash)

    To acquire 90% stake in a company with two ongoing projects in Dombivli, adding approximately INR 1,000 crores of project value.

    Adds two ongoing projects in Dombivli (approx. 75,000 sq ft each) and positions the company as a preferred developer for a redevelopment process.

    Yes. This is Sunset Spaces Private Limited. This is a company in which we are acquiring a 90% stake. The company is valued at INR 90 lakh. And we will be this is a pre-money investment of 90%, which is roughly about INR 8.10 crores. ... So that company has two projects in Dombivli, roughly about 75,000 square feet each. So that is immediately under acquisition. And that company is also sort of a preferred developer for one of the redevelopment processes.
  • M&A Marathon Nextgen Merger Merger · Pending regulatory

    To integrate significant land parcels (approx. 400 acres) in Panvel, Dombivli, and Bhandup, enhancing scale and growth potential.

    Expected to add about 400 acres of land in Panvel, Dombivli, and Bhandup, providing huge potential for years to come.

    So the amalgamation is in progress, and we have already shared all the data and GDV value on the website. ... we already have 2 big parcels that are coming in the merger. One is in Panvel land and another is in Dombivli. And the third major parcel of land coming is in Bhandup slums. So these are the 3 major acreages that we will get, about 400 acres of land, which is a huge potential for years to come that is going to get in the amalgamation when everything is done within the next 9 months or so.
  • Liquidity Liquidity disclosed Company has negative net debt, implying cash balances exceed outstanding loans.
    it is a negative debt, as we have current balances.

Guidance & targets

Booking Value

  • Monte South Quarterly Booking Value Booking Value · per quarter · High confidence INR 100 crores
    So the booking momentum is steady. If I have to give an example of one of our largest projects, which is Monte South, we've been doing steady sales over there of close to INR 100 crores a quarter, and that has been consistently happening for the last six to eight quarters. And going forward also, the kind of demand is consistent, and we'll be selling at that same velocity.

    — Mayur Shah

Realization

  • Futurex Sales Value & Realization Growth Realization · this financial year · High confidence 10% increase
    If I were to just give you some perspective compared to last year, the project as a whole versus what we may complete this financial year with, we've, if all the transactions that we have in Q4 get completed, obviously, subject to that, we are seeing about at least a 10% increase in sales value. Coming to the sales price, while the project has different pricing depending on the floors that you sort of select or choose across the project, we have seen, from a financial year comparison, close to a 10% increase in realizations.

    — Samyag Shah

Project Completion

  • Nexzone Phase 2 OC for 2 towers Project Completion · FY26 · High confidence by end of this financial year (FY26)
    We are going to get the occupation certificate of 2 of the 4 towers by the end of this financial year; at the most, it could miss by 1 month or so; and the balance 2 towers before Q2 of FY27.

    — Samyag Shah

  • Nexzone Phase 2 OC for remaining 2 towers Project Completion · Q2 FY27 · High confidence before Q2 FY27
    and the balance 2 towers before Q2 of FY27.

    — Samyag Shah

  • Monte South Tower B Full OC Project Completion · December 2026 · High confidence by December 2026
    The full tower OC is expected by December '26.

    — Mayur Shah

  • Monte South Tower C OC (30 floors) Project Completion · next 1.5 years · Medium confidence up to 30 floors
    So in the next 1.5 years, we will be getting OC up to 30 floors

    — Mayur Shah

  • Monte South Tower C Full OC (65 floors) Project Completion · about three years · Medium confidence up to 65 floors
    and then, in total, in about three years, we will be taking OC up to 65 floors.

    — Mayur Shah

Regulatory Approval

  • NCLT Merger Approval Timeline Regulatory Approval · after NCLT application · Medium confidence 6-7 months
    After NCLT receives the application, there would be about a 6- to 7-month period.

    — Chetan Shah

Presales Volume

  • Marathon Nextown Presales (Dombivli) Presales Volume · forthcoming year · Medium confidence 7-8 lakh sq ft
    So from the post-merger scenario, we have a project called Marathon Nextown, which is in Dombivli... around 7-8 lakh square feet in terms of presales that will be coming in the forthcoming year.

    — Kaivalya Shah

Presales Value

  • Monte South Annual Presales Presales Value · next year · Medium confidence INR 400 crores
    And Monte South in terms of residential, yes, so around INR 400 crores of presales will be at least anticipated next year.

    — Kaivalya Shah

What to watch in Q4 FY26

Nexzone Phase 2 OC for 2 towers

End of FY26 (or within 1 month)
Current Finishing work on 3 towers, 1 tower RCC completed
Target OC for 2 towers

Why it matters

Completion and OC for these towers will enable revenue recognition and collections, impacting the company's financial performance.

We are going to get the occupation certificate of 2 of the 4 towers by the end of this financial year; at the most, it could miss by 1 month or so

Risks & concerns

  • Redevelopment Project Timelines & Due Diligence

    medium

    Analysts expressed concern about the pace of new redevelopment project announcements, to which management responded that due diligence is a lengthy process and announcements are made only after definitive agreements.

    Analyst acknowledged

Q&A highlights

7 direct
Geographic Expansion beyond MMR Direct
Yes, we are MMR-focused Company, and we intend to largely focus in MMR. We don't have immediate intention of going to other towns.

Clarifies the company's core market strategy, indicating a continued focus on the Mumbai Metropolitan Region and no immediate plans for expansion into other cities.

Asked by Rahul Sharma

Q4 Booking Momentum & FY27 Contributors Direct
So the booking momentum is steady. If I have to give an example of one of our largest projects, which is Monte South, we've been doing steady sales over there of close to INR 100 crores a quarter, and that has been consistently happening for the last six to eight quarters.

Provides insight into the consistency of sales performance and identifies key projects (Monte South, Futurex, Nexzone Panvel, Bhandup Neo series) expected to drive future revenue and collections.

Asked by Rahul Sharma

Unsold Inventory Breakup (Premium, Mid-income, Affordable) Direct
So in terms of premium, like I mentioned earlier, around 1 lakh square feet is unsold in Monte South Tower A, which is a premium project. In terms of affordable, Bhandup, like I mentioned, is, when it comes to OCs, nearly sold out. In Panvel, some of the Phase 1 inventory on higher floors is pending, which will be around 1 lakh square feet. Value-wise, it would be around INR40 crores to INR50 crores.

Gives a clear picture of the company's unsold inventory across different segments and projects, indicating where sales efforts are focused and the value of pending inventory.

Asked by Rahul Sharma

Amalgamation & Arrangement Benefits / GDV Expansion Direct
So the amalgamation is in progress... we already have 2 big parcels that are coming in the merger. One is in Panvel land and another is in Dombivli. And the third major parcel of land coming is in Bhandup slums. So these are the 3 major acreages that we will get, about 400 acres of land, which is a huge potential for years to come that is going to get in the amalgamation when everything is done within the next 9 months or so.

Highlights the significant land bank addition (400 acres) from the ongoing merger, which will fuel long-term growth and Gross Development Value (GDV) expansion.

Asked by Mihir Desai

Debt Position & QIP Utilization Direct
We have reduced debt to almost zero. So in fact, it is a negative debt, as we have current balances. So if you say net debt, we are negative. But currently, some car loans or equipment loans and other things are about INR 20-odd crores worth of loans... a big chunk has gone towards repayment of debt... Around INR 340 crores.

Confirms the company's strong financial health with negative net debt and clarifies how a significant portion of the QIP proceeds was used for debt reduction.

Asked by Mihir Desai

Redevelopment Project Launches & Aggression Partial
The due diligence of land-related, initial-stage projects takes a very long time... We have looked at many projects, more than 45-50 projects that we have evaluated. And there are projects in which we are moving forward, but till the definitive agreements are made, we will not be able to make any announcement on those.

Addresses analyst concern about the perceived lack of new redevelopment project announcements, explaining the lengthy due diligence process and the company's cautious approach to public disclosures.

Asked by Vansh

Sunset Spaces Private Limited Acquisition Details Direct
This is Sunset Spaces Private Limited. This is a company in which we are acquiring a 90% stake... pre-money investment of 90%, which is roughly about INR 8.10 crores... that company has two projects in Dombivli, roughly about 75,000 square feet each.

Provides specific details on a recent acquisition, including cost, stake, and the immediate project additions it brings to the portfolio, clarifying the strategic rationale.

Asked by Visweswar Rao Kasturi

New Projects Contributing to Cash Collections/Revenue Direct
from the post-merger scenario, we have a project called Marathon Nextown, which is in Dombivli... around 7-8 lakh square feet in terms of presales that will be coming in the forthcoming year. And Nexworld is another project, again in Dombivli. So these are the projects in Dombivli in the post-merger scenario... And talking about Bhandup, we have a yearly target of specific launches and specific approvals.

Identifies new projects (Marathon Nextown, Nexworld in Dombivli, Bhandup launches) that are expected to contribute significantly to future cash flows, addressing the concern about reliance on existing flagship projects.

Asked by Vansh

3 min read 6 chapters

Detailed narrative

Strong Financial Performance in Q3 & 9M FY26

Marathon Nextgen Realty reported its highest-ever nine-month Profit After Tax (PAT) of INR 161 crores for FY26. The company achieved post-merger area sales of 2.46 lakh square feet, with a booking value of INR 628 crores and collections of INR 798 crores for the nine-month period. Total revenue for the nine months stood at INR 487 crores, driven by robust commercial and steady residential contributions, with a 60% residential and 40% commercial mix in top-line revenue.

Strategic Focus on MMR and Infrastructure-Led Growth

The company remains focused on the Mumbai Metropolitan Region (MMR), benefiting from significant infrastructure projects like the Navi Mumbai International Airport and Atal Setu. Management highlighted that these developments are enhancing connectivity and driving demand in peripheral areas, where the company holds substantial land banks in Panvel, Dombivli, and Bhandup. This strategic presence positions Marathon Nextgen to capitalize on the region's growth, with a strong belief in sustained momentum through FY26 and beyond.

Key Project Updates and Launch Pipeline

Monte South, a premium residential project, continues to see steady sales of approximately INR 100 crores per quarter, with Tower B securing OC up to the 45th floor and full OC expected by December 2026. Nexzone Phase 2 in Panvel is set to receive OC for two towers by the end of FY26, with the remaining two by Q2 FY27. New launches include Nexzone Phase 3 in Panvel (4.9 lakh sq ft, GDV INR 600 crores) and Bhandup Neo series (GDV INR 170 crores), alongside Marathon Nextown and Nexworld in Dombivli, expected to generate 7-8 lakh sq ft of presales in the coming year.

Robust Balance Sheet and Capital Allocation

Marathon Nextgen has achieved a net debt-free status, with current balances exceeding its minimal outstanding loans of approximately INR 20 crores. A significant portion of the QIP proceeds, around INR 340 crores, was utilized for debt repayment, contributing to this strong financial position. The company also acquired a 90% stake in Sunset Spaces Private Limited for INR 8.10 crores, adding two projects in Dombivli (75,000 sq ft each) to its portfolio, which will start recognizing revenue from March.

Ongoing Merger and Redevelopment Strategy

The merger and amalgamation process is progressing, with approvals from NSE and BSE already secured, and SEBI's due diligence in its final stages. Post-SEBI approval, the NCLT process is expected to take 6-7 months. The merger is anticipated to add approximately 400 acres of land in Panvel, Dombivli, and Bhandup. While analysts questioned the pace of redevelopment project announcements, management emphasized the lengthy due diligence required for such projects, stating that 45-50 projects have been evaluated, with announcements pending definitive agreements.

Market Outlook and Realization Trends

Management expressed optimism about the real estate market in MMR, citing stable interest rates, a shift towards quality developments, and sustained economic momentum. The company noted a 10% increase in sales value and realizations for its Futurex commercial project compared to the previous year, indicating strong demand and pricing power in its key assets. The consolidation trend in the industry is also seen as beneficial for the company, with new proposals coming from other developers.

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