Marathon Nextgen Realty Ltd.

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marathonnextgen.com / www.marathon.inBSE: 503101NSE: MARATHON

Market Cap₹ 2,926 Cr.

Current Price

High / Low₹ 685 / 344

Stock P/E15.1

Book Value₹ 345

Price to Book2.22

Dividend Yield0.23 %

ROCE15.2 %

ROE14.8 %

Face Value₹ 5

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ABOUT

AI Sector View

AI GENERATED

Realty

Buy

Housing and construction indicators remain supportive for real estate. The housing index reached 105 (Mar/26), residential property prices rose 4.21% (Mar/26), construction output was 5.4% (Jul/26), and cement output accelerated to 13.1% YoY (2026-07). Bank lending rates are steady at 8.96% (Aug/26) rather than easing, but FPI flows turned positive with INR 1999 crore net inflow over 3 months to 2026-08-31 from INR -7216 crore previously.

Confidence

75%

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PROS

Company has delivered good profit growth of 51.2% CAGR over last 5 years
Company has consistently been profitable over the last 5 years
Company has delivered good sales growth of 19.2% CAGR over last 5 years
Institutional investors have been accumulating - FII+DII up 16.2pp
Company generates healthy free cash flow
Attractively priced for its growth - PEG of 0.2

CONS

Operating cash flow has been negative in recent years
A large part of profit comes from other income (46.3% of PBT)
Promoter holding has decreased over last 2 years: -17.2pp
Recent results are weak - TTM profit is down 14.8% versus prior year
Receivables are growing faster than sales - a possible quality concern

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

RealtyRealtyConstruction - Real Estate

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	DLF	643.60	35.83	159311.06	1.24	793.90	-89.59	1280.34	-52.87	6.81	49.68
2.	LODHA	1113.00	26.96	111226.00	0.38	1373.10	103.39	4996.70	43.10	16.89	38.51
3.	PHOENIXLTD	1891.15	52.85	67642.25	0.13	394.51	22.95	1074.94	12.80	15.41	59.77
4.	PRESTIGE	1505.00	56.92	64824.90	0.13	271.40	-12.87	2675.10	15.94	11.51	31.75
5.	OBEROIRLTY	1747.40	24.16	63535.85	0.46	543.51	29.02	1300.89	31.73	17.69	56.75
6.	GODREJPROP	1745.00	32.85	52564.02	0.57	349.38	-41.61	506.17	16.48	8.37	-57.98
7.	ANANTRAJ	599.05	37.26	21558.43	0.17	149.19	18.50	631.40	6.58	12.23	29.53
8.	BRIGADE	638.90	30.00	20844.71	0.24	216.94	37.35	1115.55	-12.93	11.02	32.33
9.	ABREL	1284.65	108.49	14348.99	0.19	-34.59	-27.73	188.85	30.95	-4.54	-30.02
10.	SOBHA	1217.35	56.45	13020.02	0.49	50.85	273.37	1278.15	50.03	6.96	6.07
11.	SIGNATURE	762.15	10.27	10722.39	0.00	-16.53	-148.00	551.99	-36.24	34.77	-8.10
12.	MARATHON	433.90	15.14	2926.42	0.23	52.43	-14.85	197.50	40.25	15.18	25.24

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	210	129	210	155	162	146	123	149	141	117	125	114	198
	149	81	134	108	109	104	87	107	110	75	100	89	152
Operating Profit	61	48	76	47	53	42	36	41	31	42	25	25	45
OPM %	29.13%	37.43%	36.26%	30.34%	32.63%	29.06%	29.52%	27.78%	21.96%	35.95%	20.05%	21.91%	23.01%
	10	10	10	11	11	20	26	39	50	38	14	38	19
Interest	25	23	29	14	19	13	9	18	12	2	0	0	1
Depreciation	1	1	1	1	1	1	1	1	0	0	0	0	0
Profit before Tax	45	35	57	44	44	49	53	62	68	78	38	63	68
Tax %	25.04%	21.64%	27.21%	27.97%	25.73%	19.17%	20.54%	22.32%	23.16%	18.05%	27.40%	29.08%	23.21%
Net Profit	0	0	0	0	38	49	49	54	62	67	33	46	52
	9.11	7.32	10.22	7.78	7.22	9.46	9.58	10.59	11.69	9.80	4.85	6.75	7.78

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
	197	193	69	82	241	206	306	717	705	580	553
	137	136	26	30	177	142	232	477	472	407	415
Operating Profit	60	57	43	52	64	64	74	239	233	173	137
OPM %	30.56%	29.43%	62.36%	63.32%	26.68%	31.00%	24.30%	33.40%	33.05%	29.83%	24.85%
	45	50	1	1	8	18	38	42	41	96	110
Interest	0	0	5	21	41	44	75	123	91	59	3
Depreciation	0	0	1	2	6	5	3	3	3	3	2
Profit before Tax	105	106	39	30	26	32	35	156	180	208	247
Tax %	20.79%	20.61%	27.33%	19.71%	20.67%	27.84%	32.64%	27.73%	25.77%	21.85%	23.72%
Net Profit	83	84	28	24	21	23	24	113	134	162	188
EPS	29.31	29.59	7.93	6.84	5.23	3.30	8.36	25.21	32.53	36.43	—
Dividend Payout %	3.41%	3.38%	11.87%	7.31%	0.00%	0.00%	5.97%	3.83%	3.07%	2.75%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 19%
3 Years:: 24%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 51%
3 Years:: 69%

STOCK PRICE CAGR

10 Years:: —
5 Years:: 37%
3 Years:: 1%
1 Year:: -29%

RETURN ON EQUITY

10 Years:: 9%
5 Years:: 11%
3 Years:: 15%
Last Year:: 15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	28	28	23	23	23	23	23	23	26	26
Minority Interest	0	0	0	14	4	5	5	8	12	16
	567	648	527	584	570	586	624	745	979	1,161
	1	13	208	439	576	746	1,094	874	657	404
Trade Payables	1	2	110	144	147	52	45	59	50	55
	25	46	1	293	295	283	343	444	571	479
Total Liabilities	623	736	869	1,497	1,615	1,694	2,135	2,153	2,295	2,140
	0	0	1	109	137	133	134	134	138	140
	0	0	14	22	26	13	271	49	81	110
	132	20	282	512	514	501	547	518	620	655
	0	0	0	0	0	0	0	0	94	95
Cash & Bank	3	0	11	45	50	83	63	104	93	92
	487	716	561	810	888	964	1,120	1,349	1,269	1,048
Total Assets	623	736	869	1,497	1,615	1,694	2,135	2,153	2,295	2,140

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	-19	-30	181	108	7	-108	91	343	22	-25
Cash from Investing	64	45	-198	-312	-71	-3	-375	27	112	298
Cash from Financing	-14	8	40	203	60	144	273	-326	-155	-265
	-2	-3	11	-8	7	32	-26	15	-21	8

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025

Shareholding Pattern

Numbers in percentages

	Sep 2023	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	73.45	73.63	73.63	73.63	73.63	73.63	55.92	55.92	56.37	56.42
	2.34	0.41	3.15	2.34	2.28	0.94	6.89	5.13	5.09	4.68
	0.01	0.80	1.61	2.47	2.43	2.30	15.57	14.40	14.74	14.71
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	24.19	25.17	21.62	21.56	21.67	23.13	21.62	24.55	23.80	24.20

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-11 - Marathon Nextgen Realty Limited has informed the Exchange about Schedule of meet

2026-09-08

Updates

2026-09-08 - Marathon Nextgen Realty Limited has informed the Exchange regarding 'Marathon Nextgen Realty Limited has submitted the Exchange a copy Srutinizers report of Court Convened General Meeting held on September 07, 2026'.

2026-09-08

Shareholders meeting

2026-09-08 - Marathon Nextgen Realty Limited has submitted the Exchange a copy Srutinizers report of Court Convened General Meeting held on September 07, 2026. Further, the company has informed the Exchange regarding voting results.

2026-09-07

General Updates

2026-09-07 - Marathon Nextgen Realty Limited has informed the Exchange regarding Proceedings of Court Convened General Meeting of Unsecured Creditors held on September 07, 2026

2026-09-07

Shareholders meeting

2026-09-07 - Marathon Nextgen Realty Limited has informed the Exchange regarding Proceedings of Court Convened General Meeting of Equity Shareholders held on September 07, 2026

2026-09-06

Copy of Newspaper Publication

2026-09-06 - Marathon Nextgen Realty Limited has informed the Exchange about Copy of Newspaper Publication for Notice of 49th Annual General Meeting of the Company

2026-09-04

General Updates

2026-09-04 - Marathon Nextgen Realty Limited has informed the Exchange about Business Responsibility and Sustainability Reporting for FY 2025-26

2026-09-04

Record Date

2026-09-04 - Marathon Nextgen Realty Limited has informed the Exchange that Record date for the purpose of Dividend is 18-Sep-2026.

2026-09-04

Shareholders meeting

2026-09-04 - Marathon Nextgen Realty Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 28, 2026

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