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Marathon NextGen Realty

MARATHON NSE
₹396.25 No trade today
P/E
13.82
View as Markdown
MCP
Close 4 Nov 2026 ₹396.25 −185.75 −31.9% 1Y
Start ₹582.00

Key Fundamentals

MicrocapRealtyConsumer Discretionary

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
7.60%
Debt to Equity
0.04
EPS (TTM)
₹28.68
Book Value
₹350.30
Market Cap
—
P/E (TTM)
13.82
P/B
1.13
ROE
4.69%
Dividend Yield
0.25%
EBITDA
₹264 Cr
52W High
₹605.00
52W Low
₹344.05
Volume
0

Peer Comparison

Consumer Discretionary › Realty › Residential Commercial Projects › Residential, Commercial Projects

Marathon NextGen Realty peer comparison
DLF
₹720.0039.02₹1,76,861 Cr3.911.13%9.50%6.32%₹6,375 Cr₹4,567 Cr
Lodha Developers
₹1,122.0027.17₹1,09,477 Cr4.510.40%15.50%16.40%₹18,181 Cr₹4,129 Cr
Phoenix Mills
₹2,079.5058.10₹73,757 Cr8.170.12%11.00%12.40%₹4,545 Cr₹1,629 Cr
Prestige Estates Projects
₹1,580.0059.74₹67,457 Cr4.180.13%7.53%10.40%₹13,053 Cr₹1,265 Cr
Oberoi Realty
₹1,710.9023.64₹61,958 Cr3.260.24%14.60%17.30%₹6,214 Cr₹2,632 Cr
Godrej Properties
₹1,739.0032.73₹51,392 Cr2.710.60%8.82%7.63%₹5,203 Cr₹1,591 Cr
Brigade Enterprises
₹541.1025.40₹17,553 Cr2.470.38%10.50%10.50%₹5,532 Cr₹784 Cr
Marathon NextGen Realty (this company)
₹396.2513.82₹2,633 Cr1.130.25%4.69%7.60%₹553 Cr₹198 Cr
Median 8 companies₹1,351.0029.95₹64,707 Cr3.590.32%10.00%10.45%₹5,873 Cr₹1,610 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

45 Average

Data confidence 100/100

Category scores

Quality
53
Average
Returns, margins, earnings quality 22% weight
Valuation
65
Good
Cheap vs sector & own history 24% weight
Growth
24
Poor
Sales & profit trajectory 9% weight
Financial Health
84
Strong
Solvency, leverage, coverage 9% weight
Momentum
25
Poor
Trend strength, vol-adjusted 12% weight
Ownership
18
Poor
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

3
  • Company has reduced debt.
  • Company is almost debt free.
  • Stock is trading at 1.05 times its book value

Weaknesses

5
  • Company has a low return on equity of 9.90% over last 3 years.
  • Earnings include an other income of Rs.110 Cr.
  • Dividend payout has been low at 3.05% of profits over last 3 years
  • Promoter holding has decreased over last 3 years: -17.0%
  • Working capital days have increased from 405 days to 658 days

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBullish568
OscillatorsBullish162
Moving AveragesStrong Bullish406

Key readings

RSI (14)
57.81
Neutral
MACD (12,26,9)
−1.66
Bullish
SMA (50)
398.37
Bearish
SMA (200)
427.68
Bearish

As of

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+9.67%
5Y+19.21%
3Y−11.56%
1Y−14.48%
TTM−0.89%

Net profit

Net profit growth by window
10Y+9.52%
5Y+66.71%
3Y+18.44%
1Y+7.85%
TTM−7.48%

Operating cash flow

Operating cash flow growth by window
10YOutflow widened by ₹2 Cr
5YOutflow narrowed by ₹55 Cr
3YTurned negative
1YOutflow widened by ₹29 Cr
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−6.06 pp
5Y−6.67 pp
3Y−9.91 pp
1Y−5.43 pp
TTM−1.74 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹193 Cr
Mar 2018₹69.00 Cr
Mar 2019₹82.00 Cr
Mar 2020₹241 Cr
Mar 2021₹206 Cr
Mar 2022₹306 Cr
Mar 2023₹717 Cr
Mar 2024₹705 Cr
Mar 2025₹580 Cr
Mar 2026₹496 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹84.00 Cr
Mar 2018₹39.00 Cr
Mar 2019₹32.00 Cr
Mar 2020₹25.00 Cr
Mar 2021₹16.00 Cr
Mar 2022₹39.00 Cr
Mar 2023₹124 Cr
Mar 2024₹169 Cr
Mar 2025₹191 Cr
Mar 2026₹206 Cr

AI Analysis — Bull vs Bear

Generated 6 Jul 2026
AI opinion · based on fundamentals
Risk high

Marathon Nextgen Realty Ltd is an almost debt-free real estate company trading at a PE of 13.9x and PB of 1.26x with a market cap of Rs.2,885 Cr. While compounded profit growth over 5 years stands at 68% CAGR, TTM sales have declined 14% and the stock has corrected 36% over the past year.

Bull Case 7
  • Company is almost debt-free, having reduced debt significantly, providing financial flexibility in a capital-intensive real estate sector
  • PE ratio of 13.9x is modest for a real estate developer, suggesting undemanding valuations relative to earnings
  • Compounded profit growth of 68% CAGR over 5 years demonstrates strong earnings trajectory over a longer horizon
  • 3-year compounded profit growth of 18% CAGR shows sustained earnings expansion beyond short-term volatility
  • TTM profit growth of 42% indicates robust year-on-year earnings improvement despite revenue headwinds
  • 10-year stock CAGR of 15% and 5-year CAGR of 46% show long-term wealth creation track record
  • 5-year compounded sales growth of 19% CAGR reflects solid medium-term revenue expansion capability
Bear Case 8
  • TTM sales have declined 14% and 3-year sales CAGR is negative at -12%, indicating sustained revenue deterioration
  • Promoter holding has decreased by 18.1% over the last 3 years, raising governance and alignment concerns
  • Working capital days have surged from 471 to 857 days, signaling potential stress in cash conversion and project execution
  • Other income of Rs.140 Cr forms a significant portion of earnings, meaning core operating profitability may be overstated
  • Stock has corrected 36% over the past 1 year, reflecting negative market sentiment and potential fundamental concerns
  • 3-year ROE of approximately 13.8% is below 15%, which is considered a threshold for quality compounders
  • Dividend yield of only 0.23% offers negligible income return to shareholders despite low debt levels
  • Divergence between profit growth (42% TTM) and sales decline (-14% TTM) raises questions about earnings quality and sustainability

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

121d ago

TL;DR: Marathon Nextgen Realty is expanding its addressable market by entering the society redevelopment segment via its subsidiary, with a ₹450 crore GDV project in Versova. No material headwinds emerged in this period, though the departure of a mid-level marketing executive is worth monitoring. The redevelopment foray signals a growth-oriented strategy, and investor engagement activity suggests management is proactively communicating with the Street.

Positives 1
  • Foray into society redevelopment Jul 3

    Subsidiary Sunset Spaces signed a development agreement for a Versova redevelopment project with a gross development value (GDV) of over ₹450 crore, marking Marathon Nextgen's entry into society redevelopment.

Neutral 2
  • Investor meet scheduled Jun 30 Jun 24

    Marathon Nextgen Realty scheduled a group meeting for institutional investors and analysts on June 30, 2026, in Mumbai.

  • Marketing head resigns Jun 10

    Assistant General Manager - Marketing Deepak Ramkrishna resigned effective June 12, 2026, to pursue new opportunities.

Quarterly Results

₹ Cr
MARATHON quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
210
129
210
155
162
146
123
149
141
117
125
114
198
129
Expenses
149
81
134
108
109
104
87
107
110
75
100
89
151
84
Operating Profit
61
48
76
47
53
42
36
41
31
42
25
25
47
45
OPM %
29%
37%
36%
30%
33%
29%
30%
28%
22%
36%
20%
22%
24%
35%
Other Income
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
1
Depreciation
1
1
1
1
1
1
1
1
0
0
0
0
0
0
PBT
45
35
57
44
44
49
53
62
68
78
38
63
65
—
Tax %
25%
22%
27%
28%
26%
19%
21%
22%
23%
18%
27%
29%
24%
—
Net Profit
43
34
51
40
38
49
49
54
62
67
33
46
52
45
EPS (₹)
9.11
7.29
9.8
7.78
7.22
9.46
9.35
10.41
11.69
9.8
4.8
6.63
7.45
—

Sep 2026: from the results filed on 21 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
MARATHON profit and loss, annual, ₹ crore
Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
197
193
69
82
241
206
306
717
705
580
496
553
Expenses
137
136
26
30
177
142
232
471
472
407
375
414
Operating Profit
60
57
43
52
64
64
74
246
233
173
121
138
OPM %
31%
29%
62%
63%
27%
31%
24%
34%
33%
30%
24%
25%
Other Income
45
50
1
1
8
18
38
36
41
96
140
110
Interest
0
0
5
21
41
44
75
123
91
59
13
3
Depreciation
0
0
1
2
6
5
3
3
3
3
2
2
PBT
105
106
39
30
26
32
35
156
180
208
247
243
Tax %
21%
21%
27%
20%
21%
28%
33%
28%
26%
22%
24%
—
Net Profit
83
84
39
32
25
16
39
124
169
191
206
197
EPS (₹)
14.65
14.79
8.42
6.84
5.23
3.3
8.37
26.12
32.53
36.43
30.1
28.68
Div. Payout %
3%
3%
12%
7%
0%
0%
6%
4%
3%
3%
3%
—

Balance Sheet

₹ Cr
MARATHON balance sheet, annual, ₹ crore
Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
28
28
23
23
23
23
23
23
26
26
34
Reserves
567
648
527
584
570
586
626
762
980
1,161
2,241
Borrowings
0
11
208
429
567
739
1,087
869
761
560
99
Other Liabilities
8
8
128
461
456
351
402
499
482
359
385
Total Liabilities
604
696
885
1,497
1,617
1,699
2,139
2,153
2,248
2,107
2,759
Fixed Assets
0
0
105
221
294
287
286
283
286
237
173
CWIP
0
0
0
0
0
0
0
0
0
0
0
Investments
0
0
14
22
26
13
271
49
81
110
399
Other Assets
603
695
767
1,255
1,297
1,399
1,582
1,821
1,881
1,760
2,187
Total Assets
604
696
885
1,497
1,617
1,699
2,139
2,153
2,248
2,107
2,759

Cash Flow

₹ Cr
MARATHON cash flow, annual, ₹ crore
Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
−52
−56
169
101
18
−109
76
315
22
−25
−54
Investing
64
45
−198
−312
−71
−3
−375
27
112
298
−292
Financing
−14
8
40
203
60
144
274
−326
−155
−265
411
Net Cash Flow
−2
−3
11
−8
7
32
−26
15
−21
8
65
Free Cash Flow
−52
−56
168
92
18
−108
75
314
21
75
99
CFO/OP
−31
−54
419
207
11
−169
122
140
29
12
13

Ratios

MARATHON financial ratios, annual
Particulars Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
128
497
0
24
33
89
45
22
49
66
42
Inventory Days
383
65
—
—
12,215
14,683
—
—
5,749
—
—
Days Payable
4
5
—
—
3,492
1,510
—
—
460
—
—
Cash Conversion Cycle
507
556
0
24
8,756
Not meaningful for this period: the ratio divides by a base close to zero, so it is left blank rather than shown as a very large number.
45
22
5,338
66
42
Working Capital Days
385
558
557
1,086
173
860
441
213
246
310
658
ROCE %
—
17%
6%
6%
6%
6%
7%
17%
16%
12%
8%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Marathon NextGen Realty insights

65 extracted metrics across FY11–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 56.40%
  • Public 16.43%
  • DIIs 14.47%
  • Others 10.11%
  • FIIs 2.59%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Documents

Frequently Asked Questions about Marathon NextGen Realty

What does Marathon Nextgen Realty Ltd do?
Marathon Nextgen Realty Ltd was incorporated in 1978. It is primarily engaged in the business of construction, development and sale of commercial and residential real estate projects.
Where is Marathon Nextgen Realty Ltd (MARATHON) listed?
Marathon Nextgen Realty Ltd trades as MARATHON on the NSE and under code 503101 on the BSE.
Which sector does Marathon Nextgen Realty Ltd belong to?
Marathon Nextgen Realty Ltd is classified under the Realty sector, in the Residential Commercial Projects industry.
What is the PE ratio of Marathon Nextgen Realty Ltd?
Marathon Nextgen Realty Ltd trades at a PE ratio of 13.82 as of 4 Nov 2026, on earnings per share of ₹28.68, against a book value of ₹350.3 per share.
What is the 52-week high and low of Marathon Nextgen Realty Ltd?
Over the last 52 weeks Marathon Nextgen Realty Ltd has traded between ₹344.05 and ₹605 as of 4 Nov 2026.
Does Marathon Nextgen Realty Ltd pay dividends?
Marathon Nextgen Realty Ltd has a dividend yield of 0.25%.
What is the Return on Equity (ROE) of Marathon Nextgen Realty Ltd?
Marathon Nextgen Realty Ltd reported a return on equity of 4.69%. Its debt-to-equity ratio is 0.04.

Company Information

Marathon Nextgen Realty Ltd was incorporated in 1978. It is primarily engaged in the business of construction, development and sale of commercial and residential real estate projects. The co. is entering into new areas like SEZs, townships, infrastructure development, entertainment and leisure, education, hospitality and the capital markets.

Website marathon.in
CEO Mr. Chetan Ramniklal Shah B.Tech, M.S. (USA)
Listed 29 Sep 2016
Face Value ₹5

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