Marathon Nextgen Realty Limited (MARATHON)

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Marathon Nextgen Realty Limited (MARATHON) · mywealthgrid

About

Marathon Nextgen Realty Limited develops residential and commercial projects in India's consumer discretionary real estate sector. With a market cap of ₹2,461 Cr and consistent annual dividend payouts since 2019, the company maintains exposure across two property segments.

Face value: ₹5

Market cap

₹2,616 Cr

P/E

16.7×

P/B

1.2×

Dividend yield

0.5%

ROE

11.7%

ROCE

13.1%

Debt / equity

0.04

OPM

24.4%

EPS (TTM)

₹23.2

Book value

₹337.4

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Operating margins swing 20–47% and EPS varies ₹4.13–₹9.80 across recent quarters; this volatility signals project-dependent profitability—verify which margin levels are repeatable across the portfolio

Stock fell 44% over 12 months despite PE 15.75, ROE 12.41%, and sustained profitability; clarify whether market is pricing execution delays, demand weakness in company geographies, or sector-wide headwinds

Quarterly revenue ranges ₹21.94–₹197.5 Cr, indicating cash recognition tied to project delivery milestones; verify pipeline and near-term launch schedule for forward visibility

Real estate sector cyclicality affects buyer demand, mortgage availability, and project economics; verify market conditions in company operating regions

Generated analysis · source review pending

Growth drivers

Recent quarters show revenue lines of ₹197.5 Cr (23.55% OPM) and ₹39.25 Cr (40.23% OPM) in Jun 2026, alongside ₹68.21 Cr and ₹113.55 Cr in Mar 2026—mixed portfolio diversifies earnings streams

Residential and commercial segment exposure reduces single-project concentration and earnings lumpiness

Operating margins at 24.41% company-wide with net profit ₹27–₹66 Cr quarterly demonstrate cost control in current mix; verify whether new launches preserve or expand margin profile

Dividend record spanning 2019–2025 confirms cash generation available for shareholder returns and project reinvestment

Generated analysis · source review pending

2,468 historical price candles were omitted because the exchange source has not been verified.

₹388.1+0.8%1Y

Quick read

rule-based

Pros

+Healthy operating margin of 24.4%
+Profit CAGR of 67.9% over the last 5 years
+Revenue CAGR of 19.3% over the last 5 years
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 20.5×

Cons

−Low dividend payout of 8.6% of profit

Research score

Structured signal from quality, growth, valuation and momentum.

58/100

Business quality: 63
Growth: 40
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	69	82	241	206	306	717	705	580	496
COGS	—	-13	15	12	190	427	419	-34	314
Gross profit	—	—	226	193	116	289	285	—	182
	26	43	157	137	26	39	17	441	43
	43	52	69	56	90	250	268	173	139
OPM %	62.4%	63.3%	28.5%	27.5%	29.3%	34.9%	38%	29.8%	28%
Depreciation	1	2	6	5	3	3	3	3	2
Interest	5	21	41	44	75	123	91	59	13
	1	1	8	18	38	42	41	96	140
Profit before tax	39	30	30	25	50	167	215	208	265
Tax	11	6	5	9	11	43	46	45	59
Tax %	27.3%	19.7%	17.7%	36%	22.7%	25.9%	21.6%	21.9%	22.1%
	28	24	25	16	39	124	169	162	206
PAT margin %	40.4%	29.1%	10.3%	7.8%	12.7%	17.3%	24%	28%	41.6%
EPS (₹)	7.9	6.8	5.2	3.3	-3.4	26.1	34.4	37.2	32.6
EPS adjusted (₹)	8.4	6.8	5.2	3.3	8.5	26.7	32.5	36.4	30.1
	25.2%	7.3%	0%	0%	—	3.8%	2.9%	2.7%	3.1%
Annual report	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	—

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	23	23	23	23	23	23	26	26	34
Reserves	527	598	575	591	632	762	970	1,177	2,241
Minority interest	—	—	—	—	—	8	12	—	55
	117	412	519	739	1,087	869	761	560	99
	219	465	501	346	397	491	470	335	331
Total equity & liabilities	885	1,498	1,617	1,700	2,139	2,153	2,239	2,097	2,760
	1	10	9	8	9	134	138	12	146
CWIP	—	—	—	—	—	0	0	—	0
Investments	14	22	26	13	271	198	229	110	426
	870	1,466	1,582	1,679	1,859	1,821	1,872	1,976	2,188
Total assets	885	1,498	1,617	1,700	2,139	2,153	2,239	2,097	2,760

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	93.6%	93.9%	37.8%	40.4%	40.5%	—	36.7%
EBITDA margin %	63.3%	26.7%	31%	24.3%	33.4%	33.1%	29.8%	24.4%
EBIT margin %	61.1%	24.3%	28.4%	23.3%	33%	32.6%	29.4%	24.1%
PAT margin %	29.1%	10.3%	7.8%	12.7%	17.3%	24%	28%	41.6%
Working capital
Receivable days	24	33	89	45	22	49	60	42
Inventory days	6,195	12,215	14,683	1,049	443	540	588	973
Payable days	1,746	3,492	1,510	87	51	43	49	64
NWC days	4,474	8,756	13,262	1,007	414	546	599	952
Leverage
Current ratio	1.56	1.3	2.48	1.77	2.05	2.02	2.15	4.87
Debt to EBITDA	7.91	8.06	11.6	14.61	3.63	3.27	3.24	0.82
Debt to equity	0.66	0.87	1.2	1.66	1.11	0.76	0.47	0.04
Interest coverage	2.4	1.6	1.7	1.5	2.3	3	4.5	20.5
Asset turnover	0.05	0.15	0.12	0.14	0.33	0.31	0.28	0.18
Return ratios
Return on assets %	1.6%	1.5%	0.9%	1.8%	5.7%	7.5%	7.7%	7.5%
Return on capital employed %	6.2%	6.5%	6.4%	7.6%	17.2%	16.3%	16.3%	13.1%
Return on equity %	3.8%	4.2%	2.6%	5.9%	15.8%	17%	13.5%	9.1%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	73.45%	73.68%	73.68%	73.63%	73.63%	73.63%	73.63%	55.92%	55.92%	55.92%	56.37%	56.42%
	2.34%	1.56%	0.56%	0.41%	3.15%	2.34%	2.28%	9.9%	6.89%	5.13%	5.09%	4.68%
	0.01%	0.07%	0.01%	0.8%	1.61%	2.47%	2.42%	16.66%	15.59%	14.4%	14.74%	14.7%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	24.2%	24.69%	25.75%	25.16%	21.61%	21.56%	21.67%	17.52%	21.6%	24.55%	23.8%	24.2%
No. of shareholders	—	—	—	—	—	—	—	—	15,447	15,442	14,399	14,230

Promoter holding down 17.03 percentage points since Sep 2023.

16 deals · 30 Jun 2023 – 21 Aug 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
21 Aug 2025	ZETA GLOBAL FUNDS (OEIC) PCC LIMITED - ZETA SERIES B FUND PC	Bulk	BSE	Sell	3,40,000	₹652.10	₹22.17 Cr
21 Aug 2025	VENUS INVESTMENTS VCC - VENUS STELLAR FUND	Bulk	BSE	Buy	3,40,000	₹652.11	₹22.17 Cr
16 Jul 2025	SAGEONE INVESTMENT MANAGERS LLP	Bulk	BSE	Buy	3,70,000	₹740.11	₹27.38 Cr
7 Jul 2025	NOMURA SINGAPORE LIMITED	Bulk	NSE	Sell	4,36,869	₹670.11	₹29.28 Cr
7 Jul 2025	NECTA BLOOM VCC - NECTA BLOOM ONE	Bulk	NSE	Sell	3,60,275	₹674.10	₹24.29 Cr
30 Jun 2025	RAMDOOT REALTORS PVT LTD	Bulk	NSE	Sell	2,64,583	₹650.99	₹17.22 Cr
30 Jun 2025	RAMDOOT REALTORS PVT LTD	Bulk	NSE	Buy	2,02,416	₹657.86	₹13.32 Cr
4 Dec 2024	SALTORO ALPHA LP	Block	BSE	Buy	1,71,512	₹591.50	₹10.14 Cr
4 Dec 2024	COPTHALL MAURITIUS INVESTMENT LIMITED	Block	BSE	Sell	1,71,512	₹591.50	₹10.14 Cr
3 Jul 2024	JAINAM BROKING LIMITED	Bulk	NSE	Sell	2,60,012	₹601.25	₹15.63 Cr

1–10 of 16

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Mr. CHETAN RAMNIKLAL SHAHExecutive Director-Chairperson related to Promoter-MD
Mr. MAYUR RAMNIKLAL SHAHNon-Executive - Non Independent Director
Mrs. SHAILAJA CHETAN SHAHNon-Executive - Non Independent Director
Mr. ATUL JAYANTILAL MEHTANon-Executive - Independent Director
Mr. ASHWIN MOHANLAL THAKKERNon-Executive - Independent Director
Mrs. PARUL ABHOY SHAHNon-Executive - Independent Director
Mr. DEEPAK RAMESHCHANDRA SHAHNon-Executive - Independent Director
Mr. KAIVALYA CHETAN SHAHExecutive Director
Mr. SAMYAG MAYUR SHAHExecutive Director
Mr. DEVENDRA JASHWANTRAI SHRIMANKERNon-Executive - Independent Director
Mr. Suyash BhiseChief Financial Officer

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F&O

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 1 fund houses

Held by these funds

9.94%

of the company's equity

All mutual funds

9.94%

shareholding pattern, Jun 2026

Portfolios as of

July 2026

compared with June 2026

1 schemes

		Shares
Small Cap Fund	quant Mutual Fund	67 L	261.08	0.77%	9.94%	-0

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

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Events

Upcoming dates and the company’s corporate-action history.

21

Final dividend18 Sept 2026 · ex-date₹1
Final dividend19 Sept 2025 · ex-date₹1
Final dividend17 Sept 2024 · ex-date₹1
Final dividend18 Sept 2023 · ex-date₹1
Dividend dividend22 Sept 2022 · ex-date₹0.5
Dividend dividend17 Sept 2019 · ex-date₹0.5
Dividend dividend10 Sept 2018 · ex-date₹2
Dividend dividend8 Sept 2017 · ex-date₹1
Dividend dividend15 Sept 2016 · ex-date₹1
Dividend dividend19 Aug 2015 · ex-date₹6
Dividend dividend17 Sept 2014 · ex-date₹5
Dividend dividend6 Sept 2013 · ex-date₹4.5
Dividend dividend17 Sept 2012 · ex-date₹4
Dividend dividend9 Sept 2011 · ex-date₹3.5
Special dividend16 Sept 2010 · ex-date₹1.5
Final dividend16 Sept 2010 · ex-date₹0.5
Interim dividend9 Feb 2010 · ex-date₹1.5
Dividend dividend14 Sept 2009 · ex-date₹1.6
Dividend dividend7 Aug 2008 · ex-date₹1.6
Interim dividend15 Mar 2007 · ex-date₹1.2
Dividend dividend17 Aug 2006 · ex-date₹1.25

1

Board meeting to consider results7 Aug 2026

1

Face value ₹10 → ₹55 Apr 2018 · ex-date

1–3 of 4

1 / 2

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

15 announcementsExport CSV

30 Sept 2026, 6:11 pmCompany Update

Intimation Of Name Change Of Wholly Owned Subsidiary Company

General PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	—	93.6%	93.9%	37.8%	40.4%	40.5%	—	36.7%
EBITDA margin %	63.3%	26.7%	31%	24.3%	33.4%	33.1%	29.8%	24.4%
EBIT margin %	61.1%	24.3%	28.4%	23.3%	33%	32.6%	29.4%	24.1%
PAT margin %	29.1%	10.3%	7.8%	12.7%	17.3%	24%	28%	41.6%
Working capital
Receivable days	24	33	89	45	22	49	60	42
Inventory days	6,195	12,215	14,683	1,049	443	540	588	973
Payable days	1,746	3,492	1,510	87	51	43	49	64
NWC days	4,474	8,756	13,262	1,007	414	546	599	952
Leverage
Current ratio	1.56	1.3	2.48	1.77	2.05	2.02	2.15	4.87
Debt to EBITDA	7.91	8.06	11.6	14.61	3.63	3.27	3.24	0.82
Debt to equity	0.66	0.87	1.2	1.66	1.11	0.76	0.47	0.04
Interest coverage	2.4	1.6	1.7	1.5	2.3	3	4.5	20.5
Asset turnover	0.05	0.15	0.12	0.14	0.33	0.31	0.28	0.18
Return ratios
Return on assets %	1.6%	1.5%	0.9%	1.8%	5.7%	7.5%	7.7%	7.5%
Return on capital employed %	6.2%	6.5%	6.4%	7.6%	17.2%	16.3%	16.3%	13.1%
Return on equity %	3.8%	4.2%	2.6%	5.9%	15.8%	17%	13.5%	9.1%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Lodha Developers LimitedLODHALODHA	₹1,10,460 Cr	₹1,20,344 Cr	₹18,181 Cr	₹5,859 Cr	29.5%	₹4,126 Cr	20.6%	20.1%	15.8%	1,405
The Phoenix Mills LimitedPHOENIXLTDPHOENIXLTD	₹69,017 Cr	₹74,313 Cr	₹4,545 Cr	₹2,714 Cr	59.6%	₹1,280 Cr	35.2%	12.4%	11.4%	734
Prestige Estates Projects LimitedPRESTIGEPRESTIGE	₹64,006 Cr	₹78,992 Cr	₹13,053 Cr	₹3,675 Cr	29.2%	₹1,139 Cr	10.3%	13.6%	7.5%	2,755
Oberoi Realty LimitedOBEROIRLTYOBEROIRLTY	₹63,797 Cr	₹66,613 Cr	₹6,322 Cr	₹3,572 Cr	55.9%	₹2,630 Cr	41.7%	17.5%	14.9%	1,581
Godrej Properties LimitedGODREJPROPGODREJPROP	₹48,065 Cr	₹63,680 Cr	₹5,203 Cr	₹-458 Cr	-8.1%	₹1,600 Cr	35.9%	12.5%	10.1%	6,464
Anant Raj LimitedANANTRAJANANTRAJ	₹20,797 Cr	₹21,403 Cr	₹2,551 Cr	₹688 Cr	26.1%	₹579 Cr	22.2%	12%	11.2%	236
Brigade Enterprises LimitedBRIGADEBRIGADE	₹18,579 Cr	₹24,688 Cr	₹5,532 Cr	₹1,465 Cr	25.1%	₹695 Cr	12.7%	11.1%	10.3%	938
Horizon Industrial Parks LimitedHORIZONINDHORIZONIND	₹14,025 Cr	₹20,910 Cr	₹691 Cr	₹531 Cr	76.9%	₹-198 Cr	-29.5%	3.3%	-5.9%	-46
Sobha LimitedSOBHASOBHA	₹12,968 Cr	₹13,970 Cr	₹5,617 Cr	₹364 Cr	6%	₹231 Cr	3.7%	7.4%	4.2%	17,827
Aditya Birla Real Estate LimitedABRELABREL	₹12,293 Cr	₹17,929 Cr	₹450 Cr	₹-375 Cr	-88.2%	₹-116 Cr	-83%	-4.4%	-2.7%	22,467
Sri Lotus Developers And Realty LimitedLOTUSDEVLOTUSDEV	₹11,244 Cr	₹11,374 Cr	₹840 Cr	₹299 Cr	36.5%	₹257 Cr	31.6%	22.3%	16.7%	840
Signatureglobal (India) LimitedSIGNATURESIGNATURE	₹10,376 Cr	₹13,317 Cr	₹2,282 Cr	₹-126 Cr	-1.9%	₹1,044 Cr	42.2%	3.4%	85%	1,407

Date	Category	Subject	Filing
30 Sept 2026, 6:11 pm	Company Update General	Intimation Of Name Change Of Wholly Owned Subsidiary Company	PDF
29 Sept 2026, 12:37 pm	Insider Trading / SAST Closure of Trading Window	Closure of Trading Window	PDF
28 Sept 2026, 7:28 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
28 Sept 2026, 6:41 pm	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
11 Sept 2026, 6:07 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
8 Sept 2026, 7:50 pm	Company Update General	Marathon Nextgen Realty Ltd - 503101 - Disclosure Of Voting Results And Consolidated Scrutinizer''''s Report Pursuant To Regulation 44(3) Read With Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015	PDF
8 Sept 2026, 7:48 pm	AGM/EGM Court Convened Meeting	Shareholder Meeting / Postal Ballot-Scrutinizer"s Report	PDF
7 Sept 2026, 6:45 pm	AGM/EGM Court Convened Meeting	Shareholder Meeting / Postal Ballot-Outcome of Court Convened Meeting	PDF

₹ Cr	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-56	169	101	18	-109	127	386	22	-25	-54
	45	-198	-312	-71	-3	-507	-46	112	298	-292
	8	40	203	60	144	355	-326	-155	-265	411
Net cash flow	-3	11	-8	7	32	-26	14	-21	8	65
Free cash flow	—	—	—	—	-109	127	386	21	—	-54
CFO / Operating profit %	—	391.8%	193.2%	28%	-171.6%	170.4%	161.4%	9.5%	-14.6%	-44.7%

Marathon Nextgen Realty Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

21

1

1

Announcements

21

1

1

Not in the F&O segment

Announcements

Annual reports

Investor Presentation and earnings call

Compounded sales growth

Compounded profit growth

Return on equity

Marathon Nextgen Realty Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Dividends21

Board meetings1

Stock splits1

Announcements

Dividends21

Board meetings1

Stock splits1

Ratio timeline

Not in the F&O segment

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Investor Presentation and earnings call

Profit & loss

Balance sheet

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

21

1

1

21

1

1