MARATHON

Marathon Nextgen Realty Limited

Mumbai-centric residential and commercial developer

Consumer Discretionary›Realty›Realty›Residential, Commercial Projects

marathon.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹382.60
Market cap
2,580 Cr
Stock P/E
13.3
P/B
1.13
Dividend yield
0.3%
ROE (FY26)
8.7%
ROCE (FY26)
11.4%
Operating margin (FY26)
24.1%
Debt / equity (FY26)
0.04
OCF / EBITDA (FY26)
-44.7%
OCF / EBITDA (3Y)
-10.9%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Marathon Nextgen Realty develops luxury and affordable homes, commercial space and townships, mainly in the Mumbai Metropolitan Region (MMR).

Company snapshot

32ndBy market cap

Ranked among 79 companies in Residential, Commercial Projects.

What we see

Positives
  • ✓Net margin of 41.6% — the business keeps a healthy share of every rupee it earns.
Concerns
  • ✗Over the last three years operations used more cash than they brought in, despite an operating profit — the business is not yet turning its profit into cash.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales129 Cr210 Cr155 Cr162 Cr156 Cr123 Cr149 Cr141 Cr117 Cr125 Cr114 Cr198 Cr
Operating expenses (approx.)81 Cr134 Cr108 Cr109 Cr104 Cr87 Cr107 Cr110 Cr75 Cr100 Cr89 Cr151 Cr
EBITDA48 Cr76 Cr47 Cr53 Cr53 Cr36 Cr41 Cr31 Cr42 Cr25 Cr25 Cr47 Cr
OPM %37.4%36.3%30.3%32.6%33.7%29.5%27.8%22.0%36.0%20.1%21.9%23.6%
Other income10 Cr10 Cr11 Cr11 Cr20 Cr26 Cr39 Cr50 Cr38 Cr16 Cr38 Cr19 Cr
Interest23 Cr29 Cr14 Cr19 Cr13 Cr9 Cr18 Cr12 Cr2 Cr0.09 Cr0.26 Cr0.69 Cr
Depreciation0.76 Cr0.77 Cr0.67 Cr0.75 Cr0.72 Cr0.66 Cr0.53 Cr0.47 Cr0.39 Cr0.39 Cr0.36 Cr0.38 Cr
Profit before tax42 Cr66 Cr53 Cr49 Cr59 Cr60 Cr68 Cr77 Cr81 Cr43 Cr64 Cr68 Cr
Tax %17.8%23.3%23.2%23.1%15.8%18.3%20.3%20.5%17.4%24.2%28.5%23.2%
Net profit34 Cr51 Cr40 Cr38 Cr49 Cr49 Cr54 Cr62 Cr67 Cr33 Cr46 Cr52 Cr
EPS (₹)₹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 (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales193 Cr13 Cr82 Cr241 Cr206 Cr306 Cr717 Cr705 Cr580 Cr496 CrSign in free for the trailing twelve months
Operating expenses (approx.)136 Cr26 Cr30 Cr177 Cr142 Cr232 Cr477 Cr472 Cr407 Cr375 CrSign in free for the trailing twelve months
EBITDA57 Cr-13 Cr52 Cr64 Cr64 Cr74 Cr239 Cr233 Cr173 Cr121 CrSign in free for the trailing twelve months
OPM %29.4%-98.3%63.3%26.7%31.0%24.3%33.4%33.0%29.8%24.4%Sign in free for the trailing twelve months
Other income50 Cr57 Cr0.67 Cr8 Cr18 Cr38 Cr42 Cr41 Cr96 Cr142 CrSign in free for the trailing twelve months
Interest0.30 Cr5 Cr21 Cr41 Cr44 Cr75 Cr123 Cr91 Cr59 Cr13 CrSign in free for the trailing twelve months
Depreciation0.15 Cr0.76 Cr2 Cr6 Cr5 Cr3 Cr3 Cr3 Cr3 Cr2 CrSign in free for the trailing twelve months
Profit before tax106 Cr49 Cr37 Cr30 Cr25 Cr50 Cr167 Cr215 Cr236 Cr265 CrSign in free for the trailing twelve months
Tax %20.6%21.4%15.7%17.7%35.9%22.7%25.9%21.6%19.3%22.1%Sign in free for the trailing twelve months
Net profit84 Cr39 Cr32 Cr25 Cr16 Cr39 Cr124 Cr169 Cr191 Cr206 CrSign in free for the trailing twelve months
EPS (₹)₹29.59₹15.85₹6.84₹5.23₹3.30₹-3.36₹26.12₹34.43₹37.21₹32.56Sign in free for the trailing twelve months
Dividend payout %————0.0%0.0%1.9%2.8%2.7%3.3%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital28 Cr23 Cr23 Cr23 Cr23 Cr23 Cr23 Cr26 Cr26 Cr34 Cr
Reserves648 Cr527 Cr584 Cr570 Cr586 Cr632 Cr762 Cr970 Cr1,177 Cr2,241 Cr
Borrowings11 Cr117 Cr412 Cr519 Cr719 Cr1,087 Cr869 Cr761 Cr560 Cr99 Cr
Other liabilities8 Cr219 Cr465 Cr501 Cr366 Cr397 Cr491 Cr470 Cr335 Cr331 Cr
Total liabilities696 Cr885 Cr1,498 Cr1,617 Cr1,700 Cr2,139 Cr2,153 Cr2,239 Cr2,097 Cr2,760 Cr
Fixed assets (net)0.27 Cr1 Cr10 Cr11 Cr8 Cr9 Cr8 Cr10 Cr12 Cr14 Cr
CWIP——0 Cr0 Cr0 Cr0 Cr0 Cr0 Cr—0 Cr
Investments0.05 Cr14 Cr134 Cr184 Cr168 Cr162 Cr198 Cr229 Cr106 Cr426 Cr
Loans & advances——222 Cr89 Cr239 Cr0 Cr271 Cr262 Cr198 Cr279 Cr
Inventories20 Cr282 Cr512 Cr514 Cr501 Cr547 Cr518 Cr620 Cr655 Cr837 Cr
Trade receivables263 Cr0.04 Cr6 Cr22 Cr50 Cr0 Cr43 Cr94 Cr95 Cr57 Cr
Cash & bank0.33 Cr10 Cr8 Cr12 Cr42 Cr17 Cr31 Cr10 Cr18 Cr83 Cr
Other assets412 Cr578 Cr607 Cr785 Cr692 Cr1,404 Cr1,084 Cr1,013 Cr1,013 Cr1,063 Cr
Total assets696 Cr885 Cr1,498 Cr1,617 Cr1,700 Cr2,139 Cr2,153 Cr2,239 Cr2,097 Cr2,760 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity-56 Cr113 Cr101 Cr22 Cr-109 Cr127 Cr386 Cr22 Cr-25 Cr-54 Cr
Cash from investing45 Cr-142 Cr-312 Cr-75 Cr-3 Cr-507 Cr-46 Cr112 Cr298 Cr-292 Cr
Cash from financing8 Cr40 Cr203 Cr61 Cr144 Cr355 Cr-326 Cr-155 Cr-265 Cr411 Cr
Net cash flow-3 Cr11 Cr-8 Cr7 Cr32 Cr-26 Cr14 Cr-21 Cr8 Cr65 Cr
Free cash flow (OCF − Capex)-56 Cr112 Cr——-109 Cr127 Cr386 Cr21 Cr-25 Cr-54 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %15.5%8.1%5.7%6.4%5.1%7.2%17.4%17.3%16.7%11.4%
ROE %12.4%7.1%5.1%4.0%2.5%5.9%15.6%16.5%15.5%8.7%
Debtor days4951243389022496042
Inventory days3878072266778888843474596411970
Days payable3305563922291054483463
Cash conversion cycle53047531651588885843442597437949
OCF / EBITDA %-97.8%—193.2%33.5%-171.6%170.4%161.4%9.5%-14.6%-44.7%
OCF / EBITDA % (3 years)——164.9%227.5%7.1%19.2%107.0%97.9%59.4%-10.9%
Debt / equity0.020.210.680.871.181.661.110.760.470.04
Current ratio39.541.531.561.302.481.972.052.022.154.87
Net debt / EBITDA0.19—7.767.8710.6214.373.503.223.130.13