Marathon Nextgen Realty Ltd

- The company has substantially reduced its debt by more than Rs. 200 crores in FY '25, resulting in a healthy net debt to equity ratio of 0.46. - The average cost of debt has reduced during the financial year, and the overall debt has decreased. - The management states they keep refinancing whenever cost reduction opportunities arise and will continue to look for such opportunities. - There is no explicit mention of any current or immediate future fundraising through debt or equity. - The company emphasizes maintaining a sustainable capital structure and prudent debt management. - Any updates on fundraising will likely be communicated in due course as part of ongoing business strategy.

- Marathon Nextgen Realty Limited has significant incoming land parcels awaiting approval: - 205 acres in Panvel - 130 acres in Bhandup - 83 acres in Dombivli - Additional projects in Lower Parel - These lands and projects are part of a composite scheme of amalgamation subject to regulatory approvals, including NCLT sanction. - The company has ongoing major projects in Byculla (Monte South), Panvel (Nexzone), Bhandup, and commercial assets like Marathon Futurex in Lower Parel. - Once approvals are received, detailed development plans and capital deployment will be shared in presentations. - Current focus remains on progressing construction rapidly and completing existing projects with quality and timely delivery. - The merger will consolidate promoter assets and projects under the listed entity, simplifying group structure and enabling efficient capital utilization for value unlocking.

- No specific future-looking sales or revenue guidance for FY '26 was provided during the call. - The management refrained from commenting on pre-sales outlook for FY '26 as it is a future-looking statement. - They emphasized evaluating real estate companies based on a 3-year moving average turnover due to quarter-to-quarter fluctuations. - The affordable segment sales tend to pick up towards the latter stages of project completion. - Growth in realization (sales price) has been consistent, with a 5% to 10% increase year-on-year at various projects. - The company is focused on strong micro markets and continues to see sustained demand and growth in those markets. - Anticipation that declining interest rates will further boost real estate demand. - The merger and acquisition of additional land parcels (Panvel, Bhandup, Dombivli) could unlock future value after regulatory approvals.

- FY '25 saw a record PAT of Rs. 190 crore, with a 13% YoY growth and a compounded PAT growth rate of 48% over four years, showing strong earnings momentum. - Realization in projects has grown year-on-year by 5-10%, indicating sustainable pricing power. - Construction progress and timely delivery are expected to enhance future sales recognition. - Management advises evaluating performance on a three-year moving average turnover basis, reflecting the cyclical nature of real estate sales. - Demand remains strong in targeted micro markets due to population growth, aspirational housing needs, and inward migration. - Interest rate trends, particularly rate reductions by 0.25 to 0.5 bps, are expected to further boost demand and market growth. - Debt reduction and cost of debt improvements support healthier profitability and cash flows. - Merger-related enhancements are expected to unlock additional value post-approval, potentially benefiting earnings long-term.

- The company’s existing portfolio includes strong ongoing projects with significant work carved out at Monte South (Byculla), Futurex (Lower Parel), and Bhandup. - At Bhandup, around 20 acres (combining 14 acres and 5.8 acres clusters) are under development with multiple buildings ongoing. - Projects in Panvel cover approximately 25 acres with 19 buildings and 4 more proposed. - The company has incoming land parcels totaling approximately 418 acres: 205 acres in Panvel, 130 acres in Bhandup, and 83 acres in Dombivli, subject to regulatory and statutory approvals. - Detailed area and developable analysis for incoming land will be shared in an upcoming presentation. - Sales tend to accelerate towards project completion; early-stage sales are comparatively slower. Overall, no slowdown in sales observed. - Total bookings for FY '25 stood at Rs. 605 crores with collections of Rs. 523 crores.