Any current/future new fundraising through debt or equity?

Marathon Nextgen Realty raised INR 900 crores through a Qualified Institutional Placement (QIP) during FY26. Of the INR 900 crores raised, about INR 340 crores was used to repay debt, improving the balance sheet. Approximately INR 300 crores was earmarked for new project acquisitions, with around INR 54 crores already deployed. No specific mention was made of any new or future fundraising plans through debt or equity in the call. The company is currently net cash positive with no major outstanding debt. Focus remains on utilizing existing capital for project execution and acquisitions rather t

Any current/future capex/capital investment/strategic investment?

INR 900 crores QIP raised in FY26; approx. INR 340 crores used to repay debt. Around INR 300 crores earmarked for new project acquisitions; INR 54 crores already deployed in acquisitions. Evaluated over 30 new projects; shortlisted and acquired controlling interests in six projects in Kanjurmarg with an INR 840 crore GDV pipeline. One ongoing project in Kanjurmarg; over INR 225 crores worth of launches expected in next 12 months. Post-merger land parcels expected to add multiple projects including plotted developments in Panvel (a new segment for Marathon), potentially launching in FY27 or FY2

Future growth expectations in sales/revenue/volumes?

Marathon Nextgen Realty has a strong ongoing and upcoming project pipeline, including six projects in Kanjurmarg with a combined GDV of INR 840+ crores, indicating steady future launches and sales. The company aims to launch over INR 225 crores worth of projects in the next 12 months. They plan to augment revenue streams with new project acquisitions including Sunset Spaces and land parcels from future mergers. Expansion into plotted development in Panvel expected in FY27 or FY28. Growing commercial portfolio with new projects like Monte South commercial tower and Millennium project in Mulund

Future growth expectations in earnings/operating earnings/profits/EPS?

Marathon Nextgen Realty reported its highest-ever profit after tax of INR 206 crores for FY26, reflecting disciplined execution and operational efficiencies. EBITDA margins are expected to remain strong in the range of 30% to 40%, supported by multiple ongoing and upcoming projects. The company has a robust pipeline with INR 840 crores of GDV from new controlling-interest projects, with INR 225 crores to be launched in the next 12 months, aiding revenue growth. Expansion into new segments like the permanent transit camp (PTC) B2B model broadens revenue streams beyond traditional B2C. Post-merg

Current/ Expected Orderbook/ Pending Orders?

The ongoing and upcoming projects pipeline is robust, with significant launches planned over FY27 and FY28, including six projects in Kanjurmarg with a GDV of around INR 840 crores. The company has enough inventory and financial capacity to execute existing projects and acquire new ones, with approximately INR 6,500 crores of unsold value in the listed entity. Cost to complete the unsold launched inventory is about INR 1,600 crores. The company has earmarked around INR 300 crores from the QIP for new project acquisitions, having already spent INR 54 crores on acquisitions during FY26.

Marathon Nextgen Realty LtdQ1 FY27

Marathon Nextgen Realty Ltd Q1 FY27 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹365P/E: 12.8Market Cap: ₹2.6K Cr

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→Marathon Nextgen Realty has a strong ongoing and upcoming project pipeline, including six projects in Kanjurmarg with a combined GDV of INR 840+ crores, indicating steady future launches and sales.
→The company aims to launch over INR 225 crores worth of projects in the next 12 months.
→They plan to augment revenue streams with new project acquisitions including Sunset Spaces and land parcels from future mergers.
→Expansion into plotted development in Panvel expected in FY27 or FY28.
→Growing commercial portfolio with new projects like Monte South commercial tower and Millennium project in Mulund supports diversified revenue.
→Infrastructure developments in Panvel, Bhandup, and Kanjurmarg are expected to boost demand and price appreciation.
→Pre-sales for FY26 stood at INR 576 crores (MNRL share) and INR 832 crores including post-merger portfolios, with consistent growth in commercial leasing and residential sales.
→EBITDA margins expected around 30% to 40%, supporting strong profitability ahead.

Margin guidance

Category 3

→Marathon Nextgen Realty reported its highest-ever profit after tax of INR 206 crores for FY26, reflecting disciplined execution and operational efficiencies.
→EBITDA margins are expected to remain strong in the range of 30% to 40%, supported by multiple ongoing and upcoming projects.
→The company has a robust pipeline with INR 840 crores of GDV from new controlling-interest projects, with INR 225 crores to be launched in the next 12 months, aiding revenue growth.
→Expansion into new segments like the permanent transit camp (PTC) B2B model broadens revenue streams beyond traditional B2C.
→Post-merger, land bank expansion and project launches (especially in Panvel and Kanjurmarg) are expected to drive top-line and profitability growth.
→Pricing firmness and strong demand in both residential and commercial segments (e.g., Futurex, Monte South) support sustained earnings growth.
→The balance sheet strengthening via INR 900 crore QIP and debt repayment enhances financial flexibility for growth.

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Fundraise plans

Yes

→Marathon Nextgen Realty raised INR 900 crores through a Qualified Institutional Placement (QIP) during FY26.
→Of the INR 900 crores raised, about INR 340 crores was used to repay debt, improving the balance sheet.
→Approximately INR 300 crores was earmarked for new project acquisitions, with around INR 54 crores already deployed.
→No specific mention was made of any new or future fundraising plans through debt or equity in the call.
→The company is currently net cash positive with no major outstanding debt.
→Focus remains on utilizing existing capital for project execution and acquisitions rather than raising new funds immediately.

Order book

Yes

→The ongoing and upcoming projects pipeline is robust, with significant launches planned over FY27 and FY28, including six projects in Kanjurmarg with a GDV of around INR 840 crores.
→The company has enough inventory and financial capacity to execute existing projects and acquire new ones, with approximately INR 6,500 crores of unsold value in the listed entity.
→Cost to complete the unsold launched inventory is about INR 1,600 crores.
→The company has earmarked around INR 300 crores from the QIP for new project acquisitions, having already spent INR 54 crores on acquisitions during FY26.
→Transit camp projects under the PTC model in Kanjurmarg create a new B2B revenue stream allowing faster monetization.
→The company anticipates launching more than INR 225 crores of projects from the new acquisitions in the next 12 months.
→Revenue recognition follows percentage-of-completion, with some projects highly advanced and others at various stages.

Capex plans

Yes

→INR 900 crores QIP raised in FY26; approx. INR 340 crores used to repay debt.
→Around INR 300 crores earmarked for new project acquisitions; INR 54 crores already deployed in acquisitions.
→Evaluated over 30 new projects; shortlisted and acquired controlling interests in six projects in Kanjurmarg with an INR 840 crore GDV pipeline.
→One ongoing project in Kanjurmarg; over INR 225 crores worth of launches expected in next 12 months.
→Post-merger land parcels expected to add multiple projects including plotted developments in Panvel (a new segment for Marathon), potentially launching in FY27 or FY28.
→Pipeline includes new commercial Tower 5 at Monte South and plotted developments in Panvel.
→Strategy includes scaling development platform, prioritizing value-accretive redevelopment, and expanding PTC-led B2B opportunity.
→Capital allocation balanced across land acquisition, expedited execution of ongoing projects, and new launches.

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