Marathon Nextgen Realty Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Marathon Nextgen Realty Ltd filed with BSE on 05 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Marathon Nextgen Realty reported its highest ever full-year profit after tax of INR 206 crores for FY26, alongside a QIP of INR 900 crores that management said strengthened the balance sheet and funded debt repayment and new project acquisitions. Management described project-level presales, area sold and collections across its residential and commercial portfolio, including Monte South, Marathon Futurex, Marathon Nexzone and the Neo series, and detailed new acquisitions in Kanjurmarg and Sunset Spaces. Management also discussed the status of the proposed scheme of amalgamation, noting receipt of no-adverse-observation letters from BSE and NSE and submission of documents to the NCLT.
Numbers mentioned
Profit after tax: INR 206 crores (FY26)
p. 3
“the company has reported its highest ever profit in its history with profit after tax of INR 206 crores for the full year”
Chetan Shah, page 3 of the filed PDF · View the filing
QIP proceeds raised: INR 900 crores (FY26)
p. 3
“we had a QIP (Qualified Institutional Placement) of INR 900 crores raised during the financial year”
Chetan Shah, page 3 of the filed PDF · View the filing
Debt repaid from QIP proceeds: INR 340 crores (FY26)
p. 3
“Of the total proceeds raised, approximately INR 340 crores have been deployed towards repayment of debt.”
Chetan Shah, page 3 of the filed PDF · View the filing
Deployed in new projects out of earmarked amount: INR 54 crores (FY26)
p. 3
“out of the INR 300 crores earmarked for new projects, we have already deployed INR 54 crores in the projects that were acquired during the financial year”
Chetan Shah, page 3 of the filed PDF · View the filing
Kanjurmarg acquisitions aggregate investment: approximately INR 70 crores (FY26)
p. 4
“These acquisitions involved an aggregate investment of approximately INR 70 crores collectively and a pipeline of six residential projects in the Kanjurmarg micro market with an expected GDV (Gross Development Value) of over INR 840 crores.”
Chetan Shah, page 4 of the filed PDF · View the filing
Area sold: 48,000 square feet (Q4 FY26)
p. 4
“the area sold in Quarter 4 was sold around 48,000 square feet”
Chetan Shah, page 4 of the filed PDF · View the filing
Area sold: 2,29,000 square feet (FY26)
p. 4
“for the full year, we sold around 2,29,000 square feet”
Chetan Shah, page 4 of the filed PDF · View the filing
Booking value: INR 156 crores (Q4 FY26)
p. 4
“For Quarter 4, we had INR 156 crores of booking value.”
Chetan Shah, page 4 of the filed PDF · View the filing
Booking value: INR 576 crores (FY26)
p. 4
“for FY26, we had a booking value of INR 576 crores”
Chetan Shah, page 4 of the filed PDF · View the filing
Collections: INR 203 crores (Q4 FY26)
p. 4
“the last quarter saw INR 203 crores, versus INR 781 crores for FY26”
Chetan Shah, page 4 of the filed PDF · View the filing
Collections: INR 781 crores (FY26)
p. 4
“the last quarter saw INR 203 crores, versus INR 781 crores for FY26”
Chetan Shah, page 4 of the filed PDF · View the filing
Presales (MNRL share): INR 576 crores (FY26)
p. 4
“our overall presales for FY26 stood at INR 576 crores on an MNRL share basis”
Chetan Shah, page 4 of the filed PDF · View the filing
Presales including post-merger portfolio: INR 832 crores (FY26)
p. 4
“This figure is INR 832 crores, including the post-merger portfolio, reflecting broad-based momentum across projects.”
Chetan Shah, page 4 of the filed PDF · View the filing
Marathon Futurex pre-sales growth: 15% year-on-year (FY26)
p. 4
“Marathon Futurex delivered an impressive 15% year-on-year growth in pre-sales to INR 466 crores driven by strong absorption and robust leasing activity”
Chetan Shah, page 4 of the filed PDF · View the filing
Monte South pre-sales: INR 391 crores (FY26)
p. 5
“recording pre-sales of INR 391 crores during the year and witnessing sustained buyer interest and strong traction”
Chetan Shah, page 5 of the filed PDF · View the filing
Marathon Nexzone presales: INR 104 crores (FY26)
p. 5
“At Marathon Nexzone in Panvel, presales stood at INR 104 crores, continuing to benefit from the convergence of multiple infrastructure catalysts.”
Chetan Shah, page 5 of the filed PDF · View the filing
Neo series presales: about INR 65 crores (FY26)
p. 5
“projects at Bhandup, NeoValley, NeoPark and NeoSquare collectively recorded pre-sales of about INR 65 crores, supported by improving connectivity and deepening social infrastructure in the micro market”
Chetan Shah, page 5 of the filed PDF · View the filing
Mulund Millennium presales: about INR 21 crores (FY26)
p. 5
“our commercial project at Mulund Millennium contributed presales of about INR 21 crores during the year, reflecting steady demand for quality, small offices and retail spaces within MMR market”
Chetan Shah, page 5 of the filed PDF · View the filing
Total income: INR 639 crores (FY26)
p. 5
“total income for FY26 was INR 639 crores”
Chetan Shah, page 5 of the filed PDF · View the filing
EBITDA: INR 261 crores (FY26)
p. 5
“EBITDA was INR 261 crores and consolidated PAT was INR 206 crores”
Chetan Shah, page 5 of the filed PDF · View the filing
Unsold value (MNRL share, listed entity): around INR 6,500 crores
p. 8
“all in all, the listed entity currently has an unsold value of around INR 6,500 crores if you consider only the MNRL share, to which we have added one more project of INR 840 crores.”
Kaivalya Shah, page 8 of the filed PDF · View the filing
Land to merge post-amalgamation: around 418 acres
p. 9
“post-merger, there are around 418 acres of land that will be merging, with a huge potential for additional projects”
Kaivalya Shah, page 9 of the filed PDF · View the filing
Unsold launched inventory value: around INR 2,000 crores
p. 9
“The value of the unsold launched inventory is around INR 2,000 crores.”
Kaivalya Shah, page 9 of the filed PDF · View the filing
Cost to complete unsold launched inventory: around INR 1,600 crores
p. 9
“Of that, the cost to complete is around INR 1,600 crores.”
Kaivalya Shah, page 9 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Kanjurmarg project launches — more than INR 225 crores worth of launch · next 12 months
stated firmly by Chetan Shah
p. 6
“The balance, of more than INR 225 crores worth of launch is likely to happen in the next 12 months.”
Chetan Shah, page 6 of the filed PDF · View the filing
EBITDA margin on new Kanjurmarg projects — 30% to 40%
stated as an aspiration by Chetan Shah
p. 6
“all our EBITDA margins are in the range of 30% to 40%. So that is the margin that we are expecting here.”
Chetan Shah, page 6 of the filed PDF · View the filing
Panvel plotted development launch — FY27 or FY28
stated as an aspiration by Chetan Shah
p. 7
“another one is Panvel, where we may be wanting to launch in FY27 or FY28 with a plotted development”
Chetan Shah, page 7 of the filed PDF · View the filing
Tower B completion (Monte South) — completion beyond 45th floor · December this year
stated firmly by Chetan Shah
p. 8
“So that is also at a highly advanced stage of completion, likely to be completed by December this year.”
Chetan Shah, page 8 of the filed PDF · View the filing
Bonus issue
stated as an aspiration by Chetan Shah
p. 9
“we will consider as and when the time is right”
Chetan Shah, page 9 of the filed PDF · View the filing
Futurex inventory exhaustion — 12 to 15 months
stated as an aspiration by Samyag Shah
p. 10
“we do have inventory in Futurex itself, which could probably take between 12 to 15 months to exhaust, we want to look a little ahead and create a portfolio accordingly”
Samyag Shah, page 10 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said about 10% of the GDV is already under construction, more than INR 225 crores worth of launch is expected in the next 12 months, and EBITDA margins are expected in the 30-40% range.
Answered by Chetan Shah
Asked by Anuj Agarwal: What are the launch timelines, capital deployment and targeted margins for the Kanjurmarg projects with GDV potential of INR 840 crores?
p. 6
“So say, 10% of this is already an ongoing project. The balance, of more than INR 225 crores worth of launch is likely to happen in the next 12 months.”
Chetan Shah, page 6 of the filed PDF · View the filing
Management confirmed no-adverse-observation letters were received from both exchanges, documents have been submitted to NCLT, and they are now awaiting the hearing.
Answered by Chetan Shah
Asked by Dev Ajmera: What is the update on the amalgamation and has the company submitted documents to NCLT?
p. 6
“So, along with that, all the documents have been submitted to NCLT. Now we are awaiting the hearing.”
Chetan Shah, page 6 of the filed PDF · View the filing
Management explained the split of QIP proceeds into debt repayment, existing project execution and new acquisitions, and said they aim to add new commercial projects as existing ones are sold out.
Answered by Chetan Shah
Asked by Prisha Rathi: How does the company plan to balance capital allocation between land acquisition and accelerating launches, and does it plan to increase commercial share of the portfolio?
p. 7
“So as soon as one commercial portfolio gets completed and sold, we try to add a new one.”
Chetan Shah, page 7 of the filed PDF · View the filing
Management said the ongoing project pipeline is strong, new acquisitions in Kanjurmarg and Sunset Spaces will add to it, and post-merger land parcels will provide further launch opportunities, including a new plotted development segment in Panvel.
Answered by Chetan Shah
Asked by Prashant Singh: How should launch intensity be viewed over FY27 and FY28 given the expanded land bank?
p. 7
“So ongoing projects are those where we have already acquired land and part of the projects has already been executed. So that pipeline itself is very strong, and that is going to continue.”
Chetan Shah, page 7 of the filed PDF · View the filing
Management explained that revenue is recognized on percentage-of-completion basis and detailed the completion status of each Monte South tower, while Kaivalya Shah added that the listed entity has around INR 6,500 crores of unsold value plus 418 acres coming via merger.
Answered by Chetan Shah
Asked by Nitin Babulal Gandhi: What is the five-year plan post-acquisition and how much of the Byculla project's revenue is yet to be recognized?
p. 8
“So that percentage completion is also given in our presentation slide as one of the columns.”
Chetan Shah, page 8 of the filed PDF · View the filing
Management said it was difficult to commit to a bonus issue at this stage, noting the company's historical bonus pattern has slowed.
Answered by Chetan Shah
Asked by Dev Ajmera: Are there any plans for a bonus issue after the amalgamation is completed?
p. 9
“That's very difficult to say right now. I mean Marathon has always had a policy of declaring bonus after a few years. So that may or may not happen. We can't make any commitment.”
Chetan Shah, page 9 of the filed PDF · View the filing
Samyag Shah said demand remains high with limited supply, citing rate escalation of 50-60% over five to six years, while Chetan Shah added prices have firmed up 15% year-on-year with major institutional clients.
Answered by Samyag Shah
Asked by Rishab Jain: How does management see demand trends for premium office assets in South and Central Mumbai given the large commercial pipeline?
p. 10
“So right now also, with Futurex, if you see over a five- to six-year period, we've almost seen a 50% to 60% escalation in rates without ever having to compromise on the area sold every year.”
Samyag Shah, page 10 of the filed PDF · View the filing
Chetan Shah said Bhandup is the fastest-growing market due to the Goregaon-Mulund Link Road, while Panvel benefits from Atal Setu and the new airport, and Samyag Shah added Panvel-Karjat railway line and social infrastructure developments support growth in Panvel and Dombivli.
Answered by Chetan Shah
Asked by Rishab Jain: Which of Panvel, Dombivli and Bhandup markets can deliver the strongest sales growth and appreciation over the medium term?
p. 10
“the Bhandup market is the fastest-growing market, and particularly with this GMLR (Goregaon-Mulund Link Road), the part of which I mentioned in my speech, there was an encroachment clearance just last week.”
Chetan Shah, page 10 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.