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• Marathon NextGen Realty reported its highest-ever annual profit after tax of INR 206 crore for FY26, supported by strong commercial leasing, collections and project launches.
• The company recorded total income of INR 639 crore and EBITDA of INR 261 crore during the financial year while maintaining a PAT margin of 32%.
• Collections during FY26 stood at INR 781 crore, driven by construction progress across projects including Monte South, Nexzone and Bhandup developments.
• Marathon raised nearly INR 900 crore through a Qualified Institutional Placement and utilised INR 340 crore towards debt repayment, resulting in a positive net cash position.
• The developer also expanded its pipeline through acquisitions in Kanjurmarg and MMR, adding projects with a combined estimated GDV exceeding INR 840 crore.
Marathon NextGen Realty has reported its highest-ever annual profit after tax for FY26, with consolidated PAT rising to INR 206 crore as the Mumbai-based developer strengthened its balance sheet, expanded its development portfolio and achieved a net cash position during the financial year. Advertisement
The company reported total income of INR 639 crore for FY26, while EBITDA stood at INR 261 crore. Quarterly profit after tax for Q4 FY26 came in at INR 46 crore on total income of INR 152 crore. The company stated that PAT margins remained strong at 32% during the year.
Chetan Shah stated that FY26 had been a transformational year for the company, with operational efficiency improvements, balance sheet strengthening and portfolio expansion contributing to the record profitability. He added that the company had also made progress in simplifying its corporate structure and enhancing long-term growth visibility.
The developer stated that pre-sales remained healthy during the year, led largely by commercial project Marathon Futurex in Lower Parel, which recorded 30% year-on-year growth supported by leasing activity and space absorption. Annual collections stood at INR 781 crore, primarily driven by construction progress across projects including Monte South, Nexzone and Bhandup developments.
During FY26, the company launched Nexzone Phase 3 with an estimated gross development value (GDV) of INR 600 crore, along with a new residential project in Bhandup under the Neohome portfolio carrying a GDV of INR 370 crore. Marathon stated that both launches received encouraging market response.
The company also completed a Qualified Institutional Placement (QIP) raising approximately INR 900 crore during the year. According to the management, around INR 340 crore from the proceeds was utilised towards debt repayment. Combined with project collections from developments such as Marathon Futurex and Nexzone, the capital infusion helped the company move into a positive net cash position.
Marathon further stated that it received “no adverse observations” from both the BSE and NSE regarding its proposed scheme of amalgamation and arrangement, marking progress in its ongoing restructuring process.
As part of its expansion strategy, the developer acquired controlling interests in three real estate entities, adding six residential projects in the Kanjurmarg micro-market with an estimated GDV exceeding INR 840 crore. The company stated that a substantial portion of these projects is expected to be launched over the next 12 months. Several acquired project components have also been earmarked for the Permanent Transit Camp (PTC) segment, which the company believes could support faster monetisation and improved capital efficiency.
Additionally, Marathon acquired a 90% stake in Sunset Spaces Private Limited during the year to strengthen its presence in the Mumbai Metropolitan Region redevelopment market and expand its future development pipeline.
Operationally, the company reported area sales of 2,28,593 sq ft and booking value of INR 576 crore for FY26 under its existing portfolio. On a post-merger basis, area sold stood at 3,04,963 sq ft with booking value reaching INR 832 crore. Collections under the post-merger portfolio stood at INR 1,048 crore during the year.
The developer stated that infrastructure projects across the Mumbai Metropolitan Region, including the Mumbai Trans Harbour Link, Navi Mumbai International Airport, metro network expansion and the broader Mumbai 3.0 development plan, continue to support demand in micro-markets where the company maintains a development presence, including Lower Parel, Byculla, Mulund, Bhandup, Thane, Dombivli and Panvel.
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