Marathon Nextgen Realty FY26 PAT ₹206 cr, QIP ₹900 cr

FY26 result: highest-ever profit for Marathon Nextgen

Marathon Nextgen Realty Ltd (BSE: 503101) reported its highest-ever profit after tax (PAT) for FY26 at ₹206 crore. Management described FY26 as a transformational year, linking the performance to disciplined execution and improved operational efficiencies. The company also reported consolidated total income of ₹639 crore for FY26 and EBITDA of ₹261 crore. Based on the figures shared, the company reported a PAT margin of 32% and an EBITDA margin of 41% for the year. The audited financial results carried an unmodified opinion from the statutory auditors.

The full-year profitability came alongside multiple corporate actions and operating updates, including fundraising, acquisition activity in the Mumbai Metropolitan Region (MMR), and project launches. At the same time, disclosures and analyst notes flagged that quarterly revenue recognition remained uneven and that some operational constraints continue.

QIP fundraise and balance sheet changes

A major FY26 event for the company was the completion of a Qualified Institutional Placement (QIP) of ₹900 crore. The company said the QIP significantly strengthened the balance sheet and helped it turn net debt-free, with a positive net cash position for the first time in its history.

The company disclosed that it deployed ₹340 crore from the funds towards debt repayment. Separate data points in the same information set also referenced unutilized QIP funds of around ₹259 crore earmarked for land acquisition. The year also saw progress on regulatory processes, with the company receiving letters stating “no adverse observations” from both BSE and NSE in connection with the amalgamation process, although final approval is still pending.

Operational metrics: sales area, bookings, and collections

Management shared operational metrics for Q4 and FY26 that show steady activity on bookings and collections.

For Q4, area sold was 48,000 sq ft and booking value was ₹156 crore. For the full year, area sold was 229,000 sq ft, with booking value at ₹576 crore. Collections for FY26 stood at ₹781 crore for the existing portfolio and ₹1,048 crore post-merger, supported by construction progress across projects such as Monte South, Nexzone, and Bhandup.

These numbers matter for real estate developers because collections and construction-linked milestones often drive cash flow visibility, while revenue recognition can lag depending on project stages and accounting milestones.

Pre-sales momentum led by Marathon Futurex

Pre-sales for the year were described as healthy, with the commercial portfolio Marathon Futurex highlighted as a key driver. Marathon Futurex delivered 15% year-on-year growth in pre-sales to ₹466 crore, supported by strong absorption and robust leasing activity.

Marathon Nexzone in Panvel reported pre-sales of ₹104 crore. The company linked demand in Panvel to multiple infrastructure catalysts, including the operationalisation of the Navi Mumbai International Airport.

Project launches and GDV pipeline updates

During FY26, the company launched Nexzone Phase 3 with a gross development value (GDV) of ₹600 crore. It also launched a new project in Bhandup under the Neohome portfolio with a GDV of ₹370 crore.

In addition, Marathon Nextgen said it acquired controlling interest in three real estate entities in Kanjurmarg, adding a pipeline of six residential projects with expected GDV of over ₹840 crore. Another disclosure referenced acquisition of controlling stakes in Sunsets Spaces Private Limited and ongoing acquisition activities in DVK Developers, Shree S S Developers, and Shree Swami Samarth Builders.

Q4 FY26: profit rebound, but mixed revenue signals

For the quarter ended March 31, 2026, the company’s consolidated net profit was stated as ₹46 crore, while total income was ₹152 crore in one summary. Separately, quarterly snapshots circulating in the same data set showed variation in reported profit and revenue figures for the March quarter, including:

• A quarterly table showing net income of ₹53.30 crore and total revenue of ₹148.58 crore for Mar 25.
• Another snapshot showing consolidated net profit of ₹44.70 crore for Q4 FY26.
• A market note stating Q4 net profit of ₹45.5 crore and Q4 revenue of ₹110 crore.

Alongside the sequential profit recovery noted in some snapshots, another note highlighted pressure on net sales, including a figure of ₹113.55 crore for Q4 FY26, described as the lowest in recent quarters.

Key figures at a glance

Dividend and shareholder actions

The company’s board recommended a final dividend of ₹1.00 per equity share, stated as 20% of face value (₹5). Management commentary also indicated investor interest in a bonus issue after amalgamation, but the company has not committed to a bonus issue.

Pending items and risks highlighted

Despite strong FY26 profitability and the balance sheet shift after the QIP, the disclosures also pointed to continuing constraints. The company still has a significant amount of unsold inventory, with a stated cost to complete of around ₹1,600 crore. This is a key operational consideration because completion funding requirements can influence future cash deployment priorities.

The amalgamation process is still pending approval from the National Company Law Tribunal (NCLT). A delay in NCLT approval could affect timelines for strategic initiatives linked to the post-merger structure, based on the company’s own stated dependency on the process.

Stock snapshot and near-term market context

Marathon Nextgen Realty shares closed at ₹495.85 on May 25, 2026 (NSE), according to the provided market snapshot. The same snapshot said the stock delivered -10.57% returns over the last six months and 0.13% over the last 12 months.

Why the FY26 update matters

FY26 combines three themes that investors typically track in listed real estate developers: profitability, funding, and pipeline visibility. Marathon Nextgen’s record PAT of ₹206 crore and net debt-free position after the ₹900 crore QIP are clear balance-sheet milestones. Operational disclosures on bookings, collections, and pre-sales provide additional indicators of on-ground activity.

At the same time, the March quarter numbers show that revenue recognition can remain volatile, and the company’s stated unsold inventory and ₹1,600 crore cost-to-complete requirement keep execution risk in focus. The next set of updates around NCLT approval for amalgamation and the deployment of remaining QIP funds for land acquisition are likely to be watched closely.

Conclusion

Marathon Nextgen Realty closed FY26 with record profitability, a strengthened balance sheet after a ₹900 crore QIP, and an expanded GDV pipeline through launches and Kanjurmarg acquisitions. However, the company’s unsold inventory, cost-to-complete of around ₹1,600 crore, and pending NCLT approval on amalgamation remain key variables for execution timelines. The next meaningful signposts will be updates on the amalgamation approval process and further disclosures on land acquisition and project rollouts funded by the QIP proceeds.