Marathon Nextgen approves 60% SRTL stake deal up to Rs 335 crore

Marathon Nextgen Realty Limited approved acquisition of an additional 60% stake in Swayam Realtors and Traders LLP for up to Rs 335 crore on October 31, 2026. The package comprises up to Rs 135 crore in cash and a Rs 200 crore bank guarantee, and Marathon Nextgen said the deal would secure full economic interest in Byculla's Monte South project.

What did Marathon Nextgen approve?

Marathon Nextgen approved the purchase of the outgoing partner's additional 60% stake in Swayam Realtors and Traders LLP, or SRTL, at its October 31, 2026 board meeting. The company described the transaction as an acquisition of full economic interest in the Monte South project in Byculla, while also increasing its participation in SRTL's future business activities and returns.

The target operates in the real-estate sector, which Marathon Nextgen said is within its main line of business. SRTL is engaged in construction and real-estate activities and has ongoing projects in the Mumbai Metropolitan Region, or MMR. The board meeting began at 1:45 p.m. and ended at 2:30 p.m. on October 31, 2026.

How is the Rs 335 crore SRTL consideration structured?

The transaction has a stated maximum cost of Rs 335 crore, made up of up to Rs 135 crore in cash and a Rs 200 crore bank guarantee. Marathon Nextgen classified the consideration as cash in the acquisition disclosure, while separately specifying the bank guarantee as part of the total amount.

The announced amount relates to a 60% stake in SRTL rather than a transfer of listed-company shares, because SRTL is a limited liability partnership, or LLP. The disclosure does not provide a payment timetable, valuation method, conditions for use of the bank guarantee, or the name of a guarantee-issuing bank. It also does not state Marathon Nextgen's legal stake in SRTL before the proposed purchase.

What business and projects does SRTL have?

SRTL conducts construction and real-estate activities and has ongoing projects in MMR, according to Marathon Nextgen's October 31, 2026 disclosure. The Monte South project is in Byculla, and Marathon Nextgen identified the additional 60% acquisition as the mechanism for obtaining full economic interest in that project.

SRTL was incorporated on July 25, 2012, and its disclosed business background does not include project-level sales, delivery volumes, land area, debt, profit or cash-flow data. Marathon Nextgen stated that no governmental or regulatory approvals are required for the acquisition. The disclosure records that the acquisition is not a related-party transaction and that the outgoing partner is not related to Marathon Nextgen.

How has SRTL turnover changed over three years?

SRTL's turnover fell to Rs 374.46 crore in FY 2025-26 from Rs 433.08 crore in FY 2024-25 and Rs 680.07 crore in FY 2023-24. The latest annual figure was Rs 58.62 crore lower than FY 2024-25 and Rs 305.61 crore below the FY 2023-24 level.

Turnover declined in each of the two year-on-year comparisons reported by Marathon Nextgen. It decreased by Rs 246.99 crore from FY 2023-24 to FY 2024-25, followed by a smaller Rs 58.62 crore reduction in FY 2025-26. Marathon Nextgen did not give reasons for the changes.

The three-year figures measure turnover, not profit, operating margin, receivables, net assets or operating cash flow. Therefore, SRTL's Rs 374.46 crore turnover in FY 2025-26 establishes the reported revenue scale but does not show profitability or cash generation for that year.

When is the SRTL acquisition expected to close?

Marathon Nextgen expects the transaction to be completed within two months from the time of requisite approvals. Although its acquisition disclosure says no governmental or regulatory approval is required, it does not specify the approvals that start the stated two-month period.

The October 31, 2026 board outcome separately approved material related-party transactions involving investment in SRTL, loans to SRTL, and guarantees or security for loans availed by SRTL, subject to shareholder approval. That approval is distinct from the 60% stake purchase, which the acquisition disclosure says is not a related-party transaction. Marathon Nextgen did not state whether the shareholder approval is a closing condition for the stake acquisition.

Conclusion

Marathon Nextgen's proposed purchase would add a 60% SRTL stake for up to Rs 335 crore and give it full economic interest in the Monte South project in Byculla. The consideration combines up to Rs 135 crore in cash with a Rs 200 crore bank guarantee, while SRTL's disclosed turnover declined from Rs 680.07 crore in FY 2023-24 to Rs 374.46 crore in FY 2025-26.

The next disclosed milestone is completion within two months of requisite approvals. Marathon Nextgen also plans shareholder approval for separately disclosed related-party transactions covering possible investment, loans, guarantees or security for SRTL borrowings, but the October 31, 2026 announcement does not set out the timing of that vote or its connection to the acquisition closing.