Introduction
Marathon Nextgen Realty Limited is the publicly listed arm of the Marathon Group, a Mumbai-based real estate company with a legacy spanning over 54 years. With more than 100 completed projects across the Mumbai Metropolitan Region (MMR), the Group has provided homes to over 10,000 families, retail spaces to 400 retailers, and office spaces to 350 businesses. The Group is currently developing a wide range of projects including large townships, affordable housing, ultra-luxury skyscrapers, small offices, and expansive business centers. With more than 4 million square feet under development and plans for over 880 acres of land across the MMR, the Marathon Group has over 15,000 homes in its future pipeline.
Marathon Nextgen Realty Limited was originally incorporated as Piramal Spinning & Weaving Mills Limited on January 13, 1978. The company underwent a name change to Marathon Nextgen Realty and Textiles Limited on July 31, 2003, and later to Marathon Nextgen Realty Limited on September 7, 2007. In June 1979, the company merged with Mahadevi Investment Company. Historically, the company has had a dual focus—real estate development and textile manufacturing. It operated textile production facilities in Lower Parel and Ambarnath in Maharashtra, and Surat in Gujarat, manufacturing cotton fabrics, synthetic fabrics, and cotton yarn.
Significant modernization efforts were undertaken at the Ambarnath unit, with phased upgrades carried out between 1983 and 1991, including new process houses at a cumulative cost exceeding Rs. 1,000 lakhs. In September 1992, the company issued debentures to part-finance the fifth phase of its modernization program. On April 1, 1991, Niranjan Mills was amalgamated with the company under a rehabilitation scheme approved by the Board for Industrial and Financial Reconstruction (BIFR), as part of the Sick Industrial Companies Act. Following this, the company restructured its core divisions into three separate entities. Assets and liabilities of both Piramal Spinning & Weaving Mills and Niranjan Mills were transferred to Niranjan Piramal Textile Mills Limited from October 2001. The Ambarnath processing unit was transferred to Pyarelal Textiles Limited in October 2003. Additionally, Ithaca Informatics Pvt. Ltd. was co-opted to develop the Lower Parel property.
Following this restructuring, the company’s share capital was reduced to Rs. 92.59 lakhs. Shareholders of the former Piramal Spinning & Weaving Mills Limited received one share in each of the three resulting companies for every three shares previously held. In June 2014, the promoters reduced their stake from 89.40% to 75%.
Expanding beyond real estate and textiles, the company ventured into the education sector in 2017 with the establishment of the innovative NEXT School in Mulund (West). In 2018, it launched NeoHomes, a modern urban housing concept aimed at enabling the average Mumbaikar to own a home in the city.
As part of a strategic corporate restructuring, the National Company Law Tribunal (NCLT), Mumbai Bench, approved the amalgamation of Marathon IT Infrastructure Private Limited and Ithaca Informatics Private Limited with Marathon Realty Private Limited through an order dated July 23, 2018. The merger was effective from April 1, 2016. Consequently, Marathon Nextgen Realty Limited, previously a subsidiary of Ithaca Informatics, became a subsidiary of Marathon Realty Private Limited.
Further consolidation occurred when Marathon Nextgen Township Private Limited (MNTPL), a wholly owned subsidiary, was merged into Marathon Nextgen Realty Limited effective April 1, 2019. The company had acquired the entire paid-up capital of MNTPL in 2018–19. In the financial year 2019–20, the company also acquired full ownership of Terrapolis Assets Private Limited (TAPL) from Marathon Realty Private Limited, and TAPL became a wholly owned subsidiary as of March 31, 2020. In the same period, the company increased its stake in Sanvo Resorts Private Limited (SRPL) to 91% by acquiring an additional 24% equity from the promoter company.
The second phase of the Panvel Township project was launched in 2020, further reinforcing the company’s focus on large-scale township development. In the financial year 2023–24, Marathon Nextgen Realty Limited received an order from the National Company Law Appellate Tribunal (NCLAT) on June 11, 2024, rectifying the appointed date of the subsidiary merger as April 1, 2019.
Through its evolving structure and continuous expansion across sectors and geographies, Marathon Nextgen Realty Limited continues to shape the urban landscape of Mumbai while staying rooted in its legacy of quality, trust, and innovation.
Amalgamation & Key Milestones
Over the years, Marathon Nextgen Realty Limited has strategically expanded its footprint through a series of key acquisitions and corporate restructuring initiatives that have strengthened its position in Mumbai’s real estate landscape. The journey began in 2002, with the company laying its foundation by acquiring an 8-acre land parcel from Piramal Spinning & Weaving Mills Ltd. This acquisition included the successful resolution of obligations with lenders and 1,310 mill workers through the Board for Industrial and Financial Reconstruction (BIFR), eventually leading to the company’s rebranding as Marathon Nextgen Realty Limited in 2007.
That same year, the company acquired 12.2 acres of the historic Khatau Mills property in Byculla, again utilizing its expertise to efficiently settle matters involving 6,020 mill workers. In 2015, the company expanded its commercial portfolio with the acquisition of the Lower Parel office development, now known as Futurex — a modern commercial high-rise that stands as a landmark in Mumbai’s business district.
From 2017 onwards, Marathon Nextgen Realty strategically acquired 5.85 acres of land in Bhandup, laying the groundwork for its affordable housing initiatives such as NeoHomes and Neovalley.
The growth journey continued with key acquisitions in 2019, including Terrapolis Assets Private Limited and Sanvo Resorts Private Limited, followed by the acquisition of Nexzone Fiscal Services Limited in 2023, which further reinforced the company’s township development strategy in Panvel.
In 2025, the company entered a significant phase of internal consolidation. The Board approved the amalgamation and arrangement of specific promoter and promoter group entities into Marathon Nextgen Realty Limited, aiming to streamline operations and enhance long-term shareholder value. This merger, subject to regulatory and shareholder approvals, marks a pivotal step in unifying group entities under a single operational structure — strengthening governance, improving operational efficiency, and unlocking synergistic growth opportunities.
Through these well-planned acquisitions and amalgamations, Marathon Nextgen Realty has not only added value-rich land assets to its portfolio but has also reinforced its long-term commitment to delivering large-scale, high-impact real estate developments across Mumbai.
Business
Marathon Nextgen Realty Limited is primarily engaged in the business of real estate development, with a diversified portfolio spanning residential, commercial, and township projects across key micro-markets in Mumbai. The company focuses on creating value-driven, high-quality developments, ranging from affordable housing to premium residences and state-of-the-art office spaces. With a strong presence in both the luxury and affordable segments, as well as township and infrastructure-led developments, the company continues to build projects that align with the evolving needs of urban India.
One of the flagship ongoing projects is Monte South, an iconic development located on a 12.2-acre plot in South Mumbai. The project comprises four proposed 64-storey residential towers and one commercial tower. Three towers have already been launched, offering spacious 2 and 3 BHK homes. The company has received Occupation Certificate (OC) for Tower A up to the 64th floor. Monte South is designed with unique amenities such as a podium beach and Amazon-themed landscaping, setting a benchmark for luxury living in the city.
In the affordable housing segment, Neovalley in Bhandup West is a significant project that caters to the urban middle class. The development features Studio, 1 BHK, and 2 BHK apartments across two launched buildings — Narmada and Kaveri. The project includes a wide array of amenities such as a clubhouse, kids play area, and a terrace garden, making it an ideal choice for first-time homeowners.
Millennium, located on LBS Road in Mulund, is a commercial offering that caters to the growing demand for quality office spaces in Mumbai. Strategically situated next to a metro line, this development has already received OC up to the 20th floor and offers excellent connectivity and a modern work environment in a rapidly developing commercial corridor.
In Panvel, the company is developing Nexzone, a large integrated township featuring 1, 2, and 2.5 BHK homes. Spread across 25 acres with 16 towers already developed and 4 additional towers proposed, the project includes amenities like a clubhouse and retail promenade. Its strategic location near the upcoming Navi Mumbai International Airport, Atal Setu, and Panvel station positions it as a key residential hub with future growth potential.
Futurex is Marathon’s marquee commercial project in Lower Parel — a prime business district of Mumbai. This high-rise structure offers flexible office spaces ranging from 800 to 2,00,000 square feet. The project has received OC up to the 37th floor and partial OC for the 38th, offering world-class infrastructure for growing businesses and multinational corporations.
Also in Bhandup West, Marathon Neopark and Marathon Neosquare form part of the NeoHomes cluster, further strengthening the company’s footprint in the affordable housing segment. These projects offer Studio, 1 BHK, and 2 BHK units along with thoughtful amenities like a clubhouse, children’s play area, and terrace gardens, designed to provide a comfortable urban lifestyle.
As of March 2025, the company has a robust OC-ready unsold inventory across three major projects — Monte South (1,25,984 sq.ft.), Nexzone (50,810 sq.ft.), and Futurex (59,317 sq.ft.), with the total inventory standing at 2,36,111 sq.ft. Marathon Nextgen Realty Limited’s share in this inventory is approximately 1,60,520 sq.ft., providing substantial revenue visibility and sales potential in the coming quarters.
Through these strategically located and thoughtfully designed projects, Marathon Nextgen Realty continues to establish itself as a significant force in Mumbai’s real estate market, committed to delivering long-term value to customers, investors, and stakeholders.
Completed Projects
Ongoing Projects
Upcoming Projects
Upcoming Amalgamation & Arrangement
As part of the merger process, Marathon Nextgen Realty Limited aimed to streamline its corporate structure by reducing the number of legal entities, thereby simplifying the overall group architecture. This strategic consolidation was intended to minimize managerial overlaps and eliminate duplication of administrative functions, leading to enhanced operational efficiency. In evaluating the merger, the Board of Directors of MNRL reviewed the valuation report presented by the registered valuer. While the report had estimated the per-share value at ₹553, the Board considered it prudent and in the best interest of public shareholders to revise the valuation upward to ₹575 per share. This revision reflects the company’s commitment to transparency and shareholder value enhancement.
In response to consistent feedback from the investor community, Marathon Nextgen Realty Limited initiated a strategic move to consolidate the assets and projects of its promoter entities into the company. On March 31, 2025, the Board approved a comprehensive scheme of amalgamation aimed at unlocking greater value and enhancing operational transparency. The proposed merger includes substantial land holdings—205 acres in Panvel, 83 acres in Dombivli, and 130 acres in Bhandup—along with ongoing real estate projects and ready assets, notably the prestigious Marathon Futurex office building in Lower Parel.
Financials
For the Year ended March 25
- During the year, Marathon Nextgen Realty Limited achieved a substantial reduction in its net debt by over ₹200 crore, representing a significant 28% decline compared to FY 2023–24. This strategic deleveraging has resulted in a stronger and more sustainable capital structure, as evidenced by the company’s healthy net debt-to-equity ratio of 0.46. The improvement aligns with the company’s long-term financial strategy to maintain fiscal prudence while supporting growth initiatives.
- For the full financial year FY 2024–25, the company recorded revenue of ₹676 crore, EBITDA of ₹269 crore, and PAT of ₹190 crore.
- Operationally, Marathon sold 2,65,376 square feet of area with a total booking value of ₹605 crore and collections of ₹523 crore, demonstrating sustained momentum and customer confidence across its portfolio.
For Q4 FY 25
- In the quarter ending March 2025, Marathon Nextgen Realty Limited reported net sales of ₹148.58 crore, reflecting a modest decline of 4.4% compared to ₹155.42 crore in March 2024.
- Despite this, the company achieved a strong improvement in profitability, with quarterly net profit rising by 33.83% to ₹53.30 crore, up from ₹39.82 crore in the corresponding quarter of the previous year.
- EBITDA also showed robust growth, increasing by 38.91% to ₹80.72 crore compared to ₹58.11 crore in March 2024.
- Earnings per share (EPS) rose to ₹10.59 from ₹7.78, underscoring improved operational efficiency and profitability.
Management’s comments
As per the management, Marathon Nextgen Realty Limited has taken strategic steps in response to investor feedback by initiating the merger of promoter-owned assets and projects into the company. Approved by the Board on March 31, 2025, the proposed amalgamation includes major land parcels such as 205 acres in Panvel, 130 acres in Bhandup, 83 acres in Dombivli, and several ongoing and completed assets, including the Marathon Futurex commercial tower in Lower Parel. These additions are expected to significantly enhance the company’s asset base and long-term growth potential.
The company continues to maintain a strong presence across select high-growth micro markets in Mumbai, consistently ranking among the top four to five developers in terms of bookings and sales. Marathon’s diversified portfolio—ranging from affordable housing to luxury residential and commercial projects—reflects its deep understanding of market dynamics and customer demand across segments. Management also expressed optimism about the overall sector outlook, stating that a potential reduction in interest rates by 25 to 50 basis points during the year could further stimulate real estate demand.
On the pricing front, realizations have shown steady year-on-year growth, with average increases of 5% to 10% across various projects. According to the management, this sustained momentum is supported by rising population, growing aspirations, and increased affordability—particularly among migrants seeking to settle in Mumbai—underscoring continued demand resilience.
The current portfolio includes several high-impact developments. Monte South in Byculla features four residential towers and a commercial tower; Nexzone in Panvel spans 25 acres with 19 buildings completed and four more proposed; and Bhandup hosts two land clusters of 5.8 acres and 14 acres, with four buildings under construction. The Millennium project in Mulund offers approximately 1.7 lakh sq. ft. of commercial carpet area, while Futurex in Lower Parel stands as a fully built and OC-ready commercial asset. Management noted that additional project-specific details will be provided in an upcoming press release.
Financially, the company has actively pursued refinancing strategies to lower its borrowing costs, successfully reducing its average cost of debt. This contributed to a significant debt reduction of over ₹200 crore during the year, bringing the net debt-to-equity ratio down to 0.46. Management stated that this strong balance sheet provides the flexibility to raise additional funds if needed, while continuing to maintain financial stability.
Profitability remains a core focus, with management highlighting Profit After Tax (PAT) as a key metric for delivering long-term shareholder value. While Marathon may be among the top 25 listed real estate companies in terms of size, its market capitalization-to-profit ratios compare favorably against industry benchmarks—reflecting operational efficiency and attractive valuation levels.
In addition to upcoming assets, management reaffirmed the strength of the existing portfolio, particularly ongoing projects such as Monte South and Futurex. With nearly 20 acres already under development in Bhandup and other projects at advanced stages, the company is well-positioned to capitalize on near-term execution. Further, management clarified that there has been no slowdown in sales, especially within the affordable segment. While early construction phases tend to see slower uptake, sales typically accelerate as projects near completion and possession.
Management concluded by emphasizing that real estate performance should be evaluated over a rolling three-year average rather than short-term periods, as this approach offers a more accurate measure of sustainable growth in the sector.
Clarification on Promoter Pledge
As per the management, there is no actual promoter pledge of 91.5% as reported; this is a common misconception. The company clarified that what exists is a Non-Disposal Undertaking (NDU), which is a standard requirement when raising construction finance. Under an NDU, promoters agree not to sell or transfer their shares during the loan period, as the loan is extended with the promoters and the company as key stakeholders. This arrangement is now also disclosed to stock exchanges, which may have led to confusion. The management confirmed that this is not a share pledge in the traditional sense, but a routine compliance step tied to secured lending practices.
Sectorial outlook
India’s real estate sector is currently demonstrating marked resilience and transformative growth, positioned at the intersection of strategic consolidation and innovative momentum. Over FY 2024–25, residential sales volume moderated, yet collections remained robust—signifying enduring buyer confidence
Large institutional investors deployed approximately USD 8.9 billion into the sector, with 45% flowing into residential and 28% into office spaces, underscoring strong capital sentiment.
Home prices in major Indian cities are forecast to grow by 6–7% in 2025, with rental inflation even higher at 7–10%, driven by persistent demand and constrained supply.
Concurrently, new housing launches in Tier‑II cities plunged by about 35% in Q4 2025 due to funding challenges, prompting a developer pivot towards better‑margin premium projects. This suburban and Tier‑II demand narrative has strengthened, especially in the wake of hybrid working and migration trends.
The commercial real estate segment continues to thrive, anchored by 15 major micro‑markets that collectively accounted for 65% of leasing activity and 76% of new office space supply since 2020.
Gross office leasing reached new highs, with net absorption through Q1 2025 growing ~10–20% year-on-year . The rise of Global Capability Centres coupled with the growing influence of REITs is reshaping investor focus and strengthening demand.
Emerging trends further support sector optimism: fractional real estate investment surpassed USD 1 billion, driven by NRIs, millennials, and tech platforms; data centre and logistics assets are gaining traction; and alternative housing formats such as co-living and senior living are showing early signs of growth.
Policy and macroeconomic tailwinds are reinforcing this growth narrative. The RBI’s 50-basis-point repo rate reduction to 5.5% has stimulated affordability, particularly in Tier‑II markets, with home loan rates possibly dipping below 7.75%.
Meanwhile, Crisil forecasts that real estate, roads, and renewables investments will rise to ₹17.5 lakh crore over the next two years—a 15% increase linked to premium housing and commercial infrastructure demand.
Easing of RBI provisioning norms for under-construction real estate projects may also stimulate credit flow. Additionally, green building adoption, integrated townships, and sustainability-oriented construction increasingly define both supply and investor preferences.
Overall, India’s real estate sector is consolidating around a high-quality, capital-efficient model supported by urbanisation, affordability, institutional funding, and regulatory stability. For developers like Marathon Nextgen Realty—with a balanced mix of affordable, luxury, commercial, and township projects in strong micro-markets—the environment presents a compelling opportunity to deepen market presence and deliver sustainable returns.
Conclusion
Marathon Nextgen Realty Limited is a 47-year-old company engaged in the development of residential, commercial, and township projects across key micro-markets in Mumbai. The company has reduced its debt by over ₹200 crore in FY25, bringing its net debt-to-equity ratio down to a healthy 0.46. With a strong portfolio including landmark projects like Monte South, Futurex, and Nexzone, it continues to deliver across affordable, luxury, and commercial segments. Backed by robust operating cash flows, strategic land acquisitions, and an ongoing amalgamation of promoter assets, the company is well-positioned for sustained growth. Marathon also benefits from a deep understanding of local demand trends and consistent leadership in top-performing markets.