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Slow redevelopment pipeline conversion
View Risks →Marathon Nextgen Realty Ltd — Q3 FY26
Marathon Nextgen reported its highest-ever 9-month PAT of 161 cr, driven by strong commercial portfolio performance and steady residential contributions.
bullish
high
✓ Verified against BSE filing
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Marathon Nextgen reported its highest-ever 9-month PAT of 161 cr, driven by strong commercial portfolio performance and steady residential contributions. Revenue for 9M FY26 stood at 487 cr (post-merger basis). Area sales reached 2.46 lakh sq ft, booking value 628 cr, and collections 798 cr. The company remains net debt-free with only ~25 cr in equipment loans. Management highlighted robust demand across segments, with commercial asset Future X seeing ~10% realization growth YoY. Key launches include Phase 3 of Next Zone in Panvel (GDV ~600 cr) and Bandup Neo series (GDV ~170 cr). The merger process is progressing, expected to add ~400 acres of land. Risk: Redevelopment pipeline conversion remains slow, with no definitive agreements announced despite a dedicated team.
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Area Sales (9M FY26, post-merger)
2.46 lakh sq ft
+36.7% YoY
Area sales increased from 1.8 lakh sq ft on standalone basis to 2.46 lakh sq ft post-merger.
Booking Value (9M FY26, post-merger)
628 cr
+49.2% YoY
Booking value grew from 421 cr standalone to 628 cr post-merger.
Collections (9M FY26, post-merger)
798 cr
+38.1% YoY
Collections increased from 578 cr standalone to 798 cr post-merger.
Future X Realization Growth
~10%
+10% YoY
Realizations at Future X commercial project increased ~10% compared to last financial year.
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Guidance and risk preview
Launch of 4.9 lakh sq ft premium towers in Panvel with gross development value of about 600 cr.
Despite having a dedicated team, no definitive redevelopment agreements have been announced, raising concerns about execution pace.
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