Marathon Nextgen Realty LimitedReal EstateMARATHON
Q1 FY27 concall · earnings callMarathon Nextgen Realty Limited
The company started FY27 strongly with record quarterly income, healthy profits, and added strategic redevelopment projects to its pipeline.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Total Income | ₹217 Cr | — | |
| EBITDA | ₹66 Cr | — | |
| Profit After Tax | ₹52 Cr | — | |
| Collections (merged portfolio) | ₹146 Cr | — | |
| Booking Value (merged portfolio) | ₹108 Cr | — | |
| Area Sold (merged portfolio) | 46,000 square feet | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹130.05 Cr-38.2% YoY-16.8% QoQ | ₹49.05 Cr-3.4% YoY-0.8% QoQ | ₹9.58-6.3% YoY+1.3% QoQ |
| Q2 FY25 | ₹156.23 Cr+21.1% YoY-3.7% QoQ | ₹49.46 Cr+43.4% YoY+30.8% QoQ | ₹9.46+29.2% YoY+31% QoQ |
| Q1 FY25 | ₹162.21 Cr-22.7% YoY+4.4% QoQ | ₹37.80 Cr-12.3% YoY-6.6% QoQ | ₹7.22-20.7% YoY-7.2% QoQ |
| Q4 FY24 | ₹155.42 Cr-8.8% YoY-26.1% QoQ | ₹40.45 Cr+148.9% YoY-20.3% QoQ | ₹7.78+122.3% YoY-23.9% QoQ |
| Q3 FY24 | ₹210.41 Cr-24.4% YoY+63.1% QoQ | ₹50.76 Cr-36.7% YoY+47.2% QoQ | ₹10.22-40% YoY+39.6% QoQ |
TL;DR
- Q1 FY27 total income was INR 217 crores, a multi-quarter high, with EBITDA of INR 66 crores and PAT of INR 52 crores.
- Sold 46,000 sq ft (merged basis) with booking value of INR 108 crores and collections of INR 146 crores.
- Added two redevelopment projects (Versova and Sewri) with combined GDV of ~INR 900 crores.
- Remains in a net cash position with ~INR 200 crores for new acquisitions and a debt-free balance sheet.
- Expects to fully deploy the INR 200 crores surplus capital in new projects during FY27.
Said on the call
“We enter FY27 with a stronger platform and a deeper pipeline and multiple avenues for growth.”
From the Q&A
| Topic | What management said |
|---|---|
| Redevelopment Pipeline & Timelines | Added ~INR 900 crores GDV in Q1 via Versova and Sewri projects; redevelopment opportunities are huge in Mumbai but the company is selective based on prime location and strict financial metrics. |
| FY27 Business Outlook | The outlook is positive, with better results expected in coming quarters due to strong demand in Monte South and commercial, plus recent launches in Bhandup and Panvel. |
| Collection Trajectory | Collections are expected to be 'slightly on the heavier side' due to ready-to-move inventory (e.g., Futurex, Monte South Towers A & B) where collection TAT is ~3 months. |
| Capital Deployment & Return Targets | Plans to fully deploy the ~INR 200 crores surplus capital in new projects in FY27, targeting EBITDA margins of 30-35% for acquisitions. |
| Merger Timeline | Stakeholder meetings are scheduled for early September, with a second NCLT hearing to follow; completion timeline is uncertain due to NCLT schedules. |
| PTC Sales Business | The PTC (Permanent Transit Camps) vertical, started after the Kanjurmarg land acquisition, is seeing huge demand from neighboring redevelopments, and presales may be seen in coming quarters. |
Guidance
- Expects to fully deploy ~INR 200 crores of acquisition capital in new projects during FY27.
- Outlook for FY27 is positive, with better results expected in the next few quarters.
- Collections for FY27 are expected to be 'slightly on the heavier side'.
Source
Summary written from the transcript filed by Marathon Nextgen Realty Limited for the call held on 10 Aug 2026; published 18 Aug 2026, 20:40 IST.
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