01 — At a Glance
The Mumbai Builder That Time Forgot (But Markets Are Remembering)
- 52-Week High / Low₹775 / ₹368
- Q3 FY26 Revenue₹125 Cr
- Q3 FY26 PAT₹33.8 Cr
- TTM EPS₹36.7
- Q3 EPS₹4.80
- Book Value / Share₹326
- Price to Book1.28x
- Debt / Equity0.03x
- Return over 3 years14.7%
- Return over 5 years45.1%
Flash Summary: Marathon just delivered its highest 9-month profit ever at ₹161 crore. Q3 saw PAT of ₹33.8 crore despite a -29% quarterly profit decline (sounds bad, but read on). The stock is at ₹419, sits at P/E of just 13.3x while the industry median trades at 24.64x. They’ve raised ₹900 crore in QIP in July 2025, reduced debt to almost zero, and are merging with entities holding 400 acres of land. Meanwhile, the stock has crashed 21.7% in three months. Welcome to the Mumbai small-cap comedy show.
02 — Introduction
A Real Estate Company That Tried to Stay Small (And Failed at It)
Marathon Nextgen Realty Limited was incorporated in 1978. That’s older than most investors’ investment theses. For decades, it was essentially a boutique Mumbai builder — not DLF, not Lodha, not even Prestige. Just Marathon. A company so under-the-radar that its quarterly earnings would move a grand total of nobody’s needle on Dalal Street.
But here’s the thing about boring, deliberate builders: they compound. For 45 years, Marathon has been quietly doing what Mumbai builders do — buying land, building apartments, selling them, collecting cash, repeating. They own 8.4 million sq ft of completed projects and another 6.2 million sq ft in the pipeline. They’ve finished 100+ projects. And they’ve done all this with almost zero debt, which in Indian real estate is like owning a unicorn that actually exists.
In early 2025, the company board approved something called a “Composite Scheme of Amalgamation and Arrangement” — a fancy way of saying they’re merging with other entities and demerging some parts. On paper, this brings ~400 acres of additional land, opens new geographies (Panvel, Dombivli), and sets up their commercial division with a co-promoter (Adani Realty, who’s becoming the joint owner of their ₹3,400 crore Monte South project in Byculla). By July 2025, they raised ₹900 crore via QIP at ₹555 per share. Everyone assumed the stock would moon. Instead, it crashed 37.6% in six months. Narrative destruction, Indian-style.
Concall Highlight (Feb 2026): Management reported “highest ever nine-month profit after tax of INR 161 crores” and emphasized “robust performance of our Commercial portfolio, complemented by steady contributions from our Residential business.” Post-merger, area sold reached 2.46 lakh sq ft with bookings of ₹628 crore and collections of ₹798 crore in 9M FY26.
03 — Business Model: WTF Do They Even Do?
Build Things. Sell Them. Repeat. Oh, and Leverage Your Land Bank Into Infinity.
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