Marathon NextGen Realty Limited is a prominent real estate development company based in Mumbai, India, with a rich history dating back to its founding in 1969. It has established itself as a significant player in the Mumbai Metropolitan Region (MMR) real estate market. The company is engaged in the construction, development, and sale of a diverse range of real estate projects, with a strategic focus on slum rehabilitation and the high-end residential segment. Marathon NextGen Realty operates through various business models, including own development, joint ventures, joint development agreements, and other collaborative arrangements with third parties.
The company's extensive portfolio spans across commercial, luxury residential, integrated townships, affordable housing, and retail projects. With over 54 years of experience, Marathon NextGen has played a key role in shaping the Mumbai skyline, having successfully completed over 100 projects. Currently, the company is actively developing multiple townships in rapidly growing neighbourhoods, affordable housing projects, ultra-luxury skyscrapers, compact office spaces, and large business centers.
Marathon NextGen Realty's projects are strategically located throughout the Mumbai Metropolitan Region (MMR). Ongoing developments are situated in key areas such as Lower Parel, Byculla, Mulund, Bhandup, Dombivli, and Panvel. A notable development includes a significant pipeline of over 100 acres in Bhandup, where the company has launched its NeoHomes series of projects. This initiative is specifically designed to address the critical demand for affordable yet high-quality homes within the city of Mumbai.
Demonstrating strategic foresight, Marathon NextGen was among the pioneers in identifying the potential of mill land redevelopment in Lower Parel, resulting in the development of the award-winning Nextgen mixed-use campus on such land. Their flagship commercial project, Marathon Futurex at Lower Parel, stands as a landmark in the city and hosts a number of leading international and national brands.
Marathon NextGen Realty has exhibited a robust financial performance, characterized by consistent growth trends. For the full year ended March 2025, the company reported a net profit of ₹186.55 crore, marking a 12.06% increase compared to ₹166.47 crore in the previous year ended March 2024. However, sales for the year ended March 2025 declined by 17.67% to ₹580.14 crore, down from ₹704.62 crore during the previous year ended March 2024.
Key Financial Highlights:
- TTM Profit After Tax: ₹187 crore
- Revenue (FY 2024-25): ₹580 crore
- Profit (FY 2024-25): ₹191 crore
- Profit Growth: Delivered strong profit growth of 50.6% CAGR over the last 5 years.
- Record Profit: Achieved record profit after tax with a 13% year-on-year growth, driven by a significant reduction in net debt and enhanced operational efficiency.
The company's valuation metrics present an attractive investment profile. As of June 20, 2025, its P/E ratio stood at 16.14 times, representing a 69% discount to its peers' median range of 52.29 times. Similarly, the P/B ratio was 2.54 times as of June 20, 2025, indicating a 34% discount to its peers' median range of 3.87 times.
Marathon NextGen Realty has actively engaged in significant capital raising initiatives to support its growth trajectory. In July 2024, the company successfully raised ₹900 crore through a Qualified Institutional Placement (QIP), allotting 1.62 crore shares at ₹555.13 each. The proceeds from this QIP are primarily earmarked for growth capital, enabling the company to expand its development pipeline and invest in high-potential opportunities across the Mumbai Metropolitan Region.
The company is guided by a strong leadership team, with Mr. Chetan R Shah serving as both Chairman and Managing Director. Other key members of the leadership include Mr. Mayur Shah as Vice-Chairman. The company benefits from the involvement of its third generation, comprising three heads of projects: Mr. Kaivalya Shah, Mr. Parmeet Shah, and Mr. Samyag Shah. These individuals are highly qualified, having completed their education in the US, and bring extensive experience in the real estate sector.
Marathon NextGen Realty Limited operates with a concentrated ownership structure. As of March 2025, promoters held 73.63 percent of the total equity. A notable aspect of the shareholding is that promoters have pledged 67.34% of the total equity as of March 2025. The company is a subsidiary of Marathon Realty Private Limited.
Marathon NextGen Realty has solidified its position as a trusted and respected name within Mumbai's competitive real estate sector. The company has a proven track record of providing homes to over 10,000 families, retail spaces to approximately 400 retailers, and office spaces for around 350 businesses. Despite the inherent challenges of the Mumbai real estate market, the management maintains an optimistic outlook for future sales growth. This optimism is particularly driven by the anticipated completion of projects and the subsequent receipt of occupation certificates. The company's strategic focus on long-term performance and its diversified portfolio are well-positioned to capitalize on emerging opportunities in the market.
The company's unwavering commitment to innovation and high-quality development continues to be a driving force behind its market leadership in one of India's most dynamic real estate markets.
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