Marathon Nextgen Realty Posts Q2 FY27 Profit of ₹45 Crore as Pre-Sales Rise 79%

What was announced

Marathon Nextgen Realty Limited (MNRL) announced its unaudited consolidated and standalone financial results for the second quarter and half year ended 30 September 2026. The board approved the Q2 FY27 results on 21 October 2026, and the results were made public on 22 October 2026.

Chetan Shah, Chairman and Managing Director, described Q2 FY27 as a quarter of healthy growth. He said demand came from every price segment, from affordable homes to Monte South, the company's premium project in Byculla.

Key numbers

The company's headline figures use total income and total profit. The statutory filing separates revenue from operations from total income, so the two sets of numbers differ slightly.

Pre-sales in this context refer to registered booking value for the quarter.

Portfolio and segment growth

On the existing portfolio, the company recorded an area sold of 0.71 lakh sq ft, a booking value of ₹154 crore and collections of ₹127 crore.

On a merged portfolio basis, which includes a 40% revenue share in the Monte South project, the area sold was 0.94 lakh sq ft, with a booking value of ₹251 crore and collections of ₹202 crore.

• Residential pre-sales rose 70% QoQ.
• The affordable and mid-income portfolio grew 155%.
• Monte South in Byculla grew 16%.

For comparison, in Q1 FY27 (quarter ended June 2026) the company reported consolidated total income of ₹217 crore, EBITDA of ₹66 crore and profit after tax of ₹52 crore. Existing-portfolio pre-sales in that quarter were ₹86 crore on 0.38 lakh sq ft.

Balance sheet and new projects

The company said it remained net debt-free, with a positive net cash position at 30 September 2026. It said this reduces balance sheet risk and leaves room for future investment.

Two redevelopment projects were added in the quarter, at Versova and Sewri, with a combined estimated gross development value (GDV) of ₹900 crore.

• Sewri: On 1 August 2026, subsidiary Sunset Spaces Private Limited entered a joint development agreement for a land parcel of about 7,500 sq m. The plan is a high-rise residential tower with high-street retail, with an estimated GDV of about ₹450 crore for MNRL.
• Versova: A society redevelopment on about 1.5 acres, with an estimated GDV above ₹450 crore. The company describes it as a low-density project with more open and landscaped space than is typical in its micro-market.

Director Parmeet Shah of Sunset Spaces said the Versova project is the first step in a calibrated strategy to build a society redevelopment platform in select Mumbai micro-markets.

The company also said a financial services group expanded its presence at Marathon Futurex in Lower Parel by about 45,000 sq ft. This is a leasing item, not a new project launch.

What it means for home buyers

The results are a company update. They do not set unit prices or launch dates for any project. The Versova and Sewri GDV figures depend on statutory approvals, finalised development plans, applicable regulations and market conditions, according to the company.

Projects under construction, per the company, include Monte South, Nexzone, NeoHomes and Marathon Millennium, and construction is described as on schedule. In Q1 FY27 the company also received full occupancy certificates for the Cedar and Daffodil towers at Nexzone, which allowed customer handovers.

What it means for investors

The results show revenue and profit both lower than in the prior quarter on the company's own filing basis, while pre-sales and collections rose sharply. Commentary on the filing has pointed to a gap between rising sales bookings and softer profit, and has suggested shareholders watch margins and operating costs.

Commentary has also read the board's decision to defer new or additional investments in projects and special purpose vehicles as a possible pause in capital deployment. A board meeting on 27 October 2026 is scheduled to consider new investments in projects or SPVs.

What comes next

• 27 October 2026: Board meeting to consider new investments in projects or SPVs.
• Earnings call: The company has rescheduled its Q2 FY27 earnings conference call.
• Amalgamation: A proposed amalgamation, subject to approvals, is expected to expand the pipeline across the Mumbai Metropolitan Region.
• Versova and Sewri: Approvals and development plans are still to come, and no launch timelines have been announced.