Company Results
Marathon Nextgen Realty Rated Strong Sell After September Quarter Results
A stock-rating platform has placed Marathon Nextgen Realty Ltd on its Strong Sell grade, citing a fall in quarterly net sales in the quarter ended 30 September 2026. The company reported higher pre-sales for the same quarter, and the two sets of figures are measured on different bases.
| Company | Marathon Nextgen Realty Ltd (NSE: MARATHON, BSE: 503101) |
|---|---|
| Rating action | Strong Sell grade, Mojo Score 21.0, per a stock-rating platform dated 23 October 2026 |
| Quarter reported | Quarter ended 30 September 2026 (Q2 FY27) |
| Company pre-sales (Q2 FY27) | ₹154 crore, per the company's results release of 22 October 2026 |
| Company PAT (Q2 FY27) | ₹45 crore (consolidated, company figure) |
| Platform net sales (Q2 FY27) | ₹128.95 crore, down 6.7% against the average of the previous four quarters |
| Share price | ₹370.45 on 23 October 2026 (platform figure), down 2.97% on the week from ₹381.80 |
| Debt utilisation | ₹695.39 crore of ₹899.99 crore QIP proceeds used as of 30 September 2026 |
What happened
On 23 October 2026, a stock-rating platform placed Marathon Nextgen Realty on its Strong Sell grade. The platform linked the grade to the quarter ended 30 September 2026, which it described as a shift to a negative financial trend. Its write-up points to lower net sales and lower profit after tax compared with earlier quarters.
The company released its own Q2 FY27 figures on 22 October 2026, a day before the platform's note. The board approved the results on 21 October 2026. A conference call on the results, first scheduled for 23 October 2026, was rescheduled.
The numbers in the rating
The platform's figures and the company's figures cover different measures, so they do not describe the same thing.
| Measure | Platform (MarketsMojo basis) | Company (Q2 FY27 release) |
|---|---|---|
| Revenue | Net sales ₹128.95 crore, down 6.7% against the four-quarter average | Total income ₹145 crore |
| Profit | Profit after tax ₹43.93 crore, down 9.9% | Profit after tax ₹45 crore |
| Sales | Not used in the rating | Pre-sales ₹154 crore; collections ₹127 crore |
| Operating profit | Profit before tax excluding other income ₹43.98 crore, up 31.5% | EBITDA ₹61 crore |
| Returns and cash | ROCE 9.18%; cash reserves ₹74.66 crore | Net debt-free with a positive net cash position |
The platform measures the 6.7% revenue fall against a four-quarter average, not against the previous quarter. Its half-year figures show net sales up 26.7% to ₹326.45 crore, so the quarter's decline comes after a period of growth.
Sales and collections
The company reported residential pre-sales up 70% quarter on quarter. Total pre-sales, including non-residential, rose 79%. Affordable and mid-income projects drove most of the residential growth, with sales in that segment up 155%. Monte South, the company's premium development in Byculla, grew 16%.
On the existing portfolio alone, the company reported 0.71 lakh square feet sold, registered booking value of ₹154 crore and collections of ₹127 crore. On a merged basis that includes a 40% revenue share in Monte South, it reported 0.94 lakh square feet sold, booking value of ₹251 crore and collections of ₹202 crore.
Chairman and Managing Director Chetan Shah said on 22 October 2026 that demand came from every price segment, from affordable homes to Monte South. He said the company is adding projects selectively, in well-connected locations, and with no net debt.
Half-year position
For the first half of FY27, consolidated revenue from operations was ₹326.45 crore, against ₹257.67 crore in the same period a year earlier. Consolidated net profit fell to ₹97.62 crore from ₹128.11 crore. Other reports cite half-year total revenue of ₹362 crore and profit after tax of ₹98 crore, which reflects a total-income basis.
The company had utilised ₹695.39 crore of its ₹899.99 crore QIP proceeds as of 30 September 2026.
Balance sheet and the liquidity reading
The platform reports ROCE of 9.18% and cash reserves of ₹74.66 crore, and reads the cash decline as a liquidity concern. The company says it is net debt-free, with a positive net cash position. Both readings use the same reported figures; they differ in how much weight they give to them.
Projects and pipeline
The company's ongoing projects are in Lower Parel, Byculla and Mulund, with land banks in Bhandup, Thane, Dombivli and Panvel. The company says construction at four projects is on schedule.
With its Q2 results, the company added two Mumbai redevelopment projects in Versova and Sewri to its pipeline, with combined estimated gross development value of ₹900 crore. No launch date was given.
What it means for buyers and investors
The rating is an investment view. It does not describe delivery, pricing or possession for buyers. The platform's note cites a negative financial trend and weak technical signals, and it says the grade signals caution for investors.
For buyers, the company's reported pre-sales and collections are the most direct recent indicators of demand for its projects. For investors, the Strong Sell grade and the lower quarterly revenue are the main points in the platform's assessment.
The platform's earlier pages date the move to Strong Sell to 17 November 2025, and another recent article shows an upgrade to Sell with a Mojo Score of 35.0. The 23 October 2026 note should therefore be read as the platform's current grade rather than a fresh downgrade.
Share price
According to the platform, the shares closed at ₹370.45 on 23 October 2026. This was a 2.97% fall on the week from ₹381.80. The same source says the Sensex fell 1.17% to 33,538.04 over the same period, and that the stock underperformed the index.
Background
In the September 2022 quarter, the company reported sales of ₹169.95 crore and net profit of ₹14.66 crore, according to Business Standard. The company was incorporated in 1978 and works in commercial and residential development, townships, affordable housing and retail. Its registered office is at Marathon Futurex, N.M. Joshi Marg, Lower Parel (West), Mumbai 400 013. The promoter holds 56.4%.
What comes next
- The company's Q2 FY27 earnings call, rescheduled from 23 October 2026.
- Launch timing for the Versova and Sewri redevelopment projects.
- The platform's next rating update.
Frequently asked questions
What did the stock-rating platform decide?
On 23 October 2026, it placed Marathon Nextgen Realty on its Strong Sell grade with a Mojo Score of 21.0, linking the move to the quarter ended 30 September 2026.
Did the company's sales fall?
The company reported pre-sales of ₹154 crore for the quarter, up 79% quarter on quarter. The platform's figure is net sales of ₹128.95 crore, which it measures against a four-quarter average and which is down 6.7%.
Is the company in debt?
The company says it is net debt-free with a positive net cash position. The platform reports cash reserves of ₹74.66 crore and reads the trend as a liquidity concern.
Does the rating affect homes already being built?
The rating is an investment view. The sources do not report any buyer-level impact on delivery, pricing or possession. The company says four projects are on schedule.
What is next for the company?
The Q2 FY27 earnings call was rescheduled from 23 October 2026, and the Versova and Sewri redevelopment projects have been added to the pipeline with no launch date given.