Marathon Nextgen board approves buyout of Adani's 60% Monte South stake

Marathon Nextgen Realty Ltd's board on 31 October 2026 approved the buyout of Adani Group's 60% interest in Swayam Realtors and Traders LLP, the joint venture behind the Monte South project in Byculla, Mumbai. The consideration is up to ₹335 crore. The company said in a stock exchange filing that its holding will rise from 40% to 100% once the transaction is completed.

The price is split into two parts. The company said up to ₹135 crore will be paid in cash, and ₹200 crore will be covered by bank guarantees. The filing does not say how the cash will be funded or when payment will be made.

What the filing says

According to the filing, Adani Group decided to exit Monte South as it focuses resources on what the company described as substantially larger opportunities in the Mumbai Metropolitan Region. The filing does not name those developments, their scale, or when the exit will be completed. Adani Group is not a related party of the listed company.

The company said no government or regulatory approvals are needed for this stake purchase. The indicative completion period is two months from the date of the requisite approvals. The board also approved related-party transactions linked to the joint venture, covering investments in, loans to, or guarantees for it. These require shareholder approval, and no vote date has been announced.

The joint venture's reported turnover has fallen over three years, from ₹680.07 crore in FY24 to ₹433.08 crore in FY25 and ₹374.46 crore in FY26. The company has not said whether it expects that trend to reverse under full ownership.

The parent company's last quarter

In its Q2 FY27 results, announced on 22 October 2026, Marathon reported pre-sales of ₹154 crore, collections of ₹127 crore, total income of ₹145 crore, EBITDA of ₹61 crore and profit after tax of ₹45 crore. For H1 FY27, total income was ₹362 crore, EBITDA ₹127 crore and profit after tax ₹98 crore. The company said it remains net debt-free with a positive net cash position.

The company said residential pre-sales rose 70% quarter on quarter, led by its affordable and mid-income portfolio, and that Monte South grew 16% over the same period. It also added two redevelopment projects, in Versova and Sewri, with a combined estimated gross development value of ₹900 crore.

Analysts quoted in market commentary have pointed to the ₹135 crore cash outlay as a liquidity matter if it is not matched by project inflows. That view is the commentator's, not the company's or a regulator's.

What investors will watch

• The investor update call on 4 November 2026 at 1:15 pm IST, led by Chairman Chetan Shah and Vice Chairman Mayur Shah. The call notice lists no agenda, guidance figures or new deal terms.
• The shareholder vote on the related-party arrangements linked to the joint venture. No date has been announced.
• Completion of the stake purchase and the funding details that the filing has not yet provided.
• The next results date has not been announced.

The company said in its release that it will keep looking for opportunities to strengthen its development portfolio. It has not given a numerical acquisition target or deadline. For now, the key test is whether the cash and guarantee structure, and the joint venture's falling turnover, can be reconciled with the full-ownership strategy the company describes.