Marathon Nextgen pre-sales rise 79% in September quarter; half-year profit falls

Marathon Nextgen Realty Ltd, a Mumbai-based developer, reported pre-sales of ₹154 crore for the quarter ended 30 September 2026, according to its results release dated 22 October 2026. The board approved the results on 21 October. On 23 October 2026, a third-party stock-rating platform placed the company’s shares on its Strong Sell grade, citing the same quarter.

What the company reported

The company said collections were ₹127 crore, total income ₹145 crore, EBITDA ₹61 crore and profit after tax ₹45 crore for the quarter. Total pre-sales rose 79% quarter-on-quarter. Residential pre-sales grew 70%, with the affordable and mid-income portfolio up 155%. Monte South, the company’s premium project in Byculla, grew 16%.

On a merged basis, which includes a 40% revenue share for Monte South, the company reported 0.94 lakh square feet sold, registered booking value of ₹251 crore and collections of ₹202 crore. On the existing portfolio alone, the figures were 0.71 lakh square feet, ₹154 crore and ₹127 crore.

The half-year picture is weaker. Consolidated revenue from operations rose to ₹326.45 crore from ₹257.67 crore in the prior-year period. Consolidated net profit, however, fell to ₹97.62 crore from ₹128.11 crore. The company’s filings do not, in the notes available, explain the drop in profit.

Where the rating platform differs

The platform put quarterly net sales at ₹128.95 crore, 6.7% below its average for the previous four quarters. That is a comparison against an average, not against the immediately preceding quarter. Over six months, the platform says net sales grew 26.7% to ₹326.45 crore. Its article describes the quarter as a shift to a negative financial trend.

The platform’s profit figures differ from the company’s. It gives profit after tax of ₹43.93 crore, down 9.9%. The company reports ₹45 crore. A summary of the consolidated filing points to about ₹45.19 crore. No source reviewed explains the gap, so the platform’s figure is its own basis.

On returns and cash, the platform says return on capital employed fell to 9.18% and cash reserves to ₹74.66 crore, and reads this as a liquidity concern. The company says it is net debt-free with a positive net cash position. The reported numbers are not in dispute here; the two sides interpret them differently.

On the share price, the platform says the stock fell about 3% over the week to 23 October and underperformed the Sensex, which fell 1.17% to 33,538.04 that day. The platform’s daily price figures do not reconcile with each other, so this report does not rely on them. The platform’s pages also give different dates for the grade’s last change. Its current grade is Strong Sell, with a Mojo Score of 21.0. That is the platform’s present view, not a new downgrade.

Balance sheet and pipeline

The company said it had used ₹695.39 crore of its total QIP proceeds of ₹899.99 crore as of 30 September 2026. Its ongoing projects are in Lower Parel, Byculla and Mulund, with land banks in Bhandup, Thane, Dombivli and Panvel. The company said construction at four projects is on schedule. Two redevelopment projects in Versova and Sewri were added to the pipeline, with a combined estimated gross development value of ₹900 crore.

Chairman and Managing Director Chetan Shah said on 22 October 2026: “Demand came from every price segment this quarter, from affordable homes to Monte South.” He added that the company is adding projects selectively, in well-connected locations, and doing so with no net debt. He said the focus is to deliver on time, allocate capital carefully and unlock the value in the land bank.

Market-data figures show a market capitalisation of about ₹2,485 crore and promoter holding of 56.4%. The data date was not stated.

What investors will watch

• Whether half-year profit recovers in the next quarterly filing, given the fall from ₹128.11 crore to ₹97.62 crore.
• The company’s net cash position in future filings, against the platform’s ₹74.66 crore cash figure.
• How much of the remaining QIP money is deployed, and on which projects.
• The timing of the Versova and Sewri launches and the progress of the four projects the company says are on schedule.
• Whether the platform’s grade changes, and whether its profit figures are reconciled with the company’s.