Financial Performance

Consolidated Q4 FY26 Results:

  • Total Income: ₹152 crore
  • EBITDA: ₹63 crore
  • Profit After Tax (PAT): ₹46 crore

Consolidated FY26 Annual Results:

  • Total Income: ₹639 crore
  • EBITDA: ₹261 crore
  • Profit After Tax (PAT): ₹206 crore (all-time high)
  • Margin: 32% (robust)
  • Net Debt: Remained net debt-free with positive net cash position

Operational Highlights

Existing Portfolio Performance (Q4 FY26):

  • Area Sold: 47,798 sq. ft.
  • Booking Value: ₹156 crore
  • Collections: ₹203 crore

Existing Portfolio Performance (FY26):

  • Area Sold: 2,28,593 sq. ft.
  • Booking Value: ₹576 crore
  • Collections: ₹781 crore

Post-Merger Portfolio Performance (Q4 FY26):

  • Area Sold: 58,389 sq. ft.
  • Booking Value: ₹203 crore
  • Collections: ₹249 crore

Post-Merger Portfolio Performance (FY26):

  • Area Sold: 3,04,963 sq. ft.
  • Booking Value: ₹832 crore
  • Collections: ₹1,048 crore

Note: Data based on Carpet Area. Based on 40% revenue share for Monte South project.

Strategic Developments

Capital Markets Activity:

  • Successful QIP raised approximately ₹900 crore
  • ₹340 crore deployed towards debt repayment
  • Received NOC (no adverse observations) from both BSE and NSE on proposed Scheme of Amalgamation and Arrangement

Project Launches:

  • Nexzone Phase 3 launched with GDV of ₹600 crore
  • New Bhandup project under Neohome portfolio with GDV of ₹370 crore

Acquisitions and Expansion:

  • Acquired controlling interests in three real estate entities
  • Added six residential projects in Kanjurmarg micro-market with expected GDV of over ₹840 crore
  • Substantial portion of acquired projects earmarked for Permanent Transit Camp (PTC) segment
  • Acquired 90% stake in Sunset Spaces Private Limited (SSPL)

Management Commentary

Mr. Chetan Shah, Chairman & Managing Director, stated that FY26 was a transformational year with record profits. Commercial portfolio Marathon Futurex delivered 30% year-on-year growth driven by strong absorption and leasing activity in Lower Parel. Collections were primarily driven by construction progress across Monte South, Nexzone and Bhandup projects.

The Mumbai Metropolitan Region market resilience was attributed to large-scale infrastructure investments including Mumbai Trans Harbour Link, Navi Mumbai International Airport, Metro expansions, and Mumbai 3.0 vision.

Company Background

Marathon Group has been operating for over 56 years since 1969, founded by Ramniklal Zaverbhai Shah. Completed over 100 projects in Mumbai encompassing townships, affordable housing, luxury residential, retail, small business spaces, and corporate parks. Current ongoing projects at Lower Parel, Byculla, Mulund, with land banks at Bhandup, Thane, Dombivli and Panvel.

Leadership includes Mr. Chetan Shah (Chairman), Mr. Mayur Shah (Vice-Chairman), and third generation project heads Mr. Kaivalya Shah, Mr. Parmeet Shah, and Mr. Samyag Shah.