Marathon Nextgen Realty Limited (MARATHON) AI Stock Analysis

• Market Cap: ₹28.21B
• Dividend Yield: 0.19%
• Average Volume (3M): 20.17K
• Price to Earnings (P/E): 11.6
• Beta (1Y): 2.16
• Revenue Growth: -21.43%
• EPS Growth: 18.96%
• Country: IN
• Employees: 800
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Development
• EPS (TTM): 4.79
• Shares Outstanding: 67,420,550
• 10 Day Avg. Volume: 25,371
• 30 Day Avg. Volume: 20,167
• PEG Ratio: 2.38
• Price to Book (P/B): 2.17
• Price to Sales (P/S): 3.81
• P/FCF Ratio: -89.90
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 62 Neutral
• Price Target: ₹428.00 ▼(-19.01% Downside)
• Action: Reiterated Date: 02/26/26
• Date: Action: Reiterated 02/26/26

The score is primarily supported by solid underlying financial statement performance (stronger profitability, but with leverage and cash-conversion constraints). This is meaningfully offset by very weak technical conditions (deeply bearish trend and momentum). Valuation is supportive due to a modest P/E, but not enough to overcome the current technical weakness.

Positive Factors

Improving Margins

Marathon has shown sustained margin expansion across gross profit and EBIT, indicating structural cost controls and pricing power in projects. Durable margin improvement supports long-term profitability even if top-line growth slows, enabling reinvestment or deleveraging.

Improving Leverage Metrics

A falling debt-to-equity trend signals intentional leverage management and improves balance sheet flexibility. Over months this reduces refinancing and liquidity risk for a capital-intensive developer and strengthens ability to pursue new projects or withstand cyclical downturns.

Improving Free Cash Flow Conversion

An improving FCF-to-net-income ratio indicates better cash conversion from reported profits. This durable trend increases capacity to fund development, service debt, or return capital, lowering structural liquidity risk versus peers with weaker cash conversion profiles.

Negative Factors

High Reliance on Liabilities

The balance sheet shows significant reliance on liabilities despite a falling D/E ratio. For a real-estate developer, sustained dependence on external financing raises refinancing, interest-rate and covenant risks that can materially constrain operations over the medium term.

Weak Cash Conversion Consistency

Inconsistent free cash flow growth and weak operating cash conversion imply earnings are not reliably translating into spendable cash. This structural conversion gap can limit capacity to self-fund projects, prolong reliance on external funding, and increase execution risk.

Declining Revenue Trend

Negative revenue growth indicates softening sales or project throughput. For a developer, falling top-line is a durable headwind that can compress scale, pressure future margins if fixed costs persist, and reduce free cash flow generation over the medium term.

Marathon Nextgen Realty Limited Business Overview & Revenue Model

Company Description

Marathon Nextgen Realty Limited engages in the construction, development, and sale of commercial and residential real estate projects in India. The company was founded in 1969 and is based in Mumbai, India. Marathon Nextgen Realty Limited is a subsidiary of Marathon Realty Private Limited.

How the Company Makes Money

Marathon Nextgen Realty Limited generates revenue through multiple streams within the real estate sector. Key revenue sources include rental income from its portfolio of residential and commercial properties, which provides a steady cash flow. The company also benefits from property sales, capitalizing on appreciation in real estate values. In addition, MARATHON may engage in property management services, charging fees for managing third-party properties. Significant partnerships with local developers and investors allow MARATHON to expand its investment opportunities and enhance its asset base, further contributing to its revenue. Additionally, strategic collaborations in joint ventures for development projects can lead to profit-sharing arrangements, boosting overall earnings.

Marathon Nextgen Realty Limited Financial Statement Overview

Summary

Income statement strength (75) from improving margins supports the score, but it is tempered by moderate balance sheet risk (68) due to reliance on liabilities and still-elevated leverage, plus weaker cash flow quality (62) from challenges converting net income into operating cash flow.

Income Statement

Marathon Nextgen Realty Limited has demonstrated strong performance in its income statement. The company has shown a consistent increase in gross profit margin and EBIT margin over the years, indicating effective cost management and operational efficiency. Despite a decline in revenue growth rate in the most recent period, net profit margins have been improving, reflecting enhanced profitability.

Balance Sheet

The balance sheet reveals a moderate financial position. The debt-to-equity ratio has been decreasing, showing improved leverage management, though it remains relatively high. The company's return on equity is robust, indicating effective utilization of shareholder funds. However, the equity ratio suggests a significant reliance on liabilities, which could pose future risks.

Cash Flow

The company's cash flow statement indicates mixed results. While the free cash flow growth rate has been inconsistent, the operating cash flow to net income ratio suggests challenges in converting income into cash. However, the free cash flow to net income ratio is improving, highlighting some positive cash generation trends.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	5.59B	6.76B	7.01B	7.17B	3.06B	2.06B
Gross Profit	2.08B	3.20B	2.81B	2.89B	1.16B	847.01M
EBITDA	2.47B	2.70B	2.75B	2.77B	1.13B	814.21M
Net Income	2.09B	1.87B	1.66B	1.21B	385.20M	151.91M
Balance Sheet
Total Assets	0.00	20.97B	22.39B	21.53B	21.39B	17.00B
Cash, Cash Equivalents and Short-Term Investments	181.41M	917.97M	103.51M	351.11M	168.95M	376.35M
Total Debt	0.00	5.60B	7.61B	8.69B	10.87B	7.39B
Total Liabilities	-12.03B	8.95B	12.31B	13.60B	14.84B	10.85B
Stockholders Equity	12.03B	11.87B	9.96B	7.85B	6.49B	6.09B
Cash Flow
Free Cash Flow	0.00	-286.53M	206.40M	3.86B	748.46M	-1.08B
Operating Cash Flow	0.00	-253.14M	221.01M	3.86B	763.34M	-1.09B
Investing Cash Flow	0.00	2.98B	1.12B	-459.62M	-3.75B	-26.38M
Financing Cash Flow	0.00	-2.65B	-1.55B	-3.26B	2.73B	1.44B

Marathon Nextgen Realty Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 528.45
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MARATHON, the sentiment is Negative. The current price of 528.45 is above the 20-day moving average (MA) of 468.13, above the 50-day MA of 494.14, and below the 200-day MA of 579.50, indicating a bearish trend. The MACD of -23.33 indicates Positive momentum. The RSI at 31.33 is Neutral, neither overbought nor oversold. The STOCH value of 34.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:MARATHON.

Marathon Nextgen Realty Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
ARVSMART	63 Neutral	₹23.68B	33.97	―	0.98%	13.62%	34.30%
MARATHON	62 Neutral	₹28.21B	11.61	―	0.19%	-21.43%	18.96%
KOLTEPATIL	57 Neutral	₹30.71B	60.68	―	1.01%	3.05%	―
ASHIANA	56 Neutral	₹32.31B	27.99	―	0.85%	24.58%	122.16%
HUBTOWN	55 Neutral	₹29.39B	22.07	―	―	64.29%	―
UNITECH	39 Underperform	₹12.97B	-0.56	―	―	-10.36%	46.24%