Marathon Nextgen Realty (NSE: MARATHON) posts all-time high Q2 PAT—will Panvel launch push stock higher?

Marathon Nextgen Realty Limited has reported its highest-ever second-quarter profit after tax of ₹67 crore for the period ended September 30, 2025, marking a 35 percent year-on-year increase. The Mumbai-based real estate developer also posted a 29 percent rise in EBITDA to ₹80 crore and a 60 percent increase in profit before tax to ₹78 crore, highlighting operational efficiency despite a modest 6 percent dip in revenue to ₹155 crore.

This growth came against the backdrop of a launch announcement for a new residential phase in Panvel, part of its township project Marathon Nexzone. The new phase, called The Nirvana Collection, is valued at over ₹600 crore in gross development value and marks a strategic milestone in the company’s efforts to capture the expanding housing demand in the Navi Mumbai corridor.

Chairman and Managing Director Chetan Shah noted that the earnings momentum was the result of execution discipline, cost control, and a strong order book. He stated that Marathon Nextgen Realty Limited had achieved notable delivery milestones in the quarter, including the Occupation Certificate for NeoSquare and a partial certificate for Monte South Tower B. He added that robust end-user demand in the Mumbai Metropolitan Region, combined with infrastructure-led growth, had supported collections and improved visibility across the developer’s projects.

What is The Nirvana Collection and how does it fit into Marathon’s township strategy in Panvel?

The Nirvana Collection, launched as Phase III of the Marathon Nexzone township, is spread across approximately three acres in Panvel. The development includes four residential towers of 28 storeys each, offering 2BHK, 3BHK, and select 4BHK combination apartments. The total RERA Carpet Area is estimated at around 4.90 lakh square feet, and the launch includes two floors of high-street retail space covering approximately 70,000 square feet, alongside four parking levels and a 70,000 square foot stilt-level amenity zone.

This latest phase expands Marathon Nexzone’s total built-up capacity while integrating lifestyle and sustainability components such as a swimming pool with a waterfall and jacuzzi, a fitness centre with yoga and meditation zones, indoor gaming areas, a co-working space, a café, children’s play areas, and a pet zone. The project is positioned as a premium vertical residential ecosystem that blends urban convenience with township-scale planning.

Importantly, The Nirvana Collection is proposed as a Silver-rated pre-certified Green Building by the Indian Green Building Council. The design includes rooftop solar panels for powering common areas, energy-saving lighting, water-efficient plumbing systems, and electric vehicle charging stations. Marathon Nextgen Realty Limited said these sustainable components reflect a growing buyer preference for future-ready, eco-conscious living.

Director Samyag Shah called the launch a continuation of Marathon’s long-term vision for Panvel as a model for integrated residential planning. He said the new phase was designed to elevate Nexzone into a next-generation township by incorporating curated living spaces with a strong sustainability focus, in step with Panvel’s emergence as a key residential-commercial hub.

What is driving the growing appeal of Panvel as a residential investment corridor?

The timing of the new launch is aligned with several ongoing infrastructure developments in and around Panvel. The commissioning of the Mumbai Trans Harbour Link, also known as Atal Setu, has created direct connectivity between South Mumbai and Navi Mumbai, significantly cutting down commute times. The operationalisation of Navi Mumbai International Airport and expansions in the Panvel-Karjat suburban rail corridor and metro network have further improved accessibility.

These developments have led to a rapid transformation in Panvel’s real estate profile, turning it into a magnet for aspirational homebuyers seeking affordability without compromising on connectivity or lifestyle. Marathon Nexzone has already seen the sale of more than 3,500 homes in its earlier phases, with over 2,500 homes delivered and approximately 1,000 more under construction. The addition of The Nirvana Collection is expected to enhance Nexzone’s positioning as a high-value, self-contained township offering a mix of residential, retail, and recreational assets.

How do the Q2 and H1 FY26 financials strengthen Marathon’s investment case?

For the half-year ended September 30, 2025, Marathon Nextgen Realty Limited reported ₹346 crore in consolidated revenue, a 2 percent year-on-year increase. Profit after tax for the six-month period stood at ₹128 crore, up 47 percent compared to the previous year, while profit before tax rose 58 percent to ₹146 crore. EBITDA for H1 FY26 was ₹161 crore, representing a 28 percent jump year-on-year.

Operationally, the company sold 65,845 square feet in Q2 and 1.43 lakh square feet across H1 FY26. Booking value came in at ₹166 crore for the quarter and ₹349 crore for the half-year, with collections of ₹191 crore in Q2 and ₹430 crore in the six-month period. These figures reflect a combination of increased product traction and high-value inventory moving through the sales funnel.

The developer remains in a net debt-free position, which it has maintained for multiple quarters. The clean balance sheet gives the company added financial agility to launch new projects without relying on external leverage, a key advantage at a time when capital costs in the sector are rising. Analysts believe this provides insulation against margin pressures while allowing the company to respond quickly to demand in target markets.

How is Marathon Nextgen Realty positioned among Mumbai-based developers with township models?

Marathon Nextgen Realty Limited, which has a legacy spanning over 56 years, is one of Mumbai’s oldest real estate groups. Founded in 1969 by Ramniklal Zaverbhai Shah, the developer has delivered over 100 projects across the city. It operates across segments including affordable housing, luxury residential, retail, small business hubs, and integrated townships. Current developments are active in Lower Parel, Byculla, Mulund, and Panvel, with land banks in Bhandup, Thane, and Dombivli.

The company’s leadership includes Chetan Shah and Mayur Shah, both US-educated engineers, as well as the third-generation leadership comprising Kaivalya Shah, Parmeet Shah, and Samyag Shah. This management team blends technical expertise with modern real estate practices, and the company has consistently emphasized transparency, customer centricity, and in-house design and engineering capabilities.

What sets Marathon apart from many of its peers is its sustained focus on execution and long-term land planning. It has remained conservative on debt while expanding through well-sequenced township launches rather than speculative land acquisition. This strategy aligns with the needs of post-pandemic homebuyers who are gravitating toward township formats offering access to workspaces, retail, and leisure in a single location.

What is the near-term investor outlook for Marathon stock following the Q2 results?

With the Q2 FY26 profit after tax hitting a new record and the PAT margin touching 43 percent, investor attention is turning toward the company’s ability to sustain this trajectory through H2 FY26. Marathon’s stock performance is being closely tracked by mid-cap real estate analysts who have pointed to the company’s financial discipline, debt-free status, and rising premium inventory as tailwinds for a potential re-rating.

The upcoming quarters will serve as a test for the absorption rate of The Nirvana Collection, the monetization of the high-street retail zones, and the company’s booking momentum across other sites in Lower Parel and Byculla. While the broader macro environment may introduce pricing sensitivity due to interest rate dynamics, Marathon’s brand equity and integrated development play may provide insulation.

Investors are also likely to monitor any future capital raising activity, potential joint ventures, or project pipeline announcements that could alter Marathon’s risk-return profile. For now, the company appears well-positioned to capitalize on infrastructure-driven demand in MMR’s extended corridors.

What are the key takeaways from Marathon Nextgen Realty’s Q2 FY26 results and new Panvel launch?

• Marathon Nextgen Realty Limited posted a record ₹67 crore profit after tax in Q2 FY26, a 35 percent year-on-year increase, with a robust 43 percent PAT margin.
• EBITDA rose 29 percent to ₹80 crore while profit before tax surged 60 percent to ₹78 crore, indicating strong cost control and margin discipline.
• Consolidated revenue for Q2 was ₹155 crore, down 6 percent year-on-year, but the bottom-line strength was driven by higher booking values and efficient delivery execution.
• The developer remains debt-free with a positive net cash position, supporting operational flexibility and lower capital risk.
• H1 FY26 saw total revenue of ₹346 crore, PAT of ₹128 crore (up 47 percent), and booking value of ₹349 crore with 1.43 lakh sq. ft. sold.
• The company launched The Nirvana Collection in Panvel as Phase III of its Nexzone township, with a projected gross development value of ₹600 crore.
• The launch includes four 28-storey towers with over 4.90 lakh sq. ft. of RERA carpet area and a 70,000 sq. ft. retail and amenity zone.
• Sustainability remains a core focus, with the new phase pre-certified as a Silver-rated Green Building by the Indian Green Building Council.
• Panvel’s emergence as a real estate hotspot is supported by infrastructure upgrades including the Mumbai Trans Harbour Link and Navi Mumbai International Airport.
• Marathon’s integrated township strategy, execution track record, and debt-free status are likely to keep investor sentiment positive heading into the second half of FY26.