Key Metrics of Marathon Nextgen Realty Limited
About Marathon Nextgen Realty Limited
Sectors
Company details
- Registered office
- Marathon Futurex N. M. Joshi Marg, Lower Parel, Mumbai, In-mh, 400013
- Listed
- NSE: MARATHON · ₹399.90
Operational Areas of Marathon Nextgen Realty Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 11 Jan 2024 | CARE | Other | — | — | — | — | View |
| 09 Oct 2023 | CARE | Revised (from BB) | BB+ | — | Stable | ₹227 Cr | View |
| 10 Oct 2022 | CARE | Revised (from B+) | BB | — | Stable | ₹790 Cr | View |
| 14 Dec 2021 | CARE | Assigned | B+ | — | Stable | ₹900 Cr | View |
Credit strengths (CARE, Oct 2023)
+ Experienced promoters along with established track record in the real estate industry
The promoters of the Marathon group, founded in 1969 by the Shah family of Mumbai, have a long track record in the real estate industry, with more than 50 years of experi ence. The Marathon group has developed around 5 million square feet (msf) in more than 80 projects spanning across different segments of real estate in the Mumbai Metropolitan Region ( MMR), with currently around 2 msf of commercial space under development and around 18 msf of land under development in the MMR.
+ Strategic location of the project
MNRL’s project, Marathon FutureX, is in Lower Parel, Mumbai, which is one of the prime and well-established residential and commercial locations with good connectivity through railways and roadways. This is also evident by the good traction in the sale of the project during the past year. The other projects are also located in the Bhandup and Mulund areas of MMR, which are also favourable locations. CARE Ratings believes that the company will continue to benefit from the strategic location of th
+ Liquidity: Stretched
The liquidity of the company remains stretched, marked by committed receivables of ₹198 crore as against the pending cost of ₹364 crore and outstanding debt position of ₹410 crore as on June 30, 2023, thus reflecting modest a receivable coverage ratio of 26%. The liquidity is characterised by debt repayments of ₹195 crore vis-à-vis the expected net collection of ₹283 crore in the 12 months ending June 30, 2024. The liquidity is, however, supported by the comfortable surplus generated by the Mara
+ Assumptions/Covenants
Not applicable Environment, social, and governance (ESG) risks Not applicable Applicable criteria Policy on default recognition Financial Ratios – Non financial Sector Liquidity Analysis of Non-financial sector entities
+ Brief Financials (₹ crore) March 31, 2022 (A) March 31, 2023 (A) Q1FY24 (UA)
Total operating income 111.00 334.19 95.17 PBILDT 34.28 105.87 52.57 PAT 21.65 105.09 35.19 Overall gearing (times) 1.05 0.69 0.63 Interest coverage (times) 0.51 0.94 2.67 A: Audited; UA: Unaudited. Note: The above results are the latest financial results available. Status of non-cooperation with previous CRA: Not applicable
+ Total operating income 111.00 334.19 95.17
PBILDT 34.28 105.87 52.57 PAT 21.65 105.09 35.19 Overall gearing (times) 1.05 0.69 0.63 Interest coverage (times) 0.51 0.94 2.67 A: Audited; UA: Unaudited. Note: The above results are the latest financial results available. Status of non-cooperation with previous CRA: Not applicable Any other information: Not applicable
Credit challenges
− High reliance on customer advances , albeit mitigated to a certain extent through satisfactory sales and collections
MNRL and MRPL (together referred to as group) are together executing the Marathon FutureX (commercial), Marathon Embrace (residential – Neopark and Neosquare), Zaver Arcade and Marathon Carlo & Plaza (commercial and residential) projects, altogether admeasuring around 12.5 lakh square feet (lsf; area funded through NCD is considered for FutureX) of saleable area at a total estimated project cost of around ₹1,509 crore. As on June 30, 2023, the total project cost incurred stood at around 76% and
− Improved, however, low committed receivable coverage ratio
On the back of improved sales and better progress of the project, the committed receivable coverage ratio for the launched area improved marginally to 26% as on June 30, 2023 , from 19% as on June 30, 2022 , however, remained low. CARE Ratings Limited (CARE Ratings) believes that the sales momentum of the projects are expected to improve, with significant improvement in the committed receivable coverage ratio , which will remain a key monitorable.
− Weak financial risk profile, marked by high debt level and exposure to group companies
While the debt level of MNRL reduced to ₹552.42 crore as on March 31, 2023, from ₹716.42 crore as on March 31, 2022, the capital structure continues to remain weak on account of the high investments in group entities. The adjusted networth remained negative at ₹12 crore as on March 31, 2023. Furthermore, the group(MNRL and MRPL) had an aggregate outstanding debt level of ₹1,096 crore as on May 31, 2023, along with high contingent liabilities, mainly due to corporate guarantees extended to its
− Key strengths
Experienced promoters along with established track record in the real estate industry The promoters of the Marathon group, founded in 1969 by the Shah family of Mumbai, have a long track record in the real estate industry, with more than 50 years of experi ence. The Marathon group has developed around 5 million square feet (msf) in more than 80 projects spanning across different segments of real estate in the Mumbai Metropolitan Region ( MMR), with currently
− Strategic location of the project
MNRL’s project, Marathon FutureX, is in Lower Parel, Mumbai, which is one of the prime and well-established residential and commercial locations with good connectivity through railways and roadways. This is also evident by the good traction in the sale of the project during the past year. The other projects are also located in the Bhandup and Mulund areas of MMR, which are also favourable locations. CARE Ratings believes that the company will continue to benefit from the strategic location of th
Could lead to an upgrade
• Significant improvement in the committed receivable coverage ratio to over 70%. • Timely execution of the projects without significant cost overruns and timely realisation of the envisaged customer advances. • Significant improvement in the overall capital structure (including CG) on a sustained basis.
Could lead to a downgrade
• Considerable decline in the operating cash flows of the group on account of the lower-than-envisaged sales momentum and collection efficiency. • Any incremental debt (at the group level) other-than-envisaged significantly deteriorating the capital structure of the group on a sustained basis. • Significant expansion in the overall development portfolio , resulting in weakening of the operational metrics.
Agency-reported financials (CARE, 11 Jan 2024)
| Metric | March 31, 2022 | March 31, 2023 | H1FY24 |
|---|---|---|---|
| Total operating income | ₹111 Cr | ₹334 Cr | ₹176 Cr |
| PBILDT | ₹34.28 Cr | ₹106 Cr | ₹97.31 Cr |
| PAT | ₹21.65 Cr | ₹105 Cr | ₹43.06 Cr |
| Overall gearing (times) | 1.05× | 0.69× | 0.58× |
| Interest coverage (times) | 0.51× | 0.94× | 2.54× |
| Revenue growth (YoY) | — | 201.1% | — |
| EBITDA margin | 30.9% | 31.7% | 55.3% |
| Implied interest cost (EBITDA ÷ coverage) | ₹67.22 Cr | ₹113 Cr | ₹38.31 Cr |
| PAT margin | 19.5% | 31.4% | 24.5% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Non-convertible debentures | Debentures & bonds | — | ₹222 Cr | — | BB+ (Stable) | Revised | CARE |
| Non-convertible debentures | Debentures & bonds | — | ₹5.00 Cr | — | BB+ (Stable) | Revised | CARE |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE182D07043 | Convertible Dec. | Debentures & bonds | 17.50% | — | — | ₹5.00 Cr | BB | Not stated |
| INE182D07019 | NCD issue Dec Dec | Debentures & bonds | — | — | — | ₹0 | — | Withdrawn |
| INE182D07027 | NCD issue Dec Dec | Debentures & bonds | — | — | — | ₹0 | — | Withdrawn |
| INE182D07050 | NCD issue Feb Dec | Debentures & bonds | — | — | — | ₹0 | — | Withdrawn |
CARE ratings on record (checked 22 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Non Convertible Debentures | — | Withdrawn |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 42% |
| Information on file | 78% · missing: Auditor details, Recent rating review (last 15 months) |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 34% chance the next rating action is stable or better
- Interest coverage 2.54×
Rated limits by facility
Timeline
From the report
Detailed description of the key rating drivers Key weaknesses High reliance on customer advances , albeit mitigated to a certain extent through satisfactory sales and collections MNRL and MRPL (together referred to as group) are together executing the Marathon FutureX (commercial), Marathon Embrace (residential – Neopark and Neosquare), Zaver Arcade and Marathon Carlo & Plaza (commercial and residential) projects, altogether admeasuring around 12.5 lakh square feet (lsf; area funded through NCD is considered for FutureX) of saleable area at a total estimated project cost of around ₹1,509 crore
From the report
As on June 30, 2023, the total project cost incurred stood at around 76% and the remaining project cost of ₹364 crore is expected to be funded through around 86% of customer advances and the rest through undrawn debt.
From the report
The liquidity is, however, supported by the comfortable surplus generated by the Marathon FutureX project, which resulted in repayment of the NCDs ahead of the repayment schedule.
From the report
Detailed description of the key rating drivers Key Rating Weaknesses Project execution risk emanating from high dependence on external borrowing with partial financial closure achieved coupled with slow sales momentum MNRL and MRPL are together executing three projects Marathon Futurex (commercial), Marathon Embrace (residential) and Marathon Carlo & Plaza (commercial and residential), altogether admeasuring 20.94 lakh square feet (lsf) of saleable area at total estimated project cost of Rs.2068.13 crore.
From the report
Weak financial risk profile marked by high debt level and corporate guarantee MNRL and MRPL have together issued debt instruments a nd availed debt facilities as borrower and co -borrower and vice versa in almost all the transactions and are under process to issue new Non -Convertible debentures of Rs.450 crore to refinance the existing debt partially and partially fund the estimated pro ject cost.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Marathon Nextgen Realty Limited
Top competitors by location
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Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.