About Marathon Nextgen Realty Limited (MNRL)

Marathon Nextgen Realty Limited (MNRL) is a Mumbai-based public company incorporated on January 13, 1978, and listed on BSE and NSE. Its registered office is at Marathon Futurex, N. M. Joshi Marg, Lower Parel, Mumbai 400 013. The Company is primarily engaged in the construction, development, leasing and sale of commercial and residential real estate projects, executed through its own development as well as joint ventures and joint development arrangements.

MNRL operates largely in the Mumbai Metropolitan Region (MMR), with a portfolio spanning premium offices, luxury and mid-income residences, affordable housing and retail. Key ongoing and completed developments include Monte South (Byculla), Nexzone (Panvel), NeoHomes cluster comprising NeoPark and NeoSquare (Bhandup), NeoValley (Bhandup), Millennium (Mulund) and Futurex (Lower Parel).  The Company reports five active locations (two offices and three project sites) and serves customers in Maharashtra, with no exports.

A strategic internal consolidation completed in FY25 unified multiple land-owning entities under MNRL, creating a streamlined platform and access to a 418-acre land bank across Panvel (205 acres), Bhandup (130 acres) and Dombivli (83 acres), alongside ready-to-use assets.  As of March 31, 2025, the Company had eight subsidiaries.

Marathon Nextgen Realty Limited Milestone 

Major milestones include: acquisition of Piramal Spinning and Weaving Mills Ltd. (2002); acquisition of 12.5 acres of Khatau Mills at Byculla and rebranding as Marathon Nextgen Realty Limited (2007); a JV with Mafatlal Mills for 6.6 acres in Lower Parel (2015); land additions via Sanvo Resorts Pvt. Ltd. (25 acres, Panvel) and Terrapolis Assets Pvt. Ltd. (1 acre, Mulund) in 2019; and acquisition of Nexzone Fiscal Services Ltd. (2023).

Marathon Nextgen Realty Limited’s Business Segments

• Real estate and construction contributed 100% of turnover (NIC Code 70).
• Domestic vs. international: operations are in India (Maharashtra) with exports at 0% of turnover.

Marathon Nextgen Realty Limited’s Key Management

• Chetan R. Shah – Chairman and Managing Director
• Mayur Shah – Vice Chairman
• Suyash Bhise – Chief Financial Officer
• Yogesh Patole – Company Secretary

Latest Updates on Marathon Nextgen Realty Limited (MNRL)

• Strategic merger: In FY25, MNRL consolidated multiple land-owning entities into a single platform, simplifying compliance, improving resource allocation and enabling phased development across a 418-acre land bank in Panvel, Bhandup and Dombivli.

• Capital raise: The Company completed a Qualified Institutional Placement of Rs 900 crore in June 2025 to accelerate launches, acquire strategic infill parcels and further deleverage; it highlighted a stronger net debt-to-equity position and a broadened institutional shareholder base.

• Subsidiary additions: In FY25, MNRL acquired 100% of Marathon Energy Private Limited, Marathon Nexzone Land Private Limited, Nexzone IT Infrastructure Private Limited, Nexzone Water Management Private Limited and Kanchi Rehab Private Limited, which became wholly owned subsidiaries.

• Project progress: Monte South (South Mumbai) received an Occupancy Certificate up to the 64th floor, while towers at Nexzone (Panvel) received OCs during the year. The NeoHomes cluster in Bhandup—NeoPark, NeoSquare and NeoValley—also advanced meaningfully.

• Financial discipline: The Company reported a meaningful reduction in net debt, an improved debt-to-equity ratio and a steady decline in cost of debt.