Marathon Nextgen Q1 FY27 Results (NSE: MARATHON)
Signal: Growth reaccelerated
The read
The quarter marks a revenue inflection to ₹197.5 crore, +40.3% YoY and a multi-quarter high, but operating momentum is less convincing: EBITDA fell 18.5% to ₹66.01 crore while EBITDA margin was 33.4%, and PAT fell 16.1% to ₹50.23 crore despite ₹19.49 crore of other income. The Q1FY27 margin is above the 22% OPM recorded in Q1FY26, but the combination of EBITDA contraction, EPS down 33.4%, and material other-income dependence warrants confirmation through execution and collections rather than relying on reported PAT.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹197.5 Cr | 40.3% | N/A |
| EBIT | ₹65.63 Cr | -18.5% | N/A |
| Net profit | ₹50.23 Cr | -16.1% | N/A |
| EPS | ₹7.78 | -33.4% | N/A |
| EBIT margin | 33.4% |
P&L walk
Consolidated revenue reached ₹197.5 crore, +40.3% YoY, and EBITDA margin was 33.4%, but EBITDA declined 18.5% to ₹66.01 crore and PAT fell 16.1% to ₹50.23 crore; other income of ₹19.49 crore represented 30% of PBT and supported earnings.
Segments
No segment results table is disclosed; the material standalone-versus-consolidated gap is visible in revenue of ₹39.25 crore versus ₹197.5 crore and PAT of ₹36.62 crore versus ₹50.23 crore, indicating that earnings sit substantially in subsidiaries or other group entities.
Key positives
- Consolidated revenue reached ₹197.5 crore, +40.3% YoY, described as a multi-quarter high.
- Collections were ₹118 crore for the existing portfolio and ₹146 crore for the merged portfolio, supporting near-term cash conversion.
- The company reported a positive net cash position and added two redevelopment projects in Versova and Sewri with total GDV of ₹900 crore.
- Full Occupancy Certificates were achieved for the Cedar and Daffodil towers at Nexzone, enabling customer handovers and supporting future collections.
Key concerns
- EBITDA declined 18.5% to ₹66.01 crore despite revenue growth of 40.3%, so the revenue rebound has not yet translated into operating-profit growth.
- PAT declined 16.1% to ₹50.23 crore and was partly supported by other income of ₹19.49 crore, equal to 30% of PBT.
- EPS declined 33.4% to ₹7.78, materially lagging PAT and indicating a flagged earnings-quality divergence; the filing does not state whether dilution or minority interest caused it.
- Standalone PAT of ₹36.62 crore was generated on revenue of only ₹39.25 crore, with other income of ₹27.3 crore equal to 64% of PBT, underscoring parent-level dependence on non-operating income.
Earnings quality: includes non-operating other income
Research and educational content only. Not investment advice.