# 1. Financial Performance ## A. Key Figures * Area Sales: **1.8 Lakh Sq Ft** 9M (stand-alone) · **2.46 Lakh Sq Ft** (post-merger) * **Booking Value:** **₹421 Cr** 9M (stand-alone) · **₹628 Cr** (post-merger) * **Collections:** **₹578 Cr** 9M (stand-alone) · **₹798 Cr** (post-merger) * **Total Revenue:** **₹487 Cr** 9M * **PAT:** **₹161 Cr** 9M (record high) * **Net Debt:** **Negative** (effectively debt-free) * **QIP Raised:** **₹900 Cr** (Jun–Jul) · **₹340 Cr** allocated to debt repayment ## B. Revenue & Collections * **Merger Amplifies Scale:** Post-merger volume and value metrics show substantial uplift, underscoring synergies and enhanced market reach in high-demand micro-markets. * **Near-Term Revenue Visibility:** Futurex, a ready-to-move-in commercial asset, is positioned for **maximum revenue contribution** in FY26 due to completion status and low incremental cost. * **Accounting Alignment:** Post-acquisition, Sunset Spaces will adopt Marathon’s percentage completion method, enabling **revenue recognition from current March**, improving near-term top-line visibility. ## C. Profit After Tax * **Record Profitability:** Highest-ever nine-month PAT driven by strong commercial portfolio performance and resilient residential business contributions. ## D. Net Debt Position * **Balance Sheet Transformation:** Achieved net debt-free status despite minor residual loans (~₹20 Cr), reflecting disciplined capital management and strong cash generation. * **Strategic Capital Allocation:** Majority of ₹900 Cr QIP proceeds directed toward balance sheet strengthening, with **₹340 Cr** specifically used for debt repayment, prioritizing financial flexibility over immediate project deployment. --- # 2. Project & Inventory Status ## A. Key Figures * **Ready-to-Move Inventory:** **2.24 lakh sq ft** Futurex campus (post-merger) · **12 towers** completed in Panvel Phase 1 · **2,700 families** residing * **Unsold Inventory Value:** **INR 40–50 Cr** across premium and affordable segments * **Ongoing Project Scale:** **4 million sq ft** total development potential at Monte South · **4.9 lakh sq ft** in Phase 3 launch ## B. Ready-to-Move Inventory * **Commercial Momentum:** Futurex Complex in Lower Parel anchors strong realization, with **224,000 sq ft** of high-demand commercial inventory ensuring sustained revenue visibility into FY26 and beyond. * **High Turnover:** Bhandup inventory is fast-moving, with **~90% pre-launch sales** and negligible ready-to-move stock, signaling strong market absorption. * **Panvel Emergence:** Panvel is positioned as the next major MMR growth hub, with Phase 1 fully OC-received and fully occupied, driving confidence in future phases. ## C. Ongoing Construction * **Project Execution on Track:** Key Bhandup projects—NeoValley Kaveri, Narmada, and NeoPark Ashoka—are advancing per schedule, with **Ashoka’s OC expected in coming months** and **Kaveri topped out**. * **Monte South Progress:** Tower B topped out at 65 floors with **OC up to 45th floor**, targeting full OC by Dec-26; Tower C at 17th-floor RCC, with phased OC roadmap in place. * **Accelerated Development:** QIP proceeds are being deployed to fast-track projects, with new launches confirmed in Panvel, Bhandup, and Byculla, backed by strategic land bank and infrastructure tailwinds. ## D. Phase-wise Progress * **Phase 2 & 3 Advancement:** Phase 2 nearing completion with OC applications underway; **Phase 3 announced with 9 lakh sq ft** across four premium towers, signaling continued expansion. * **Infrastructure Catalysts:** **Navi Mumbai Airport (Dec-25 launch)** and **Atal Setu’s full operation** are transforming connectivity, enhancing project valuation along the corridor. * **Nexzone Completion Push:** Nexzone Phase 2 finishing work complete on 3 towers; **OC for 2 towers expected by FY25-end**, supporting near-term revenue conversion. --- # 3. Sales & Booking Trends ## A. Key Figures * **Booking Velocity:** **~₹100 Cr/quarter** Monte South (6–8 quarters) * Sales Value Growth: at least 10% projected for Futurex vs. prior year * **Realization Growth:** **~10%** YoY increase in sales realizations ## B. Booking Value * **Sustained Momentum:** Monte South maintains consistent quarterly booking velocity, underpinning near-term revenue visibility and stability. * **Pipeline Expansion:** Upcoming launches—Marathon Nexzone and Bhandup Neo series—expected to drive **strong presales traction**, broadening the growth platform. * **Resilient Demand:** Ground-level demand remains robust across MMR, with no signs of near-term slowdown, supported by improved accessibility and favorable market dynamics. ## C. Realization Rates * **Pricing Power Intact:** Realizations improved ~10% YoY, driven by floor-wise pricing optimization and **strong client retention**, particularly in Futurex. * **Conversion Strength:** High and stable inquiry-to-sale conversion rates reflect sustained project appeal and effective sales execution. --- # 4. Segment & Geography Mix ## A. Key Figures * **Revenue Mix (9M):** **60% Residential** · **40% Commercial** ## B. Residential vs Commercial * **Segment Transparency Pending:** Full 9-month PAT split and forward-looking segment mix guidance for FY26 and FY27 will be disclosed post-data collation. ## C. Panvel & Bhandup Projects * **Commercial Demand Diversifying:** Marathon Millennium in Mulund gaining traction with SMEs, signaling strong appetite for non-CBD commercial spaces. * **Bhandup Scaling Ambition:** Targeting annual launches and approvals, with internal goals to increase inventory volume significantly year-on-year. ## D. MMR Micro-market Focus * **Panvel Emerges as Strategic Hub:** Dubbed "Mumbai 0", witnessing surge in large-scale, multi-segment development fueled by **strong FDI interest** and improved connectivity cutting VT–Panvel travel to under **1 hour**. * **Bhandup Gains Developer Confidence:** Land transactions near company holdings at **₹41–43 Cr/acre**, underscoring rising institutional interest in the micro-market. * **MMR-Centric Growth Strategy:** Firm remains focused on redevelopment, peripheral townships, and plotted developments within MMR—**no near-term plans to expand beyond**—prioritizing Western suburbs, Thane, and Navi Mumbai. * **Premium Positioning in Periphery:** Projects in areas like Panvel match core city quality (e.g., **Nexzone Panvel: 13 towers completed**) but priced as **premium, not super-premium**, reserving top-tier pricing for BKC and South Mumbai. * **Infrastructure-Led Market Expansion:** MMR accounts for **30–40% of national real estate activity**, with projects like Mumbai 0, Vadhavan Airport, and Sea Link driving broad-based demand across price points. --- # 5. Land Bank & M&A ## A. Key Figures * **Project Value Addition:** **INR 1,000 Cr** from SSPL acquisition * **Land Monetization Potential:** **INR 100–200 Cr** per one-time B2B deal in Bhandup * Stake Acquisition: 90% in Sunset Spaces for INR 8.10 Cr (pre-money) (post-money: INR 9 Cr) * **Land Transaction:** **~1.3-acre** Lower Parel property acquired for **INR 448 Cr** ## B. Merger Integration * **Strategic Expansion:** Merger to significantly boost GDV and market presence in high-growth MMR nodes—Panvel, Dombivli, and Bhandup—via three major land parcels. * **Catalyst Timeline:** SEBI in final approval stage; NCLT process expected to take **6–7 months** post-clearance, paving way for project launches next year. * **Market Tailwinds:** Industry consolidation and rising developer interest amplifying benefits from merger, alongside strong aggregate demand in MMR. ## C. Redevelopment Pipeline * **Active Pipeline Development:** Over 45–50 projects evaluated, with two clusters near finalization and multiple bids in advanced stages, including preferred developer status in key tenders. * **Structured Execution:** Dedicated 12-member redevelopment team driving due diligence and selection based on strategic fit and internal metrics. * **Upcoming Contributions:** Kaivalya, Marathon Nextown, and Nexworld in Dombivli set to drive future revenue post-merger. ## D. Land Acquisitions * **Strategic Infill:** INR 448 Cr acquisition of 3-acre Lower Parel site signals strong confidence in Mumbai’s Grade A commercial real estate outlook. * **Value-Creating Deal:** Acquisition of 90% in Sunset Spaces at a significant step-up from prior valuation, with potential for redevelopment upside and equity monetization. --- # 6. Risks & Regulatory ## A. Redevelopment Complexity * **Headline:** Redevelopment remains a strategic priority, though progress is constrained by **lengthy due diligence** and legal complexities. --- # 7. Guidance & Outlook ## A. Key Figures * **FY27 GDV Contribution:** **INR 600 Cr** Panvel launch (4.9 lakh sq ft) · **INR 170 Cr** Bhandup presales * **Presales Volume Outlook:** **7–8 lakh sq ft** expected from Marathon Nextown ## B. FY27 Bookings View * **Favorable Market Dynamics:** Stable interest rates and a shift toward quality developments are boosting demand for listed developers, particularly in Mumbai. * **Growth Catalysts:** Infrastructure-led development and redevelopment-driven supply underpin a highly promising real estate outlook with healthy demand and market stability. * **Strategic Positioning:** Diversified portfolio with high-performing commercial assets and a resilient residential pipeline positions the company for consistent growth and value creation. ## C. Presales Targets * **Near-Term Volume Drivers:** Marathon Nextown and Nexworld in Dombivli set to deliver significant presales, with the former advancing through regulatory approvals.