Marathon Nextgen Realty Limited (MARATHON.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-28.0%

₹278.97

vs ₹387.50 price

Levered DCF

₹375.26

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

4.81

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	11.7×	14.1×	15.15×	10.56×	14.12×	18.91×	7.92×	18.07×
P/B	1.04×	2.17×	2.53×	1.63×	0.84×	0.47×	0.32×	0.94×
P/S	4.79×	3.81×	3.6×	1.78×	1.78×	1.4×	0.79×	6.91×
EV / EBITDA	19.31×	11.26×	11.91×	7.62×	14.34×	12.15×	9.6×	19.03×
Gross margin	31.7%	47.3%	40.1%	40.4%	37.8%	41.2%	40.2%	87.0%
Operating margin	24.1%	44.7%	33.1%	33.9%	25.5%	32.1%	24.3%	61.1%
Net margin	40.9%	27.6%	23.8%	16.9%	12.6%	7.4%	10.0%	38.3%
Current ratio	4.87×	2.15×	2.02×	2.05×	1.77×	2.48×	1.3×	1.56×
Debt / equity	0.04×	0.47×	0.76×	1.11×	1.67×	1.21×	0.87×	0.71×
Interest coverage	9.36×	5.14×	2.85×	1.98×	1.05×	1.51×	1.43×	2.38×
Dividend yield	0.3%	0.2%	0.2%	0.2%	0.0%	0.0%	1.5%	2.0%
Payout ratio	3.3%	2.8%	2.8%	1.9%	0.0%	0.0%	11.5%	35.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	8.9%	15.7%	16.7%	15.4%	5.9%	2.5%	4.1%	5.2%
Return on invested capital	3.8%	13.8%	9.8%	10.3%	3.4%	3.0%	3.9%	3.9%
Return on assets	7.4%	8.9%	7.4%	5.6%	1.8%	0.9%	1.5%	2.1%
Free cash flow yield	-2.7%	-1.1%	0.8%	30.2%	13.8%	-37.5%	11.3%	16.2%
Earnings yield	8.5%	7.2%	6.6%	9.5%	7.1%	5.3%	12.6%	5.5%
Enterprise value	₹23.4B	₹30.4B	₹32.7B	₹21.2B	₹16.1B	₹9.9B	₹7B	₹9.9B
Net debt / EBITDA	-0.29×	1.73×	2.73×	3.02×	9.51×	8.62×	6.98×	8.11×
Cash conversion cycle (days)	1,091	667	683	571	1,301	1,874	1,097	13,535