India's Richest People 2026 edition · 2 directors · Source: Hurun India
- #1,608 Chetan Ramniklal Shah & family ₹1,200 Cr
- #1,608 Mayur Ramniklal Shah & family ₹1,200 Cr
Revenue · FY 2025
₹950.39 Cr
▲ 8% YoY
Net profit · FY 2025
₹254.74 Cr
Net margin 26.8%
EBITDA · FY 2025
₹425.15 Cr
EBITDA margin 44.7%
Authorised capital
₹30 Cr
Registered with MCA
Paid-up capital
₹14.67 Cr
Issued & subscribed
Open charges
₹929.8 Cr
Satisfied ₹7,583.42 Cr
Company age
32 yrs
Est. 1994
Employees · EPFO
149
Provident fund records
About Marathon Realty Private Limited
Data last updated:
Marathon Realty Private Limited is a private limited company based in Mumbai, Maharashtra, India. It operates in the real estate development and construction segment of the real estate and construction sector. It was incorporated on 23 December 1994 and has been in existence for over 32 years.
Its director Chetan Ramniklal Shah and family are #1,608 among India's richest people (2026). Its director Mayur Ramniklal Shah and family are #1,608 among India's richest people (2026).
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U70100MH1994PTC084037. Its GSTIN is 27AAACM3361R1Z1 (Maharashtra).
The company has an authorised share capital of ₹30 Cr and a paid-up capital of ₹14.67 Cr. It was formerly known as Marathon Realty Limited. It is led by directors including Mayur Ramniklal Shah (Managing Director) and Nilesh Dhankumar Dand.
Its last annual general meeting (AGM) was held on 30 September 2024, and its latest financial statements are for the year ended 31 March 2024. The registered office is at 702 Marathon Max Junction Of Mulund – Goregaon Link Road Mulund West, Mumbai, Maharashtra, India – 400080.
As per the financials filed for FY 2025, the company reported a revenue of ₹950.39 Cr, a growth of 8% compared to the previous year. For the same year it recorded a net profit of ₹254.74 Cr (net margin 26.8%) and EBITDA of ₹425.15 Cr (EBITDA margin 44.7%). Revenue has grown at a compounded annual rate (CAGR) of 13% over three years and 17% over five years.
The company has about 149 employees on its provident fund (EPFO) records. Its group structure includes 4 subsidiaries.
As per MCA filings, the company has open charges of ₹929.8 Cr and satisfied charges of ₹7,583.42 Cr on record. Court records list 69 cases involving the company, including 32 filed by the company and 37 filed against it; 19 cases are pending.
The current compliance status is marked as compliant by the Registrar of Companies. For more details, the company can be reached via its website marathon.in.
Company details
CIN U70100MH1994PTC084037
Registration Number 084037
Incorporation Date 23 December 1994
ROC Mumbai
Listing Status Unlisted
Company Status Active
Date of Last AGM 30 September 2024
Date of Balance Sheet 31 March 2024
Compliance Status Active Compliant
CIN history
Marathon Realty has one previous CIN (Corporate Identification Number): U70100MH1994PLC084037. The current CIN is U70100MH1994PTC084037, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U70100MH1994PTC084037 | Current |
| U70100MH1994PLC084037 | Previous |
Key People
Mayur Ramniklal Shah Managing Director Nilesh Dhankumar Dand Director Chetan Ramniklal Shah Director Recognitions & Rankings of Marathon Realty
Contact details
Marathon Realty Private Limited's registered office is in Mumbai, Maharashtra. Its website is marathon.in. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Social Media
- Registered Address702 Marathon Max Junction Of Mulund – Goregaon Link Road Mulund West, Mumbai, Maharashtra, India – 400080
- IndustryReal Estate and Construction, Real Estate Builders & Developers
To see the full contact details of Marathon Realty Private Limited, buy the company report.
Comprehensive company report
Marathon Realty Private Limited - one report that includes everything
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
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Business activity
The main business activity of Marathon Realty is construction. In detail, this covers buildings.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| F | Construction | F1 | Buildings |
To see the full business activity and turnover split of Marathon Realty Private Limited, buy the company report.
Financials of Marathon Realty Private Limited
FY 2024 filings availableMarathon Realty Private Limited reported revenue of ₹950.39 Cr (up 8% YoY) for FY 2025.
Revenue · FY 2025
₹950.39 Cr ▲ 8%
Net profit · FY 2025
₹254.74 Cr margin 26.8%
EBITDA · FY 2025
₹425.15 Cr margin 44.7%
Compounded Annual Growth Rate (CAGR)
Revenue CAGR growth
1 year
▲ 8%
3 years · compounded
▲ 13%
5 years · compounded
▲ 17%
EBITDA CAGR growth
1 year
▲ 36%
3 years · compounded
▲ 27%
5 years · compounded
▲ 27%
Revenue has grown at a compounded annual rate (CAGR) of 17% over five years, including 8% growth in the latest year. EBITDA rose 36% in the latest year. Three- and five-year figures are compounded annual growth rates (CAGR): the steady yearly rate that links the first and the last year. All are worked out from the filed statements.
Financial Statement Summary
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
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| Total Expenses | |||||
| EBITDA | ₹425.15 Cr | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | ₹254.74 Cr | ||||
| Balance Sheet | |||||
| Share Capital | |||||
| Reserves and Surplus | |||||
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| Long-term Borrowings | |||||
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Financial Ratios
| Metrics | FY 2024-25 | FY 2023-24 | FY 2022-23 | FY 2021-22 | FY 2020-21 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 44.7% | ||||
| Net Profit Margin | 26.8% | ||||
| Return on Equity (ROE) | |||||
| Return on Capital Employed (ROCE) | |||||
| Return on Assets (ROA) | |||||
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To see the full financial statements and ratios of Marathon Realty Private Limited, buy the company report.
Board of directors of Marathon Realty Private Limited
Marathon Realty has 3 current directors and 9 former directors. Current directors are listed first, with their designation and appointment date.
Current Directors
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Nilesh Dhankumar Dand Also directs: Citadel Realty and Developers Limited, Terrapolis Assets Private Limited, Shree S S Infra Developers Private Limited and 5 more | Director | 27 Nov 2018 | 7 Years 10 Months | Current |
| Chetan Ramniklal Shah Also directs: Marathon Construction LLP, Marathon Buildcon LLP, Matrix Green Housing and Commercial Developers LLP and 5 more | Director | 23 Dec 1994 | 31 Years 10 Months | Current |
| Mayur Ramniklal Shah Also directs: Marathon Construction LLP, Marathon Buildcon LLP, Matrix Green Housing and Commercial Developers LLP and 5 more | Managing Director | 23 Dec 1994 | 31 Years 10 Months | Current |
Peer comparison
Marathon Realty Private Limited is compared with the 3 companies closest to it by revenue in the Real Estate industry (Builders and Developers), with the same principal business activity (buildings), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Ganesh Housing Limited | ₹993.49 Cr (FY 2025) | 11.0% | Ahmedabad, Gujarat, India | |||
| Neepa Real Estates Private Limited | ₹975.68 Cr (FY 2025) | 314.0% | Mumbai, Maharashtra, India | |||
| Rohan Builders (India) Private Limited | ₹965.88 Cr (FY 2025) | -7.0% | Pune, Maharashtra, India | |||
| Marathon Realty Private Limitedthis company | ₹950.39 Cr (FY 2025) | ₹254.74 Cr | 26.8% | 8.0% | 149 | Mumbai, Maharashtra, India |
To see the full peer comparison of Marathon Realty Private Limited, buy the company report.
Auditor
Marathon Realty Private Limited is audited by C N K & Associates LLP for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| C N K & Associates LLP | FY 2023 | 101961W |
Shareholding
The shareholding of Marathon Realty Private Limited is on record for 5 financial years, the latest being FY 2022, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of Marathon Realty Private Limited, buy the company report.
Charges & borrowings
Open charges
₹929.8 Cr
Satisfied charges
₹7,583.42 Cr
Breakdown by lending institutions
Latest charge details
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 30 Apr 2025 | 101096505 | Axis Bank Limited | ₹45 Cr | Open | |
| 15 Apr 2025 | 101091204 | Hdfc Bank Limited | ₹100 Cr | Open | |
| 20 Feb 2025 | 101054531 | Others | ₹75 Cr | Open | |
| 03 Jan 2025 | 101027714 | Others | ₹40 Cr | Open | |
| 27 Nov 2024 | 101006894 | Others | ₹75 Cr | Open |
To see the full charge records of Marathon Realty Private Limited, buy the company report.
Total charge records: 110 View all charges
Legal cases
Marathon Realty Private Limited has 69 court cases on record: 32 filed by Marathon Realty, 37 filed against it. 19 cases are pending and 50 are disposed.
Total cases
69
Filed by the company
32
Filed against the company
37
Pending
19
Disposed
50
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 35 | 15 | 8 |
| District courts | 30 | 19 | 11 |
| Supreme Court | 4 | 3 | 0 |
Cases on record (5 of 69)
| Court | Type of case | Party | Status |
|---|---|---|---|
| Bombay High Court | Interim or miscellaneous application | Filed against the company by Marathon Next Gen Realty Ltd and 3 Others | Pending |
| District court, Maharashtra Industrial and Lab, Maharashtra | Court case (Revision Application ULP) | Filed by the company against Matrix Enclaves Projects Developments Pvt. Ltd., and 1 other | Disposed |
| District court, Mumbai Small Causes Court, Maharashtra | Court case (LD) | Filed against the company by Zilingo Global Pvt Ltd | Disposed |
| Bombay High Court | Company petition | Filed against the company by Knight Frank (India) Pvt. Ltd. | Disposed |
| Bombay High Court | Appeal | Filed by the company against Colour Cartons Ltd (in Liqn) | Disposed |
To see the full case history of Marathon Realty Private Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
MSME payment delays
Marathon Realty Private Limited has 14 MSME Form 1 returns on record between 2018 and 2024, listing 548 overdue payments to 86 micro and small suppliers. Companies must report dues to micro and small suppliers that stay unpaid for more than 45 days in a half-yearly MSME Form 1 return.
Suppliers with reported dues (5 of 86)
| Supplier | Amount due | Due since | Reported on |
|---|---|---|---|
| Perks Links and Services Private Limited | |||
| an individual supplier | |||
| an individual supplier | |||
| an individual supplier | |||
| an individual supplier |
To see the full MSME payment records of Marathon Realty Private Limited, buy the company report.
Individuals and sole proprietors among the suppliers are not named.
Group structure & subsidiaries
Marathon Realty has 4 subsidiary companies and 2 associated companies. This group structure data is as of FY 2022. The table lists each entity with its relationship and holding.
4
Subsidiary companies
2
Associated companies
Key subsidiaries
| Company Name | CIN | Shares held |
|---|---|---|
| Marathon Nextgen Realty Limited | L65990MH1978PLC020080 | |
| Marathon Panvel Infrastructures Private Limited | U45200MH2006PTC160346 | |
| Nexzone Land Private Limited | U45200MH2008PTC182629 | |
| Matrix Waste Management Private Limited | U74900MH2007PTC172715 |
To see the full group structure of Marathon Realty Private Limited, buy the company report.
Employees & EPFO
Marathon Realty Private Limited has a workforce of 149 employees on its EPFO records as of Mar 30, 2024, across 1 active EPFO establishment.
Employee count
149
Active EPFO establishments
1
Employee growth
-14.37%
GST
Marathon Realty has 1 GST registration: 1 active.
Total GSTINs
1
Active
1
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 27AAACM3361R1Z1 | Maharashtra | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of Marathon Realty Private Limited, buy the company report.
Recent activity
Marathon Realty Private Limited has 8 board changes on record since 1994: 3 appointments and 5 cessations. The latest: Nilesh Dhankumar Dand ceased to be Additional Director on 29 Dec 2018.
Charges
A charge registered on 10 Jan 2025 via Charge ID 101040782 with Others was fully satisfied on 09 Sep 2025.
Charges
A charge registered on 26 Oct 2023 via Charge ID 100813600 with Others was fully satisfied on 13 Aug 2025.
Charges
A charge registered on 17 Aug 2023 via Charge ID 100774383 with Others was fully satisfied on 13 Aug 2025.
Charges
A charge with Hdfc Bank Limited of Rs. 100.00 Cr registered on 15 Apr 2025 with Charge ID 101091204 was modified on 29 Jul 2025.
Charges
A charge registered on 21 Dec 2023 via Charge ID 100861969 with Others was fully satisfied on 23 Jul 2025.
Charges
A charge registered on 17 May 2024 via Charge ID 100930816 with Others was fully satisfied on 18 Jul 2025.
Charges
A charge registered on 25 Mar 2025 via Charge ID 101065880 with Others was fully satisfied on 01 Jul 2025.
Charges
A charge with Others of Rs. 75.00 Cr registered on 27 Nov 2024 with Charge ID 101006894 was modified on 28 May 2025.
Charges
A charge registered on 03 Oct 2022 via Charge ID 100623962 with Others was fully satisfied on 12 May 2025.
Charges
A charge with Axis Bank Limited amounted to Rs. 45.00 Cr with Charge ID 101096505 was registered on 30 Apr 2025.
Charges
A charge with Hdfc Bank Limited amounted to Rs. 100.00 Cr with Charge ID 101091204 was registered on 15 Apr 2025.
Charges
A charge with Others of Rs. 205.00 Cr registered on 21 Dec 2023 with Charge ID 100861969 was modified on 04 Apr 2025.
236 earlier events are in the company report.
News
Frequently asked questions
Marathon Realty is an active private limited company based in Mumbai, Maharashtra, India. The company works in real estate builders and developers, within the real estate and construction industry. It was incorporated on 23 December 1994 (32+ years old) and is registered under CIN U70100MH1994PTC084037.
Marathon Realty has 3 current directors:
- Mayur Ramniklal Shah - Managing Director
- Nilesh Dhankumar Dand - Director
- Chetan Ramniklal Shah - Director
The latest financial statements of Marathon Realty on record with the MCA are for the year ended 31 March 2024. Its last annual general meeting was held on 30 September 2024. Year-wise statements from 2015 are in the company report.
The GSTIN of Marathon Realty is 27AAACM3361R1Z1, registered in Maharashtra.
The CIN (Corporate Identification Number) of Marathon Realty is U70100MH1994PTC084037. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Marathon Realty has 69 court cases on record: 32 filed by the company and 37 filed against it. 19 are pending. Most are in the high courts.
Marathon Realty was incorporated on 23 December 1994, making it 32+ years old. It is registered with the Registrar of Companies, Mumbai.
The peers of Marathon Realty by revenue are Ganesh Housing Limited, Neepa Real Estates Private Limited, Rohan Builders (India) Private Limited, all in the Real Estate industry (Builders and Developers), with the same principal business activity (buildings).
Nilesh Dhankumar Dand ceased to be Additional Director on 29 Dec 2018. Nilesh Dhankumar Dand was appointed as Director on 27 Nov 2018. Shailaja Chetan Shah ceased to be Additional Director on 01 Jan 2016. Marathon Realty has 8 board changes on record in total.
Marathon Realty has 14 MSME Form 1 returns on record between 2018 and 2024, listing 548 overdue payments to 86 micro and small suppliers. The latest return was filed on 26 Apr 2024.
Marathon Realty can be reached through the website marathon.in. Its registered office is in Mumbai, Maharashtra, India.
The registered office of Marathon Realty is at 702 Marathon Max Junction Of Mulund – Goregaon Link Road Mulund West, Mumbai, Maharashtra, India – 400080.