Marathon Nextgen Realty Ltd — Capital/Financing Update 2026

Feb 13, 2026

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Date: February 13, 2026

To, BSE Limited, NSE Limited, Listing Department, Listing Department, P.J. Towers, Dalal Street, Exchange Plaza, Plot No. C/1, G Block, Mumbai – 400001. BKC, Bandra (East), Mumbai – 400051.

Scrip Code: 503101 NSE symbol: MARATHON

– Sub: Regulation 32(6) Report of Monitoring Agency for the quarter ended December 31, 2025. Ref.: Funds raised through Qualified Institutional Placement (QIP)

Dear Sir / Madam,

Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 173A of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, we are enclosing herewith the Monitoring Agency Report dated February 13, 2026 issued by India Ratings & Research Private Limited.

Kindly take the same on your records.

Yours Truly, Marathon Nextgen Realty Limited Digitally signed by YOGESH YOGESH ASHOK PATOLE ASHOK PATOLE Date: 2026.02.13 19:43:41 +05'30' Yogesh Patole Company Secretary and Compliance Officer M.No.:- A48777

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Date: 13[th] February 2026

To,

Marathon Nextgen Realty Limited.

702, Marathon Max,

Mulund-Goregaon Link Road,

Mulund(W),

Mumbai, Maharashtra 400080

Subject: Monitoring Agency Report for the quarter ended 31[st] December 2025 in relation to Qualified Institutions Placement (QIP).

Dear Sir,

Pursuant to Regulation 173A (2) of SEBI (lssue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Agreement dated 23[rd] June 2025, please find enclosed herewith the Monitoring Agency Report, as per Schedule XI of the SEBI ICDR Regulations towards utilization of proceeds of QIP, for the quarter ended December 31, 2025.

Request you to kindly take the same on records.

Thanking You,

For and on behalf of India Ratings & Research Private Limited

SHRIKANT Digitally signed by SHRIKANT GANDHI DEV GANDHI DEV Date: 2026.02.13 18:31:20 +05'30'

Name: Shrikant Dev

Designation: Company Secretary

India Ratings & Research Private Limited A Fitch Group Company Wockhardt Towers, Level 4, West Wing, Bandra Kurla Complex, Bandra (East), Mumbai 400 051 Tel: +91 22 4000 1700 Fax: +91 22 4000 1701 CIN/LLPIN: U67100MH1995FTC140049 www.indiaratings.co.in

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Report of the Monitoring Agency (MA)

Name of the issuer: Marathon Nextgen Realty Limited

For quarter ended: 31[st] December 2025

Name of the Monitoring Agency: India Ratings & Research Private Limited

(a) Deviation from the objects: No deviation from the objects.

Based on the Management undertaking and as per the Statutory Auditor Certificate dated 13[th] February 2026 issued by Rajendra & Co., Chartered Accountants (FRN – 108355W)* and other documents provided to us, no deviation from the objects has been observed.

*The reference to the Statutory Auditor Certificate anywhere in the MA report refers to the said Certificate.

(b) Range of Deviation : Not Applicable

Declaration:

We declare that this report provides an objective view of the utilization of the issue proceeds in relation to the objects of the issue based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The MA does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives. This Report is not intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship between the MA and any issuer or between the agency and any user of this report. The MA and its affiliates also do not act as an expert as defined under Section 2(38) of the Companies Act, 2013.

The MA or its affiliates may have credit rating or other commercial transactions with the entity to which the report pertains and may receive separate compensation for its ratings and certain credit-related analyses. We confirm that there is no conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer, or while undertaking credit rating or other commercial transactions with the entity.

We have submitted the report herewith in line with the format prescribed by SEBI, capturing our comments, where applicable. There are certain sections of the report under the title “Comments of the Board of Directors” , that shall be captured by the Issuer’s Management / Audit Committee of the Board of Directors subsequent to the MA submitting their report to the issuer and before dissemination of the report through stock exchanges. These sections have not been reviewed by the MA, and the MA takes no responsibility for such comments of the issuer’s Management/Board.

Signature:

Digitally signed by SHRIKANT SHRIKANT GANDHI DEV GANDHI DEV Date: 2026.02.13 18:31:59 +05'30'

Name and designation of the Authorized Signatory: Shrikant Dev (Company Secretary) Date: 13[th] February 2026.

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1) Issuer Details:

er Details:
Name of the issuer:	Marathon Nextgen Realty Limited
Names of the promoters:	 Marathon Realty Private Limited  Chetan Ramniklal Shah  Mayur Ramniklal Shah  Shailaja Chetan Shah
Industry/sector to which it belongs:	Real Estate Developer

2) Issue Details:

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Issue Period: 23 [rd] June 2025 to 30 [th] June 2025
Type of issue (public/rights): Qualified Institutions Placement (QIP)
Type of specified securities: 1,62,12,406 Equity Shares of FV ₹ 5 each @ ₹ 555.13 per Equity
Share
IPO Grading, if any: Not Applicable
Issue size: INR 89,999.93 Lakhs
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3) Details of the arrangement made to ensure the monitoring of issue proceeds:

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Source of information / Comments
certifications considered by Comments of the of the
Particulars Reply
Monitoring Agency for Monitoring Agency Board of
preparation of report Directors
Management undertaking,
Whether all utilization is as per
Statutory Auditor Certificate,
the disclosures in the Offer Yes No Comments
Placement Document,
Document?
Relevant Bank Statements.
Whether shareholder approval
has been obtained in case of
Management undertaking,
material deviations from NA No Comments
Statutory Auditor Certificate
expenditures disclosed in the
Offer Document?
Whether the means of finance
Management undertaking,
for the disclosed objects of the No Statutory Auditor Certificate No Comments
issue has changed?
Is there any major deviation
observed over the earlier NA NA NA
monitoring agency reports?
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Source of information / Comments
certifications considered by Comments of the of the
Particulars Reply
Monitoring Agency for Monitoring Agency Board of
preparation of report Directors
As per management
Whether all undertaking, requisite
Government/Statutory Management undertaking, approvals required for
Yes
approvals related to the Statutory Auditor Certificate the current stage of
object(s) have been obtained? the projects have
been obtained.
Whether all arrangements
pertaining to technical Management undertaking,
NA No Comments
assistance/collaboration are in Statutory Auditor Certificate
operation?
Are there any favorable events
Management undertaking,
improving the viability of these No No Comments
Statutory Auditor Certificate
object(s)?
Are there any unfavorable
Management undertaking,
events affecting the viability of No No Comments
Statutory Auditor Certificate
the object(s)?
Is there any other relevant
information that may materially Management undertaking,
No No Comments
affect the decision making of Statutory Auditor Certificate
the investors?
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4) Details of object(s) to be monitored:

i. Cost of object(s)-

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Source of
Comments of the Board of
information / Original
Directors
certifications cost
considered (as per Particul
by the Commen Propo ars of
Monitoring Offer Revise ts of the Reason sed firm
Agency for Document d Cost Monitori of financ arrang
Sr. preparation ) (INR (INR ng Cost ing ements
No. Item Head of report Lakhs) Lakhs) Agency revision option made
Investment in Subsidiaries to fund
1 16,000.00 NA
certain of their Ongoing Projects
Repayment / pre-payment, in full or in
part, of certain outstanding
borrowings availed by our Company Management
2 34,000.00 NA
and/or certain of our Subsidiaries, undertaking,
through investment in such Statutory
subsidiaries (Total of 2a+2b) Auditor
No
2a Repayment / pre-payment of Certificate, 21,100.00 NA Commen
borrowings by our Company Placement ts
Repayment / pre-payment of Document,
borrowings by our Subsidiaries Relevant
2b through investment in such Bank 12,900.00 NA
Subsidiaries Statements.
Acquisition of land or land
3 30,000.00 NA
development rights
4 General Corporate Purposes 8,965.29 NA
TOTAL (A=1+2+3+4) 88,965.29
Issue related expenses (B) 1,034.64 NA
TOTAL (A+B) 89,999.93
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ii. Progress in the object(s) –

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Source of Amount Comments of the
information/c as Amount Utilized (INR Lakhs) Comm Board of Directors
ertifications proposed ents of
considered by in the Total the
Monitoring Offer As at At the unutilized Monit Proposed
Agency for Documen beginning During end of amount oring Reasons course of
Sr. preparation of t (INR of the the the (INR Agenc for idle action
No. Item Head report Lakhs) quarter quarter quarter Lakhs) y funds
Investment in Subsidiaries to fund
1 16,000.00 6,624.09 4,770.71 11,394.80 4,605.20
certain of their Ongoing Projects
Repayment / pre-payment, in full or in
part, of certain outstanding borrowings
2 availed by our Company and/or certain Management 34,000.00 34,035.93 - 34,035.93 (35.93)
undertaking,
of our Subsidiaries, through investment
in such subsidiaries (Total of 2a+2b) Statutory
Auditor No
Repayment / pre-payment of
2a Certificate, 21,100.00 21,113.87 - 21,113.87 (13.87) Comm
borrowings by our Company
Placement ents
Repayment / pre-payment of
Document,
2b borrowings by our Subsidiaries through 12,900.00 12,922.07 - 12,922.07 (22.07)
Relevant Bank
investment in such Subsidiaries
Statements.
Acquisition of land or land development
3 30,000.00 300.00 100.00 400.00 29,600.00
rights
4 General Corporate Purposes 8,965.29 4,292.15 4,546.01 8,838.16 127.14
Issue related expenses 1,034.64 721.13 288.47 1,009.60 25.04
TOTAL 89,999.93 45,973.30 9,705.19 55,678.49 34,321.44
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iii. Deployment of unutilized issue proceeds:

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Market Value
Amount Earnings Return on
Sr. Type of instrument and name of the entity Maturity as at the end
invested (INR Investment
No. invested in date of the quarter
(INR Lakhs) Lakhs)# (%)
(INR Lakhs)
1 Axis Liquid Fund - Direct Growth 419.40
9.86 429.26
ICICI Prudential Floating Interest Fund -
2
Direct Growth 5,000.00 77.13 5,077.13
3 HDFC Liquid Fund - Direct Growth
186.69 2.45 189.14
4 HDFC Short Term Debt Fund - Direct Growth
4,000.00 49.83 4,049.83
Kotak Bond Short Term Fund - Direct
5
Growth 4,941.84 17.46 4,959.30
Baroda BNP Paribas Corporate Bond Fund -
6
Direct Growth 5,037.65 12.11 5,049.76
7 Northern Arc Money Market Alpha Trust
5,000.00 96.36 5,096.36
8 NCD - Oxyzo Financial Services Limited 14-Dec-26 - 9.50%
1,026.76 1,026.76
9 Axis Liquid Fund - Direct Growth
195.99 0.14 196.13
10 Bonds - Hinduja Leyland Finance Ltd 18-Dec-26 - 8.80%
2,518.28 2,518.28
11 Vivriti Short Term Debt Fund
2,000.00 45.93 2,045.93
12 DSP Corporate Bond Fund - Direct Growth
2,000.00 5.85 2,005.85
13 Sundaram Liquid Fund - Direct Growth
2,000.00 9.40 2,009.40
Closing Balance lying in HDFC Bank
14 -
Monitoring A/c No. 57500001759026 31.63 31.63
Total 34,358.24 326.52 34,684.76
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Earnings represent difference between market value and amount invested i.e. unrealized gain as on 31st Dec’25.

*Includes INR 34,321.44 Lakhs of unutilized issue proceeds and INR 36.80 lakhs realized return on investment reinvested in above instruments.

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iv. Delay in implementation of the object(s)

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Comments of the Board
Completion Date Delay of Directors
As per the (no. of Proposed
Offer days/mo Reason of Course of
Object(s) Document Actual nths) Delay action
By the end
Investment in Subsidiaries to fund certain
of March Ongoing NA
of their Ongoing Projects
31, 2027
Repayment / pre-payment, in full or in part,
of certain outstanding borrowings availed By the end
By 30 [th]
by our Company and/or certain of our of March NA
Sep’25
Subsidiaries, through investment in such 31, 2026
subsidiaries
By the end
Acquisition of land or land development of March Ongoing NA
rights 31, 2027
By the end
General Corporate Purposes of March Ongoing NA
31, 2027
5) Details of utilization of proceeds stated as General Corporate Purpose (GCP) amount in the offer
document:
Source of information /
certifications Comment
Amount considered by s of the
Sr. (INR Monitoring Agency for Comments of the Board of
No. Item Head Lakhs) preparation of report Monitoring Agency Directors
1 Other Project Payments 1,111.80
3 Administrative Payments 112.09
Brokerage, Rent and Other No Comments
4 Payments 275.77
5 Salary Payments 414.03
Management
Includes Income
undertaking, Statutory
6 Statutory Payments 788.69 Tax, GST,TDS, etc.
Auditor Certificate,
Loan to Subsidiary - Nexzone Utilized by
Placement Document,
7 Fiscal Services Private Limited 297.20 subsidiaries for
Relevant Bank
Statutory
Statements
Loan to Subsidiary - Sanvo 1,285.17 payments,
8 Resorts Private Limited administrative
payments,
Loan to Subsidiary - Terrapolis brokerage, Salary,
9 Assets Private Limited 261.25 Rent, Interest, etc.
TOTAL 4,546.01
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Disclaimers:

The MA Report is prepared by India Ratings. India Ratings has taken utmost care to ensure accuracy and objectivity while developing this Report based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable.

India Ratings declare that the MA Report is based on the format prescribed by the SEBI (ICDR) Regulations, 2018. This declaration forms part of and applies to each MA Report that is issued by India Ratings. The MA Report does not constitute an offer of services. Access or use of any MA Report does not create a client relationship between India Ratings and the Applicant or between India Ratings and User of the report.

This Report has to be seen in its entirety; the selective review of portions of the Report may lead to inaccurate assessments.

Please note that the information presented in the MA Report is based solely on the review of the requisite information, documents, papers, statements received from the Company with regard to the use of the Issue Proceeds including the status of implementation of the activities proposed to be funded out of the Issue proceeds as stated in the Prospectus. India Ratings has not verified any source of information such as invoices, ledgers or payment receipts and other documents either in normal course or in case of deviations from the objects, as the same is the duty of the management and the statutory auditors. India Ratings has relied in good faith and without any liability, upon the contents thereof. The user of the MA Report should understand that India Ratings does not perform an audit and undertakes no independent verification of any information/certifications/statements it receives from auditors, lawyers, chartered engineers or other experts, and relies on in its reports. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to India Ratings. In issuing the MA Report, India Ratings may rely on the representations and certifications from the issuer and experts, including statutory auditors with respect to financial statements, attorneys with respect to legal and tax matters and other entities considered reliable by India Ratings. The Company shall be solely responsible and liable for any omission, commission, errors and misrepresentations in the contents of the Information provided to India Ratings. India Ratings disclaims any liability arising out of the contents of the information provided by the Company and in no event shall be held liable to anyone for any damages or claims arising out of such information.

India Ratings may rate the Company or any debt instruments or facilities issued or proposed to be issued by the Company that is subject matter of the MA Report.

As India Ratings have only acted in the capacity of a monitoring agency, the MA Report does not, in any way, constitute an opinion regarding securities, expressed in the form of standard symbols or in any other standardized manner and does not include any qualitative and quantitative assessment of the probability of default on payment of interest and principal on a debt instrument. The content of the MA Report does not constitute any recommendation to buy, hold or sell any securities. The MA Report does not comment on the quality of the objects of the issue, reasonableness of costs or spending by the issuer against any objects / heads or assurance on outcome of such spending, the adequacy of market price or market liquidity, suitability of any security for an investor. The MA Report does not provide to any party any financial advice, or legal, auditing, accounting, appraisal, valuation or actuarial services and should not be viewed as a replacement for such advice or services.

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The issuance of the MA Report by India Ratings shall not constitute consent by the agency to use its name as an expert in connection with any registration statement, offering document or other filings under any relevant securities laws.

India Ratings is neither construed to be nor acting under the capacity or nature of an 'expert' as defined under Section 2(38) of the Companies Act, 2013. It is issuing the MA Report solely in the capacity of a monitoring agency and that the same shall not be construed to be an opinion of an expert, as it relies on certificates, confirmations and representations of reliable stakeholders such as auditors, banks and others.

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