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    Max India Ltd

    MAXIND
    Financial Services·14 Nov 2025
    Management Summary

    Max India Ltd reported a strong H1 FY26 with 15% YoY consolidated revenue growth, driven by all verticals. The company saw sequential occupancy improvement in Assisted Care and robust growth in AGEasy products, with its contribution margin reaching 23% at September exit. Capital raising efforts were successful, securing INR 124.23 crores from a rights issue and INR 40 crores from a preferential issue. However, residential projects in Chandigarh and Noida faced regulatory delays, and the company remains in an investment phase with negative consolidated EBITDA.

    Highlights

    5

    • Consolidated revenue grew 15% YoY for H1 FY26 and 6% YoY for Q2 FY26, demonstrating growth across all verticals.

    • Antara Assisted Care occupancy improved sequentially from 20% in Q1 FY26 to 25% in Q2 FY26, with 150 new beds becoming operational by month-end.

    • Care at Home delivered its highest quarterly revenue of INR 5.24 crores, with positive contribution margins in Bengaluru (+6%) and Chennai (+5%).

    • AGEasy achieved a monthly run rate of INR 7-8 crores and an exit contribution margin of 23% in September 2025.

    • Successfully raised INR 124.23 crores through a rights issue and INR 40 crores (initial tranche) from a preferential issue of INR 80 crores, ensuring strong funding for future growth.

    Concerns

    3

    • The Chandigarh residential project faced a setback due to regulatory constraints related to geopolitical situations, delaying its launch.

    • Noida Sector 150 OC approval is still pending, with the matter before the Supreme Court, impacting project monetization.

    • Consolidated EBITDA for H1 FY26 was negative INR 26 crores, indicating continued investment phase for growth.

    What Changed2

    vs Q3 FY26

    Risks discussed4 → 3 (-1)Q&A highlights8 → 6 (-2)
    Key financials

    Metrics

    7

    Periods

    2

    Headline

    6
    • H1 FY26 Consolidated Revenue
      ₹91.5 Cr
      YoY+15%
    • Consolidated EBITDA
      ₹-26 Cr
    • Treasury Assets
      ₹310 Cr
    • Consolidated Net Worth
      ₹467 Cr
    • Net Debt
      ₹105 Cr

    Q2 FY26

    1
    • Consolidated Revenue
      ₹50.2 Cr
      YoY+6%

    Segment breakdown

    Antara Assisted Care (Care Homes)
    ₹3.91 Cr Q2 FY26 Revenue25% Occupancy Q2 FY2620% Occupancy Q1 FY266,000 Rs ARPOB
    Care at Home
    ₹5.24 Cr Q2 FY26 Revenue6,300 patients H1 FY26 Patient Volume6% Bengaluru Contribution Margin5% Chennai Contribution Margin
    AGEasy
    ₹20.9 Cr Net Revenue₹35 Cr H1 FY26 Revenue₹7 Cr Monthly Run Rate2 RoAS23% Contribution Margin (Sep 2025 Exit)
    Residences (Gurugram 360)
    ₹332 Cr Collections ITD₹27 Cr Management Fee Earned (till Sep '25)₹8 Cr Management Fee Accrued (current FY)
    Residences (Dehradun)
    ₹6.2 Cr Q2 FY26 Revenue
    List

    Capital allocation

    2
    high confidence
    CategoryHeadline
    Debt

    Net ₹105 crores

    Liquidity

    Cash ₹208 crores

    Liquidity at INR 208 crores, with net debt of INR 105 crores having been repaid.

    Guidance & targets

    11
    CategoryTargetPriority
    Residences
    Square Feet Development
    1.5 million square feet
    		High
    Residences
    E361 Phase 1 Launch
    December '25
    		High
    Assisted Care
    Operational Beds
    500 beds
    		High
    Care Homes
    Occupancy
    40-50%
    		High
    Care Homes
    Occupancy
    65-75%
    		High
    Care Homes
    Contribution Margin 1 (Breakeven)
    achieved
    		High
    Care Homes
    EBITDA Margins
    positive double-digit
    		High
    Care at Home
    Growth
    20-30%
    		High
    AGEasy
    Breakeven
    achieved
    		High
    AGEasy
    RoAS
    improve further
    		Medium
    AGEasy
    Quick Commerce Entry
    entry
    		Medium

    Chandigarh Project Resolution

    next quarter
    CurrentRegulatory hold due to geopolitical situation
    TargetResolution of regulatory issues or identification of alternative opportunities

    Why it matters

    Resolution of this issue is crucial for the residential segment's growth and achieving annual square footage development targets.

    As regards Chandigarh, there's been a setback. Due to the geopolitical situation in India, the government has reviewed all high clearances, all projects which were within 20 kilometers radius of all important airports. Our project was 20.1 kilometers from the Chandigarh Airport. So that is still not cleared. We are working with the partner to see what else can be done.

    How to verify

    detailed_narrative[title='Residential Segment Update']

    Risks & concerns

    3
    RiskSeverity

    Chandigarh Residential Project Regulatory Delay

    The Chandigarh project faced a setback due to geopolitical situation, leading to a review of high clearances for projects within 20km of airports, impacting the project's launch. — Management acknowledged

    high

    Noida Sector 150 OC Approval Pending

    The Occupancy Certificate (OC) for Noida Sector 150 is still pending, with the matter currently before the Supreme Court, delaying the monetization of a ready-for-possession project. — Management acknowledged

    medium

    Consolidated EBITDA Negative

    The company reported a consolidated EBITDA of negative INR 26 crores for H1 FY26, indicating that it is still in an investment and scaling-up phase across its business lines. — Management acknowledged

    medium

    Q&A highlights

    6

    “So I think to answer both the questions, I'll ask Ishaan to add. But on Care Homes, you'll find that as the model matures, the occupancy goes up and more and more beds have come in. So this occupancy will only go up because there is no Care Home as yet, which is on maturity.”

    Addressed the drivers behind the strong performance in these segments and provided a clear outlook for Care Homes occupancy growth as the model matures.

    asked by Harsh, Aionios Alpha

    2 min read6 chapters

    Detailed Narrative

    01

    Consolidated Performance and Strategic Focus

    Max India Ltd reported a consolidated revenue growth of 15% YoY for H1 FY26 and 6% YoY for Q2 FY26, reaching INR 91.5 crores and INR 50.2 crores respectively. The company's consolidated EBITDA for H1 FY26 was negative INR 26 crores, reflecting its ongoing investment phase for exponential scale-up across all business lines. Management emphasized strengthening execution, driving utilization, improving margins, and deepening customer engagement, while maintaining high resident satisfaction scores at 88%.

    02

    Residential Segment Update: Gurugram, Chandigarh, and Noida

    The Gurugram intergenerational project 360 is fully sold out, with collections totaling INR 332 crores and INR 8 crores in management fees accrued in the current financial year. A new project, E361, spanning 1.04 million square feet and ~360 units, is slated for its first phase launch in mid-December '25. However, the Chandigarh project faced a setback due to regulatory reviews for projects near airports, and the Occupancy Certificate for Noida Sector 150 remains pending, with a Supreme Court hearing scheduled for November 18, 2025.

    03

    Assisted Care Services: Care Homes and Care at Home

    Antara Assisted Care now has 490 beds in place, with 340 operational and an additional 150 beds in Chennai, NCR, and Bangalore expected to be operational by month-end. Occupancy improved sequentially from 20% in Q1 FY26 to 25% in Q2 FY26, with a revenue of INR 3.91 crores (1.3x QoQ, 2.1x YoY). Care at Home delivered its highest quarterly revenue of INR 5.24 crores (1.1x QoQ, 1.3x YoY in H1), with positive contribution margins achieved in Bengaluru (+6%) and Chennai (+5%).

    04

    AGEasy Products and Platform Growth

    AGEasy has served 5 lakh customers since inception, with 50,000 repeat customers, achieving a net revenue of INR 20.9 crores and a monthly run rate of INR 7-8 crores. H1 FY26 revenue reached INR 35 crores, a 3.3x increase YoY. The Return on Ad Spend (RoAS) improved to 2, and the contribution margin at September exit was 23%. The company now offers approximately 85 products with 180 SKUs, with 64% of products delivering a gross margin over 50%.

    05

    Capital Raising and Liquidity Position

    The company successfully concluded a rights issue of INR 124.23 crores, utilizing INR 24 crores for Antara Assisted Care as of September '25. Additionally, INR 40 crores has been received from a preferential issue of convertible warrants totaling INR 80 crores. As of September 30, 2025, treasury assets stood at INR 310 crores, with a consolidated net worth of INR 467 crores. The company's liquidity is INR 208 crores, with net debt of INR 105 crores having been repaid.

    06

    Regulatory Engagement and Quality Standards

    Max India Ltd remains active in shaping industry standards for Senior Care in India, collaborating with bodies like NITI Aayog. The company received the early adopters award from NABH for Care Homes and recognition from HQTS for driving quality culture. The Dehradun community continues to hold the ASLI certificate of excellence, underscoring the company's commitment to compliance and quality in the evolving Senior Care ecosystem.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.