Detailed Narrative
Q3 FY26 Performance Overview
Max India reported a consolidated revenue of ₹49.8 crores in Q3 FY26, marking a 27% year-on-year growth. For the nine months ended December 31, 2025, revenue stood at ₹141.3 crores, reflecting a 19% year-on-year increase. Despite these revenue gains, consolidated EBITDA remained negative at ₹-29 crores for the quarter and ₹-78 crores for the nine months, attributed to ongoing investments across multiple growth engines. The company's treasury assets were ₹105 crores and net worth ₹426 crores as of December 31, 2025.
Antara Residences: Strong Traction and New Launches
The intergenerational project in Gurgaon Estate 360 is fully sold out, with strong collections totaling ₹343 crores ITD and a collection efficiency of 97%. This success led to the launch of Estate 361 (1.04 million sq ft, 360 units) in December 2025, with the first phase of 180 units securing 100 bookings within two months. The company is aggressively pursuing opportunities in Chandigarh, Bengaluru, and Chennai to meet its commitment of 1.5 million sq ft, with 1.04 million sq ft already locked in and an additional 0.5 million sq ft being sought.
Assisted Care and Care at Home Progress
Assisted Care Services now have a total bed capacity of 485 beds, with 333 operational across NCR, Bengaluru, and Chennai. Occupancy improved sequentially from 25% in Q2 FY26 to 27% in Q3 FY26, with Q3 revenue reaching ₹5 crores. The Care at Home business achieved its highest-ever quarterly revenue of ₹5.38 crores in Q3, representing a 1.1x quarter-on-quarter growth, driven by higher-margin services like critical care and physiotherapy. Contribution margins in Bengaluru Care Homes improved from 5% to 17%.
AGEasy: Digital Platform and Product Innovation
AGEasy recorded a Q3 revenue of ₹18.8 crores, with its 9-month FY26 revenue reaching ₹54 crores, a 2.3x year-on-year growth. This was achieved despite a technical glitch on the Flipkart marketplace. Gross margins improved from 40% to 44% quarter-on-quarter, with an exit December rate of 46% for D2C and marketplaces. The company launched 20 new products in 9 months, with 64% delivering gross margins above 50%, and has filed 5 patents, demonstrating a commitment to innovation.
Capital Allocation and Funding Plans
Max India is focused on achieving profitability, targeting EBITDA breakeven for the residents vertical by the end of FY27 and for AGEasy by the last quarter of FY27, with consolidated profitability expected by FY28. The company plans to raise ₹200-250 crores in Q1/Q2 of the current year to fund future growth, primarily for Care Home expansion and AGEasy, with some allocation for residences if required. AGEasy is expected to require an additional ₹40-50 crores beyond the ₹180 crores already invested.
Regulatory and Investor Engagement
The company is actively engaging with government authorities, particularly NITI Aayog, to shape policies for the senior care sector. The Occupancy Certificate for the Noida Phase 1 project remains pending, but the company is hopeful for closure within two weeks following a Supreme Court directive. Max India also announced a collaboration with Star Union Dai-ichi Life to raise awareness about integrated care solutions and financial preparedness for India's aging population.