MAXIND

Max India financials

Market cap
₹845 Cr
Sector
Financial Services
Calls analysed
7
Latest concall · Q1 FY27 · call held 12 Aug 2026

Max India Ltd Q1 FY27

Consolidated Revenue ₹68.6 cr +66%

What went well

  • Consolidated revenue of INR 68.6 crores, up 66% YoY from INR 41.3 crores in Q1 FY26.
  • Antara Noida project successfully issued offers of possession for 340 units, with 75% of INR 169 crores demand collected.
  • Assisted Care Services (Care Homes) revenue grew 1.5x YoY to INR 12.03 crores, with occupied bed days (OBDs) up 23% QoQ.

What to watch

  • Consolidated EBITDA loss increased to INR 25 crores in Q1 FY27, compared to INR 23.2 crores in Q1 FY26 and INR 6.8 crores in Q4 FY26.
  • AGEasy's net revenue of INR 19 crores in Q1 FY27 was lower than Q4 FY26 (INR 23 crores) due to moderation of demand post peak period.
Read the full call →

What Max India Ltd does

Max India Limited is the holding company for Max Group's senior-care business, operating through two wholly owned subsidiaries: Antara Senior Living Limited (Residences for Seniors) and Antara Assisted Care Services Limited (Care Homes, Care at Home and Antara AGEasy). It develops and manages senior living residential communities (e.g. Dehradun, Noida, and towers within Max Estates' Gurugram projects), runs assisted-care facilities offering long-term and short-term nursing/medical supervision plus at-home care for seniors, and sells senior-wellness products (joint & pain, fall, lung and gut-health categories) via AGEasy's marketplace and direct-to-consumer channels.

Segments

  • Residences for Seniors (Antara Senior Living)
  • Assisted Care Services
  • AGEasy
Care Homes bed capacity
485 beds across NCR (207), Bengaluru (163) and Chennai (115)
Senior living residential communities
4 (Dehradun, Noida Phase 1, E360 Gurugram, E361 Gurugram)
AGEasy product portfolio
110 total products, 91 live products, 159 SKUs
Lives served via AGEasy since inception
~7 lacs+ (Marketplace ~5.3 lacs; D2C ~2.5 lacs)
AGEasy repeat customers
78,000+
Patients served at Care Homes since inception
50,500+
Founded 2020Headquarters Gurgaon, Haryana Company website

Guidance record · Q1 FY27

what the last two calls moved 14 tracked 2 delivered 2 missed 10 open
  • Estate 361 Project Launch delivered, diluted said Q1 FY26 Promised: Launched by September, October this year Q1 FY27: Project launch is complete. Company reported 154 bookings by June end, with 27 units sold in Q1.
  • Annual Real Estate Development missed said Q3 FY25 Promised: 1.5 million square feet every year Q1 FY27: Focus has shifted to the new FY27 target of 2 million sq ft. No update on the original 'every year' commitment.
  • Consolidated EBITDA Breakeven at risk said Q3 FY25 Promised: Breakeven on a consolidated basis by FY27-FY28 Q1 FY27: Consolidated EBITDA loss worsened to INR 25 crores in Q1 FY27. Management states the trajectory of loss reduction will continue, but the quarterly performance puts the target at risk.

All 14 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 62.2%, net profit down 38.5% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue43 35 42 37 45 +5%43 +23%66 +57%60 +62%
EBITDA-21 -30 -41 -28 -31 −48%-36 −20%-15 +63%-34 −21%
Net profit-23 -45 -46 -26 -34 −48%-43 +4%-19 +59%-36 −38%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −32.7% 1Y

₹120₹140₹160₹180₹200₹220Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 14 Nov 2025Q3 FY26 — 10 Feb 2026Q4 FY26 — 29 May 2026Q1 FY27 — 12 Aug 2026

1Y: ₹216.84 on 10 Sept 2025 → ₹146. High ₹224.11 (25 Sept 2025), low ₹122.85 (30 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
−4.6%
12 Aug
Q4 FY26
−7.3%
29 May
Q3 FY26
+0.0%
10 Feb
Q2 FY26
−1.6%
14 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue fell 1.7% a year over 3 years, FY23 to FY26. Operating margin narrowed to -57.6%.

Year endingFY23FY24FY25FY26
Revenue₹201 Cr₹176 Cr₹146 Cr₹191 Cr
Operating profit₹-1 Cr₹-55 Cr₹-120 Cr₹-110 Cr
Operating margin-0.5%-31.2%-82.2%-57.6%
Interest₹7 Cr₹4 Cr₹8 Cr₹14 Cr
Depreciation₹8 Cr₹9 Cr₹19 Cr₹25 Cr
Net profit₹-10 Cr₹-57 Cr₹-141 Cr₹-122 Cr
Net margin-5.0%-32.4%-96.6%-63.9%
Cash from operations₹69 Cr₹-102 Cr₹-128 Cr₹-95 Cr
Free cash flow₹66 Cr₹-131 Cr₹-163 Cr₹-127 Cr
ROCE1.0%-8.0%-24.0%-23.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹54 Cr₹54 Cr₹43 Cr₹43 Cr₹52 Cr₹53 Cr
Reserves₹599 Cr₹588 Cr₹499 Cr₹449 Cr₹415 Cr₹356 Cr
Borrowings₹145 Cr₹61 Cr₹45 Cr₹44 Cr₹204 Cr₹96 Cr
Other liabilities₹198 Cr₹156 Cr₹166 Cr₹148 Cr₹167 Cr₹165 Cr
Total liabilities₹996 Cr₹858 Cr₹753 Cr₹684 Cr₹838 Cr₹669 Cr
Fixed assets₹156 Cr₹159 Cr₹159 Cr₹193 Cr₹166 Cr₹195 Cr
Capital work in progress₹0 Cr₹0 Cr₹0 Cr₹10 Cr₹32 Cr₹2 Cr
Investments₹334 Cr₹178 Cr₹83 Cr₹63 Cr₹59 Cr₹34 Cr
Other assets₹506 Cr₹522 Cr₹511 Cr₹418 Cr₹581 Cr₹438 Cr
Total assets₹996 Cr₹858 Cr₹753 Cr₹684 Cr₹838 Cr₹669 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jul 2026

Since Jun 2025, DIIs added +4.98 pp while the public trimmed −2.82 pp. The shareholder count shrank 9% to 36,645.

Promoters
48.3%
FIIs
6.8%
DIIs
6.0%
Public
38.9%

Since Jun 2025

  • DIIs +4.98 pp
  • Public −2.82 pp
  • Promoters −1.83 pp

How it drifted, 12 quarters

Over this window DIIs went from 0.7% to 6.0% — +5.3 pp.

Dec '23Mar '25Jul '26

Ownership split by quarter, oldest first. Dec '23: Promoters 50.9%, FIIs 10.3%, DIIs 0.7%, Public 38.0%.Mar '24: Promoters 50.9%, FIIs 9.5%, DIIs 0.8%, Public 38.7%.Jun '24: Promoters 50.9%, FIIs 9.0%, DIIs 0.8%, Public 39.2%.Sep '24: Promoters 50.9%, FIIs 7.4%, DIIs 0.8%, Public 40.8%.Dec '24: Promoters 50.9%, FIIs 6.8%, DIIs 0.9%, Public 41.4%.Mar '25: Promoters 50.5%, FIIs 6.6%, DIIs 0.8%, Public 42.1%.Jun '25: Promoters 50.2%, FIIs 7.1%, DIIs 1.0%, Public 41.7%.Sep '25: Promoters 50.1%, FIIs 7.1%, DIIs 1.4%, Public 41.5%.Dec '25: Promoters 49.9%, FIIs 7.1%, DIIs 1.6%, Public 41.4%.Mar '26: Promoters 49.8%, FIIs 7.1%, DIIs 1.6%, Public 41.5%.Jun '26: Promoters 49.8%, FIIs 7.1%, DIIs 1.6%, Public 41.5%.Jul '26: Promoters 48.3%, FIIs 6.8%, DIIs 6.0%, Public 38.9%.

Who was buying across the market this quarter →

Who bought this quarter

since Jun 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 7 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jul 2026 filing

Every holder of Max India Ltd above SEBI's 1% disclosure line, and what changed since Jun 2026.

HolderStakeChange
Max Ventures Investment Holdings Private Limited 39.98%−0.87 pp
Siva Finvest Private Limited (FKA Siva Enterprises Private Limited) 6.37%−0.43 pp
Singularity Equity Fund I AIF4.08%newly disclosed
Habrok India Master Lp FPI fund3.17%−0.22 pp
Cassini Partners, L.P. Managed By Habrok Capital Management Llp FPI fund2.59%−0.18 pp
Analjit Singh 1.85%−0.12 pp
Murugu Selvan K 1.36%−0.10 pp
P & Y Capital Trust AIF1.07%newly disclosed
Nivedita Ritesh Oswal 1.05%−0.08 pp
Piya Singh 0.05%unchanged
Neelu Analjit Singh 0.04%unchanged
Tara Singh Vachani 0.04%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Max India Ltd

Guides on how to read this kind of business and the numbers that matter.