Max India Ltd

AGM details

• AGM held 19 August 2026 via video conference from 12:30 to 13:30 IST.
• Record date: 12 August 2026; total shareholders on record: 38,432.
• Meeting mode and attendance: VC with 17 promoter and 55 public attendees.

Key resolutions

• Ordinary: receive, consider and adopt Audited financial statements and reports.
• Ordinary: re-appointment of Mr. Rajit Mehta as Director.

Voting results

• Resolution 1 passed with 99.9988% in favour; 0.0012% against.
• Resolution 2 passed with 99.9974% in favour; 0.0026% against.

Financial Performance

• Consolidated revenue: INR 68.6 crores in Q1 FY27, up 66% YoY.
• Q1 FY27 EBITDA loss: INR 25 crores; Q4 FY26 loss: INR 6.8 crores.
• FY24-26 revenue: INR 175 crores (FY24), 145 (FY25), 190 (FY26).
• FY24-26 EBITDA losses: INR 57 crores (FY24), 139 (FY25), 121 (FY26).
• Treasury assets: INR 21 crores; consolidated net worth: INR 372 crores (as of 30 Jun 2026).
• AGEasy net revenue: INR 19 crores in Q1 FY27, up 1.3x YoY.
• AGEasy ARR: ~INR 120 crores; July monthly run-rate ~INR 10 crores.
• AGEasy gross margin: 45% in Q1 FY27 (online channels).
• Care Homes revenues: INR 12.03 crores in Q1 FY27; YoY 1.5x, QoQ 1.1x.

Operating Update

• Care Homes occupancy: Bannerghatta 41%, Gurugram 41%, Whitefield 18%, OMR Chennai 12%.
• Antara Integrated Wellness Clinic net revenue: INR 15.75 lakhs; negative margin in Q1.
• Antara Noida: 340 residents granted possession in June 2026.
• Estate 360 (Gurugram) fully sold; ITD collections INR 556 crores; collection efficiency 87%.
• AGEasy: 112 products launched; 86 live; ~9 lakh lives; ~88k repeats; NPS 60.

Balance Sheet and Cash Flow

• Treasury assets at Max India level: INR 21 crores; consolidated net worth: INR 372 crores (30 Jun 2026).
• No explicit debt numbers disclosed in this chunk; cash-flow detail not provided.

Projects and Capex

• Expansion in assisted care continuing as planned; occupancy improving across Care Homes.
• Branding/trial investments: Anupam Kher appointed brand ambassador; payback observed in July 2026.

Outlook and Guidance

• Management remains focused on profitability; AGEasy expected to reach profitability by January or last quarter of this year.
• Care Homes to achieve unit-level profitability after 8–10 quarters from bed additions; DM fees to contribute variably.
• Incremental capital requirement projected around USD 20 million over the next 2 years.

Q&A Takeaways

• Q: EBITDA breakeven FY27? A: No exact numbers; AGEasy profitability by Jan; Care Homes require 8–10 quarters.
• Q: Care Homes occupancy and bed additions? A: Occupancy rising; bed profitability remains a multi-quarter horizon.
• Q: AGEasy doubling plan? A: Still on plan; July ARR ~INR120 crores; Q2–Q4 to improve ROAS.
• Q: CAC to LTV? A: Focus on ROAS; target 20%+ repeat rate for AGEasy.
• Q: Noida revenue recognition? A: Revenue booked at SPV; June had no SPV revenue; consolidated P&L reflects net.

Risks and Watchpoints

• Geopolitical issues elevating logistics costs and disrupting supply chains (China).
• Labour-code changes raising manpower costs; mitigation required.
• Competition from large players (e.g., DLF); moat relies on IP and integrated services.
• Significant capex and funding needs; incremental capital estimated at USD 20 million over 2 years.

AGM details

• Held on 19 August 2026 from 12:30 to 13:30 IST via Video Conferencing.

Ordinary resolutions

• Adoption of Audited Standalone and Consolidated financial statements for the year ended 31 March 2026.
• Appointment/re-appointment of Rajit Mehta as Director by rotation.

Voting status

• Voting results to be announced by 21 August 2026.

Attendance & governance

• Quorum present throughout the AGM; meeting conducted via VC.

Meeting Details

• Date: August 12, 2026; time not disclosed.
• Type: earnings conference call with investors and analysts.
• Mode: not specified.
• Organiser: Max India Limited.
• Purpose: discuss Q1 FY27 performance (quarter ended June 30, 2026).
• Recording: audio recording uploaded on company website.

Issue overview

• Rights Issue; monitoring by CARE Ratings on utilization of proceeds.

Utilisation status

• No detailed utilisation breakdown or status provided in this chunk.

Governance and Compliance

• Audit Committee and Board reviewed the Monitoring Agency Report.

GCP

• General Corporate Purpose not specified in this chunk.

Business overview

• Antara Senior Living develops and manages independent senior living communities.
• AGEasy provides senior-focused health and wellness products and services.
• Partnerships with insurers and academia expand senior wellness offerings.
• Q1 FY27 revenue mix focused on Residences and Assisted Care.

Operational highlights

• E360, Gurugram: 100% units sold; ITD Rs 556 Cr collected.
• E361, Gurugram: 154 of 360 units sold; ITD collections Rs 108.2 Cr.
• Noida Phase I: Partial Occupancy Certificate received; Offer of Possession issued; Q1 collection Rs 33.2 Cr.
• Doon: Q1 revenue Rs 6.2 Cr; EBITDA Rs 0.92 Cr.
• Assisted Care revenue Rs 12.03 Cr; 485 beds live across NCR, Bengaluru, Chennai.
• AGEasy: Revenue Rs 18.8 Cr; YoY 1.3x; RoAS exit 2.0.
• Care Homes: 485 beds across NCR, Bengaluru and Chennai; occupancy improving.

Financial performance

• Total income Rs 68.6 Cr; QoQ -4.7%; YoY +66%.
• Residences revenue Rs 37.36 Cr; YoY growth.
• Assisted Care revenue Rs 12.03 Cr; YoY ~1.5x; QoQ rising.
• Max India revenue Rs 0.65 Cr; QoQ decline.
• Consolidated EBITDA loss Rs 25 Cr; DM fees and higher costs cited as drivers.
• Net worth Rs 372 Cr as of Jun-26; Total assets Rs 633.9 Cr.

Capital structure & liquidity

• Liquidity position ~Rs 21 Cr.
• Consolidated net worth Rs 372 Cr; assets Rs 633.9 Cr.
• No debt/equity actions disclosed in the release.

Strategic priorities & outlook

• Optimize occupancy in existing Care Homes; improve ARPOB and clinical differentiation.
• Strengthen service delivery via partnerships and TPAs.
• AGEasy: drive RoAS, margins; expand differentiated products; invest in brand and organic growth.
• Noida Phase I occupancy complete; Phase II approvals and remaining unit sales targeted.
• AGEasy patents: 7 total (4 granted, 3 filed).
• NABH accreditation at Bannerghatta; HSSC accreditation for Care at Home in Chennai in progress.

Risks & mitigation

• Lumpy DM fees cause EBITDA volatility; mitigated by cost controls.
• Geopolitical conditions pressure online gross margins; AGEasy GM ~45% maintained.
• Care Homes occupancy risk; mitigated through occupancy optimization and ARPOB improvements.
• Input-cost and freight pressures; mitigated by prioritization and higher India stock levels.

Governance & leadership

• No material governance changes disclosed.
• Accreditations: NABH at Bannerghatta; HSSC accreditation in progress for Care at Home.

Purpose and deviation status

• No deviation or variation in funds utilised for Rights/Preferential issues.

Funding details

• Rights Issue: Rs 124.23 crore raised on May 23, 2025.
• Preferential Issue: Rs 40.17 crore raised on Sept 24, 2025.
• Rights issue monitoring: CARE Ratings Limited.
• Preferential issue monitoring: Not Applicable.

Compliance and approvals

• Shareholder approval: Not Applicable.
• Deviation/variation in use: No.

Standalone results

• Standalone Q1 30 Jun 2026: Revenue from operations Rs 1.51 cr; total income Rs 1.54 cr.
• Standalone Q1 30 Jun 2026: Profit after tax Rs -3.78 cr; basic/diluted EPS Rs -0.72.
• Standalone Q1 30 Jun 2026: Exceptional items Rs 0.03 cr; rights issue related.
• Standalone Q1 30 Jun 2026: Total expenses Rs 5.37 cr; PBT Rs -3.86 cr.
• Standalone Q1 30 Jun 2026: Tax expense Rs -0.08 cr.
• Standalone Q1 30 Jun 2026: Total comprehensive income Rs -3.96 cr.
• Paid-up equity share capital Rs 52.58 cr.

Consolidated results

• Consolidated Q1 2026-27: Revenue from operations Rs 59.74 cr; total income Rs 68.62 cr.
• Consolidated Q1 2026-27: Total expenses Rs 103.65 cr; loss before tax Rs -35.59 cr.
• Consolidated Q1 2026-27: Exceptional items Rs -0.03 cr.
• Consolidated Q1 2026-27: Tax expense Rs 0.69 cr.
• Consolidated Q1 2026-27: Loss after tax Rs -36.28 cr.
• Consolidated Q1 2026-27: Total comprehensive income Rs -37.54 cr.
• Consolidated Q1 2026-27: Basic/diluted EPS Rs -6.91.

Segment performance

• Senior Living revenue 29.41 cr; loss -3.04 cr.
• Care Home and Services revenue 12.19 cr; loss -2.92 cr.
• Products revenue 17.60 cr; loss -15.84 cr.
• Business Investments revenue 1.52 cr; loss -4.61 cr.
• Inter-segment revenue deduction Rs 0.98 cr.
• Unallocable expenditure net of income Rs -11.21 cr; JV loss Rs -0.53 cr.

Rights issue & use of proceeds

• Rights issue: 82.81 lakh shares; Rs 124.23 cr proceeds.
• Utilisation as at 30 Jun 2026: Rs 80.91 cr spent; Rs 17.13 cr unutilised.
• Rs 40.00 cr of proceeds invested in Antara Senior Living.
• FY25-26: Rights issue related expenses Rs 1.73 cr; classified as exceptional.
• Max UK Limited strike off completed May 26, 2026; investment written off.

Balance sheet & other matters

• Total assets Rs 633.94 cr; total liabilities Rs 261.71 cr (as of Jun 30, 2026).
• Goodwill in joint ventures Rs 8.41 cr.
• Auditors: Limited review; no material misstatement identified.

Business model & segments

• Max India is a holding company with investments in subsidiaries and a joint venture.
• Main operating focus: Senior Living, Assisted Care, and Investments; no separate reportable segments.
• Group provides shared services to its subsidiaries.

Meeting Details

• Date and time: August 12, 2026 at 11:00 AM IST.
• Type/Mode: Earnings conference call; virtual/over call.
• Organiser: Max India Limited; investor call for Q1FY27 results.

Participants

• Key company participants: Senior Management from Max India and Antara will attend.

Purpose

• Purpose: Discuss Q1FY27 financial results with investors and analysts.