Max India Ltd

Max India Limited — Trading Window closed from Oct 1, 2026 until completion of 48 hours from the announcement to the Stock Exchanges of the unaudited financial results for the quarter and half year ending September 30, 2026

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.