Max India Limited (MAXIND)
₹158.20 +1.80% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Max India's revenue was ₹59.7 Cr (+61.5% year on year, -9.5% on the previous quarter), and net profit ₹-36.3 Cr (a bigger loss than a year earlier); the operating margin was -56.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹59.7 | +61.5% | -9.5% |
| Operating profit | ₹-33.8 | loss widened | loss widened |
| Net profit | ₹-36.3 | loss widened | loss widened |
| EPS (₹) | -6.91 | loss widened | loss widened |
| Operating margin | -56.6% | — | — |
MAXIND delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 38.73% of the MAXIND shares traded on NSE were taken to delivery, against the stock's own 20-session average of 56.6%. That is lower than usual for this stock. Turnover was only ₹57 lakh, so a handful of trades can move this figure. Volume was 0.4 times its average, well below normal.
Delivery in the last 5 sessions: 59.6% · 20.2% · 41.1% · 47.8% · 38.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Max India Limited has executed a Letter of Comfort for ₹40 Crores in favor of Aditya Birla Capital Limited to back a credit facility for its wholly owned subsidiary, Antara Senior Living Limited (ASLL). This execution follows earlier board approval intimated on May 28, 2026. The ₹40 Crore commitment represents approximately 9.8% of Max India's net worth (₹409 Cr) and 18.7% of its TTM revenue (₹214 Cr). The support aids Antara's debt financing as the parent company continues to report operating losses (TTM PAT of -₹132 Cr).
- Executed Letter of Comfort for ₹40 Crores in favour of Aditya Birla Capital Limited
- Credit facility is being availed by wholly owned subsidiary Antara Senior Living Limited
- Follows earlier board approval intimation dated May 28, 2026
- Event occurred at 1948 Hours on October 14, 2026
Max India's wholly owned subsidiary, Antara Senior Living Limited, has joined the SCALE initiative as a founding industry partner in collaboration with the Max India Foundation and the Indian School of Business (ISB). Supported by a multi-year CSR grant from Max India Foundation, the initiative aims to advance research and evidence-based care models for India's senior population. The filing details Antara's operating network, which includes 8 facilities with 485 assisted care beds across four cities and 340 senior apartments in Noida Phase 1. Financially, Max India remains loss-making with a TTM PAT of Rs -132 Cr and TTM revenue of Rs 214 Cr, meaning this research-focused partnership has no immediate commercial impact.
- Antara Senior Care joins ISB and Max India Foundation as founding partner for the SCALE research initiative.
- The initiative is funded through a multi-year CSR grant from Max India Foundation with no direct commercial terms disclosed.
- Filing notes Antara's current operational scale includes 8 facilities with 485 beds across Gurugram, Noida, Bengaluru, and Chennai.
- Antara's Phase 1 Noida senior living community comprises 340 apartments, and AGEasy has touched over 9 lakh lives since 2023.
Max India Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate from Registrar and Share Transfer Agent Mas Services Limited confirms that all securities received for dematerialization between July 1, 2026, and September 30, 2026, were processed within 15 days. Security certificates received were confirmed, mutilated, and cancelled as per SEBI regulations. This is a standard quarterly regulatory filing with no operational or financial impact.
- Compliance certificate submitted under Regulation 74(5) of SEBI regulations for the quarter ended September 30, 2026
- Covers the dematerialization processing period from 01/07/2026 to 30/09/2026
- Confirmation provided that dematerialization requests were confirmed or rejected within the mandated 15 days
- Certificate issued by Registrar and Share Transfer Agent Mas Services Limited on October 06, 2026
Max India Limited has informed the stock exchanges regarding an upcoming in-person Analyst and Institutional Investor Group Meeting scheduled for September 10, 2026, from 9:00 AM onwards in Delhi. The company confirmed that interactions will be based strictly on publicly available information with no unpublished price-sensitive information (UPSI) discussed. This is a procedural filing under Regulation 30 of SEBI (LODR) Regulations, 2015.
- Analyst and Institutional Investor Group Meeting scheduled for September 10, 2026
- Meeting format is in-person in Delhi starting at 9:00 am onwards
- Discussions to rely strictly on publicly available information with no UPSI shared
Max India Limited has submitted the scrutinizer's report and voting results for its 7th Annual General Meeting held on August 19, 2026. A total of 30,400,622 votes were polled across 56,202,456 outstanding shares, representing a voter turnout of 54.09%. Both proposed ordinary resolutions—the adoption of audited financial statements and the reappointment of Director Rajit Mehta—were approved by shareholders with over 99.99% votes in favor.
- Voter turnout stood at 54.09%, with 30,400,622 votes polled out of 56,202,456 total shares.
- Resolution 1 (Adoption of FY26 Audited Financial Statements) passed with 99.9988% votes in favor (30,400,245 votes).
- Resolution 2 (Re-appointment of Director Mr. Rajit Mehta) passed with 99.9974% votes in favor (30,399,845 votes).
- Company reported 38,432 total shareholders as of the record date of August 12, 2026.
Max India released its Q1 FY27 earnings transcript detailing progress across its senior care and living verticals. The company issued possession offers to all 340 residents at Antara Noida, raising ₹169 crore in demand with ~75% collected to date. It is in late-stage diligence for two new senior living projects in Bangalore (~₹900 crore GDV) and Dehradun (~₹850-900 crore GDV). Consolidated Q1 FY27 revenue grew 66% YoY to ₹68.6 crore, though EBITDA loss stood at ₹25 crore, with additional capital requirement over the next two years pegged at ~$20 million after receiving ₹40 crore via preferential issue in July.
- Issued possession offers to 340 units at Antara Noida, raising demands of ₹169 crore with ~75% collected as of the call date
- In final stages of diligence for Bangalore (~300 units, ~₹900 crore GDV) and Dehradun (<150 units, ~₹850-900 crore GDV) senior living projects
- Consolidated Q1 FY27 revenue rose 66% YoY to ₹68.6 crore; EBITDA loss stood at ₹25 crore
- Received ₹40 crore in July via the second tranche of preferential issue; incremental 2-year capital requirement guided at ~$20 million
- Assisted Care operational footprint stands at 485 beds with gradual occupancy ramp-up
Max India Limited conducted its 7th Annual General Meeting (AGM) on August 19, 2026, via video conferencing. Key ordinary business transacted included the adoption of audited standalone and consolidated financial statements for FY26 and the re-appointment of director Mr. Rajit Mehta, who retired by rotation. Remote e-voting concluded on August 18, 2026, and final scrutinizer voting results are scheduled to be submitted on or before August 21, 2026.
- 7th Annual General Meeting held on August 19, 2026, between 12:30 PM and 1:30 PM IST
- Ordinary business included adoption of FY26 financial statements and director re-appointment (Mr. Rajit Mehta)
- Remote e-voting was active from August 16, 2026 (9:00 AM) to August 18, 2026 (5:00 PM)
- Final voting results to be disclosed on or before August 21, 2026
Max India has released the audio recording of its Q1 FY27 earnings call held on August 12, 2026. The company is currently navigating a transition phase, reporting a TTM revenue of Rs 191 Cr against a net loss of Rs 122 Cr. Management is focusing on the 'Silver Economy' with a target to reach breakeven in the AGEasy segment by late FY27 or early FY28. The call likely detailed progress on the 1.5 million sq. ft. senior residential project and the expansion of assisted care to 500 beds.
- Audio recording of the earnings call held on August 12, 2026, is now publicly accessible via the company website.
- The call addressed financial and operational performance for the quarter ended June 30, 2026.
- Company continues to manage a TTM net loss of Rs 122 Cr while scaling its senior care platform.
- Management is executing a strategy to reach 500 operational beds in Assisted Care by November 2025.
Max India reported a strong 66% YoY revenue growth to ₹68.6 Cr in Q1 FY27, driven by its senior living and assisted care segments. However, consolidated EBITDA loss widened significantly to ₹25 Cr from ₹6.8 Cr in the previous quarter, attributed to lumpy revenue recognition in residences and higher brand/operational spends. The company achieved 100% sales for its E360 Gurugram project and received a partial Occupancy Certificate for Noida Phase I. Liquidity remains relatively tight at ₹21 Cr against a net worth of ₹372 Cr.
- Consolidated revenue grew 66% YoY to ₹68.6 Cr, though it declined 4.7% on a QoQ basis.
- E360 Gurugram project reached 100% sales of its 292 senior living units with ₹556 Cr collected to date.
- Assisted Care services revenue rose 1.5x YoY to ₹12.03 Cr with a live capacity of 485 beds.
- AGEasy product segment revenue reached ₹18.8 Cr, maintaining a 45% online gross margin despite geopolitical pressures.
- Consolidated EBITDA loss stood at ₹25 Cr for Q1 FY27 compared to a loss of ₹23.2 Cr in Q1 FY26.
Max India Limited has submitted its quarterly statement confirming zero deviation or variation in the utilization of funds raised through its recent capital issuances. The company raised ₹124.23 Crores via a Rights Issue in May 2025 and has received ₹40.17 Crores (representing 50% of the total ₹80.35 Crores) from a Preferential Issue in September 2025. As of the quarter ended June 30, 2026, all funds have been utilized according to the objects stated in the original Letter of Offer. CARE Ratings Limited acted as the monitoring agency for the Rights Issue proceeds.
- Zero deviation reported in the utilization of funds for the quarter ended June 30, 2026.
- ₹124.23 Crores raised through a Rights Issue dated May 23, 2025.
- ₹40.17 Crores received as 50% consideration for a ₹80.35 Crores Preferential Issue.
- CARE Ratings Limited confirmed as the monitoring agency for the Rights Issue proceeds.
- Statement covers the period ending June 30, 2026, as per SEBI Regulation 32(3).
Max India reported a consolidated revenue of ₹59.74 Cr for Q1 FY27, a significant 62.9% increase from ₹36.67 Cr in the same quarter last year. Despite the top-line growth, the company remains in a heavy investment phase, reporting a consolidated net loss of ₹35.59 Cr compared to a loss of ₹32.54 Cr in Q1 FY26. The Assisted Care segment, including the AGEasy platform, contributed ₹29.79 Cr to revenue, nearly matching the Senior Living segment's ₹29.41 Cr. The company continues to deploy capital into its subsidiary Antara, with a fresh ₹37.26 Cr investment in CCPS during the quarter.
- Consolidated revenue rose 62.9% YoY to ₹59.74 Cr from ₹36.67 Cr.
- Consolidated net loss widened to ₹35.59 Cr from ₹32.54 Cr in the year-ago period.
- Assisted Care segment revenue reached ₹29.79 Cr, with the 'Products' sub-segment contributing ₹17.60 Cr.
- Invested ₹37.26 Cr in subsidiary Antara Assisted Care Services Limited (AACSL) via CCPS.
- Rights issue proceeds of ₹124.23 Cr from May 2025 are being utilized for subsidiary expansion and debt repayment.
Max India Limited has scheduled its Q1FY27 earnings conference call for August 12, 2026, at 11:00 AM IST. The call will feature senior management from Max India and its senior care arm, Antara, to discuss financial performance. This follows a challenging FY26 where the company reported a net loss of ₹122 Cr on revenue of ₹191 Cr. Investors will likely look for updates on the operationalization of the 340-unit Antara Noida project and the progress of the 485-bed assisted care segment.
- Earnings conference call scheduled for August 12, 2026, to discuss Q1FY27 results
- Antara Noida Phase 1 (340 units) issued Offer of Possession in Q1FY27
- Assisted care footprint reached ~485 beds across Delhi NCR, Bengaluru, and Chennai
- 154 units sold in the new Gurugram Sector 36A senior living project as of June 2026
- Company targeting AGEasy breakeven by late FY27 or early FY28
Max India Limited has allotted 118,222 equity shares to employees following the exercise of vested stock options under its ESOP Plan 2020. This allotment increases the company's total paid-up equity capital from 5,62,02,456 shares to 5,63,20,678 shares. The dilution resulting from this issuance is marginal at approximately 0.21% of the pre-allotment capital. Given the company's current loss-making status (TTM PAT of Rs -122 Cr), this routine administrative action has negligible impact on immediate financial health.
- Allotment of 118,222 equity shares of face value Rs 10 each to eligible employees.
- Total paid-up capital increased to Rs 56,32,06,780 from Rs 56,20,24,560.
- The issuance represents a marginal equity dilution of approximately 0.21%.
- The allotment was approved by the Nomination and Remuneration Committee on August 5, 2026.
Max India has executed a corporate guarantee of Rs 25 crore in favor of Axis Bank to support credit facilities for its wholly-owned subsidiary, Antara Assisted Care Services Limited (AACSL). This is an execution update following the board's earlier approval on May 28, 2026, for an aggregate guarantee limit of Rs 75 crore. The guarantee represents approximately 6.1% of Max India's current net worth of Rs 409 crore. This move facilitates debt access for the subsidiary as it scales its senior care operations in the 'Silver Economy' segment.
- Executed a Rs 25 crore corporate guarantee in favor of Axis Bank Limited today.
- Part of a larger Rs 75 crore aggregate limit approved by the Board on May 28, 2026.
- Beneficiary is Antara Assisted Care Services Limited (AACSL), a 100% subsidiary.
- The guarantee supports credit facilities for the subsidiary's expansion in the senior care market.
- Max India currently holds a net worth of Rs 409 crore and a debt of Rs 97 crore.
Max India Limited has announced its 7th Annual General Meeting (AGM) for August 19, 2026, to be conducted via video conferencing. The company is dispatching physical letters to shareholders without registered email addresses, providing access to the FY 2025-26 Annual Report. In compliance with a SEBI mandate from February 2026, the company is also requiring shareholders with physical holdings to update their PAN, KYC, and bank details. This is a procedural filing with no direct impact on the company's TTM revenue of ₹191 Cr or its current loss-making status (TTM PAT of -₹122 Cr).
- 7th Annual General Meeting scheduled for August 19, 2026, at 12:30 IST via VC/OAVM.
- Mandatory KYC update requested per SEBI Master Circular dated February 6, 2026.
- Annual Report for FY 2025-26 and AGM Notice made available via digital links for shareholders without registered emails.
- Shareholders holding physical shares must submit forms ISR-1, ISR-2, and SH-13/14 to the RTA, MAS Services Limited.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 15% YoY in H1 FY26 to INR 91.5 Cr. Antara Assisted Care Services (AACSL) revenue grew 76% (1.7x) to ~INR 44 Cr in FY25. AGEasy (launched 2023) scaled to INR 21.3 Cr in FY25 with an Annual Recurring Revenue (ARR) of INR 75 Cr. Care at Home achieved 400% growth over 4 years, reaching INR 17.23 Cr in FY25.
Geographic Revenue Split
While specific regional percentages are not disclosed, major contributions come from the Gurugram 'Estate 360' project, which achieved cumulative sales of 260 units and collected INR 239 Cr (94% efficiency), and the Dehradun facility which achieved breakeven ahead of plan with revenue at 109% of target.
Profitability Margins
AGEasy achieved a 23% contribution margin exit rate in September 2025. 64% of AGEasy products deliver a gross margin exceeding 50%. Care Homes target double-digit EBITDA margins once they reach 65-75% occupancy, typically 8-9 quarters post-launch.
EBITDA Margin
Consolidated EBITDA loss was INR 25.3 Cr in Q2 FY26 (approx -50% margin) compared to a loss of INR 15.7 Cr in Q2 FY25. FY25 consolidated EBITDA loss was INR 99.2 Cr (approx -60% margin) vs INR 34.3 Cr loss in FY24, driven by expansion costs in Care Homes and AGEasy scaling.
Capital Expenditure
The company raised INR 124.23 Cr through a rights issue in FY25 to fund AACSL growth. Invested capital in Senior Living (Residences) stood at INR 448 Cr as of September 2025. Liquidity of INR 208 Cr is earmarked for growth.
Credit Rating & Borrowing
Net debt of INR 105 Cr has been fully repaid. Finance costs increased 141% YoY to INR 4.1 Cr in Q2 FY26 from INR 1.7 Cr in Q2 FY25, reflecting increased utilization of credit for expansion before debt repayment.
Operational Drivers
Raw Materials
Nutraceuticals (Gut Health range), senior care medical products (knee braces, diapers, nebulizers), and construction materials for senior living residences.
Import Sources
40% of sourcing for AGEasy products is currently from China to optimize gross margins.
Key Suppliers
Wellbeing Nutrition (Mumbai-based partner for Gut Health nutraceuticals).
Capacity Expansion
Targeting 500 operational beds in Assisted Care by November 2025. Planning to launch and sell 1.5 million square feet of senior residential units over the next 4 years.
Raw Material Costs
Not disclosed as a standalone percentage of revenue, but 40% sourcing from China is a key strategy to maintain the >50% gross margin seen in 64% of the AGEasy product portfolio.
Manufacturing Efficiency
Care Homes reach 40-50% occupancy within 4-5 quarters and 65-75% within 8-9 quarters. AGEasy marketing efficiency improved with RoAS (Return on Ad Spend) increasing to 2.9 in September 2025.
Logistics & Distribution
Flipkart marketplace now contributes 12-13% of AGEasy distribution.
Strategic Growth
Expected Growth Rate
25%
Growth Strategy
Scaling AGEasy to reach breakeven by late FY27 or early FY28 through product expansion (14 new products in H1 FY26) and celebrity partnerships (Anupam Kher). Expanding Assisted Care footprint to 500 beds and executing a 1.5 million sq. ft. residential development pipeline.
Products & Services
Senior living residences (Estate 360), Care Homes (assisted living), Care at Home services, and AGEasy health products (nutraceuticals, mobility aids, and wellness interventions).
Brand Portfolio
Antara, AGEasy, Estate 360.
New Products/Services
Gut Health nutraceutical range launching Nov/Dec 2025 in partnership with Wellbeing Nutrition; 14 products launched in H1 FY26.
Market Expansion
Expansion of Assisted Care footprint across India; entering new markets with the AGEasy digital/product platform to reach seniors irrespective of geography.
Market Share & Ranking
Operates in a nascent market with 1.3% penetration; Max India is positioned as a first-mover in the organized 'Silver Economy' projected to reach USD 33 Bn by 2030.
Strategic Alliances
Partnership with Wellbeing Nutrition for nutraceuticals; celebrity partnerships with Anupam Kher and Hiten Tejwani for brand building.
External Factors
Industry Trends
The 'Silver Economy' is evolving from a nascent USD 13 Bn market (2024) to a projected USD 33 Bn market by 2030, driven by the rise of nuclear families and higher life expectancy. Max India is positioning itself as an integrated ecosystem (residences + care + products) to capture this 16.8% CAGR opportunity.
Competitive Landscape
Increasing competition as more players enter the rapidly evolving senior care sector, though Antara maintains high brand credibility.
Competitive Moat
Sustainable moat built through brand credibility (Max Group legacy), 4 product patents, and a specialized operational framework (800+ SOPs) that is difficult for new entrants to replicate quickly.
Macro Economic Sensitivity
High sensitivity to GDP growth and inflation, which influence consumer behavior in the premium senior care sector.
Consumer Behavior
Shift toward nuclear families and higher digital literacy among seniors is driving demand for organized home care and wellness products.
Geopolitical Risks
Trade barriers or supply chain issues with China could impact the 40% sourcing strategy for AGEasy.
Regulatory & Governance
Industry Regulations
Subject to real estate development regulations (RERA) and healthcare service standards for Care Homes and Assisted Living facilities.
Taxation Policy Impact
Consolidated tax credit of INR 1.0 Cr reported in H1 FY26.
Risk Analysis
Key Uncertainties
The capital-intensive nature of real estate development (INR 448 Cr invested) poses liquidity risks if project absorption slows. The 8-9 quarter timeline to EBITDA breakeven for Care Homes creates a long gestation period for profitability.
Geographic Concentration Risk
Significant revenue concentration in North India (Gurugram and Dehradun projects).
Third Party Dependencies
40% dependency on Chinese suppliers for AGEasy product sourcing.
Technology Obsolescence Risk
Mitigated by filing 4 patents and investing in brand/technology to maintain 86-95% customer satisfaction scores.
Credit & Counterparty Risk
Collection efficiency of 94% on INR 239 Cr at Estate 360 indicates strong receivable quality.
