Summary
Max India Limited - Q3 FY 2026 Earnings Call Summary Tuesday, February 10, 2026, 6:00 PM IST
Event Participants
Executives 6 Ajay Agrawal (Deputy CEO & CFO – Antara Senior Living), Ankit Kalra (CFO – Antara Assisted Care), Ishaan Khanna (CEO – Antara Assisted Care), Rajit Mehta (MD & CEO – Max India), Sandeep Pathak (CFO – Max India), Shubham Jain (IR Division – Max India)
Analysts 6 Ankit Dharamshi, Harsh Kundnani, M S Reddy, Nandan Agarwal, Nikhil, Rohit Kumar
Financials & KPIs
| Metric | Reported | Commentary |
|---|---|---|
| Net Revenue | ₹49.8 crores | +27.0% YoY; +19.0% for 9M FY26 to ₹141.3 crores. |
| Consolidated EBITDA | -₹29 crores | Reflects ongoing investments in growth engines; performance slightly better than the internal plan. |
| Treasury Assets | ₹105 crores | Strategic liquidity held at the Max India consolidated level as of Dec 31, 2025. |
| Consolidated Net Worth | ₹426 crores | Total equity position supporting the three-vertical growth strategy. |
| Antara Residences Revenue | ₹19.7 crores | Includes ₹7 crores from Dehradun ops, ₹3 crores DM fees, and ₹4 crores finance lease income. |
| Antara Assisted Care Revenue | ₹10.38 crores | Combined Care Home (₹5cr) and Care at Home (₹5.38cr); Care at Home saw 1.3x 9M growth. |
| AGEasy Revenue | ₹18.8 crores | -13.0% QoQ due to a technical glitch on Flipkart; 9M revenue up 2.3x YoY to ₹54 crores. |
| Care Home Occupancy | 27% | Improved from 25% in Q2 FY26; 16% at start of FY26. Total capacity reached 485 beds. |
Geographic & Segment Commentary
- Antara Residences: Fully sold out Estate 360 (Gurgaon) with 97% collection efficiency (₹343 crores ITD). Launched Phase 1 of Estate 361 in December 2025 (180 units), securing 100 bookings within the first month. Pursuing new opportunities in Chandigarh, Bengaluru, and Chennai to hit 1.5 million sq. ft. annual commitment.
- Antara Assisted Care: Now operates 485 beds (333 currently operational) across NCR, Bengaluru, and Chennai. Care Home revenue grew 1.3x QoQ, while Care at Home hit its highest quarterly revenue ever at ₹5.38 crores. Occupancy trends are positive, with specific units rising from 18% to 35% during the nine-month period.
- AGEasy: D2C and offline channels grew 1.3x and 2.3x QoQ respectively, despite marketplace challenges. Launched “Gut Health” category and filed 5 patents for senior-specific products (diapers, kneecaps, nebulizers). Management targeting gross margins of 50%+; exit margins for December were 46%.
Company-Specific & Strategic Commentary
- Asset-Light Development: Maintaining a shift toward Development Management (DM) models, earning ₹28.2 crores in fees from Estate 360 since inception.
- Senior Specificity Index: Internal framework launched to evaluate products based on age-relevance and safety, leading to portfolio rationalization.
- Policy Advocacy: Actively collaborating with NITI Aayog to shape national senior care policies.
- Strategic Partnerships: Partnered with Star Union Dai-ichi Life to launch specialized financial products and wellness education for seniors.
Guidance & Outlook
| Metric | Guidance / Outlook | Commentary |
|---|---|---|
| Residences Breakeven | FY 2027 Year-End | Expected as steady income starts from three active projects. |
| AGEasy Breakeven | Q4 FY 2027 | Driven by improved RoAS and shift toward 40% organic sales mix. |
| Consol. Profitability | FY 2028 | Dependent on maturity of Care Home occupancy and AGEasy scaling to ₹400-500cr top line. |
| Capital Raise | ₹200-250 crores | Planned for Q1/Q2 FY27 to fund Care Home expansion and new residential deposits. |
Risks & Constraints
| Risk | Context |
|---|---|
| Regulatory Delays | The Noida Phase 1 project remains pending Occupancy Certificate (OC), blocking ₹150 crores in collections and Phase 2 launch. |
| Channel Concentration | A technical glitch on Flipkart (Alpha channel) significantly impacted Q3 revenue for the AGEasy vertical. |
| Execution Lags | Historical project delays in Chandigarh and Bengaluru have slowed the achievement of the 10-community vision. |
Q&A Highlights
Residences Pipeline & Collections
- Question: Why were Q3 collections lower for Estate 360? (Harsh Kundnani)
- Answer: Collections are construction-linked; major invoices were raised in Q4 FY26. FY27 will see a temporary lull as construction moves from basement to upper floors (Ajay Agrawal).
AGEasy Recovery
- Question: What was the Flipkart issue and what is the growth ex-Flipkart? (Harsh Kundnani)
- Answer: A technical warehousing issue blocked inwarding for 2.5 months. Ex-Flipkart, marketplaces grew 10-15%, while D2C grew 30% QoQ (Ishaan Khanna).
Profitability Roadmap
- Question: What is the steady-state margin for AGEasy? (Ravi Shah)
- Answer: Targeting 15-20% EBITDA margins on a ₹500 crore top line, with ROCE potentially exceeding 30% due to asset-light sourcing (Ankit Kalra).
Noida Project Update
- Question: What is the status of the Noida OC? (Harsh Kundnani)
- Answer: The Supreme Court directed Noida Authority to respond within two weeks. Management expects closure soon, which will trigger ₹15 crores in DM fees and Phase 2 approvals (Rajit Mehta/Ajay Agrawal).
Key Takeaway
Max India reported steady 9M FY26 growth of 19%, though Q3 was tempered by technical disruptions in its AGEasy marketplace channel. The company has successfully transitioned to an asset-light residential model, evidenced by the sell-out of Estate 360 and the strong start of Estate 361 in Gurgaon, where bookings reached 100 units within two months. Strategic focus remains on maturing the 485-bed Assisted Care capacity (currently 27% occupied) and scaling AGEasy toward 50% gross margins. Management expects the Residences and AGEasy verticals to hit EBITDA breakeven by FY27, with consolidated profitability targeted for FY28. While regulatory hurdles in Noida remain a watch point, the planned ₹200-250 crore capital raise in early FY27 is intended to accelerate the expansion of Care Homes and new residential projects to meet the long-term goal of 8-10 senior living communities.
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