Max India Ltd · NSE:MAXIND
Max India — Investor Presentation (December 2025)
49 slides from Max India's investor presentation, Dec 8, 2025
Slide 1: Exchange filing cover letter
December 8, 2025 Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Bandra Kurla Complex, Dalal Street Bandra (East) Mumbai – 400001 Mumbai – 400051 Scrip Code: 543223 Name of Scrip: MAXIND Sub: Investor Presentation D
Slide 2: Investor Presentation December 2025
Investor Presentation December, 2025 1
Slide 3: Safe Harbour
Safe Harbour This presentation and the accompanying slides (the “Presentation”), which have been prepared by Max India Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities
Slide 4: Executive Summary (1/2)
Executive Summary (1/2) Max Group Legacy & Strategic Context • Max Group has built a strong reputation over three decades by creating iconic brands & delivering ~25% CAGR to shareholders. • Consistently spotted emerging trends & built iconic & leading businesses: - Max Healthcare – Mcap INR 1.13 L C
Slide 5: Executive Summary (2/2)
Executive Summary (2/2) Offerings & Presence • Senior Residences – Fully operational community in Dehradun inhabited by 180+ seniors, ~650 units in Noida and Gurugram are fully sold out, with Noida ready for possession; Gurgaon Estate 361 launched first phase in Dec’25 • Aspiration to add 1.5 mn sq
Slide 6: Max Group has consistently spotted emerging trends & built iconic businesses
Max Group has consistently spotted emerging trends & built iconic, market leading businesses, delivering ~25% CAGR to its shareholders over the last three decades In 2001, Max Group ventured into Healthcare sector and opened its first healthcare facility in South Delhi & Noida Max Healthcare opera
Slide 7: Senior care poised to become the Group's next transformative success story
Senior care poised to become the Group’s next transformative success story with a potential to significantly enhance shareholder value Comprehensive senior care ecosystem building a flywheel Established market traction across business for customer retention and optimized acquisition costs verticals
Slide 8: The Silver Economy is an untapped megatrend in India (1/2)
The “Silver Economy” is an untapped megatrend in India having projected market size of USD 33 Bn by 2030; is in early stages of growth and underserved market currently (1/2) “Silver Economy” presents a ~$13 billion market Huge Supply demand gap for Senior residences… Market Size (USD bn)(1) 33 Marke
Slide 9: Key drivers contributing to growth in Senior Care space (2/2)
Key drivers contributing to growth in Senior Care space (2/2) Nuclearization of families is reducing access to family-based care & destigmatizing professional care More children relocating overseas is a deeper pain point for ageing parents staying in India Current life expectancy in India has increa
Slide 10: Max Group - Structure overview
Max Group - Structure overview Life Insurance Real Estate Senior Care Holding Company Max Financial Services Max Estates Limited Max India Limited Limited Market Cap*: Market Cap*: Market Cap*: INR 53,535cr INR 7,644 cr+ INR 1095 cr+ (USD 127mn+) (USD 6.2 bn) (USD 845mn+) (81%) (100%) (100%) (100%)
Slide 11: Antara is the only company with a fully integrated senior care ecosystem
Antara is the only company in India having the vision to create a fully integrated senior care ecosystem Antara’s ecosystem 10
Slide 12: Residences for Seniors
Residences for Seniors 11
Slide 13: Antara Senior Living: Lifecare & lifestyle solutions for seniors
Antara Senior Living: Lifecare & lifestyle solutions catering to evolving needs of seniors About Antara Senior Living Limited (“ASLL”) Current Locations Founded in 2011 with a vision to pioneer Senior Care Living in India; First Project started in 2013. Strategically partners with Landowners/Dev
Slide 14: Through multiple communities with sustainable economics
…through multiple communities with sustainable economics… Ongoing Projects Overview Upcoming Projects Dehradun Noida Gurugram(1) Gurugram(2) January 2013 January 2020 August 2024 Launch Date: Launch Date: December 2025 575k sft (197 units) 744k sft (340 units) 763k sft (292 units) Saleable Area: Sal
Slide 15: Antara Dehradun: Operations Stable; Q2 FY26 revenue Rs 6.18 Cr
Antara Dehradun: Operations Stable; Q2 FY26 revenue Rs 6.18 Cr; Community continues to be in Cash & profit surplus 14 Acres 5,75,500 1,400-6,600 Land Parcel of the Saleable area Average Apartment company's flagship in sq ft Size range in Sq Ft project 60,000 Rs 25,000 1 re-sales* Clubhouse size Re-s
Slide 16: Antara Noida Phase 1: All units sold, collection efficiency ~99%
Antara Noida Phase 1: All units sold in Mar’23, collection efficiency ~ 99%; Legal recourse in progress to solve OC ambiguities 340 ~7,45,000 2,000 Saleable area Average Apartment Available Units in sq ft Size in Sq Ft Collection 40:60 ~Rs 16,0001 efficiency Channel Mix (%) Sales Realisation ~ 98% C
Slide 17: Antara Noida Phase: Headwinds for grant of OC
Antara Noida Phase 1 : Headwinds for Phase 1 for grant of OC; land dues fully paid; legal recourse in progress , Phase 2 approvals impacted as well Project Cost for Phase - 1&2 (including Land) Antara Fee (S&M, PM) Noida Phase 2 update Rs. 1100 ~10% • The building plans were valid till mid June 2025
Slide 18: E360, Gurugram: All units sold out within ~10 months of launch
E360, Gurugram : All units sold out within ~10 months of launch, Achieved total sales value of ~ INR 1.5k+ crs Total Saleable area = 7.63 lacs sq. Ft. Avg. Price = ~20.05k per sq. ft. (ExcL GST) Total Gross Sales of Senior Residences towers = ~INR 1530 Crs. Avg. Size of the Apartment= 2615 sq. ft. C
Slide 19: E360, Gurugram – All units of Senior Living sold out
E360, Gurugram – All 292 units of Senior Living sold out till Jul’25, with sales collection ~ Rs ~332 Cr, collection efficiency ~ 99% 292 ~7,63,500 ~ 2,600 Saleable area Average Apartment Available Units in sq ft Size in Sq Ft Collection 35:65 ~Rs 21,0001 efficiency Channel Mix (%) Sales Realisation
Slide 20: Residences for Seniors
Residences for Seniors Antara Dehradun Antara Noida 19
Slide 21: Growth Opportunities – E361 launched in Dec 2025
Growth Opportunities – E361 launched in Dec 2025; Headwinds in Chandigarh; new opportunities being explored E361, Gurugram* New Geographies • RERA received for the project • Chandigarh – • Existing opportunity facing headwinds – • Launched first phase in Dec’25 Negotiations Underway • More opportuni
Slide 22: Antara Assisted Care Services Limited (AACS)
Antara Assisted Care Services Limited (“AACS”) 21
Slide 23: Integrated holistic wellness: wide range of services and products
Focussed on integrated holistic wellness, offering a wide range of services and products Antara Care Homes: Assisted Care Services AGEasy: Senior Care Products 1 Centers focused on short term rehabilitation and post ✓ Differentiated wellness products (own brand) to help seniors manage ageing Transit
Slide 24: Care Homes / Memory Care Homes
Care Homes/ Memory Care Homes 23
Slide 25: Holistic care services for seniors needing more immersive interventions
Holistic care services for seniors needing more immersive interventions for rehabilitation or activities of daily life Service offering Assisted living Transition care Memory Care 24*7 Clinical Cover with GP review Emergency clinical protocols and hospital transfer support In-house Physiotherapy Ski
Slide 26: 500 beds capacity built across 4 cities
500 beds capacity built across 4 cities, consistent Voice of customer score of 90%+ Gurgaon, Bangalore, Gurgaon, Bangalore, Location Gurgaon, DLF Noida Chennai, ECR Chennai, OMR Sector 41 Bannerghatta Sector 24 Whitefield Transition Care Transition Care Transition Care Format Assisted Living Memory
Slide 27: New Care Homes launched in the past one year
New Care Homes launched in the past one year Sector - 24, Gurugram Bannerghatta Road, Sector -66, Noida (98 beds) Bengaluru (83 beds) (53 beds) • Aug’24 Go live • Feb’25 Go live • Oct’24 Go live • 40+ Move-ins in Q2 • 57 Move-ins in Q2 FY26 • 65 Move-ins 26 in Q2 FY26 26 FY26
Slide 28: Care Home: Net revenue at Rs 3.91 Cr in Q2FY26
Care Home (CH): Net revenue at Rs 3.91 Cr in Q2FY26, Up ~2.3x y-o-y Occupancy trend at Care Homes (bed days) 420 Care Homes Revenue (Rs Lacs) 2.5X 2.3x 391 7200 YoY 360 YoY 6300 6765 300 5400 293.6 4500 5021 240 234.3 3600 3592 180 205.2 2700 3007 167.9 2633 1800 120 900 60 0 Q2FY25 Q3FY25 Q4FY25 Q1
Slide 29: Care at Home
Care at Home 28 28
Slide 30: Delivery of Healthcare services in the comfort of your home
Delivery of Healthcare services in the comfort of your home Our Offerings Home Sample Collection & Physiotherapy and Nursing Diagnostics Rehabilitation Care services to keep your treatment for your services to take care of elders’ vitals in check at all times elders in the comfort of your the daily
Slide 31: 37k patients served, building brand & long-term pipeline
37k patients served, building brand & long-term pipeline for core Antara offerings Overview Comprehensive medical care and assistance for seniors, delivered in the comfort of home ICU at Home Nursing at Home Physio and Rehab Entry strategy for new cities through complementary offerings where AACS
Slide 32: Care at Home – Highest ever net revenue in Q2FY26
Care at Home – Highest ever net revenue ~ Rs 5.24 Cr in Q2FY26, growth of 21% y-o-y Patient served (Nos) Care at Homes Revenue^ (Rs Lacs) 12% YoY 21% 3600 YoY 600 3000 3341 500 2977 524.1 2859 493.2 2400 2745 456.7 461.2 2548 400 432.6 1800 300 1200 200 600 100 0 0 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26
Slide 33: 32
32 32
Slide 34: Online focused, senior-specific products to manage chronic conditions
Online focused, senior-specific products and solutions to manage chronic health conditions Antara AGEasy …is an online D2C platform offering senior specific products and is.. health solutions to manage chronic health conditions Our customer 1.5 Crore seniors (age 55 yrs+) in Urban India (Sec A, B) ;
Slide 35: AGEasy - 180+ SKUs catering to specific conditions of seniors
AGEasy - 180+ SKUs catering to specific conditions of seniors pan-India Overview Rapid traction in building AGEasy – Key Statistics AGEasy offers products designed to enhance seniors’ lifestyle, combining 300k+ #1 44 comfort with innovation to address ageing-related conditions. Lives Touched Bests
Slide 36: ~5L+ lives touched since inception with 10% repeat customers
~5L+ lives touched since inception with 10% repeat customers ITD till 30th Sep’25 Amazon - Total Flipkart - Total D2C – Total [...] Lives 2,81,832 [...] Lives 77969 [...] Lives 1,25,713 Repeat Customers Repeat Customers Repeat Customers 1 34511 1 4675 1 11693 2 12% repeat 2 6% repeat 2 9% repeat cus
Slide 37: Leveraging technology/AI to drive operational excellence in AGEasy
•. Leveraging technology/ AI to drive next wave of Operational Excellence & Growth in AGEasy ❑ Scalable technology stack fully implemented ❑ Industry standard security and data infrastructure established Infrastructure & Compliance ❑ DPO(1) assigned as required under DPDP(2) and GDPR(3) regulation.
Slide 38: Accreditations; Partnerships and Innovations
Accreditations; Partnerships and Innovations 37
Slide 39: Leading the way in senior care innovation and capabilities
Leading the way in senior care innovation, thought leadership and capabilities Partnerships and Achievements Products launched in consultation with Scientific Advisory Counsel (SAC) Operator of the Year – Senior Living” – by Ageing Asia Chairman & Chief Surgeon, Max Institute of Orthopaedics and
Slide 40: Antara aspires for Pan India presence
Antara aspires for Pan India presence 39
Slide 41: Antara aspires to take its offerings pan-India in the next 4-5 years
Antara aspires to take its offerings pan-India in the next 4-5 years Company has outlined a five-year vision for Antara following its initial success, where it intends to enter other geographies in addition to deepening its presence in Delhi-NCR. The vision involves creating 8 to 10 residential comm
Slide 42: Consolidated Financials
Consolidated Financials Consolidated Financials 41 41
Slide 43: Consolidated Financial Performance (Q2FY26)
Consolidated Financial Performance (Q2FY26): Revenue at Rs 50.2 Cr, up by 21% sequentially q-o-q over Q1FY26; EBITDA loss at Rs 25.2 Cr in Q2FY26 vs Rs 23.2 Cr in Q1FY26 Particulars (Rs Cr) Q2FY26 Q1FY26 QoQ(%) Q2FY25 YoY% H1FY26 H1FY25 YoY% Total Income 50.2 41.3 21% 47.5 6% 91.5 79.6 15% Total Exp
Slide 44: Balance Sheet: Consolidated Net worth of Rs 467 Crores as of Sep'25
Balance Sheet: Consolidated Net worth of Rs 467 Crores as of Sep’25 Assets (Rs in Crs.) 30-Sep-25 31-Mar-25 Equity & Liabilities (Rs in Crs.) 30-Sep-25 31-Mar-25 Non-Current Assets 292.3 277.3 Equity 467.2 358.7 Current Assets 545.5 260.5 Non-Current Liabilities 101.8 108.9 Assets classified as held
Slide 45: Adequate treasury and other monetizable assets available to pursue growth
Adequate treasury and other monetizable assets available to pursue growth opportunities over next 12-15 months Senior living – Residences for Seniors Assisted Care Services – Other Assets^ (Rs 170 Cr) Invested Capital (Rs 448 Cr) Invested Capital (Rs 409 Cr) Antara Assisted Care Services business Ca
Slide 46: Annexures
ANNEXURES COG
Slide 47: Max India: Highly experienced board of directors & leadership team
Max India: Highly experienced and versatile board of directors & leadership team Board of Directors Mr. Analjit Mr. Mohit Singh Mrs. Tara Talwar Chairman & Singh Vachani Mr. Rajit Mehta Non Executive Founder Vice Chairperson Managing Director Director Mrs. Mr. Niten Mr. Pradeep Mr. Rohit Dr. Ajit Sh
Slide 48: Antara Senior Care leadership team
Antara Senior Care leadership team Mrs. Tara Singh Vachani Vice Chairperson Mr. Rajit Mehta Antara Senior Living team Managing Director & Chief Executive Officer Mr. Ajay Mr. Kenneth Mr. Prem Mr. Mukesh Mr. Sanjay Ms. Simardeep Mr. Sandeep Mr. Shantanu Ms. Trapti Mr. Vipin Agrawal Sannoo Rathore Ghu
Slide 49: Contact US
Contact US Company Investor Relations Advisors Max India Limited Strategic Growth Advisors Pvt. Ltd. CIN: L74999MH2019PLC320039 CIN: U74140MH2010PTC204285 Mr. Ajay Agrawal / Mr. Shubham Jain Mr. Rahul Agarwal / Ms. Brinkle Shah Jariwala ajay.agrawal@antaraseniorcare.com rahul.agarwal@sgapl.net / shu