Max India Ltd · NSE:MAXIND
Max India — Investor Presentation (February 2026)
49 slides from Max India's investor presentation, Feb 20, 2026
Slide 1: Exchange filing cover letter
February 20, 2026 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
Slide 2: Investor Presentation February 2026
Investor Presentation February, 2026 1
Slide 3: Safe Harbour
Safe Harbour This presentation and the accompanying slides (the which have been prepared by Max India Limited (the have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basi
Slide 4: Executive Summary (1/2)
Executive Summary (1/2) Max Group Legacy & Strategic Context shareholders. - Max Healthcare Mcap INR 1.03L +Cr, Axis Max Life Insurance Mcap INR 62.5K+ Cr, Niva Bupa Health Mcap INR 14.2K+ Cr are established success stories er Value Opportunity Landscape Currently Nascent & underserved market Projec
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 Ph- of 180 units sold Aspiration to add 1.5 mn sq ft. of development every y
Slide 6: Max Group has consistently spotted emerging trends and built market leading 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 operate
Slide 7: Potential to significantly enhance shareholder value
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 with strong customer validation Integrated Established Ecosystem traction Supporte
Slide 8: USD 33 Bn by 2030; early stages of growth and underserved market
USD 33 Bn by 2030; is in early stages of growth and underserved market currently (1/2) Market Size (USD bn)(1) 33 Market penetration of organized senior living in 15% India (in Thousand) (2) 2,268 Products 33% Medical devices 13% Assisted living 9% Home care 32% Potential Demand 1,576 Senior Residen
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 Max Financial Services Max Estates Limited Max India Limited Limited Market Cap*: Market Cap*: Market Cap*: INR 62,591cr INR 6,750 cr+ INR ~900 cr+ (~USD 99mn) (USD 6.9 bn) (USD 750mn+) (81%) (100%) (100%) (100%) Antara Senior Liv
Slide 11: Antara: fully integrated senior care ecosystem
Antara is the only company in India having the vision to create a fully integrated senior care ecosystem ecosystem 10
Slide 12: Antara Assisted Care Services Limited
Antara Assisted Care Services Limited 11
Slide 13: 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 Transitio
Slide 14: Care Homes / Memory Care Homes
Care Homes/ Memory Care Homes 13
Slide 15: Holistic care services for seniors needing 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 16: 485 beds capacity built across 4 cities
485 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 17: New Care Homes launched in the past one year
New Care Homes launched in the past one year ECR, Chennai Sector - 24, Gurugram Bannerghatta Road, (43 beds) (98 beds) Bengaluru (83 beds) 16 15 Move-ins in Q3 FY26 69 Move-ins in Q3 FY26 16 96 Move-ins in Q3 FY26
Slide 18: Care Homes: Net revenue Rs 5.0 Cr in Q3FY26, up 2.4x
Care Homes (CH): Net revenue at Rs 5.0 Cr in Q3FY26, Up ~2.4x y-o-y Occupancy trend at Care Homes (bed days) 540 Care Homes Revenue (Rs Lacs) 2.7X 2.4x 480 500 9000 YoY YoY 8100 420 8205 7200 360 391 6300 6765 5400 300 293.6 4500 5021 240 3600 234.3 3592 180 205.2 2700 3007 1800 120 900 0 60 Q3FY25
Slide 19: Introducing Integrated Wellness clinics
Continuous enhancement of offerings to impact health span & improve financials Introducing Integrated Wellness clinics to drive footfalls in Care Homes Multidisciplinary teams bringing together diagnostics, evidence-based medicine, Ayurveda, Yoga, Nutrition, Physiotherapy, Energy Healing, Ozone Ther
Slide 20: Preventive Wellness Amenities
Preventive Wellness Amenities Alternate Therapies: Screening: Far Infrared Sauna Blood Tests IV Therapy Metabolic Testing (BMR) Acupuncture Ayurveda Cancer Care Ozone Therapy Mobility Nutrition & Dietetics: 6 1 & Gait Mgmt. Personalized Nutrition Aesthetic Services: Mental Weight Management Wellness
Slide 21: Care at Home
Care at Home 20 20
Slide 22: 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 at all times elders in the comfort of your the daily needs of your elders hom
Slide 23: 40k+ patients served, building brand and long-term pipeline
40k+ 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 i
Slide 24: Care at Home: highest ever net revenue in Q3FY26
Care at Home : Highest ever net revenue ~ Rs 5.38 Cr in Q3FY26, growth of 17% y-o-y Patient served (Nos) Care at Homes Revenue^ (Rs Lacs) 12% YoY 17% 3600 YoY 600 3000 3341 3143 2977 2400 2745 2548 538 524.1 1800 500 493.2 1200 456.7 461.2 600 0 400 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q3FY25 Q4FY25 Q
Slide 25: 24
24 24
Slide 26: Online senior-specific products to manage chronic conditions
Online focused, senior-specific products and solutions to manage chronic health conditions Antara AGEasy is.. health solutions to manage chronic health conditions Our customer 1.5 Crore seniors (age 55 yrs+) in Urban India (Sec A, B) ; who are already is.. spending ~INR 40K Cr per year on self-care
Slide 27: 180+ SKUs catering to specific conditions of seniors
180+ SKUs catering to specific conditions of seniors pan-India Overview Rapid traction in building AGEasy Key Statistics 650k+ #1 44 comfort with innovation to address ageing-related conditions. Lives Touched Bestselling products across 10 NPS(4) Own brand, leveraging outsourced manufacturing in Ind
Slide 28: ~6.5L+ lives touched since inception
~6.5L+ lives touched since inception with average ~10% repeat customers Amazon - Total Flipkart - Total D2C Total [...] Lives 3,29,715 [...] Lives 1,39,691 [...] Lives 1,90,486 Repeat Customers Repeat Customers Repeat Customers 1 39405 1 7683 1 19004 2 12% repeat 2 6% repeat 2 10% repeat customers c
Slide 29: 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. DPDP, G
Slide 30: Residences for Seniors
Residences for Seniors 29
Slide 31: Antara Senior Living: lifecare and lifestyle solutions
Antara Senior Living: Lifecare & lifestyle solutions catering to evolving needs of seniors Current Locations Founded in 2011 with a vision to pioneer Senior Care Living in India; First Project started in 2013. Strategically partners with Landowners/Developers to develop & manage state-of-the-art res
Slide 32: Ongoing Projects Overview
Ongoing Projects Overview Dehradun Noida Gurugram(1) Gurugram(2) Launch Date: January 2013 January 2020 August 2024 December 2025 Saleable Area: 575k sft (197 units) 744k sft (340 units) 763k sft (292 units) 1004k sft (360 units) Percentage Sold: 100% 100% 100% 54%+ (Out of 180 Units) Status: Delive
Slide 33: Antara Dehradun: operations stable
Antara Dehradun: Operations Stable; Q3 FY26 revenue Rs 6.80 Cr; Community continues to be in Cash & profit surplus 14 Acres 5,75,500 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 4 re-sales* Clubhouse size Re-sales realisa
Slide 34: Antara Noida: OC application filed
application for OC filed based courts directive; positive outcome expected 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% Cumulative sales and collection trend Direct: Partners
Slide 35: Gurugram project: sales and collections
~343 Cr, collection efficiency ~ 97% 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 ~ 97% Cumulative sales and collection trend Direct: Partners Per Sq.ft Collection (Rs Crore) 343
Slide 36: Gurugram Ph-1 out of 180 units sold
Ph-1 out of 180 Units, with sales collection ~ Rs 31 Cr 360 ~10,51,600 ~ 2,920 Saleable area Average Apartment Available Units in sq ft Size in Sq Ft (Ph-1 180 Units) Collection 70:30 ~Rs 22,5001 efficiency Channel Mix (%) Sales Realisation ~ 96% Cumulative sales and collection trend Direct: Partner
Slide 37: Residences for Seniors: Antara Dehradun, Antara Noida
Residences for Seniors Antara Dehradun Antara Noida 37
Slide 38: Accreditations; Partnerships and Innovations
Accreditations; Partnerships and Innovations 38
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 by Ageing Asia Chairman & Chief Surgeon, Max Institute of Orthopaedics and Joint Replacement Surg
Slide 40: Antara aspires for Pan India presence
Antara aspires for Pan India presence 40
Slide 41: Antara aspires to take its offerings pan-India in 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 42 42
Slide 43: Consolidated Financial Performance (Q3FY26)
Consolidated Financial Performance (Q3FY26): Revenue at Rs 49.8 Cr, up 27% YoY; marginally down by ~1% QoQ; EBITDA loss at Rs 29.0 Cr in Q3FY26 vs Rs 26.0 Cr in Q2FY26 Particulars (Rs Cr) Q3FY26 Q2FY26 QoQ(%) Q3FY25 YoY% 9MFY26 9MFY25 YoY% Total Income 49.8 50.2 -1% 39.1 27% 141.3 118.7 19% Total Ex
Slide 44: Balance Sheet
Balance Sheet: Assets (Rs in Crs.) 31-Dec-25 31-Mar-25 Equity & Liabilities (Rs in Crs.) 31-Dec-25 31-Mar-25 Non-Current Assets 287.1 277.3 Equity 425.3 358.7 Current Assets 397.2 260.5 Non-Current Liabilities 102.5 108.9 Assets classified as held for sale NIL 95.1 Current liabilities 156.5 165.3 To
Slide 45: Adequate treasury and monetizable assets to pursue growth
Adequate treasury and other monetizable assets available to pursue growth opportunities over next 6-9 months Senior living Residences for Seniors Assisted Care Services Other Assets^ (Rs 105 Cr) Invested Capital (Rs 479 Cr) Invested Capital (Rs 446 Cr) Antara Assisted Care Services business Cash & c
Slide 46: Annexures
ANNEXURES @ ANTARA © tom
Slide 47: Highly experienced board of directors and 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 Mr. Niten Mr. Pradeep Mr. Rohit Dr. Ajit Singh M
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