Max India Ltd · NSE:MAXIND
Max India — H1 FY26 Earnings Presentation
33 slides from Max India's earnings presentation, Nov 13, 2025
Slide 1: Investor Release – Q2 & H1 FY26 filing letter
November 13, 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 Release – Q2
Slide 2: Investor Release November 13, 2025
Investor Release November 13, 2025
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: Business Performance & Key Highlights
BUSINESS PERFORMANCE & KEY HIGHLIGHTS
Slide 5: Key Performance highlights of Q2FY26
Key Performance highlights of Q2FY26 Assets : Residences Services: Assisted Care Products: AGEasy Gurugram: Launched by MEGL* in Assisted Care AGEasy performance Aug’24. 100% Units sold as on date. Revenue of Rs 9.16 Cr, up ~1.2x • Revenue of ~Rs 20.9 Cr, up Project progressing as planned; Sales (Qo
Slide 6: Business and Financial Performance Update
BUSINESS AND FINANCIAL PERFORMANCE UPDATE
Slide 7: Strong endorsement for our brand and offerings by customers, employees and partners
Strong endorsement for our brand and offerings by customers, employees and partners Strong endorsement for our brand Awards and Recognition and offerings by customers • Residences (Doon): SAT index at ~88% (Q1FY26 88%) • Care Homes: SAT Index at 95% (Q1FY26 90%) • Care at Home: SAT index at 94% (Q1F
Slide 8: Financial Performance: Results across all business verticals in Q2 FY26 are as planned
Financial Performance: Results across all business verticals in Q2 FY26 are as planned; Consolidated revenue has seen growth QoQ, the EBIDTA loss has improved; Focus continues on scale-up in H2 FY26 Consolidated • Consolidated revenue of Rs 50 Cr for Q2FY26 vs Rs 41.3 Cr in Q1FY26, 20% higher than l
Slide 9: Residences for Seniors
Residences for Seniors
Slide 10: 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 11: Antara Noida Phase 1: All units sold in Mar'23, 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 12: Antara Noida Phase: Headwinds for grant of OC; Phase 2 approvals impacted
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 13: Antara Noida- Project ready for Handover (1/4)
Antara Noida- Project ready for Handover (1/4) Golf Course Phase I Main Entrance Club Entrance 12 This information was prepared by Antara Senior Living Ltd. It is not to be used or relied upon by any 3 rd party without Antara’s written consent.
Slide 14: Antara Noida- Project ready for Handover (2/4)
Antara Noida- Project ready for Handover (2/4) Golf Course Phase I Walkthrough Pathway Residence 1 13 This information was prepared by Antara Senior Living Ltd. It is not to be used or relied upon by any 3 rd party without Antara’s written consent.
Slide 15: Antara Noida- Project ready for Handover (3/4)
Antara Noida- Project ready for Handover (3/4) Entrance Gate & Guard Room Entrance lobby Residences Club View Residence 2 & Residence 3 14 This information was prepared by Antara Senior Living Ltd. It is not to be used or relied upon by any 3 rd party without Antara’s written consent.
Slide 16: Antara Noida- Project ready for Handover (4/4)
Antara Noida- Project ready for Handover (4/4) Golf Fairway Club Interior Guest Room 15 This information was prepared by Antara Senior Living Ltd. It is not to be used or relied upon by any 3 rd party without Antara’s written consent.
Slide 17: 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. Co
Slide 18: E360, Gurugram – All 292 units of Senior Living sold out till Jul'25
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 19: Growth Opportunities – E361 on plan; Headwinds in Chandigarh; new opportunities
Growth Oppurtunities – E361 is going as per plan; Headwinds in Chandigarh; new opportunities being explored E361, Gurugram* New Geographies • RERA application filed • Chandigarh – • Existing opportunity facing headwinds – • Launch in Mid Dec’25 in two phases Negotiations Underway • More opportunitie
Slide 20: Care Homes / Memory Care Homes
Care Homes/ Memory Care Homes
Slide 21: Care Homes: ~340 beds operational across NCR, Bengaluru and Chennai
Care Homes : ~340 beds operational across NCR, Bengaluru and Chennai (Oct’25); ~150 beds in Bengaluru and Chennai under fit-outs and expected to go live by Nov-end’25 Geography Existing Capacity Planned Capacity in Q3FY26 ▪ DLF Gurgaon - 28 beds Delhi-NCR ▪ Memory Care Homes – 29 beds ▪ Noida - 53 b
Slide 22: 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 21 in Q2 FY26 FY26
Slide 23: Care Home: Net revenue at Rs 3.91 Cr in Q2FY26, Up ~2.3x y-o-y
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 24: Care at Home
Care at Home 23
Slide 25: Care at Home – Highest ever net revenue ~Rs 5.24 Cr 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 26: 25
25 25
Slide 27: AGEasy: Strong Revenue Growth of Rs 20.89 Cr in Q2FY26
AGEasy^: Strong Revenue Growth of Rs 20.89 Cr in Q2FY26, Up ~3.1X y-o-y Key highlights AGEasy^ Revenue (Rs Lacs) • Product portfolio expanded to 85+ products and 180 SKUs (Joint (31) , Fall (43) and 3.1X Lung(12)) YoY 2250 • Served ~5 lacs lives since inception (Marketplace 3.5+ lacs; D2C 1.2+ lacs)
Slide 28: ~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 29: Consolidated Financials
Consolidated Financials Consolidated Financials 28
Slide 30: 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 26 Cr in Q2FY26 vs Rs 23.3 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 Expen
Slide 31: Balance Sheet: Consolidated Net worth 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 32: 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 33: 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