Max India Ltd · NSE:MAXIND
Max India — Investor Presentation (June 2025)
57 slides from Max India's investor presentation, Jun 26, 2025
Slide 1: Exchange filing cover letter
June 26, 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 – 400 001 Mumbai – 400051 Scrip Code: 543223 Name of Scrip: MAXIND Sub: Investor Presentation Dea
Slide 2: Investor Presentation June 2025
Investor Presentation June 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: Executive summary
Executive summary • Max group, a leading conglomerate has a history of spotting early trends, creating iconic brands & successful businesses: ― Max Life (2000), Max Healthcare (2004), Max Bupa Health Insurance (2008) - all leading brands in their respective sectors ― Partnered with best-in-class str
Slide 5: Max Group Overview
MAX GROUP OVERVIEW OMAX Ite
Slide 6: Max group, a leading conglomerate spotting early trends and creating brands
Max group, a leading conglomerate has a history of spotting early trends, creating iconic brands and successful businesses MAX 1.0 MAX 2.0 MAX 3.0 (1982-2000) (2000-2020) (2020 onwards) Electronic Pharma Components Mobile Communication Telephony services Plating Medical Chemicals Transcription In ad
Slide 7: Max group's current areas of business - life insurance, senior care and real estate
Max group’s current areas of business - life insurance, senior care and real estate 01 02 03 04 Mkt. Cap: USD 7.5 Billion Diversified business model; Well established board Steady revenue growth & Strong history of Revenues: USD 5.5 billion governance; cost rationalization leads to entrepreneurship
Slide 8: Max group structure overview
Max group structure overview Holding Companies Operating Companies Life Insurance 1.74% 80.98%1 Senior Care 50.45% 100% 100% Real Estate Commercial 45.25% 51-100% /Residential 100% 100% SPVs Max Sponsors stake (%) in holding Holding Companies stake (%) in Operating companies companies 1 Axis Max Lif
Slide 9: Integrated senior care is an untapped megatrend in India
INTEGRATED SENIOR CARE IS AN UNTAPPED MEGATREND IN INDIA, WITH PROMISING ECONOMIC PROSPECTS
Slide 10: Emerging senior care space in India, a $10-12 bn market
Our latest bet is on the emerging senior care space in India which is already a $ 10-12 bn market^ and growing exponentially Baby boomers becoming More nuclear families More children becoming NRIs Growth seniors Levers More affluence in this segment Less stigma about living alone Deeper pain point F
Slide 11: Competition trends: Indian senior care space evolving rapidly
Competition Trends : Indian Senior care space is evolving rapidly, new players entering with innovative models Tech Based Healthcare Digital Community Other Services Raised funding Funding of $3.5 Mn of $1 Mn led by Matrix partners Backed by Ratan TATA Residences Assisted Care Merger of Kites and Me
Slide 12: Regulatory and industry trends
Regulatory and industry trends : Structure, framework and policies evolving; Antara playing key role in advising policymakers Gerontology Leveraging Expanding Building Other Education & Technology for Healthcare Age-Friendly developments Workforce Senior Care Access and Communities Development Affor
Slide 13: Financial strength and unique competencies for foray into senior care
Financial strength and unique competencies being leveraged to make a foray into the senior care space Comprehensive senior care ecosystem building a 03 04 A replicable playbook to drive robust growth flywheel for customer retention and optimized Integrated Solid Growth acquisition costs with a clear
Slide 14: Antara's focus on an integrated senior care ecosystem
Antara’s focus is on creating an integrated senior care ecosystem Assisted living including Transition care for seniors 13
Slide 15: Assets Business - Residences
ASSETS BUSINESS - RESIDENCES
Slide 16: Senior living market in India expected to reach USD 12 billion by 2030
Assets (Residences)– Current senior living market in India is USD 2-3 billion expected to witness a CAGR of more than 30% and reach USD 12 billion by 2030 India Senior Living market landscape Senior Living Housing Growth Levers 2024 2030F 2030F vs 2024 Evolving needs of seniors, Significant demand s
Slide 17: Antara Dehradun - FY25 operations revenue Rs 24.5 Cr
Antara Dehradun – FY25 Operations revenue Rs 24.5 Cr, Up 12% YoY; Operations Profit of Rs 1+ Cr, achieved breakeven ahead of plan; Cash surplus Rs 85 Cr as of Mar’25 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 proje
Slide 18: Resident testimonials for Dehradun Community
Resident testimonials for Dehradun Community 17
Slide 19: Antara Noida Phase 1 update
Antara Noida Phase 1: All units sold in Mar’23, collection efficiency ~ 98%; Active dialogue to resolve OC ambiguities, legal recourse also initiated for grant of OC & approval for Noida ph-1 Noida Phase 2 update 340 ~7,45,000 2,000 • RERA application has been rejected by the authorities due to cont
Slide 20: Antara Noida Phase I - External & Internal Finishing works (1/2)
Antara Noida Phase I – External & Internal Finishing works (1/2) Entrance Gate Golf & Club View Birds Eye View
Slide 21: Antara Noida Phase I - External & Internal Finishing works (2/2)
Antara Noida Phase I – External & Internal Finishing works (2/2) Drawing & Dining Room Lift Lobby Basement Parking
Slide 22: Gurugram intergenerational community launched by MEGL
Gurugram - Intergenerational Community launched by Max Estates Gurgaon Limited (MEGL) in Aug’24; Senior living towers to be managed by Antara; ~90% booking secured within 8+ months of launch Tapped into the NRI Received 10+ referrals market in Hong Kong through Resident and Dubai through event refer
Slide 23: Gurugram - 260 units of senior living sold till Mar'25
Gurugram - 260 units (~90% of inventory) of Senior Living sold till Mar’25, with sales collection ~ Rs 239 Cr, collection efficiency ~ 94% 292 ~7,63,500 ~ 2,600 Saleable area Average Apartment Available Units in sq ft Size in Sq Ft Collection 35:65 ~Rs 20,0001 efficiency Channel Mix (%) Sales Realis
Slide 24: Upcoming Communities: Chandigarh and second Gurugram project
Upcoming Communities: Definitive Agreement finalized for Chandigarh; Design planning and statutory approvals in progress for Second Project at Gurugram Chandigarh Gurugram * Total Land Area 8.22 acres 18.24* acres Area ~1.01 mn sqft ~1.04 mn sqft Statutory approvals from Definitive Agreement shareho
Slide 25: Services (Care Homes / Care at Home) Business Update
SERVICES (CARE HOMES/ CARE AT HOME) BUSINESS UPDATE
Slide 26: Services (Care Homes) - large and profitable market globally
Services (Care Homes) – Still evolving in India, it is a large and profitable market globally Potential users Market Size Use cases Description # in ‘000 USD million ▪ 60+ years with dementia (stage 2+) Long stay >20 L income segment 120 600 1 ▪ Memory care ▪ Social stigma not relevant Long stay ▪ 7
Slide 27: Care homes/memory care homes ecosystem
Care homes/memory care homes: an integrated and seamless ecosystem that provides care, comfort and companionship to seniors ❖ Offer assisted living and transition care support to seniors with ambulatory, neurological, ageing related conditions, seniors with pre/post hospital episode and those who ne
Slide 28: Care homes/memory care homes - encouraging trends and outlook
Care homes/memory care homes – encouraging trends and outlook • Consistent increase in leads Market • ~50% enquirers for Interest understanding the product 01 and • ~35% of all our leads are Curiosity qualified • Increasing interest in this category from small hotels as 02 Competition well as existi
Slide 29: Care Home: Net revenue Rs 2.34 Cr in Q4FY25, Up 66%
Care Home (CH): Net revenue at Rs 2.34 Cr in Q4FY25, Up 66% y-o-y Occupancy trend at Care Homes (bed days) Care Homes Revenue (Rs Lacs) 55% 66% YoY 240 YoY 3600 3592 234.3 3007 205.2 2700 180 2561 2633 2320 167.9 1800 153.9 140.9 120 900 60 0 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 0 Bed Q4FY24 Q1FY25 Q2
Slide 30: Care Homes: ~340 beds operational across NCR and Bengaluru
Care Homes : ~340 beds operational across NCR and Bengaluru; ~150 beds in Bengaluru and Chennai under fit-outs and expected to go live by H1FY26 Geography Existing Capacity Planned Capacity in H1FY26 ▪ DLF Gurgaon - 32 beds Delhi-NCR ▪ Memory Care Homes – 30 beds ▪ Noida - 53 beds (~213 beds) ▪ Sect
Slide 31: Customers testimonials for Care Homes
Customers testimonials for Care Homes 30
Slide 32: New Care Homes launched in FY25
New Care Homes launched in FY25 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 • 100+ Move-ins till • 30+ Move-ins till Apr’25 • 55 Move-ins 31 till Apr’25 Apr’25
Slide 33: Services (Care at Home) - large and profitable market globally
Services (Care at Home) – While evolving in India, it is a large and profitable market globally • Home healthcare market size in India estimated to be USD 9 billion in 2023 and projected to reach USD 21.3 billion by 2027, expected to grow at 25% CAGR over next 4 years • Key Drivers: An ageing popula
Slide 34: Care at home: healthcare services in the comfort of home
Care at home: Delivery of Healthcare services in the comfort of a home like environment Every aspect of our service reflects the guiding principles behind our endeavours to nurture Convenience, Clinical Quality & Trust Clinical Quality Convenience Trust ▪ Care plan curated by ▪ Superior health care
Slide 35: Customers testimonials for Care at Home
Customers testimonials for Care at Home 34
Slide 36: Care at Home - highest ever net revenue ~Rs 4.6 Cr in Q4FY25
Care at Home – Highest ever net revenue ~ Rs 4.6 Cr in Q4FY25, growth of 52% y-o-y; NCR Contribution margin at 25% in Q4FY25 vs 19% in Q4FY24 Patient served (Nos) Care at Homes Revenue^ (Rs Lacs) 10% 3000 52% YoY YoY 2826 2811 2859 500 2745 2400 2548 456.7 461.2 400 432.6 1800 375.6 300 302.9 1200 2
Slide 37: Products (AGEasy) Business Update
PRODUCTS (AGEASY) BUSINESS UPDATE
Slide 38: AGEasy - addressable spend pool in non-prescription healthcare
Products (AGEasy) – Significant addressable spend pool in non-prescription healthcare; Estimated market size to be INR 40,000 Crore by FY28 1.61 Crore seniors in SecA and SecB with ~65% have at least 1 health condition 22% urban seniors are living alone or with spouse; likely to have greater control
Slide 39: AGEasy - shift from product led to condition led offering
AGEasy – Shifting of AGEasy from product led to Condition led product & solution offering for a defensible moat ▪ Senior specific conditions with Right-to-Win and white space started with Fall & Mobility and will add more conditions ▪ Managing entire life cycle of conditions i.e. Predict-Prevent-Det
Slide 40: AGEasy: Revenue Rs 16.6 Cr in Q4FY25, Up 4X y-o-y
AGEasy^: Exponential Revenue Growth of Rs 16.6 Cr in Q4FY25, Up 4X y-o-y; Achieved Annual Recurring Revenue (ARR) of Rs 75+ Cr Key highlights AGEasy^ Revenue (Rs Lacs) 4X YoY MedCare AGEasy • Product portfolio expanded to 65+ products and 180 SKUs 1800 1656.1 • Served 2+ lacs lives since inception (
Slide 41: Top 10 products driving ~75% of revenue for the coming year
Top 10 products identified driving ~75% of the revenue for the coming year; initiatives planned for senior specific innovation, GM improvement and supply chain stability • 59 products launched during the year with 100+ SKUs targeting Annual market size on Amazon of 588 Crs+, most of them passing PMF
Slide 42: 2L+ lives touched since inception; NPS increasing
2L+ lives touched since inception with ~15% repeat customers; NPS increasing steadily month on month NPS – D2C 1st Apr’24 – 31st Mar’25 As on 31st Mar’25 37.86 32.89 36.62 31.22 27.37 Amazon - 25.97 D2C – Total 13.51 10.71 11.59 Total Lives Lives 55,131 1,52,144 1 -15.38 Repeat Repeat Customers Cust
Slide 43: Brand: 6X growth in FB followers in 7 months
Brand : 6X growth in FB followers in 7 months, good response to our "Fun is Ageless" and "Breaking the age barrier" campaigns; Targets defined for FY26 to support business growth Content Engine Total 500+ till date. Currently ramped up to 45+ pieces per month Brand Outreach 70Million+ reach across a
Slide 44: Customers testimonials for AGEasy
Customers testimonials for AGEasy 43
Slide 45: Antara AGEasy store launched in Gurugram
Antara AGEasy store launched in Gurugram 44
Slide 46: Strong endorsement for Antara brand from stakeholders
STRONG ENDORSEMENT FOR ANTARA BRAND FROM STAKEHOLDERS
Slide 47: Strong endorsement for our brand 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% (Q3FY25 88%) • Care Homes: SAT Index at 92% (Q3FY25 92%) • Care at Home: SAT index at 95% (Q3FY
Slide 48: Antara aspires to create integrated ecosystem for seniors
ANTARA ASPIRES TO CREATE INTEGRATED ECOSYTEM FOR SENIORS
Slide 49: 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 Antara plans to invest around Rs. 600-650 crore in the next 3-4 years across all business verticals. Treasury Corpus & monetizable assets including proceeds from right issues (~ Rs 370 Cr) shall be used to fund the same and further
Slide 50: Consolidated Financials
Consolidated Financials Consolidated Financials 49
Slide 51: Consolidated Financial Performance (Q4FY25)
Consolidated Financial Performance (Q4FY25): Revenue at Rs 46 Cr, Up 16% sequentially q-o-q over Q3FY25; EBITDA loss at Rs 37 Cr in Q4FY25 vs Rs 25 Cr in Q3FY25 Particulars (Rs Cr) Q4FY25 Q3FY25 QoQ(%) Q4FY24 YoY(%) FY25 FY24 YoY(%) Total Income 45.5 39.1 16% 49.6 -8% 164.2 194.7 -16% Total Expenses
Slide 52: Balance Sheet: Consolidated Net worth of Rs 359 Crores as of Mar'25
Balance Sheet: Consolidated Net worth of Rs 359 Crores as of Mar’25 Assets (Rs in Crs.) 31-Mar-25 31-Mar-24 Equity & Liabilities (Rs in Crs.) 31-Mar-25 31-Mar-24 Non-Current Assets 277.3 341.1 Equity 358.7 492.3 Current Assets 260.5 343.2 Non-Current Liabilities 108.9 53.2 Assets classified as held
Slide 53: ~Rs 250 Cr of treasury and monetizable assets available for growth
~Rs 250 Cr of Treasury and other monetizable assets available to pursue growth opportunities over next 12 months; Additionally, successfully raised Rs 124.23 Cr through a Rights issue in May’25 Senior living – Residences for Seniors Assisted Care Services – Other Assets^ (Rs 120 Cr) Invested Capital
Slide 54: Annexures
ANNEXURES OMAX Ite
Slide 55: Max India: 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 56: 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. Rohit Mr. Sanjay Ms. Simardeep Mr. Sandeep Mr. Shantanu Ms. Trapti Mr. Vipin Agrawal Sannoo Rathore Khat
Slide 57: Contact us
Contact us Company Investor Relations Advisors Max India Limited Strategic Growth Advisors Pvt. Ltd. CIN: L74999MH2019PLC320039 CIN: U74140MH2010PTC204285 Mr. Ajay Agrawal Mr. Rahul Agarwal / Ms. Brinkle Shah ajay.agrawal@antaraseniorcare.com rahul.agarwal@sgapl.net / https://www.maxindia.com/ Brink