Max India LimitedReal EstateMAXIND
Q1 FY27 concall · earnings callMax India Limited
The quarter was about executing on key milestones like issuing possession at Antara Noida and demonstrating improving trends across senior living, assisted care, and AGEasy products.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Consolidated Revenue | ₹68.6 Cr | 66% Y-o-Y | |
| Consolidated EBITDA Loss | ₹25 Cr | — | |
| Antara Assisted Care Services Revenue | ₹12.03 Cr | 1.5x Y-o-Y | |
| AGEasy Net Revenue | ₹19 Cr | 1.3x Y-o-Y | |
| Antara Purukul (Dehradun) Operating Revenue | ₹6.2 Cr | 1.1x Y-o-Y |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹34.74 Cr-14.6% YoY-18.8% QoQ | ₹-44.60 CrLoss widened YoYLoss widened QoQ | ₹-10.33Loss/share widened YoYLoss/share widened QoQ |
| Q2 FY25 | ₹42.77 Cr-13.1% YoY+61.6% QoQ | ₹-22.73 CrLoss widened YoYLoss narrowed QoQ | ₹-5.27Loss/share widened YoYLoss/share narrowed QoQ |
| Q1 FY25 | ₹26.46 Cr-34.9% YoY-41.3% QoQ | ₹-26.97 CrLoss widened YoYLoss widened QoQ | ₹-6.25Loss/share widened YoYLoss/share widened QoQ |
| Q4 FY24 | ₹45.04 Cr-20.1% YoY+10.7% QoQ | ₹-21.57 CrLoss widened YoYLoss widened QoQ | ₹-5.00Loss/share widened YoYLoss/share widened QoQ |
| Q3 FY24 | ₹40.69 Cr-5.5% YoY-17.3% QoQ | ₹-17.90 CrLoss widened YoYLoss widened QoQ | ₹-4.15Loss/share widened YoYLoss/share widened QoQ |
TL;DR
- Possession offers issued to all 340 residents at Antara Noida, triggering collections of ~INR169 crores.
- Antara Senior Living exploring new projects in Bangalore (~INR900 crores sales value) and Dehradun (~INR850-900 crores).
- Care Homes occupancy improving (e.g., Bannerghatta 41%, Gurugram 41%, Whitefield 18%, OMR Chennai 12%).
- AGEasy revenue declined Q-o-Q but ARR trending to INR120 crores; ROAS improved and path to profitability by Q4 FY27 targeted.
- Consolidated revenue grew 66% Y-o-Y to INR68.6 crores, with a focus on reducing EBITDA losses.
Said on the call
“It has been just execution, execution and execution. We have been focused on executing, and therefore, you're able to see now green shoots in all parts of the business.”
From the Q&A
| Topic | What management said |
|---|---|
| Path to Profitability | Management stated AGEasy is on track for profitability by Q4 FY27, with Care Homes requiring 8-10 quarters per unit and senior living being lumpy. They highlighted a trajectory of rising revenue and falling EBITDA losses. |
| Care Home Occupancy & ARPOB | Occupancy is improving across homes (e.g., Bannerghatta 37% to 41%). Blended ARPOB is expected to be near INR7,500 as occupancy rises. |
| Segment Revenue Reconciliation | The senior living segment revenue includes DM fee (~INR7 crores), operations revenue (~INR6-7 crores), and a finance lease income from re-leasing (~INR15 crores), which is treated as exceptional. |
| AGEasy Growth & Seasonality | Management reaffirmed the plan to double revenue this year, noting Q1 moderation is behind them and July ARR is at INR120 crores. Growth is seasonal, with peaks expected in festive and winter periods. |
| Competitive Moat | The moat in senior living is service IP and integrated wellness, not just infrastructure. For AGEasy, it's differentiated products and brand. Hospital chains entering Care Homes would dilute their margins. |
| Capital Requirements & Burn | Incremental capital needed is estimated at ~$20 million. The cash burn trajectory is improving, with EBITDA losses as a percentage of revenue dropping from 95% to 63%. |
| DLF Competition | Management welcomes DLF's entry as it increases category awareness and has not impacted their Gurgaon sales velocity, which is on plan. |
Guidance
- AGEasy is targeted to reach profitability by Q4 FY27 (January or last quarter).
- Plan to double AGEasy revenue this year.
- Care Home expansion decisions will be made around October/November as per the earlier timeline.
- Expect to announce new senior living projects in Bangalore and Dehradun soon.
- Commitment to contain losses while scaling Care Homes.
Source
Summary written from the transcript filed by Max India Limited for the call held on 12 Aug 2026; published 19 Aug 2026, 20:12 IST.
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