Max India Limited has informed the Exchange about Transcript
MAXIND · price
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Awaiting price reaction for this filing.
Max India reported Q1 FY26 consolidated net revenue of INR41.3 crores and EBITDA of INR23.3 crores, with the dip from Q4 FY25 attributed to lower management fees (timing issue). Antara Assisted Care revenue grew 2.2x YoY to INR22.06 crores, with Care Home occupancy ramping from 14% to 23% in June; AGEasy (D2C products) revenue also grew 2.2x YoY to INR14.2 crores with ROAS improving from 0.87 to 1.6. The rights issue was oversubscribed 1.45x, and management is planning an additional INR80 crore raise via convertible warrants. Real estate projects (Estate 360, 361, Chandigarh) are progressing well, with 100% inventory sold in Estate 360. The company is debt-free with INR320 crores in treasury and INR460 crores net worth, expecting INR90 crore cash burn in Assisted Care for FY26.
The multi-year growth roadmap (8-10 communities in 5 years, AGEasy breakeven by FY27-28) and debt-free balance sheet with a strong treasury are positives, but near-term margin pressure in Care at Home (down to 12% from 15%) and INR90 crore FY26 cash burn in Assisted Care may weigh on sentiment. Watch for Noida Phase 2 clearance as a potential upside catalyst.