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Max India Q2 FY27 results: net loss narrows to ₹22.25 crore, revenue up 92.2%
Max India Limited reported consolidated revenue of ₹86.79 crore in Q2 FY27, up 92.2% from Q2 FY26 and 45.3% from Q1 FY27. The company remained loss-making, with a net loss of ₹22.25 crore and basic EPS of ₹4.02, while the loss narrowed against both comparison quarters.
Key points
- Consolidated revenue was ₹86.79 crore in Q2 FY27, against ₹45.16 crore in Q2 FY26 and ₹59.74 crore in Q1 FY27.
- Total income was ₹95.50 crore, up 90.4% year on year and 39.2% sequentially.
- The company reported a net loss of ₹22.25 crore, compared with a net loss of ₹34.07 crore in Q2 FY26 and a net loss of ₹36.28 crore in Q1 FY27.
- Basic EPS was ₹4.02, compared with ₹6.52 in Q2 FY26 and ₹6.91 in Q1 FY27.
- For H1 FY27, revenue was ₹146.53 crore and total income was ₹164.12 crore, while the net loss was ₹58.53 crore.
How did Max India perform in Q2 FY27?
Max India reported consolidated revenue of ₹86.79 crore in Q2 FY27, up 92.2% from ₹45.16 crore in Q2 FY26 and 45.3% from ₹59.74 crore in Q1 FY27. Total income was ₹95.50 crore, compared with ₹50.17 crore and ₹68.62 crore in the respective comparison periods.
The company reported a loss before tax of ₹21.83 crore and a net loss of ₹22.25 crore, against a loss before tax of ₹35.28 crore and a net loss of ₹34.07 crore in Q2 FY26. Basic EPS was ₹4.02, compared with ₹6.52 in Q2 FY26 and ₹6.91 in Q1 FY27.
The consolidated filing does not provide EBITDA or EBITDA margin. On the standalone basis, revenue was ₹1.28 crore and the net loss was ₹3.87 crore, compared with a net loss of ₹0.42 crore in Q2 FY26.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 86.79 | 59.74 | 45.16 | +92.2% | +45.3% |
| Other income | 8.71 | 8.88 | 5.01 | +73.9% | −1.9% |
| Total expenses | 117.31 | 103.65 | 85.42 | +37.3% | +13.2% |
| Profit before tax | −21.83 | −35.06 | −35.28 | ||
| Tax | 0.56 | 0.69 | −1.96 | −18.8% | |
| Net profit | −22.25 | −36.28 | −34.07 | ||
| EPS (₹) | −4.02 | −6.91 | −6.52 |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Max India's costs and profit?
Total expenses rose 37.3% from ₹85.42 crore in Q2 FY26 to ₹117.31 crore, and were 13.2% higher than ₹103.65 crore in Q1 FY27. Employee cost increased 11.8% year on year to ₹28.10 crore, while depreciation was 24.2% higher at ₹7.38 crore and other expenses rose 54.9% to ₹55.55 crore.
Finance costs declined 25.9% year on year to ₹3.01 crore from ₹4.06 crore, while other income increased 73.9% to ₹8.71 crore from ₹5.01 crore. Sequentially, finance costs rose 10.7% and other income fell 1.9%. The exceptional item was a charge of ₹0.02 crore, against ₹0.03 crore in both comparison periods.
Tax was ₹0.56 crore in Q2 FY27, compared with ₹1.96 crore in Q2 FY26 and ₹0.69 crore in Q1 FY27. The net loss margin was lower at 25.6%, compared with 75.4% in Q2 FY26 and 60.7% in Q1 FY27, improvements of 49.8 percentage points and 35.1 percentage points respectively.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Employee cost | 28.10 | 25.14 | +2.96 | +11.8% |
| Finance costs | 3.01 | 4.06 | −1.05 | −25.9% |
| Depreciation | 7.38 | 5.94 | +1.44 | +24.2% |
| Other expenses | 55.55 | 35.86 | +19.69 | +54.9% |
| Total expenses | 117.31 | 85.42 | +31.89 | +37.3% |
| Other income | 8.71 | 5.01 | +3.70 | +73.9% |
| Tax | 0.56 | −1.96 | +2.52 | |
| Exceptional items | −0.02 (charge) | −0.03 (charge) |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
For H1 FY27, Max India reported revenue of ₹146.53 crore, up 79.1% from ₹81.83 crore in H1 FY26. Total income was ₹164.12 crore, up 79.3% from ₹91.51 crore.
The company reported a loss before tax of ₹56.89 crore, compared with ₹59.87 crore in H1 FY26. The net loss narrowed to ₹58.53 crore from ₹59.71 crore, while basic EPS improved to ₹10.84 from ₹12.01.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 146.53 | 81.83 | +79.1% |
| Profit before tax | −56.89 | −59.87 | |
| Net profit | −58.53 | −59.71 | |
| EPS (₹) | −10.84 | −12.01 |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹685.99 crore, compared with ₹669.25 crore at 31 March 2026. Total equity was ₹394.66 crore against ₹408.30 crore, borrowings were ₹25.22 crore against ₹1.75 crore, and cash was ₹56.96 crore against ₹26.58 crore.
Inventories increased to ₹21.42 crore from ₹15.52 crore and trade receivables to ₹50.64 crore from ₹37.10 crore. Trade payables were ₹29.83 crore, compared with ₹34.24 crore at the previous balance sheet date.
H1 FY27 operating cash flow was negative ₹73.08 crore, compared with negative ₹45.78 crore in H1 FY26. Investing cash flow was positive ₹47.42 crore against negative ₹24.96 crore, while financing cash flow was positive ₹56.04 crore against ₹261.12 crore. Capital expenditure was ₹5.09 crore, compared with ₹8.93 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 685.99 | 669.25 |
| Total equity | 394.66 | 408.30 |
| Borrowings | 25.22 | 1.75 |
| Cash and equivalents | 56.96 | 26.58 |
| Inventories | 21.42 | 15.52 |
| Trade receivables | 50.64 | 37.10 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −73.08 | −45.78 |
| Cash from investing | 47.42 | −24.96 |
| Cash from financing | 56.04 | 261.12 |
| Capital expenditure | 5.09 | 8.93 |
Source: Company's results filing (XBRL).
How has Max India done over the last 8 quarters?
Revenue has risen year on year for each of the last six quarters. It increased from ₹45.16 crore in Q2 FY26 to ₹65.63 crore in Q4 FY26, eased to ₹59.74 crore in Q1 FY27 and then rose to ₹86.79 crore in Q2 FY27.
The quarterly net loss was ₹34.07 crore in Q2 FY26, widened to ₹42.85 crore in Q3 FY26 and then narrowed to ₹19.29 crore in Q4 FY26. After rising to ₹36.28 crore in Q1 FY27, the loss narrowed to ₹22.25 crore in Q2 FY27. EBITDA-margin figures were not available for the quarterly trend.
Which businesses drove the quarter?
Senior Living reported revenue of ₹42.72 crore in Q2 FY27, up 185.6% from ₹14.96 crore in Q2 FY26. EBIT was ₹6.66 crore, compared with a loss of ₹3.63 crore in the year-ago quarter, and the reported EBIT margin was 15.6%.
Assisted Care-iCare home and Services reported revenue of ₹13.09 crore and an EBIT loss of ₹2.91 crore, with an EBIT margin of -22.2%. Assisted Care-ii Products reported revenue of ₹30.42 crore and an EBIT loss of ₹12.44 crore, with an EBIT margin of -40.9%. Year-ago figures were not available for these two segments.
Business Investments reported revenue of ₹1.27 crore, down 59.7% from ₹3.15 crore in Q2 FY26. Its EBIT was a loss of ₹4.83 crore, compared with a loss of ₹3.22 crore, and the reported EBIT margin was -380.3%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Senior Living | 42.72 | +185.6% | 6.66 | 15.6% |
| Assisted Care-(i)Care home and Services | 13.09 | −2.91 | -22.2% | |
| Assisted Care-(ii) Products | 30.42 | −12.44 | -40.9% | |
| Assisted Care -(iii) Unallocated | 0 | −11.15 | ||
| Business Investments | 1.27 | −59.7% | −4.83 | -380.3% |
| Others | 0 | 0.04 | ||
| Investment in Joint Venture | 0 | 0.14 |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the un-audited standalone and consolidated financial results for the quarter and half year ended 30 September 2026 and noted the limited review report of the statutory auditors. The company filed the results on 3 November 2026.
The same-day filings did not disclose a dividend, a fund raise or any appointment. The trading window for dealing in the company’s securities remained closed until 5 November 2026, 48 hours after the results declaration.
What did Max India's management say?
Management said Q2 FY27 revenue was ₹95.50 crore on the financial-performance basis and ₹99.10 crore including secondary revenue, up about 90% year on year. It said the consolidated EBITDA loss was ₹11.40 crore, down 55% year on year and 54% sequentially. The presentation also reported Q2 collections of about ₹212 crore, AGEasy exit ARR of ₹180 crore and care-home occupancy of 29%.
Management said its priorities included completing Noida Phase I handovers and securing Phase II approvals, selling remaining E361 Gurugram units, and improving demands and collections. It said care-home occupancy would be ramped up through digital and hospital referrals, with greater emphasis on transition care, pricing discipline and ancillary-service revenue.
Management said AGEasy CM2 was targeted at 0% in Q3 FY27 and that distribution would expand through quick commerce, new e-pharmacy platforms and B2B general trade. It identified continued group losses, liquidity of ₹52 crore against current liabilities of ₹193.26 crore, 29% care-home occupancy, incomplete residence execution and negative AGEasy CM2 as risks.
How did Max India shares react?
After the filing appeared, Max India’s shares fell 7.3% within five minutes and 8.9% within both 15 and 30 minutes. On the reaction day, the stock closed 2.7% above its pre-results close; the Holding Company industry median move was 1.4%, leaving an excess-sector move of 1.3 percentage points.
Earlier results-day moves were negative on seven of the eight listed dates. The stock fell 4.0% on 11 August 2026, 3.6% on 28 May 2026, 6.1% on 5 August 2025 and 3.6% on 24 October 2024, while it rose 0.8% on 30 May 2025.
| After the filing | Stock | Holding Company median |
|---|---|---|
| 5 minutes | −7.3% | |
| 15 minutes | −8.9% | |
| 30 minutes | −8.9% | |
| Reaction day | +2.7% | +1.4% |
| Next day | +4.9% | +2.7% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 11 August 2026 | −4.0% |
| 28 May 2026 | −3.6% |
| 10 February 2026 | −0.7% |
| 13 November 2025 | −1.8% |
| 5 August 2025 | −6.1% |
| 30 May 2025 | +0.8% |
| 6 February 2025 | −4.4% |
| 24 October 2024 | −3.6% |
Source: MarketPing price-reaction measurement.
How did other Holding Company companies do?
Five other Holding Company companies had filed for the quarter, with a median revenue growth of 5.4%. All five grew slower than Max India, while none grew faster. Three of the five reported higher profit.
| Max India revenue growth (YoY) | +92.2% |
|---|---|
| Median of 5 other Holding Company companies | +5.4% |
| Companies with slower revenue growth than Max India | 5 of 5 |
| Companies with faster revenue growth than Max India | 0 of 5 |
| Companies whose net profit rose | 3 of 5 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Max India's revenue in Q2 FY27?
Revenue from operations was ₹86.79 crore, up 92.2% from ₹45.16 crore in Q2 FY26 (consolidated).
Did Max India make a profit in Q2 FY27?
No. It reported a net loss of ₹22.25 crore, against a net loss of ₹34.07 crore in Q2 FY26.
What was Max India's EPS in Q2 FY27?
Basic loss per share was ₹4.02, against a loss of ₹6.52 in Q2 FY26.
How did Max India shares react to the Q2 FY27 results?
On the reaction day the stock moved +2.7% from the previous close; the median Holding Company stock moved +1.4%.
When did Max India announce its Q2 FY27 results?
On 3 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Board Meeting (BSE, 29 October 2026) · PDF
- Board Meeting Outcome for Outcome Of The Board Meeting Held On November 3, 2026. (BSE, 3 November 2026) · PDF
- Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026. (BSE, 3 November 2026) · PDF
- The investor presentation (3 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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