Business Overview

Max Group has built market-leading businesses delivering ~25% CAGR to shareholders over three decades. Antara Senior Care is positioned as the group's next transformative success story with potential to significantly enhance shareholder value.

Antara Senior Living - Residences Business

About: Antara Senior Living Limited (ASLL) founded in 2011 to pioneer senior care living in India. Operates under asset-light model partnering with landowners/developers.

Current Projects:

  • Dehradun: 575k sq ft (197 units), 100% sold, delivered
  • Noida: 745k sq ft (340 units), 100% sold, OC received May 2026, ready for possession
  • Gurugram(1) - E360: 763k sq ft (292 units), 100% sold, under construction
  • Gurugram(2) - E361: 1,051k sq ft (360 units), 70%+ sold (127 of 180 units in Phase 1), under construction

Project Economics:

  • 3-4 year construction period
  • ~15-20% IRR
  • 8-10% project management fee
  • 95-100% collection efficiency
  • 250+ minimum dwelling units
  • 95%+ pre-sale rate
  • 1,500-2,500 sq ft average apartment size
  • 20-25% EBITDA margin on maintenance income at steady state
  • 40:60 direct:partners channel mix

Financial Details - E360 Gurugram:

  • Total saleable area: 7.63 lakh sq ft
  • Average price: ~₹20,050 per sq ft (excl GST)
  • Average apartment size: 2,615 sq ft
  • Total gross sales: ~₹1,530 Cr
  • Collection till Mar 31, 2026 (ITD): ₹533.5 Cr
  • Collection till Mar 31, 2026 (YTD): ₹294.1 Cr
  • Development fee billed (ITD): ₹45.60 Cr
  • Development fee billed (YTD): ₹26.27 Cr

Financial Details - E361 Gurugram:

  • Total saleable area: 10.52 lakh sq ft
  • Average price: ~₹22,000 per sq ft (excl GST)
  • Average apartment size: 2,920 sq ft
  • Total gross sales: ~₹2,100 Cr
  • Collection till Mar 31, 2026 (ITD): ₹69.1 Cr
  • Collection till Mar 31, 2026 (YTD): ₹69.1 Cr
  • Development fee billed (ITD): ₹4.68 Cr
  • Development fee billed (YTD): ₹4.68 Cr

Operational Performance:

  • Antara Dehradun: Q4 FY26 revenue ₹6.65 Cr, continues to be cash & profit surplus
  • Achieved 87% RSAT score showing high resident satisfaction
  • Cross-selling at Care Home delivering ~₹6-7 Cr per annum, ~₹27 Lacs per annum at Dehradun residences

Care Homes and Services Business

Service Offerings: Assisted living, Transition care, Memory Care, Care-at-Home services including physiotherapy, personal/critical care services, pathology and procedures.

Capacity: 485 beds across 4 cities with 90%+ customer satisfaction score

New Care Homes Added in FY2026:

  • Whitefield, Bengaluru (80 beds) - Feb 2026 go live, 19 move-ins in Q4 FY26
  • OMR, Chennai (72 beds) - Feb 2026 go live, 9 move-ins in Q4 FY26
  • ECR, Chennai (43 beds) - Oct 2025 go live, 20 move-ins in Q4 FY26

Financial Performance:

  • Q4 FY26 net revenue: ₹11.4 Cr, up ~1.6x YoY
  • High-margin services delivering ~27% average contribution margin
  • ~3,400 patients served during Q4 FY26
  • Over ~50,000 patients served since inception
  • Average occupancy declined from 29% to 27% QoQ due to addition of new beds

AGEasy D2C Business

Business Model: Online D2C platform offering senior-specific products and health solutions targeting 1.5 crore seniors in urban India spending ~₹40,000 Cr per year on self-care.

Product Portfolio:

  • 159 SKUs across 4 conditions (plus new Gut Health condition launched in FY26)
  • 6 patents (3 awarded, 3 filed)
  • Top 10 products contribute 86% of revenue
  • Average gross margin: 47% across online platforms
  • Supply mix: ~40% China, ~60% India

Financial Performance:

  • Gross margin improved from 26% in FY25 to 32% in FY26
  • Mar 2026 exit: RoAS ~2.9, Gross Margin 47%
  • ~7 lakh+ lives touched since inception
  • ~10% repeat customers
  • FY26 NPS: 45 (achieved target)

Partnerships: IIT Delhi, Wellbeing Nutrition, Axis Bank, BOAT, Swassa

Consolidated Financial Performance

Q4 FY26:

  • Revenue: ₹72 Cr, up ~58% YoY and ~45% QoQ
  • EBITDA loss: ₹7 Cr (improved from ₹28.0 Cr in Q3 FY26)

Balance Sheet (as of Mar 31, 2026):

  • Non-current assets: ₹288.7 Cr (vs ₹277.2 Cr Mar 31, 2025)
  • Current assets: ₹380.6 Cr (vs ₹260.4 Cr Mar 31, 2025)
  • Assets classified as held for sale: NIL (vs ₹95.1 Cr Mar 31, 2025)
  • Total assets: ₹669.3 Cr (vs ₹632.7 Cr Mar 31, 2025)

Accreditations and Awards

  • HSSC Accreditation for Care at Home services at Delhi NCR
  • NABH Accreditation for Care Home at Noida
  • Continued partnerships with Star Union Dai-ichi Life Insurance, Axis Bank

Management and Governance

Board of Directors: Mr. Analjit Singh (Chairman & Founder), Mrs. Tara Singh Vachani (Vice Chairperson), Mr. Rajit Mehta (Managing Director), and independent directors including Mr. Niten Malhan, Mr. Pradeep Pant, others.

Leadership Team: Mr. Rajit Mehta (MD), Mr. Sandeep Pathak (CFO), Ms. Simardeep Kaur (CHRO), Ms. Trapti (Company Secretary).

Additional Information

This disclosure is hosted on the company's website www.maxindia.com. The presentation contains forward-looking statements subject to risks and uncertainties.