Max India Q1 FY27 Revenue Up 66% YoY

Management Participants

The call was hosted by key management personnel:

Mr. Rajit Mehta – Managing Director and Chief Executive Officer
Mr. Sandeep Pathak – Chief Financial Officer and Legal Counsel for Max Group
Mr. Ishaan Khanna – Chief Executive Officer, Antara Assisted Care Services
Mr. Ajay Agrawal – Deputy Chief Executive Officer and Chief Financial Officer, Antara Senior Living, and Head of Investor Relations
Mr. Ankit Kalra – Chief Financial Officer, Antara Assisted Care
Mr. Abhishek Singh – Investor Relations
Mr. Devraj – Strategic Growth Advisors (Investor Relations Advisors)

Key Business Updates and Financial Performance

Consolidated Financials (Max India Limited)

Q1 FY27 revenue stood at ₹68.6 crores, compared to ₹41.3 crores in Q1 FY26, representing a 66% year-on-year growth.
On a sequential basis, revenues marginally declined from Q4 FY26, primarily due to the lumpy nature of Development Management (DM) fee income.
EBITDA loss for Q1 FY27 was ₹25 crores, compared to ₹23.2 crores in Q1 FY26 and ₹6.8 crores in Q4 FY26.
The profitability decline quarter-on-quarter was attributed to an exceptional DM fee received in the previous quarter (Q4 FY26).
Historical revenue: FY24: ₹175 crores, FY25: ₹145 crores, FY26: ₹190 crores.
Historical EBITDA loss: FY24: ₹57 crores, FY25: ₹139 crores, FY26: ₹121 crores. The increase in loss in FY25 was due to adding 250 beds and launching AGEasy.
As of June 30, 2026, treasury assets at the Max India level stood at approximately ₹21 crores.
Consolidated net worth was ₹372 crores.

Antara Senior Living (Residences)

Dehradun Operations:

Operations continue to be profitable.
Q1 FY27 operating revenue was ₹6.2 crores, marginally down by ₹7 lakhs year-on-year, primarily due to cyclical club membership fees.
Operating profit was ₹0.92 Lacs (₹92,000), up 2.3x year-on-year and 1.2x quarter-on-quarter, driven by cost optimization.
Four units were re-leased, generating an additional marketing fee revenue of approximately ₹1.9 crores.
The community is fully occupied and stable.

Gurgaon Project (Estate 360 by Max Estates):

The project is fully sold out.
Q1 FY27 collections were ₹22.5 crores.
Inception-to-date (ITD) collections total ₹556 crores with a collection efficiency of 87%.
Antara has earned a cumulative management fee of ₹47.69 crores till June 30, 2026, of which ₹3 crores accrued in Q1 FY27.

Gurgaon Project (E361 - Intergenerational):

Total units: 360 (180 launched in December, 180 launched in June).
As of June end, bookings stood at 154 units.
Only 27 units were sold in Q1 FY27 due to a sluggish market, but sales velocity recovered strongly in July (34 units sold) and a similar trend continued in August.
Total collections since inception: ₹108.2 crores.
Total units sold so far: 194-197.

Antara Noida:

A major milestone was achieved with offers of possession issued to all 340 residents in June 2026.
A demand of approximately ₹169 crores was raised.
₹30 crores were collected within June, with the majority of the rest collected in July and August.
As of the call date, approximately 75% of total dues had been collected.
The focus will now shift to obtaining approval for Phase II, where most profits are expected to be realized.
Average selling prices in Phase I were between ₹7,000-₹11,000 per sq. ft., while current market rates are ₹16,000-₹18,000+ per sq. ft.

Growth Pipeline:

The company is in the last stages of diligence for a ~300-unit project in North Bangalore (Devanahalli) with a potential sales value of ~₹900 crores.
Aggressively working on a ~150-unit project in Dehradun with a potential sales value of ₹850-900 crores.
In dialogue for opportunities in Chennai, Chandigarh, and Lucknow.
The goal is to achieve 1.5 million sq. ft. and ₹1,800 crores in sales value from the two specific projects.

Antara Assisted Care Services (AACS)

Total bed capacity: 485 beds across 8 Care Homes in NCR, Bengaluru, and Chennai.
The DLF Phase II, Gurgaon center was re-launched in July 2026, making all 8 centers operational.
5 out of 8 Care Homes are trending as per the operating model.
Care Home and Services revenues were ₹12.03 crores in Q1 FY27, up 1.5x year-on-year and 1.1x quarter-on-quarter.
Care Homes standalone revenue was up 1.3x quarter-on-quarter.
Occupied Bed Days (OBD) increased by 23% quarter-on-quarter.
Occupancy improvements (Q1 FY27 vs Q4 FY26):
Bannerghatta, Bangalore: 41% vs 37%
Gurugram: 41% vs 33%
Whitefield, Bangalore: 18% vs 8%
OMR Chennai: 12% vs 3%
Served ~2,700 patients in Q1 FY27 and ~53,000 patients since inception.
Voice of Customer score steady at 84% in Q1 FY27 and remained stable in July.
Four Care Homes achieved an Average Revenue Per Occupied Bed (ARPOB) of ₹7,000+ in June 2026.
Three of these four homes showed significant improvement in contribution margins.
AACS segment revenue (including AGEasy): Q1 FY26: ₹21 Cr, Q4 FY26: ₹32 Cr, Q1 FY27: ₹30 Cr.
AACS segment EBITDA loss: Q1 FY26: ₹14 Cr, Q4 FY26: ₹18.5 Cr, Q1 FY27: ₹19 Cr.

AGEasy (D2C Business)

Q1 FY27 net revenue was ₹19 crores, showing 1.3x year-on-year growth but lower than Q4 FY26 (₹23 crores) due to moderation of demand post the Q4 peak.
Annual Recurring Revenue (ARR) is trending towards ₹120 crores.
Monthly run rate in July was ~₹10 crores.
Marketplace revenue run rate: ₹6 crores with a Return on Ad Spend (ROAS) of 3.8.
D2C channel exit ROAS: 2.6.
Offline channel achieved its highest-ever revenue of ₹5 crores, growing 18% quarter-on-quarter.
Overall exit ROAS in Q1 FY27 improved to 2.0 from 1.8 in Q4 FY26 (10% growth).
SAT (Satisfaction) index was 82% in Q1 FY27.
112 products launched to date, with 86 currently live.
Now present on quick commerce platforms Blinkit and Zepto.
Diaper category (patented smart absorption technology) is hitting 1,500 pack sales per day, a 6x growth in market share on Amazon over the last 60 days.
4 patents granted; 3 additional patents filed for senior-specific innovative products.
Touched ~9 lakh lives with ~88,000 repeat customers.
Net Promoter Score (NPS) of 60.
Gross margins for online channels (D2C & marketplaces) maintained at 45% in Q1 (vs 46% in previous quarter) despite geopolitical challenges increasing COGS.
Onboarded Anupam Kher as brand ambassador, with associated brand spend reflected in Q1 financials. Payback was seen in July with ARR picking up to ₹10 crores, improved conversion rates (2% to 3.5%), and improved ROAS.
Target for AGEasy to reach contribution margin breakeven by January or the last quarter of FY27.

Antara Integrated Wellness Clinic (AIWC)

Pilot launched in a Gurgaon Care Home.
Q1 FY27 net revenue: ₹15.75 lakhs.
Expected negative contribution margin in the first quarter.
Customer satisfaction score: 96%.
Average revenue per client: ₹4,000.
Footfalls grew from 199 sessions to 307 sessions in June.
Plans to scale up marketing and launch in Antara Noida.

Partnerships & Recognition

Partnerships with Star Union Dai-ichi Life Insurance (senior wellness & financial literacy), IIT Delhi (mobility products), Wellbeing Nutrition (nutraceuticals), and Swassa (lung health self-diagnosis).
Antara Senior Care received the 'Visionary Leadership in Senior Living Award' at the HT India Real Estate Expo in June 2026.
Concluded NABH accreditation for the Bannerghatta Care Home; undergoing inspections for other homes.

Capital and Funding

The total capital requirement estimate has decreased from ~$25 million to under $20 million.
The second tranche of the preferential issue brought in ₹40 crores in July.
The need for a second fund raise has been pushed out due to better performance, utilization of credit lines for working capital, and collections from Antara Noida.
Incremental capital of ~$20 million is estimated to be required over the next two years, primarily for Care Home expansion (cost: ₹10-12 lakhs per bed including operational losses).

Question & Answer Highlights

Path to Profitability: Management reiterated commitment, with AGEasy targeted to be contribution positive and EBITDA positive by Q4 FY27. Care Homes require 8-10 quarters from launch to become profitable at a unit level. The trajectory of increasing revenue and reducing EBITDA losses is expected to continue in FY27.
Antara Noida Revenue Recognition: Revenue will be booked at the SPV (Joint Venture) level upon possession or registration, which is expected in Q2 FY27.
Residential Segment Breakdown (Q1 FY27): Comprised of DM fee income (~₹7 Cr), Operations revenue from Dehradun (~₹6-7 Cr), and a ₹15 Cr finance lease income from re-leased units in Dehradun (recognized as revenue for the remaining lease period).
Integrated Wellness Clinic (AIWC): Positioned as a key differentiator for residences, not a standalone business line. Revenue potential is difficult to predict but is not expected to be a major separate contributor.
AGEasy Growth: Management remains confident in doubling revenue to ~₹150 crores in FY27, citing strong July performance (₹10 Cr monthly run rate) and improved marketing efficiency (ROAS). Seasonality (festive period, winter) and marketplace year-end deals will cause non-linear growth.
Competitive Moat: Differentiated by integrated service IP in residences (wellness, medical care), operational focus in Care Homes (vs. hospital margins), and product innovation & brand in AGEasy. Competition (e.g., DLF) is welcomed for increasing category awareness.
Return on Capital: AGEasy is expected to generate the highest ROCE, followed by Care Homes (~23-24%). The senior living (ASL) model is capital-light and focused on building annuity income.
Cash Burn: Management did not provide specific FY27/28 projections but highlighted the historical trend of increasing revenue and decreasing EBITDA losses as a percentage of revenue.

Closing Comments

Management concluded by thanking participants, affirming they are on plan for the year despite external challenges (labour codes increasing manpower costs, geopolitical issues impacting logistics). The focus remains on execution and demonstrating the path to profitability in the coming quarters.