Financial Performance Summary

Consolidated Results:

  • Q2 FY27 Revenue: ₹95.5 crores, representing 90.4% YoY growth (vs. ₹50 crores in Q2 FY26) and 40% QoQ growth (vs. ₹68.6 crores in Q1 FY27)
  • Q2 FY27 EBITDA Loss: ₹11.4 crores, representing 55% reduction YoY (vs. ₹25.3 crores in Q2 FY26) and 54% reduction QoQ (vs. ₹24.9 crores in Q1 FY27)
  • Treasury Assets: ₹52 crores as of September 30, 2026
  • Consolidated Net Worth: ₹395 crores as of September 30, 2026

Business Segment Performance

Residential Business (Antara Senior Living):

Dehradun Community:

  • Q2 FY27 Operating Revenue: ₹6.5 crores (13.4% YoY growth, 5.6% QoQ growth)
  • Q2 FY27 Operating Profit: ₹0.94 crores (25% YoY growth, 1.8% QoQ growth)
  • 3 units re-leased during quarter generating additional ₹2 crores marketing fee
  • Customer satisfaction index: 89%

Noida Community (Sector 150):

  • Q2 FY27 Collections: ₹113.8 crores against total receivable of ₹169 crores
  • Total collected to date: ₹163 crores (remaining awaiting bank approvals)
  • FY27 Management Fee Earned: Approximately ₹10 crores
  • 200+ residents given possession out of 340 units
  • Phase 1 selling price: ₹6,500-7,000 per sq ft; Current market price for Phase 2: ₹18,000 per sq ft
  • Expected project IRR: 15-17%
  • Maintenance revenue recognition begun with ₹11 lakh recognized in September

Gurgaon Projects:

Estate 360:

  • Inventory completely sold out
  • Q2 FY27 Collections: ₹28.5 crores
  • YTD Collections: ₹51 crores
  • ITD Collections: ₹585 crores
  • Q2 DM Fee: ₹2.6 crores
  • H1 DM Fee: ₹4.72 crores
  • ITD DM Fee: ₹50.3 crores

Estate 361:

  • Total units: 360 (180 launched Dec '25, 180 launched June '26)
  • Units sold: 263 as of call date (127 in FY26, 136 in current period)
  • Remaining inventory: 97 units
  • Q2 Collections: ₹69.2 crores
  • ITD Collections: ₹177.4 crores
  • Q2 Management Fee: ₹4.9 crores
  • ITD Management Fee: ₹12.8 crores
  • Sales velocity: 31 units per quarter

Total DM Fee Earnings:

  • Q2 FY27: ₹17 crores across all projects
  • H1 FY27: ₹23 crores across all projects

Care Homes and Services:

  • Q2 FY27 Revenue: ₹12.28 crores (40% YoY growth, 6% QoQ growth)
  • Care Homes Revenue: ₹9 crores (3x growth over last 5-6 quarters from ₹3 crores)
  • Total Capacity: 485 beds across 8 care homes
  • Q2 Occupancy: 29% (vs. 26% in Q1)
  • Old beds occupancy improved from 21% to 36% over recent quarters
  • Specific location occupancies: Sector 41 Gurgaon 37% (vs. 29% Q1), Chennai OMR 21% (vs. 12%), Noida 31% (vs. 27%), DLF Care Home 45% (within 3 months of launch)
  • Patients served: 2,700 in Q2 FY27; 55,000 since inception
  • Customer satisfaction: 92% in Q2 FY27
  • CM2 Improvement: From -107% YoY to -63%; from -62% QoQ to -63%
  • ARPOB: ₹6,900 in Q2 (steadily increased from ₹5,800 over 6 quarters)
  • Peak ARPOB: ₹8,400 for fresh move-ins in September 2026
  • Target: EBITDA breakeven by H1 FY28

AGEasy Business:

  • Q2 FY27 Net Revenue: ₹35 crores (1.7x YoY growth, 1.9x QoQ growth)
  • September 2026 Monthly Revenue: ₹14.9 crores (highest ever)
  • Exit ARR: Approximately ₹180 crores
  • ROAS (Return on Ad Spend): 4.7 in Q2 (135% improvement from 2.0 in Q1 exit)
  • CM2: Improved to -18.5% in Q2 (from -48% in Q1, -44% YoY)
  • September CM2: Further improved to -11%
  • Gross Margins: Maintained at 45% for online D2C and marketplaces despite logistics cost pressure
  • Customer Satisfaction: 82% (stable from Q1)
  • Patents: 10 total (8 design, 2 utility) with 4 granted, 6 filed including 1 international
  • Lives Touched: 11.7 lakh since inception
  • Repeat Customers: 1.14 lakh
  • H1 FY27 NPS: 49
  • Anupam Kher campaign reach: 25 million in Q2
  • Brand searches increased 50% between April-August 2026
  • Direct website traffic more than doubled between April-August 2026
  • Monthly content creation: 100 assets
  • Families served: Over 5 lakh
  • PBT Improvement: From -106% in Q1 to -66.8% in Q2
  • Awards: Service Provider of the Year, Medical Devices Equipment at ET Healthcare Awards 2026
  • Target: EBITDA breakeven in Q4 FY27

Certifications and Accreditations

  • 4 Care Homes certified by NABH
  • Care at Home services in Chennai and NCR certified by Healthcare Sector Sales Council

Expansion and Growth Initiatives

New DM Projects:

Bengaluru Project:

  • Size: 6.5 lakh square feet
  • Estimated Sales Value: ₹900 crores
  • Status: Diligence about to conclude, definitive agreement discussions started
  • Arrangement: Pure DM model with design know-how, sales marketing, and operations

Dehradun Project:

  • Estimated Sales Value: ₹850-900 crores
  • Characteristics: Boutique scale with strong waitlist
  • Status: Pursuing opportunity, formal announcements pending

Additional Pipeline:

  • Few more projects in Delhi NCR
  • One additional location in South India
  • Commitment: ₹1,800 crores gross sales value annually for next few years

Other Financial Details

Finance Lease Income:

  • Q2 FY27: Approximately ₹15 crores (similar to previous quarter)

Residences Vertical Other Income:

  • Total: ₹10.7 crores in Q2
  • After elimination: ₹8 crores
  • Includes treasury income and income from loans to Contend (joint venture company)

Cost Structure:

  • Employee cost increase due to Noida operationalization (150+ manpower added), labour code impact, and revised PF regulations
  • Operational expenses include Care Home operations, AGEasy opex, logistics, and marketplace commissions

Management Guidance and Outlook

Profitability Timeline:

  • AGEasy: EBITDA breakeven targeted for Q4 FY27
  • Care Homes: EBITDA breakeven targeted for H1 FY28
  • Residences: EBITDA positive over project life cycle (lumpy quarter-to-quarter due to DM fee recognition timing)
  • Consolidated: Expected profitability in H2 FY28

Occupancy Targets:

  • Care Homes: 40-45% occupancy in 4 quarters (contribution margin positive)
  • Care Homes: 60% occupancy in 8-10 quarters (maturity with 30-32% unit contribution margin)

ARPOB Target:

  • Care Homes: Target of ₹9,000 in next 12 months through clinical cross-sell and upsell

Corporate Development

  • Management considering restructuring options for governance and investor reach perspective
  • Current structure: Hold Co with Ops Co subsidiaries providing flexibility
  • Discussions ongoing with consultants regarding optimal structure