Key Financial Figures & Performance

Full Year FY26 (Consolidated):

  • Revenue: INR 213.4 crores, representing a 30% year-on-year (YoY) growth from FY25 revenue of INR 164 crores.
  • EBITDA Loss: INR 83 crores, an improvement from the INR 99 crores loss in FY25.
  • Net Worth: Consolidated net worth stood at approximately INR 408 crores as of March 31, 2026.
  • Treasury Assets: INR 58 crores.

Quarterly Performance (Q4 FY26):

  • Revenue: INR 72 crores.
  • Quarterly Growth: 45% quarter-on-quarter (QoQ) growth from Q3 FY26 revenue of INR 49.8 crores.
  • Yearly Growth: 58% YoY growth from Q4 FY25 revenue of INR 45.5 crores.
  • Net Loss: Sharply reduced to INR 6.8 crores, compared to a loss of INR 27.8 crores in Q3 FY26 and INR 35.5 crores in Q4 FY25.

Strategic & Operational Updates

Noida Project (SPV with ContendBuilders):

  • A partial occupancy certificate was received for 3 towers, a significant development after a long effort.
  • This event is expected to unlock receivables of over INR 150 crores.
  • Enables the company to re-file for approval of Phase 2, which comprises 0.44 million square feet (approx. 220 units). Market prices for Phase 2 are estimated at 2x-3x the previous sale prices in Phase 1.
  • For the completed Phase 1, total collections stand at INR 534 crores with an 87% collection efficiency from inception till March '26.
  • Antara has earned a total management fee of INR 45.6 crores from this project till March 31, 2026, with INR 26 crores accruing in FY26.
  • An additional INR 14 crores in possession-linked management fees are pending collection from Phase 1.

Gurgaon Project - Estate 361:

  • A new intergenerational project of 1.04 million square feet (360 units).
  • The first phase of 180 units was launched in December '25.
  • As of March '26 end: 127 bookings secured and INR 69 crores collected.
  • As of the call date (May 29, '26): 141 units sold.
  • Due to strong demand, the launch of the balance 180 units is planned "very soon."
  • Total projected management fee for the entire E361 project is estimated at INR 200 crores.

Future Pipeline:

  • The company is in advanced talks for new projects: opportunities in North and South India, and another intergenerational community in Noida with Max Estates.
  • A project in Sector 105, Noida (1.1 million sq ft), and opportunities in Bangalore and Dehradun (totaling ~2 million sq ft) are being pursued to meet the 1.5 million sq ft commitment.

Business Vertical Performance

1. Antara Residences, Dehradun:

  • Q4 FY26 Operating Revenue: INR 6.7 crores.
  • Full Year FY26: Revenue of INR 24.2 crores and Profit of INR 2.3 crores.
  • The community is fully occupied and consistently profitable. Five releases during the year generated an additional ~INR 1.7 crores in marketing fees.

2. Antara Assisted Care Services:

  • Capacity: 485 beds across 8 care homes in NCR, Bengaluru, and Chennai. 7 are operational; 1 in Gurgaon (28 beds) is under renovation.
  • Q4 FY26 Revenue: INR 11.4 crores (1.1x QoQ growth).
  • Full Year FY26 Revenue: INR 38.8 crores (1.6x YoY growth).
  • Patient Serviced: ~3,400 patients in Q4; ~50,000 patients since inception.
  • Customer Satisfaction: Voice score of 90.21% in Q4.
  • Occupancy: Average occupancy declined due to new home additions, but mature homes showed strong QoQ growth (e.g., Sector 41: 26% to 34%; Noida: 13% to 38%; Bannerghatta: 10% to 37%).
  • Contribution Margin: Showed significant QoQ improvement across homes (e.g., Noida: -19% to +6%; Gurgaon Sec 41: -43% to -17%).
  • The Care at Home business has been merged with Care Homes for operational synergies.
  • ROCE Target: 25%-26% for this business.
  • EBITDA Margin Target: 18%-20% at scale.
  • The business is expected to reach breakeven on a consolidated basis by H1 FY28.

3. AGEasy (D2C Platform):

  • Q4 FY26 Net Revenue: INR 23 crores (1.4x YoY; 1.2x QoQ).
  • Full Year FY26 Revenue: ~INR 77 crores (100% YoY growth).
  • Return on Ad Spend (RoAS): Improved to 1.8 for online channels (50% growth), with a March '26 exit at 2.9.
  • Customer Satisfaction: 87% in Q4 (vs 83% in Q3).
  • Product Portfolio: 91 products across 159 SKUs. Launched 19 new products in FY26; 65% of these deliver >50% gross margin.
  • Launched a new 'Gut health' condition with 4 products developed with Wellbeing Nutrition.
  • Sourcing Mix: 70% domestic, 30% import (mainly China).
  • Innovation: 3 patents granted; patents for 3 more filed.
  • Customer Base: Served 7 lakh+ lives with 44,000 repeat customers; NPS of 45.
  • Gross Margin: Improved from 38% at year-start to 46% in Q4 FY26 for online channels.
  • EBITDA Breakeven expected by the end of FY27.
  • Exit monthly revenue run-rate target for FY27: INR 14-16 crores.

Other Key Announcements

  • Integrated Wellness Pilot: A pilot combining modern medicine with Ayurveda/Acupressure was launched at one care home. If successful, it will be rolled out to all residences.
  • NABH Accreditation: Antara became the first assisted living provider in India to secure NABH accreditation for 2 care homes.
  • Government Advocacy: Submitted two papers to NITI Aayog on insurance and standardization for senior care. Working with Star Union Dai-Ichi Life Insurance on senior wellness.

Capital Structure & Fundraising

The company is comfortable with its cash position for the next 3-6 months. A fundraise is planned for later in the year, contingent on improved market sentiment to avoid dilution at unfavorable valuations. Proceeds will be invested in growing care homes and Antara Senior Living projects.

Tax Matter

The company received a tax demand of INR 32 crores related to the Dehradun site due to a faceless assessment. The company attributes this to a prima facie mistake by the Income Tax department, specifically for not accounting for brought-forward losses. A rectification application has been filed. A similar issue last year saw a demand of INR 11 crores reduced to INR 1.62 crores after rectification. The company expects the current demand to be negated upon rectification.

Labor Code Impact

The new labor codes, effective March 2026, will have an estimated impact of INR 3-4 crores in FY27, primarily related to increased gratuity provisioning.

Management Commentary & Outlook

Management expressed commitment to demonstrating a clear path to profitability across all businesses in FY27. They expect financial numbers to improve further in the coming financial year. The focus remains on prudent capital deployment, accelerating residential unit sales, signing new projects, scaling care homes to their target model, and achieving EBITDA breakeven for AGEasy.