MAXIND - Max India Ltd

📊 NSE: MAXIND 🏢 Finance & Investments 📅 Last Updated: 12/14/2025 9:41

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 15% YoY in H1 FY26 to INR 91.5 Cr. Antara Assisted Care Services (AACSL) revenue grew 76% (1.7x) to ~INR 44 Cr in FY25. AGEasy (launched 2023) scaled to INR 21.3 Cr in FY25 with an Annual Recurring Revenue (ARR) of INR 75 Cr. Care at Home achieved 400% growth over 4 years, reaching INR 17.23 Cr in FY25.

Geographic Revenue Split

While specific regional percentages are not disclosed, major contributions come from the Gurugram 'Estate 360' project, which achieved cumulative sales of 260 units and collected INR 239 Cr (94% efficiency), and the Dehradun facility which achieved breakeven ahead of plan with revenue at 109% of target.

Profitability Margins

AGEasy achieved a 23% contribution margin exit rate in September 2025. 64% of AGEasy products deliver a gross margin exceeding 50%. Care Homes target double-digit EBITDA margins once they reach 65-75% occupancy, typically 8-9 quarters post-launch.

EBITDA Margin

Consolidated EBITDA loss was INR 25.3 Cr in Q2 FY26 (approx -50% margin) compared to a loss of INR 15.7 Cr in Q2 FY25. FY25 consolidated EBITDA loss was INR 99.2 Cr (approx -60% margin) vs INR 34.3 Cr loss in FY24, driven by expansion costs in Care Homes and AGEasy scaling.

Capital Expenditure

The company raised INR 124.23 Cr through a rights issue in FY25 to fund AACSL growth. Invested capital in Senior Living (Residences) stood at INR 448 Cr as of September 2025. Liquidity of INR 208 Cr is earmarked for growth.

Credit Rating & Borrowing

Net debt of INR 105 Cr has been fully repaid. Finance costs increased 141% YoY to INR 4.1 Cr in Q2 FY26 from INR 1.7 Cr in Q2 FY25, reflecting increased utilization of credit for expansion before debt repayment.

⚙️ Operational Drivers

Raw Materials

Nutraceuticals (Gut Health range), senior care medical products (knee braces, diapers, nebulizers), and construction materials for senior living residences.

Import Sources

40% of sourcing for AGEasy products is currently from China to optimize gross margins.

Key Suppliers

Wellbeing Nutrition (Mumbai-based partner for Gut Health nutraceuticals).

Capacity Expansion

Targeting 500 operational beds in Assisted Care by November 2025. Planning to launch and sell 1.5 million square feet of senior residential units over the next 4 years.

Raw Material Costs

Not disclosed as a standalone percentage of revenue, but 40% sourcing from China is a key strategy to maintain the >50% gross margin seen in 64% of the AGEasy product portfolio.

Manufacturing Efficiency

Care Homes reach 40-50% occupancy within 4-5 quarters and 65-75% within 8-9 quarters. AGEasy marketing efficiency improved with RoAS (Return on Ad Spend) increasing to 2.9 in September 2025.

Logistics & Distribution

Flipkart marketplace now contributes 12-13% of AGEasy distribution.

📈 Strategic Growth

Expected Growth Rate

25%

Growth Strategy

Scaling AGEasy to reach breakeven by late FY27 or early FY28 through product expansion (14 new products in H1 FY26) and celebrity partnerships (Anupam Kher). Expanding Assisted Care footprint to 500 beds and executing a 1.5 million sq. ft. residential development pipeline.

Products & Services

Senior living residences (Estate 360), Care Homes (assisted living), Care at Home services, and AGEasy health products (nutraceuticals, mobility aids, and wellness interventions).

Brand Portfolio

Antara, AGEasy, Estate 360.

New Products/Services

Gut Health nutraceutical range launching Nov/Dec 2025 in partnership with Wellbeing Nutrition; 14 products launched in H1 FY26.

Market Expansion

Expansion of Assisted Care footprint across India; entering new markets with the AGEasy digital/product platform to reach seniors irrespective of geography.

Market Share & Ranking

Operates in a nascent market with 1.3% penetration; Max India is positioned as a first-mover in the organized 'Silver Economy' projected to reach USD 33 Bn by 2030.

Strategic Alliances

Partnership with Wellbeing Nutrition for nutraceuticals; celebrity partnerships with Anupam Kher and Hiten Tejwani for brand building.

🌍 External Factors

Industry Trends

The 'Silver Economy' is evolving from a nascent USD 13 Bn market (2024) to a projected USD 33 Bn market by 2030, driven by the rise of nuclear families and higher life expectancy. Max India is positioning itself as an integrated ecosystem (residences + care + products) to capture this 16.8% CAGR opportunity.

Competitive Landscape

Increasing competition as more players enter the rapidly evolving senior care sector, though Antara maintains high brand credibility.

Competitive Moat

Sustainable moat built through brand credibility (Max Group legacy), 4 product patents, and a specialized operational framework (800+ SOPs) that is difficult for new entrants to replicate quickly.

Macro Economic Sensitivity

High sensitivity to GDP growth and inflation, which influence consumer behavior in the premium senior care sector.

Consumer Behavior

Shift toward nuclear families and higher digital literacy among seniors is driving demand for organized home care and wellness products.

Geopolitical Risks

Trade barriers or supply chain issues with China could impact the 40% sourcing strategy for AGEasy.

⚖️ Regulatory & Governance

Industry Regulations

Subject to real estate development regulations (RERA) and healthcare service standards for Care Homes and Assisted Living facilities.

Taxation Policy Impact

Consolidated tax credit of INR 1.0 Cr reported in H1 FY26.

⚠️ Risk Analysis

Key Uncertainties

The capital-intensive nature of real estate development (INR 448 Cr invested) poses liquidity risks if project absorption slows. The 8-9 quarter timeline to EBITDA breakeven for Care Homes creates a long gestation period for profitability.