Max India H1 revenue rises as operating cash outflow widens

Max India Limited reported consolidated revenue from operations of Rs 146.53 crore for the half year ended September 30, 2026, up from Rs 81.83 crore a year earlier, but cash used in operating activities widened to Rs 73.08 crore from Rs 45.78 crore. Max India’s consolidated half-year loss narrowed to Rs 58.53 crore.

How much did Max India’s H1 revenue increase?

Max India’s revenue from operations increased by Rs 64.70 crore year on year to Rs 146.53 crore in the half year ended September 30, 2026. Total income, including other income, rose by Rs 72.61 crore to Rs 164.12 crore, compared with Rs 91.51 crore in the half year ended September 30, 2025.

Other income rose to Rs 17.59 crore from Rs 9.68 crore, alongside the expansion in operating revenue. The September 2026 quarter contributed Rs 86.79 crore of revenue from operations, compared with Rs 59.74 crore in the June 2026 quarter and Rs 45.16 crore in the September 2025 quarter.

Which Max India businesses drove H1 revenue growth?

Max India’s Senior Living business was the largest reported revenue contributor in H1, generating Rs 72.13 crore against Rs 27.99 crore a year earlier. Assisted Care Products contributed Rs 48.03 crore, up from Rs 31.37 crore, while Care Home and Services revenue rose to Rs 25.27 crore from Rs 17.02 crore.

Business Investments was the only reported operating segment with lower revenue, declining to Rs 2.79 crore from Rs 6.00 crore. Inter-segment revenue increased to Rs 1.69 crore from Rs 0.55 crore and was eliminated in calculating consolidated revenue from operations of Rs 146.53 crore.

Senior Living reported a segment result of Rs 3.62 crore, compared with a Rs 8.69 crore loss in the prior-year half. Products recorded a Rs 28.28 crore segment loss, compared with Rs 24.73 crore previously, while Care Home and Services posted a Rs 5.83 crore loss versus Rs 5.82 crore. Max India split Assisted Care reporting into Care Home and Services and Products, and regrouped comparative information accordingly.

Why did Max India remain loss-making in H1?

Max India remained loss-making because total expenses increased to Rs 220.96 crore in H1 from Rs 159.23 crore a year earlier, exceeding total income of Rs 164.12 crore. The resulting Rs 58.53 crore consolidated loss was nevertheless lower than the Rs 59.71 crore loss reported in the corresponding 2025 period.

Premium expense on lease surrender increased to Rs 38.63 crore from Rs 7.34 crore. Employee benefits expense rose to Rs 53.53 crore from Rs 50.19 crore, marketing expense increased to Rs 26.38 crore from Rs 22.32 crore, and Assisted Care operational expense grew to Rs 20.89 crore from Rs 13.77 crore.

Depreciation and amortisation rose to Rs 14.75 crore from Rs 11.71 crore, while finance costs declined to Rs 5.73 crore from Rs 7.58 crore. Max India recorded a net Rs 0.05 crore exceptional expense in H1 relating to rights-issue costs classified as non-recurring, compared with Rs 7.85 crore of exceptional items in H1 2025.

What caused Max India’s operating cash outflow to widen?

Max India used Rs 73.08 crore in operating activities during H1, compared with Rs 45.78 crore used in H1 2025, as working-capital movements absorbed more cash. Its operating loss before working-capital changes narrowed to Rs 46.05 crore from Rs 60.54 crore, but the subsequent cash movements offset that improvement.

Trade receivables consumed Rs 13.62 crore of cash in H1 2026, compared with a Rs 1.78 crore cash inflow in the prior-year period. Other financial and other assets consumed Rs 12.90 crore, versus a Rs 21.29 crore inflow a year earlier, while inventory growth used Rs 5.99 crore compared with Rs 6.34 crore previously.

Trade payables produced a Rs 4.33 crore cash outflow, whereas they had provided Rs 3.03 crore in H1 2025. Investing activities generated Rs 47.42 crore, compared with a Rs 24.96 crore outflow a year earlier, including Rs 17.13 crore from the net maturity of fixed deposits. Financing activities generated Rs 56.04 crore, including Rs 40.18 crore from convertible warrants and Rs 23.48 crore of net bank borrowings.

What funding and balance-sheet changes did Max India report?

Max India’s cash and cash equivalents increased to Rs 56.96 crore at September 30, 2026 from Rs 26.58 crore at March 31, 2026. Total assets increased to Rs 685.99 crore from Rs 670.03 crore, while total equity declined to Rs 394.66 crore from Rs 408.30 crore.

Current borrowings rose to Rs 24.09 crore at September 30 from Rs 0.66 crore at March 31. Current trade receivables rose to Rs 50.64 crore from Rs 37.88 crore and inventory increased to Rs 21.42 crore from Rs 15.52 crore, balance-sheet movements that align with the operating cash-flow absorption.

Max India had utilised Rs 119.92 crore of the Rs 124.23 crore received through its 2025 rights issue as of September 30, leaving Rs 4.31 crore unutilised. The rights issue allocated Rs 65.00 crore to branding and marketing at Antara Assisted Care Services Limited, Rs 35.00 crore to its working-capital needs, Rs 21.00 crore to general corporate purposes and Rs 3.23 crore to issue expenses.

Shareholders approved a reallocation on July 12, 2026 that increased Products performance-marketing allocation by Rs 7.30 crore, offset by reductions of Rs 3.80 crore in Services performance marketing and Rs 3.50 crore in brand marketing. Separately, Max India received the remaining Rs 40.18 crore on fully convertible warrants in July 2026 and had invested Rs 40.00 crore of the proceeds in Antara Senior Living Limited by September 30.

Conclusion

Max India delivered substantial H1 revenue growth, led by Senior Living and Assisted Care Products, and Senior Living moved to a Rs 3.62 crore segment profit from a Rs 8.69 crore loss. However, higher lease-surrender, employee, marketing and Assisted Care costs left the group with a Rs 58.53 crore loss, while receivables, other assets and inventory increased operating cash use to Rs 73.08 crore.

The next results will show how Max India deploys the remaining Rs 4.31 crore of rights-issue proceeds and executes the approved shift of Rs 7.30 crore toward Products performance marketing. Investors can also track the use of the Rs 40.00 crore already invested from warrant proceeds in Antara Senior Living Limited, alongside changes in current borrowings of Rs 24.09 crore and trade receivables of Rs 50.64 crore.