Overview

Detailed Summary

Max India Limited is the listed holding company for Antara Senior Living, operating an integrated senior care platform that includes Residences for Seniors (develop‑and‑manage senior communities), Assisted Care Services (Care Homes and Care at Home) and AGEasy consumer health and wellness products targeted at older adults.
Operational highlights include Estate 360 fully sold with collections of ~INR343 crore ITD and Estate 361 achieving ~100 bookings within its first month; these large project sales have generated measurable development fees and provide short‑to‑medium term revenue visibility for Max India Limited.
Service expansion is material: Antara has reached 485 bed capacity across NCR, Bengaluru and Chennai with sequential occupancy improvement, Care at Home and Care Homes showing quarter‑on‑quarter revenue growth, and management guidance pointing to continued focus on occupancy optimization and measured bed additions for Max India Limited.
Product vertical AGEasy reported strong traction with Q3 revenue ~INR18.8 crore, 88 products/180 SKUs, five patents filed and notable RoAS and gross margin improvements, positioning AGEasy as an asset‑light growth engine and customer engagement channel within the Max India Limited ecosystem.
Financially, consolidated revenue was INR49.8 crore in Q3FY26 (up 27% YoY) but EBITDA loss remained ~INR29 crore; liquidity of ~INR105 crore, consolidated net worth ~INR426 crore, and a planned fundraise of ~INR200–250 crore indicate cash runway management and capital plans at Max India Limited to drive growth and move toward profitability by FY27–FY28.

Sector: Finance
Industry: NBFC-Holding Companies
Market Cap: 778 Cr
Volatility: Low Risk
P/E Ratio: -5.1
Industry P/E: 22.9
PEG Ratio: —
P/B Ratio: 1.7
52W High: 242.40
52W Low: 140.65

Sales CAGR

1Y: -7.92%
3Y: -16.28%
5Y: -23.62%
10Y: —

Profit CAGR

1Y: -149.01%
3Y: —
5Y: —
10Y: —

ROE

TTM: -32.20%
3Y: -14.87%
5Y: -10.28%
10Y: —

ROCE

TTM: -20.54%
3Y: -10.70%
5Y: -7.10%
10Y: —

Technicals

‌

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
BLIL	70.90	1,574 Cr	12.18	1.16	6.06	12.62	24.00	7.91
BFINVEST	379.70	1,430 Cr	8.70	0.20	0.00	1.16	1.53	2.11
JINDALPHOT	1125.70	1,162 Cr	95.56	1.10	0.00	14.49	14.37	1.06
AFSL	201.00	1,018 Cr	7.33	0.86	0.00	10.36	10.53	3.74
STEL	529.90	952 Cr	33.08	0.51	0.00	0.92	1.24	1.45
MAXIND	148.00	778 Cr	-5.10	1.66	0.00	-32.20	-20.54	-17.74
TAMBOLIIN	148.20	147 Cr	17.90	1.27	0.67	6.88	9.47	6.13

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Revenue	49	41	45	26	43	35	42	37	45	43
Expenses	54	57	64	54	64	64	81	65	75	78
Interest	0.97	1.36	1.26	1.49	1.70	2.04	2.83	3.52	4.06	3.45
Financing Profit	-5.49	-17	-20	-29	-23	-32	-43	-31	-34	-38
Financing Margin %	-11.15	-42.61	-44.74	-111.22	-53.43	-91.19	-102.67	-85.55	-76.00	-88.12
Other Income	6.02	4.52	4.08	6.49	5.46	-7.70	2.58	12	4.23	2.65
Depreciation	2.34	2.43	2.98	3.93	4.61	5.03	5.25	5.77	5.94	6.09
Profit Before Tax	-1.81	-17	-20	-27	-22	-44	-45	-25	-36	-41
Tax %	-159.67	-7.77	-6.20	-0.37	-3.32	-0.43	-1.74	-3.97	5.44	-3.45
Net Profit	-4.70	-18	-22	-27	-23	-45	-46	-26	-34	-43
EPS in Rs	-0.90	-3.42	-4.12	-5.14	-4.34	-8.50	-8.87	-5.41	-6.56	-8.17
Gross NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net NPA %	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Revenue	211	121	230	201	176	145	156
Expenses	216	150	231	201	230	264	274
Interest	27	24	10	6.23	4.59	8.06	10
Financing Profit	-32	-53	-12	-5.72	-59	-127	-129
Financing Margin %	-15.34	-43.93	-5.01	-2.85	-33.65	-87.02	-82.55
Other Income	3.31	7.95	5.71	11	20	19	13
Depreciation	8.34	10	7.09	8.45	10	19	21
Profit Before Tax	-37	-56	-13	-3.01	-49	-126	-136
Tax %	-13.96	19.20	14.68	-245.10	-14.97	-1.44	-1.97
Net Profit	-93	-53	-16	-10	-56	-140	-139
EPS in Rs	55.30	-10.10	-3.44	-1.84	-10.76	-26.85	-29.01
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	54	54	54	43	43	44
Reserves	652	599	588	499	449	315
Borrowings	139	90	40	22	1.18	1.43
Other Liabilities	180	254	177	189	191	273
Total Liabilities	1,024	998	858	753	684	633
Fixed Assets	81	90	90	91	125	170
CWIP	0.53	0.00	0.00	0.00	9.68	21
Investments	21	21	20	19	12	20
Other Assets	921	886	748	644	538	423
Total Assets	1,024	998	858	753	684	633

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-19	73	66	69	-102	-128
Cash from Investing Activity	-526	13	18	124	159	47
Cash from Financing Activity	557	-73	-94	-119	-29	-13
Net Cash Flow	12	12	-9.94	75	27	-93

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	May 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	51.11%	50.94%	50.94%	50.94%	50.94%	50.94%	50.94%	50.45%	50.45%	50.16%	49.58%	49.89%
FIIs	10.71%	10.59%	10.32%	9.54%	9.01%	7.41%	6.77%	6.63%	7.14%	7.13%	7.02%	7.08%
DIIs	0.00%	0.70%	0.70%	0.82%	0.82%	0.82%	0.95%	0.81%	0.95%	0.98%	1.42%	1.58%
Public	38.18%	37.77%	38.04%	38.71%	39.23%	40.84%	41.34%	42.11%	41.46%	41.73%	41.98%	41.44%
Total Shareholders	36,356	36,563	35,888	40,367	38,876	39,886	40,417	39,918	40,711	40,090	39,796	38,508

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Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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