Max India Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹828 Cr
- ROE
- -32.84%
- Price to sales
- 3.89
- Debt to equity
- 0.24
- 52W high / low
- ₹214 / ₹123
- Sales growth (5Y)
- 10.58%
- EBITDA margin
- -54.34%
- Net profit margin
- -59.55%
- Promoter holding
- 48.22%
- Sales (last year)
- ₹214 Cr
Max India is the holding company of Max Group’s Senior Care business Antara, an integrated service provider for all senior care needs. [1]
Guidance scorecard · Q1 FY27 call
What Max India Ltd's management guided
and where it ranks in Finance
Finance
RevenueQ1 FY27 call
20–40%- AGEasy aims to double its revenue from INR77 crores to approximately INR150 crores in FY27, with July monthly run rate already at INR10 crores and an ARR trending towards INR120 crores.
- Significant growth spurts expected during festive seasons and winter, typical for senior care products.
- Senior living residential sales targets around INR1,800 crores annually by 2030-33, with new projects in Bangalore (~300 units, INR900 crores sales value) and Dehradun (~150 units, INR850-900 crores sales value) in advanced stages.
- Care Homes occupancy is improving steadily (e.g., Bannerghatta from 37% to 41%), with potential expansion plans in late FY27.
2 more points from Max India Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Max India Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- The total capital requirement has come down slightly from about $25 million to under $20 million, with an estimated need of around $20 million over the next 2 years.
- The initial capital raise was through two tranches of rights issues and preference shares; the second tranche of pref issue raised INR40 crores in July 2026.
- No change in capital plans from two years ago; the company is utilizing credit lines to manage working capital and has delayed the second fund raise due to improved performance and collections from Noida possession.
- Future capital deployment will be higher in Care Home expansion, as each bed requires INR10-12 lakhs capex, including operational losses.
2 more points from Max India Ltd's call on capex
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FundraisingQ1 FY27 call
PlannedSee what Max India Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- Total collections since inception: INR 108.2 crores with approx. 194-197 units sold so far.
- Antara Assisted Care has a total bed capacity of 485 beds across 8 Care Homes in NCR, Bengaluru, and Chennai.
- Occupancy is gradually increasing, with several Care Homes showing improving trends in contribution margins and ARPOB (Average Revenue per Occupied Bed) exceeding INR 7,000.
2 more points from Max India Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Finance
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Finance companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹2,742 Cr | 71.8 | |
| 2 | 40%+ | Up 2%+ | ₹464 Cr | 23.9 | |
| 3 | 40%+ | Up 0–2% | ₹961 Cr | 32.7 | |
| 4 | 40%+ | Flat | ₹23,820 Cr | 21.1 | |
| 5 | 40%+ | Flat | ₹16,498 Cr | 72.4 | |
| 6 | 40%+ | Flat | ₹15,549 Cr | — |
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Pro shows every company guiding 40%+ revenue growth →Full Finance rankingFinancials of Max India Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Max India Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 56 | 41 | 49 | 41 | 45 | 26 | 43 | 35 | 42 | 37 | 45 | 43 | 66 |
| Expenses + | 55 | 53 | 54 | 58 | 66 | 54 | 64 | 64 | 82 | 65 | 76 | 79 | 81 |
| Operating Profit | 1 | -12 | -5 | -17 | -21 | -28 | -21 | -30 | -41 | -28 | -31 | -36 | -15 |
| OPM % | 2% | -31% | -9% | -43% | -46% | -106% | -49% | -85% | -98% | -76% | -69% | -83% | -23% |
| Other Income + | 4 | 6 | 6 | 5 | 5 | 6 | 5 | -8 | 4 | 13 | 5 | 4 | 6 |
| Interest | 2 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 3 | 4 | 4 | 3 | 3 |
| Depreciation | 2 | 2 | 2 | 2 | 3 | 4 | 5 | 5 | 5 | 6 | 6 | 6 | 7 |
| Profit before tax | 1 | -10 | -2 | -17 | -20 | -27 | -22 | -44 | -45 | -25 | -36 | -41 | -19 |
| Tax % | 388% | 19% | 160% | 8% | 6% | 0% | 3% | 0% | 2% | 4% | -5% | 3% | 2% |
| Net Profit + | -4 | -12 | -5 | -18 | -22 | -27 | -23 | -45 | -46 | -26 | -34 | -43 | -19 |
| EPS in Rs | -0.82 | -2.38 | -0.91 | -3.48 | -4.20 | -5.25 | -4.42 | -8.68 | -8.88 | -4.91 | -6.52 | -8.17 | -3.67 |
Financials of Max India Ltd
Profit & Loss
Annual income statement trend
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Sales + | 213 | 128 | 233 | 212 | 191 | 163 | 191 |
| Expenses + | 266 | 150 | 233 | 202 | 229 | 264 | 300 |
| Operating Profit | -53 | -22 | 1 | 10 | -38 | -101 | -110 |
| OPM % | -25% | -17% | 0% | 5% | -20% | -62% | -58% |
| Other Income + | 325 | -7 | -1 | 1 | 4 | -10 | 28 |
| Interest | 27 | 24 | 10 | 6 | 5 | 8 | 14 |
| Depreciation | 8 | 10 | 7 | 8 | 10 | 19 | 25 |
| Profit before tax | 237 | -64 | -18 | -3 | -49 | -139 | -121 |
| Tax % | 2% | -17% | -11% | 245% | 15% | 1% | 1% |
| Net Profit + | 232 | -53 | -16 | -10 | -56 | -140 | -122 |
| EPS in Rs | 29,706.00 | -8.30 | -2.52 | -2.03 | -10.97 | -27.05 | -23.20 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Max India Ltd
Balance Sheet
Capital structure and asset base
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 54 | 54 | 54 | 43 | 43 | 44 | 52 |
| Reserves | 652 | 599 | 588 | 499 | 449 | 315 | 415 |
| Borrowings + | 182 | 145 | 61 | 45 | 44 | 102 | 204 |
| Other Liabilities + | 136 | 198 | 156 | 166 | 148 | 172 | 167 |
| Total Liabilities | 1,024 | 996 | 858 | 753 | 684 | 633 | 838 |
| Fixed Assets + | 144 | 156 | 159 | 159 | 193 | 170 | 166 |
| CWIP | 1 | 0 | 0 | 0 | 10 | 21 | 32 |
| Investments | 414 | 334 | 178 | 83 | 63 | 53 | 59 |
| Other Assets + | 465 | 506 | 522 | 511 | 418 | 389 | 581 |
| Total Assets | 1,024 | 996 | 858 | 753 | 684 | 633 | 838 |
Financials of Max India Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| 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 | -10 | 75 | 27 | -93 | |
| Free Cash Flow | -209 | 61 | 64 | 66 | -131 | -163 | |
| CFO/OP | -15% | -326% | 7,765% | 690% | 241% | 126% |
Financials of Max India Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 24 | 21 | 9 | 5 | 9 | 50 | |
| Inventory Days | 1,682 | 6,515 | 384 | 223 | 38 | 186 | |
| Days Payable | 149 | 631 | 28 | 48 | 148 | 346 | |
| Cash Conversion Cycle | 1,557 | 5,906 | 365 | 180 | -100 | -111 | |
| Working Capital Days | 493 | 581 | 342 | 249 | -99 | -93 | |
| ROCE % | -4% | -0% | 1% | -8% | -24% |
Guidance history
How Max India Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | Planned | Rising |
| Q3 FY26 call → | 20–40% | Flat | Planned | Planned | Rising |
| Q2 FY26 call → | 10–20% | Flat | Planned | Planned | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
17 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −30.9% | 23% |
| Last 6 months | −5.2% | 47% |
| Last 3 months | −14.5% | 34% |
The price is 51.3% below its all-time high of ₹302.05 (2 Aug 2024). Stocks more than 20% below their peak have their score halved, so 35 became 17.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Max India Ltd: 0.4 × 23 + 0.4 × 47 + 0.2 × 34 = 35, halved to 17 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Max India Ltd's management said in earlier quarters
- Q1 FY27 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q4 FY26 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q1 FY26 earnings call →
- Q4 FY25 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
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