Any current/future new fundraising through debt or equity?

Max India Limited completed a rights issue of INR124.23 crores, which was oversubscribed. Of this, INR100 crores is allocated for Antara Assisted Care, INR21 crores for general expenses, and INR3 crores for rights issue expenses. As of September 2025, INR24 crores out of the INR100 crores allocated to Antara Assisted Care has been utilized. Additionally, the company raised INR80 crores through a preferential issue of convertible warrants; half the proceeds (INR40 crores) have been received, with the remainder expected next year. The proceeds from the preferential issue will primarily be used f

Any current/future capex/capital investment/strategic investment?

INR 100 crores allocated for Antara Assisted Care, with INR 24 crores utilized as of September 2025. INR 21 crores earmarked for general expenses and INR 3 crores for rights issue expenses. Raised INR 80 crores through preferential issue of convertible warrants, with INR 40 crores received; primarily to be used for residence vertical including existing and future projects. Commitment to develop 1.5 million square feet of residential business annually. Focus on scaling Assisted Care to target 500 beds operational by November 2025 and expand over next 4 years. Expanding AGEasy product range and

Future growth expectations in sales/revenue/volumes?

Max India targets developing 1.5 million square feet in residences annually, with efforts to recoup setbacks and explore new geographies. Care Homes occupancy expected to rise steadily, with mature homes achieving 65%-75% occupancy and positive double-digit EBITDA margins. Care at Home business to grow strategically at 20%-30% year-on-year, focusing on profitability rather than scale. AGEasy business shows strong growth, with a current monthly run rate of INR 7-8 crores, aiming for breakeven by late FY '27 or early FY '28. Marketing strategies and channels are continuously refined to i

Current/ Expected Orderbook/ Pending Orders?

The company is committed to developing 1.5 million square feet of residential business every year. Currently, due to Chandigarh-related delays, the company is behind its target; it has about 0.75 million sq ft in Estate360, 1.1 million sq ft in Estate361, and 0.4 million sq ft in Noida Phase 2. Estate361 was ready for signing and had engaged many consultants; the project is ready for possession awaiting Supreme Court approval. The company has paid all dues to the Noida Authority and cleared construction obligations. They are aggressively seeking alternatives and exploring new geographies to ma

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Max India LtdQ3 FY25Finance

Max India Ltd Q3 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹158Market Cap: ₹851 CrSector: Finance

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→Max India targets developing 1.5 million square feet in residences annually, with efforts to recoup setbacks and explore new geographies.
→Care Homes occupancy expected to rise steadily, with mature homes achieving 65%-75% occupancy and positive double-digit EBITDA margins.
→Care at Home business to grow strategically at 20%-30% year-on-year, focusing on profitability rather than scale.
→AGEasy business shows strong growth, with a current monthly run rate of INR 7-8 crores, aiming for breakeven by late FY '27 or early FY '28.
→Marketing strategies and channels are continuously refined to improve Return on Advertising Spend (RoAS), currently around 2.9-4 on marketplaces.
→Introduction of new products, including a Gut Health nutraceutical range, and expansion of distribution network across North and South India.
→Management cautious about forward-looking statements but optimistic about sustained growth and scaling of all business verticals.

Margin guidance

Category 3

- The company is currently on a growth curve but refrains from making explicit forward-looking profit or earnings guidance. (Page 9, Rajit Mehta) - They aim for AGEasy to break even by late FY '27, indicating expected profitability in this segment around that time. (Page 13, Rajit Mehta) - The Assisted Care segment is scaling, with occupancy and margins improving, signaling potential EBITDA margin expansion in Care Homes as occupancy increases. (Page 7 and 12) - Overall EBITDA is negative currently (e.g., Antara Assisted Care EBITDA loss INR43 crores), but cost efficiencies and operational scaling are in focus to improve margins. (Page 12) - Revenue growth target includes developing 1.5 million square feet of residence yearly and expanding Assisted Care beds to 500 by November end, which supports medium-term revenue growth. (Page 5) - They expect steady 20%-30% growth in Care at Home business with focus on making it fully profitable. (Page 9) In summary, the management is focused on scaling operations, improving margins, and expects break-even of key businesses by FY '27—indicative of positive earnings trajectory thereafter.

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Fundraise plans

Yes

→Max India Limited completed a rights issue of INR124.23 crores, which was oversubscribed.
→Of this, INR100 crores is allocated for Antara Assisted Care, INR21 crores for general expenses, and INR3 crores for rights issue expenses.
→As of September 2025, INR24 crores out of the INR100 crores allocated to Antara Assisted Care has been utilized.
→Additionally, the company raised INR80 crores through a preferential issue of convertible warrants; half the proceeds (INR40 crores) have been received, with the remainder expected next year.
→The proceeds from the preferential issue will primarily be used for the residence vertical, covering existing and future projects.
→The company is well funded for future growth with treasury assets of INR310 crores and a consolidated net worth of INR467 crores.
→No explicit mention of new debt fundraising in the transcript.

Order book

→The company is committed to developing 1.5 million square feet of residential business every year.
→Currently, due to Chandigarh-related delays, the company is behind its target; it has about 0.75 million sq ft in Estate360, 1.1 million sq ft in Estate361, and 0.4 million sq ft in Noida Phase 2.
→Estate361 was ready for signing and had engaged many consultants; the project is ready for possession awaiting Supreme Court approval.
→The company has paid all dues to the Noida Authority and cleared construction obligations.
→They are aggressively seeking alternatives and exploring new geographies to maintain the 1.5 million sq ft annual development objective.
→Expected to recoup the shortfall quickly.
→New project announcements of about 0.5 million sq ft are expected within the next 6 months.

Capex plans

Yes

→INR 100 crores allocated for Antara Assisted Care, with INR 24 crores utilized as of September 2025.
→INR 21 crores earmarked for general expenses and INR 3 crores for rights issue expenses.
→Raised INR 80 crores through preferential issue of convertible warrants, with INR 40 crores received; primarily to be used for residence vertical including existing and future projects.
→Commitment to develop 1.5 million square feet of residential business annually.
→Focus on scaling Assisted Care to target 500 beds operational by November 2025 and expand over next 4 years.
→Expanding AGEasy product range and distribution network, building presence through distributor partnerships and retail touchpoints.
→Continuing investment in brand, technology, talent, and operational excellence while maintaining capital discipline and financial resilience.

How does Max India Ltd rank vs peers in Finance?

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