Any current/future new fundraising through debt or equity?

Max India Limited plans to raise approximately INR 200-250 crores within the next 6 to 9 months for future growth. The fundraising will be used primarily for Care Home expansion, some allocation to AGEasy, and potentially for residential projects if required. The form and structure (debt or equity) of the planned fundraise have not been explicitly detailed yet. The company confirms that no further QIP (Qualified Institutional Placement) is planned immediately; the raise is outside of internal cash flows. The fundraise complements collections and management fees from ongoing projects like Noida

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

Max India plans to raise INR 200-250 crores in funds over the next 6 to 9 months to support future growth. Capital investment will focus on Care Home expansion and enhancement of AGEasy's platform. Some portion of the funds may also be allocated to residential projects as needed. For residences, there are expenses related to new projects, including deposits to landowners and preoperative expenses, requiring capital. No investment in land is planned, maintaining an asset-light model. The company anticipates some additional capital of INR 40-50 crores for AGEasy to reach EBITDA breakeven by end

Future growth expectations in sales/revenue/volumes?

AGEasy business is expected to grow with revenue targeting INR 400 crores and steady-state EBITDA margins of 15-20% within 3-4 years. Shift in AGEasy marketing strategy from 80% performance-driven to 40% in FY '27, increasing organic brand contribution, supporting sustainable growth. Senior living residences: aggressive pursuit to achieve 1.5 million sq. ft. growth; 1.04 million sq. ft. already locked for the current year with plans to add 0.5 million more. Care Home beds currently at 485 with operational 333 beds; bed additions paused until at least 50% occupancy to reach breakeven; expect ph

Future growth expectations in earnings/operating earnings/profits/EPS?

Max India expects EBITDA breakeven for the senior living segment in FY '27, reflecting improved revenue quality and unit economics. AGEasy business is projected to achieve EBITDA breakeven by the last quarter of FY '27, with steady-state EBITDA margins of 15%-20% at around INR 500 crores revenue. The company plans a capital raise of about INR 200-250 crores in the first half of the year to fund growth across Care Home expansion, AGEasy, and residences. Residential collections from Estate 360 and 361 are expected to show lumpy but overall steady inflows supporting stable management fees.

Current/ Expected Orderbook/ Pending Orders?

Estate 360 in Gurgaon is fully sold out with collections at INR 343 crores and a collection efficiency of 97% as of December 2025. Estate 361 launched in December 2025 (1.04 million sq. ft., 360 units); Phase 1 with 180 units launched, with about 100 bookings secured by December end. For the current year, 1.04 million sq. ft. is locked in, with plans to acquire an additional 0.5 million sq. ft. in Chandigarh, Bengaluru, and Chennai. Noida Sector 150 Phase 1 occupancy certificate (OC) is pending but expected to be cleared soon; once received, Phase 2 applications will be pursued. INR 31 crores

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Max India LtdQ4 FY27Finance

Max India Ltd Q4 FY27 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 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→AGEasy business is expected to grow with revenue targeting INR 400 crores and steady-state EBITDA margins of 15-20% within 3-4 years.
→Shift in AGEasy marketing strategy from 80% performance-driven to 40% in FY '27, increasing organic brand contribution, supporting sustainable growth.
→Senior living residences: aggressive pursuit to achieve 1.5 million sq. ft. growth; 1.04 million sq. ft. already locked for the current year with plans to add 0.5 million more.
→Care Home beds currently at 485 with operational 333 beds; bed additions paused until at least 50% occupancy to reach breakeven; expect phased future expansions.
→Care at Home and Care Homes showing sequential revenue growth and improving contribution margins, indicating volume and revenue growth traction.
→New product launches and patent filings in AGEasy signal innovation-driven growth.
→Revenue growth of 19% in 9 months FY '26 and expectations of better revenue in Q4 and beyond.

Margin guidance

Category 3

→Max India expects EBITDA breakeven for the senior living segment in FY '27, reflecting improved revenue quality and unit economics.
→AGEasy business is projected to achieve EBITDA breakeven by the last quarter of FY '27, with steady-state EBITDA margins of 15%-20% at around INR 500 crores revenue.
→The company plans a capital raise of about INR 200-250 crores in the first half of the year to fund growth across Care Home expansion, AGEasy, and residences.
→Residential collections from Estate 360 and 361 are expected to show lumpy but overall steady inflows supporting stable management fees.
→Contribution margins in Care Homes are expected to trend towards 30% at 70% occupancy within 7-8 quarters.
→Long-term ROCE in AGEasy is anticipated upwards of 30%, indicating strong capital efficiency as the business scales.
→The company remains confident about sustainable value creation across verticals with a focus on service quality and market expansion.

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Fundraise plans

Yes

→Max India Limited plans to raise approximately INR 200-250 crores within the next 6 to 9 months for future growth.
→The fundraising will be used primarily for Care Home expansion, some allocation to AGEasy, and potentially for residential projects if required.
→The form and structure (debt or equity) of the planned fundraise have not been explicitly detailed yet.
→The company confirms that no further QIP (Qualified Institutional Placement) is planned immediately; the raise is outside of internal cash flows.
→The fundraise complements collections and management fees from ongoing projects like Noida Phase 1 and estates 360 and 361.
→This capital raise aims to support new project investments, particularly preoperative expenses and deposits related to land, although Max India does not invest in land directly.

Order book

Yes

→Estate 360 in Gurgaon is fully sold out with collections at INR 343 crores and a collection efficiency of 97% as of December 2025.
→Estate 361 launched in December 2025 (1.04 million sq. ft., 360 units); Phase 1 with 180 units launched, with about 100 bookings secured by December end.
→For the current year, 1.04 million sq. ft. is locked in, with plans to acquire an additional 0.5 million sq. ft. in Chandigarh, Bengaluru, and Chennai.
→Noida Sector 150 Phase 1 occupancy certificate (OC) is pending but expected to be cleared soon; once received, Phase 2 applications will be pursued.
→INR 31 crores collections from Estate 361 till December 2025; collections from Noida Phase 1 pending INR 150 crores with a DM fee of INR 15 crores expected on clearance.

Capex plans

Yes

→Max India plans to raise INR 200-250 crores in funds over the next 6 to 9 months to support future growth.
→Capital investment will focus on Care Home expansion and enhancement of AGEasy's platform.
→Some portion of the funds may also be allocated to residential projects as needed.
→For residences, there are expenses related to new projects, including deposits to landowners and preoperative expenses, requiring capital.
→No investment in land is planned, maintaining an asset-light model.
→The company anticipates some additional capital of INR 40-50 crores for AGEasy to reach EBITDA breakeven by end of FY '27.
→Phase 2 approvals for the Noida project will commence once the Occupation Certificate (OC) for Phase 1 is received, indicating potential capital deployment in that project.
→The strategy includes prudent capital deployment with a clear focus on returns and sustainable growth.

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