Max India Ltd

- 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.

- 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.

- 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.

- 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.

- 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.