Max India Ltd

- 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.

- 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.

- 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.

- 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.

- 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.