Max India LimitedQ1 FY27 Results & Financial Update
Max India Limited: Q1 FY27 consolidated results and company financials – revenue ₹59.74 Cr, PAT ₹-36.28 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Max India Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Consolidated loss after tax stood at Rs 36.28 crore for Q1 FY27, compared to a loss of Rs 19.3 crore in Q4 FY26 and Rs 25.6 crore in Q1 FY26. Total expenses for the quarter rose to Rs 93.6 crore.
The consolidated EBITDA loss widened to Rs 25.0 crore in Q1 FY27 compared to Rs 6.8 crore in Q4 FY26, driven by the absence of lumpy development management fees received in the previous quarter, alongside higher brand investments and operational costs in the assisted care division.
The residences for seniors segment generated revenue of Rs 37.36 crore during the quarter, supported by ongoing collections across projects such as E360 and E361 in Gurugram, and Noida Phase 1.
Assisted care services revenue, encompassing care homes and products, reached Rs 30.61 crore, reflecting continued expansion in bed capacity and patient reach despite seasonal moderation in product demand following peak fourth-quarter levels.
Profit after tax was ₹-36.28 Cr for the reported quarter. EPS was ₹-6.91 for the reported quarter.
During the quarter ended 30 June 2026 (Q1 FY27), Max India reported a consolidated revenue from operations of INR 59.74 crore.
01 · Business model
What does Max India do?
Max India Limited operates primarily in the senior care ecosystem through its Antara brand, spanning residences for seniors, assisted care services, and age-related products.
The company's operational model covers independent senior living communities, multi-city care homes, care-at-home offerings, and a direct-to-consumer and marketplace product portfolio tailored for elderly wellbeing.
Revenue streams are generated through residential sales collections, development management fees, care home occupancy fees, home healthcare services, and product sales across digital and marketplace channels.
02 · Historical context
What shaped the business before this quarter
Antara expanded its care home network significantly during FY26, adding 43 beds in Q3 FY26 and 152 beds in Q4 FY26, bringing total bed capacity to 485 beds across NCR, Bengaluru, and Chennai.
The second intergenerational community, E361 Gurugram, launched Phase 1 in December 2025 and Phase 2 in June 2026, offering 360 units in total.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹59.74 Cr |
| Total income | ₹68.62 Cr |
| Profit before tax | ₹-35.59 Cr |
| Profit after tax | ₹-36.28 Cr |
| EPS | ₹-6.91 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Residences for seniors contributed Rs 37.36 crore to revenue in Q1 FY27, underpinned by project collections and development management fee billings.
Assisted care services revenue rose to Rs 30.61 crore, up from Rs 21.05 crore in Q1 FY26, driven by higher occupancy in expanded care homes and robust patient volumes.
AGEasy product revenue stood at Rs 18.8 crore (Rs 18.78 crore) in Q1 FY27, representing a 1.3x increase year-on-year, although down 18% sequentially from the peak fourth-quarter demand period.
Revenue from operations for Q1 FY27 stood at INR 59.74 crore, representing the core business earnings.
The company reported other income of INR 8.88 crore, bringing total consolidated income to INR 68.62 crore.
What drove margins
Online gross margins for AGEasy products were maintained at approximately 45% (excluding liquidation of non-sellable inventory) despite tough geopolitical and input cost pressures.
EBITDA was impacted by higher brand marketing investments, including the onboarding of brand ambassador Anupam Kher, and increased operational expenses associated with scaling assisted care services.
Sequential contraction in profitability was influenced by the absence of exceptional development management fees that were recognized in the previous quarter.
Depreciation expenses of INR 7.37 crore and financing costs contributed to bottom-line pressures during the quarter.
05 · Demand, customers & order book
Where demand is coming from
E360 Gurugram achieved cumulative sales collections of ~Rs 556 crore with a collection efficiency of ~87%. E361 Gurugram recorded 154 units sold out of 360, with cumulative collections of ~Rs 108.2 crore and a collection efficiency of ~96%.
AGEasy touched over 9 lakh lives since inception, with over 88,000 repeat customers and an industry-leading Net Promoter Score (NPS) of 60.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Antara Dehradun generated operations revenue of Rs 6.2 crore and an operations profit of Rs 0.92 crore, with 4 re-sales generating Rs 1.9 crore in fees at a realization of ~Rs 26,000 per sq. ft.
Received a partial occupancy certificate from NOIDA in Q1 FY27, issued offers of possession for all 340 units (~7,45,000 sq. ft.), and recorded collections of Rs 33.2 crore, with operations set to commence in Q2 FY27.
Maintained 485 live beds across Delhi-NCR, Bengaluru, and Chennai, serving approximately 2,700 patients during the quarter while achieving an all-time high Care Home ARPOB of over Rs 7,000.
Geography and market mix
Delhi-NCR operates 207 beds across DLF Gurgaon, Memory Care Home, Noida, and Sector 24 Gurugram. Bengaluru operates 163 beds across Bannerghatta Road and Whitefield. Chennai operates 115 beds across ECR Laguna and OMR.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Total live bed capacity stood at 485 beds across 8 care homes, with total care home occupancy improving to 28% in Q1 FY27 from 27% in the previous quarter.
AGEasy maintained 86 live products out of 112 total products launched, spanning 167 SKUs across joint and pain, fall prevention, lung health, and gut health categories.
Projects, capex and execution
Renovation of the 27-bed DLF Gurgaon care home facility was completed, with the property successfully relaunched in July 2026.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Continued partnerships with Star Union Dai-ichi Life Insurance for senior financial literacy products, IIT Delhi for senior-friendly product innovation, Wellbeing Nutrition for nutraceuticals, and Swassa for lung health diagnostics.
AGEasy holds a total of 7 patents, comprising 4 granted patents and 3 filed applications for senior-focused innovative products.
09 · Reported developments
What changed operationally
Antara Senior Care received the 'Visionary Leadership in Senior Living' award at the HT India Next Real Estate Expo in June 2026, alongside concluded NABH accreditation at Bannerghatta.
Onboarded actor Anupam Kher as brand ambassador for AGEasy, launching a 360-degree campaign targeting a 25 million reach across 15 priority cities, resulting in a 2x quarter-on-quarter growth in brand search and organic sessions.
10 · Pressure points & risks
What is not going smoothly
Total income and EBITDA declined sequentially compared to Q4 FY26 due to the lumpy nature of development management fee recognition and seasonal moderation in product sales.
The company recorded a net loss after tax of INR 36.28 crore for Q1 FY27.
11 · Items worth noticing
The line items that can distort a quick read
Minor exceptional items of -Rs 0.03 crore were recorded during Q1 FY27 compared to -Rs 0.2 crore in Q4 FY26 and Rs 7.9 crore in Q1 FY26.
12 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Consolidated net worth stood at approximately Rs 372.2 crore as of June 30, 2026, with cash and cash equivalents of approximately Rs 21 crore.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
Customer Satisfaction Metrics
Care homes and services recorded a SAT index of 89.2% in Q1 FY27, while AGEasy recorded a SAT index of 82% and an NPS of 60.
14 · Key Q&A
The quarter, answered directly
What does Max India do?
Max India Limited operates primarily in the senior care ecosystem through its Antara brand, spanning residences for seniors, assisted care services, and age-related products.
What is the clearest takeaway from Q1 FY27?
Consolidated loss after tax stood at Rs 36.28 crore for Q1 FY27, compared to a loss of Rs 19.3 crore in Q4 FY26 and Rs 25.6 crore in Q1 FY26. Total expenses for the quarter rose to Rs 93.6 crore.
What drove revenue or demand?
Residences for seniors contributed Rs 37.36 crore to revenue in Q1 FY27, underpinned by project collections and development management fee billings.
What mattered most for margins or profitability?
Online gross margins for AGEasy products were maintained at approximately 45% (excluding liquidation of non-sellable inventory) despite tough geopolitical and input cost pressures.
What changed operationally beyond the headline numbers?
Total live bed capacity stood at 485 beds across 8 care homes, with total care home occupancy improving to 28% in Q1 FY27 from 27% in the previous quarter.
What are the main pressure points disclosed for the quarter?
Total income and EBITDA declined sequentially compared to Q4 FY26 due to the lumpy nature of development management fee recognition and seasonal moderation in product sales.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Noida Phase 1 Operations: Monitor the commencement of operations at Noida Phase 1 senior living community in Q2 FY27 following the issuance of possession offers.
- 02
Care Home Occupancy Ramping: Track occupancy scaling across the 485 live care home beds, particularly the performance of recently added facilities in Bengaluru, Chennai, and NCR.
- 03
AGEasy Marketing and Margin Execution: Observe the return on ad spend (RoAS) improvements and input cost management strategies for the AGEasy product portfolio across D2C and marketplace channels.
- 04
Profitability Recovery: Monitor future quarters for progress towards operating profitability and reduction of net losses.
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