Max India Limited — Investor Meet, 05-06-2025: Analysts/Institutional Investor Meet/Con. Call Updates

Max India reported Q4 consolidated revenue of INR46 Cr (+16% QoQ) and INR164 Cr for FY25 (-16% YoY), led by 2-3x growth in Antara Assisted Care (INR65.2 Cr) and 3.6x jump in AGEasy (INR40.4 Cr). Assisted care beds expanded to ~500, with care homes profitable ahead of schedule. Gurgaon Estate 360 senior living sales are 90% booked (INR239 Cr collected), while Noida Phase 1 collections hit INR394 Cr, awaiting occupancy. New projects in Gurgaon and Chandigarh are planned for FY26 launches. Marketing spend increased EBITDA loss to INR37.2 Cr as growth investments continue. Balance sheet strengthened via INR124 Cr rights issue and INR105 Cr asset monetization. Customer acquisition evenly split between digital and partnerships; Care at Home app launching soon. Confident on scaling and innovation, yet cautious on regulation and market dynamics.