Max India Limited — PPTs, 26-06-2025: Investor Presentation

1. Financial Highlights:

Max India reported consolidated revenue of Rs 164.2 Cr for FY25, down 16% YoY, with Q4FY25 revenue at Rs 45.5 Cr, up 16% QoQ. EBITDA loss widened to Rs 99.1 Cr in FY25 from Rs 34.3 Cr, with Q4 EBITDA loss of Rs 37.2 Cr. Loss after tax stood at Rs 140.4 Cr for FY25. Net worth was Rs 359 Cr as of March 2025. The company holds ~Rs 250 Cr in treasury and monetizable assets, supported by Rs 124.23 Cr raised via a recent rights issue. Key invested capital includes Rs 408 Cr in senior living residences and Rs 340 Cr in assisted care services.

2. Strategic Initiatives & Growth Drivers:

Max India is focused on the booming senior care segment in India, targeting a $10-12 billion market expected to grow rapidly due to demographic shifts. The company’s integrated ecosystem approach spans Assets (senior residences), Services (care homes and home care), and Products (AGEasy health solutions). Capex plans include Rs 600-650 Cr investment over 3-4 years to expand residential communities, 2,000+ care home beds, and broader pan-India footprint for services and products. Strong emphasis on digital marketing, community engagement, and innovation in senior-specific healthcare aids under AGEasy.

3. Business Developments:

- Residences: Delivered sold-out projects in Dehradun and Phase I Noida, with a new intergenerational community in Gurugram 90% sold within 8 months (Rs 239 Cr sales collections). Phase II Noida legal approvals are pending.

- Services: Care homes expanded to ~340 operational beds with plans to scale to 500 by H1 FY26 and 2,000+ by FY28. Strong occupancy trends and ARPOB Rs 6,524 in Q4. Care at Home revenues rose 52% YoY to Rs 4.6 Cr in Q4 with 25% margin in NCR.

- Products: AGEasy achieved Rs 16.6 Cr revenue in Q4, 4X YoY, with ARR over Rs 75 Cr. Expanded portfolio to 65+ products, high customer retention, and strong online marketplace growth. Collaborations with boAt, Dr. Lal PathLabs, and IIT Delhi enhance innovation and market reach.

4. Market Position & Competitive Advantage:

Max India's established legacy in healthcare and real estate, combined with marquee investors and a proven leadership team, positions it well to lead India's nascent but rapidly evolving senior care sector. The company’s integrated model reduces customer acquisition cost and improves retention through a seamless ecosystem of residences, services, and products. High resident satisfaction scores (~88-95% across verticals) and industry awards underscore strong brand trust and operational excellence. Partnerships with banks and tech players add scale and differentiation.

5. Investor Implications:

Max India’s focus on an underserved, high-growth senior care segment backed by robust capital resources and a scalable business model offers positive growth potential. Investors should watch progress on regulatory approvals for residential projects and execution of scale-up plans in care services. Improving operating leverage in services and products, together with expanding community sales, are key to narrowing losses and moving towards profitability over the medium term. The company’s clear multi-vertical strategy and solid financial backing mitigate execution risks relative to the early-stage nature of the sector.