Max India Limited — PPTs, 05-08-2025: Investor Presentation

**Financial Highlights:**

Consolidated revenue for the quarter was ₹41.3 Cr, a 9% sequential dip, primarily due to temporary timing of collections in Residences. However, consolidated EBITDA loss improved significantly by ~37% QoQ to ₹23.3 Cr due to cost optimization and efficient treasury management. The company reported a strong liquidity position of ~₹320 Cr and a net worth of ~₹460.2 Cr. Individual segments show strong growth: Care Homes revenue rose ~90% YoY to ₹2.94 Cr, Care at Home revenue increased 24% YoY to ₹4.94 Cr, and AGEasy revenue surged ~2.2x YoY to ₹14.18 Cr.

**Strategic Initiatives & Growth Drivers:**

The company is expanding its senior living portfolio with definitive agreements for a new project in Chandigarh and documentation progressing for a second Gurgaon project. Care Homes are expanding, with ~150 beds under fit-outs expected to be operational soon, aiming for ~500 beds by H1 FY26. AGEasy is expanding its product portfolio to 85+ products and focusing on D2C and new marketplace integrations.

**Business Developments:**

A non-core asset was monetized for ₹100 Cr. A Rights Issue successfully raised ₹124.23 Cr, oversubscribed by 1.45x. New partnerships include Wellbeing Nutrition for nutraceuticals, Axis Bank for senior care services, Boat for senior-specific wearables, and Swaasa for lung health analysis.

**Market Position & Competitive Advantage:**

The company demonstrates strong customer satisfaction across all verticals, with high SAT indices (Residences Doon ~88%, Care Homes 90%, Care at Home 94%, AGEasy 86%). It received HSSC Pilot Accreditation for Care at Home Services (first in India) and the ASLI Certificate of Excellence. Over 3 lac lives served by AGEasy, with a 12% repeat customer rate.

**Investor Implications:**

Improved EBITDA loss and robust liquidity indicate operational efficiency and financial strength for future growth. The strong performance across care services and products, coupled with new project pipelines, suggests positive growth potential. However, ongoing legal proceedings and regulatory hurdles for Noida Phase 1 and 2 approvals represent an execution risk to monitor.