Max India earnings calls.

Max India reported Q3 FY26 revenue of Rs 49.8 crore (+27% YoY)Current Rs 49.8 crore (+27% YoY). Reported change: +700bps YoY (from 16% in Apr)., with 9-month revenue at Rs 141.3 crore (+19% YoY)Current reported value: Rs 141.3 crore (+19% YoY). No comparable prior figure is available in the source record.. The company operates three verticals: Senior Living (Antara Residences), Care Homes/At Home (Antara Assisted Care), and AGZ (senior wellness e-commerce). Residence revenue of Rs 19.7 crore includes operations, DM fees from Estate 360/361, finance lease income, and treasury earnings. Care Homes reached 485 total beds with occupancy improving to 27% (from 16% in April 2025). Care at Home delivered its highest-ever quarterly revenue of Rs 5.38 crore. AGZ's D2C/marketplace gross margin reached 46%Current 46%. Reported change: +600bps QoQ (from 40%). in December. Consolidated EBITDA loss was Rs 29 crore for Q3 and Rs 78 crore for 9 months, as expected. Treasury stands at Rs 105 crore with net worth of Rs 426 crore. Management targets break-even for Residences by FY27 end, AGZ by Q4 FY27, and consolidated profitability by FY28. A Rs 200-250 crore fundraise is planned within 6-9 months. Key risks include unresolved NOA Phase 1 OC approval and slower-than-expected geographic expansion in senior living.