MAXIND Q3 FY26 earnings call.
A source-linked concall view: reported numbers, management language, guidance, commitments and risks that should carry forward.
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Revenue
₹43 Cr
verified against source
Revenue YoY
27%
reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Max India reported Q3 FY26 revenue of Rs 49.8 crore (+27% YoY), with 9-month revenue at Rs 141.3 crore (+19% YoY). 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% 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.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects the residences vertical to achieve break-even by end of FY27, supported by steady DM fee income from Estate 360/361 and launch of new projects.
- The AGZ e-commerce vertical is targeted to reach EBITDA break-even in the last quarter of FY27, with monthly run rates of Rs 3.5-4 crore (marketplace), Rs 2.5 crore (D2C), and Rs 1.5-2 crore (offline) currently.
- The company targets consolidated profitability by FY28 as all three verticals (Residences, Assisted Care, AGZ) reach operational break-even and scale.
- Management announced plans to raise Rs 200-250 crore within the next 6-9 months to fund future growth, primarily for care home expansion and AGZ, with some allocation for new residence projects.
Risks flagged
- Occupancy Certificate for NOA Phase 1 remains pending despite Supreme Court directing authorities to respond within two weeks. Collections of Rs 150+ crore are contingent on OC approval, along with Rs 15 crore DM fee and Phase 2 activation.
- An investor questioned the significant gap between the original vision of 8-10 communities and 2,200+ beds in 4-5 years versus current achievement of approximately 20% of targets. Chandigarh setback and Bangalore delays were cited as reasons for slower progress.
- Customer acquisition currently at 80% performance marketing / 20% organic. Management acknowledges need to shift mix to 40:60 in FY27, indicating vulnerability if ROAS deteriorates or platform costs increase.
- Estate 360 collections are construction-linked and lumpy, with Q3 being a low collection quarter followed by expected big uplift in Jan-March. Revenue from DM fees will be distributed over 4-5 years, making the business harder to predict quarter-to-quarter.
Key quotes
- We are the only branded listed company doing a complete integrated care ecosystem for seniors. It takes time to be able to implement it, but it creates sustainable value over time.
- For AGZ, total 180 crore would have been invested by March 26. At steady state, EBITDA margins would be 15-20% at a top line of 500 crore, and ROCE should be somewhere at upwards of 30%.
- The movement we're seeing in the sector tells us that the long-term opportunity in senior care is quite evident. We believe in what we do in terms of the model.
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