Max India · Material risks, their source context, and severity in the latest available quarter.
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Risk intelligence
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.
