Max India Ltd(MAXIND)

NSE: MAXINDBSE: 543223

₹ 149.45+1.94%refreshed 26 Oct, 03:30 pm ISTMarket cap: ₹ 842 crWebsite: www.maxindia.comUpdated: 27 Oct 2026

About

Max India is the holding company for Max Group's senior care business. It runs senior living residences through Antara Senior Living and Antara Purukul Senior Living, and care homes and services, the AGEasy products brand and Antara Integrated Wellness Clinics through Antara Assisted Care Services. Reported revenue for FY26 was 190.56 Cr. The FY26 annual report calls the business India's only fully integrated senior care ecosystem, built over 13 years.^[1][2]

Business segments

Assisted Care (care homes, care at home, AGEasy): 56.2% of revenue in FY26, at Rs 108.41 Cr.^[3]
Senior Living (residences): 38.1% of revenue in FY26, at Rs 73.45 Cr. Its share rose 9.6 percentage points over FY2021-FY2026.^[3]
Business Investments: 5.6% of revenue in FY26, at Rs 10.88 Cr.^[3]
Care at Home was merged with the Care Home business so the same infrastructure and staff can serve patients at home (Q4 FY26).^[4]

Senior living residences

The first community, in Dehradun, has nearly 200 apartments and a resident satisfaction score of 87% (FY26).^[1]
Phase 1 of Noida Sector-150 has 340 apartments. Offers of possession went to all 340 units in June 2026; about 75% of the Rs 169 Cr demand had been collected by the Q1 FY27 call.^[1][5]
Estate 360, Gurugram: all 292 residences sold, with cumulative collections of Rs 534 Cr (FY26). Development management fee earned to Mar-26 was Rs 45.6 Cr.^[1][4]
Estate 361, Gurugram (1.04 mn sqft, 360 units): 154 of 360 units sold, with collections of Rs 108.2 Cr to June 2026. 27 units sold in Q1 FY27 and about 34 in July.^[5][4]

Care homes

485 beds across eight care homes in Delhi-NCR, Bengaluru and Chennai at end FY26, up from 262 beds in Q4 FY25.^[1][4]
Blended occupancy was 28% in Q1 FY27, vs 27% in Q4 FY26 and 20% in Q1 FY26.^[5][4][6]
Occupied bed days were 11,456 in Q1 FY27, 2.3x the year before. Average revenue per occupied bed at the top 4 centres was Rs 7,000+.^[5]
Care Home revenue was Rs 38.8 Cr in FY26, up 1.6x year on year.^[4]
Antara was the first assisted living provider in India to receive NABH care home accreditation; two of its homes are accredited. More than 50,000 patients served in total.^[1]

AGEasy products

91 live products and 159 SKUs (FY26). AGEasy is the #1 Amazon bestseller in 10 categories.^[1]
AGEasy revenue was Rs 76.8 Cr in FY26, about 2x year on year. Annual revenue run rate was about Rs 120 Cr in Q1 FY27.^[4][5]
Online gross margin was about 45% in Q1 FY27, vs about 38% in Q1 FY26. Return on ad spend at the Q1 FY27 exit was 2.0, vs 1.8 in Q4 FY26.^[5]
Has reached more than 7 lakh lives and over 78,000 repeat customers since its 2023 launch. Net promoter score was 60 in Q1 FY27.^[1][5]
Patented adult diaper selling 1,500 packs a day (Q1 FY27). The portfolio has 4 granted patents and 3 filed.^[5]

Customers and distribution

AGEasy sells through its own website, online marketplaces and offline channels, and is now on Blinkit and Zepto (Q1 FY27).^[1][5]
AGEasy offline revenue hit a record Rs 5 Cr in Q1 FY27, up 18% on the previous quarter.^[5]
AGEasy had about 60 distributor partnerships and about 600 retailer and chemist touchpoints in North India as of Q2 FY26.^[6]

Expansion pipeline

Bangalore senior living project in Devanahalli: about 300 units, potential sales value about Rs 900 Cr, in final diligence (Q1 FY27).^[5]
Dehradun expansion: fewer than 150 units, expected sales value Rs 850-900 Cr, in active diligence (Q1 FY27).^[5]
Noida Phase 2 (about 0.44 mn sqft, 220 units): approval being pursued, with a launch targeted by end of FY27.^[5][4]
Decision on adding care home beds due October-November 2026.^[5]
Antara Integrated Wellness Clinic pilot in the Gurgaon care home: footfalls rose from 199 to 307 sessions in June 2026. A rollout to Noida is planned.^[5]

Recent developments

Q4 FY26: Noida Authority issued a partial occupancy certificate for the three Noida Phase 1 towers.^[4]
Q2 FY26: completed a Rs 124.23 Cr rights issue and raised Rs 80 Cr through preferential warrants; the first Rs 40 Cr tranche was received.^[6]
A further raise of about $20M (about Rs 165 Cr) was deferred from June 2026 to later in FY27 (Q1 FY27 call).^[5]
The Chandigarh project (about 1.01 mn sqft) stalled over a review of projects near airports (Q2 FY26).^[6]
The company had 1,372 employees in FY26.^[1]

Market Cap

₹842 Cr

High / Low

₹220 / 121

Stock P/E

-6.0

Price / Book

1.9

Book Value

₹78

EPS

₹-23.2

No. of Shares

5.25 Cr

ROCE

-23.4%

ROE

-31.8%

Sales

₹191 Cr

Net Profit

₹-122 Cr

Promoter holding

48.2%

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Max India Ltd(MAXIND)

About

Business segments

Senior living residences

Care homes

AGEasy products

Customers and distribution

Expansion pipeline

Recent developments

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