Max India Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Max India Ltd filed with BSE on 04 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Max India reported FY26 consolidated revenue of Rs 213.4 crore, up 30% year-on-year, with the EBITDA loss narrowing to Rs 83 crore from Rs 99 crore. Q4 FY26 revenue was Rs 72 crore, up 45% quarter-on-quarter and 58% year-on-year, while the quarterly net loss reduced to Rs 6.8 crore from Rs 35.5 crore a year earlier. Management discussed progress across residences, Antara Assisted Care Services, and AGEasy, including receipt of a partial occupancy certificate for the Noida project and new bookings for Estate 361.
Numbers mentioned
Consolidated revenue: INR213.4 crores (FY26)
p. 4
“The FY '26 consolidated revenue closed at INR213.4 crores, which is 30% higher to the revenue of FY '25, which was INR164 crores.”
Rajit Mehta, page 4 of the filed PDF · View the filing
EBITDA loss: INR83 crores (FY26)
p. 4
“The EBITDA loss for FY '26 showed an improvement, INR83 crores versus INR99 crores last year.”
Rajit Mehta, page 4 of the filed PDF · View the filing
Quarterly revenue: INR72 crores (Q4 FY26)
p. 4
“The company reported a quarterly revenue of INR72 crores in Q4, reflecting a Q-on-Q growth of 45% against a revenue of INR49.8 crores in Q3 FY '26 and a year-on-year growth of 58% against a revenue of INR45.5 crores in Q4 FY '25.”
Rajit Mehta, page 4 of the filed PDF · View the filing
Consolidated net loss: INR 6.8 crores (Q4 FY26)
p. 4
“So, in the quarter ended March 26, we closed at a loss of INR 6.8 crores as compared to a loss of INR 27.8 crores in the previous quarter and INR 35.5 crores in the quarter ended March '25.”
Rajit Mehta, page 4 of the filed PDF · View the filing
Treasury assets: INR 58 crores (as of March 31, 2026)
p. 4
“As of March 31, 2026, the treasury assets at Max India stood at INR 58 crores with a consolidated net worth of about INR 408 crores.”
Rajit Mehta, page 4 of the filed PDF · View the filing
Dehradun total revenue and profit: INR 24.2 crores revenue and INR 2.3 crores profit (FY26)
p. 4
“The total revenue and profit for the whole year was INR 24.2 crores and INR 2.3 crores, respectively.”
Rajit Mehta, page 4 of the filed PDF · View the filing
Estate 360 collections: INR 534 crores ITD, 87% collection efficiency (since inception till March '26)
p. 4
“Collection continues to be strong at an ITD level of INR 534 crores with collection efficiency of 87% from inception till March '26.”
Rajit Mehta, page 4 of the filed PDF · View the filing
Antara management fee from Estate 360: INR 45.6 crores (till 31st March '26)
p. 4
“As a result, Antara earned INR 45.6 crores as management fee till 31st March '26, out of which INR 26 crores have accrued in the current financial year.”
Rajit Mehta, page 4 of the filed PDF · View the filing
Estate 361 bookings and collections: 127 bookings as of March end, INR 69 crores collected (as of March '26)
p. 4
“As of March end, we have secured 127 bookings.”
Rajit Mehta, page 4 of the filed PDF · View the filing
Care Homes bed capacity: 485 beds in 8 care homes (current)
p. 5
“Finally, we have a total bed capacity of 485 beds in 8 care homes across NCR, Bengaluru and Chennai.”
Rajit Mehta, page 5 of the filed PDF · View the filing
Care Homes revenue: INR11.4 crores (Q4 FY26)
p. 5
“Revenue in this segment rose to INR11.4 crores, which is 1.1x on a Q-on-Q basis, while the whole year revenue grew 1.6x year-on-year to INR38.8 crores.”
Rajit Mehta, page 5 of the filed PDF · View the filing
AACSL customer voice score: 90.21% (Q4 FY26)
p. 5
“Q4, the AACSL customer voice score was 90.21%, broadly similar to Q3.”
Rajit Mehta, page 5 of the filed PDF · View the filing
AGEasy net revenue: INR23 crores (Q4 FY26)
p. 5
“AGEasy, we achieved a net revenue of INR23 crores in Q4 FY26, showing a 1.4x Y-on-Y growth and 1.2x on a quarter basis.”
Rajit Mehta, page 5 of the filed PDF · View the filing
AGEasy FY26 revenue: approximately INR77 crores (FY26)
p. 5
“The FY26 revenue stands at approximately INR77 crores, marking a 100% Y-on-Y growth over last year.”
Rajit Mehta, page 5 of the filed PDF · View the filing
Return on Ad Spend for online channels: 1.8, exit at 2.9 (FY26 / March '26 exit)
p. 5
“The RoAS, which is Return on Ad Spend for online channels has improved to 1.8, marking a 50% growth. And the March '26 exit was at healthy 2.9, signifying marketing efficiency and improved conversion.”
Rajit Mehta, page 5 of the filed PDF · View the filing
AGEasy satisfaction index: 87% (Q4 FY26)
p. 5
“The satisfaction index was 87% versus 83% of Q3 and 84% for the whole year compared to 82%.”
Rajit Mehta, page 5 of the filed PDF · View the filing
AGEasy NPS: 45 (since inception)
p. 6
“AGEasy so far has touched about 7 lakh+ lives with 44,000 repeat customers served since inception and achieved an NPS of 45, reflecting improving customer stickiness as usage deepens over time.”
Rajit Mehta, page 6 of the filed PDF · View the filing
Gross margins for D2C and marketplaces: 38% to 46% (start of year to Q4 FY26)
p. 6
“Gross margins for D2C and marketplaces, the online channels improved from 38% at the start of the year to 46% in Q4 FY26.”
Rajit Mehta, page 6 of the filed PDF · View the filing
Estimated E360 management fee: approximately INR130 crores (since inception till end of project sales cycle)
p. 8
“So E360, we'll have a management fee of approximately INR130 crores since inception till the end of the project, end of the project sales cycle.”
Ajay Agrawal, page 8 of the filed PDF · View the filing
Estimated E361 management fee: approximately INR200 crores (whole project cycle)
p. 8
“But with the estimates what we have in mind, we should be earning around INR200 crores in the whole project cycle.”
Ajay Agrawal, page 8 of the filed PDF · View the filing
Labour code impact: INR3 crores to INR4 crores (FY27)
p. 19
“It's about INR3 crores to INR4 crores is the impact across all entities most of it is in gratuity provisioning, actually.”
Rajit Mehta, page 19 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
AGEasy exit monthly revenue run rate — INR14 crores to INR16 crores · exit of this year
stated as an aspiration by Ishaan Khanna
p. 7
“So, we expect that this should continue in this year as well, hoping that the exit monthly revenue run rate for this year should be somewhere in the range of INR14 crores to INR16 crores.”
Ishaan Khanna, page 7 of the filed PDF · View the filing
Care Homes ROCE — 25%-26%
stated as an aspiration by Ishaan Khanna
p. 8
“The ROCE is expected to be in the range of 25%- 26% for Care Homes.”
Ishaan Khanna, page 8 of the filed PDF · View the filing
Care Homes EBITDA margin at scale — 18% to 20%
stated as an aspiration by Ishaan Khanna
p. 8
“And as per our model, which we have also discussed and shared with investors, at a post HO, all-inclusive costs, the Care Homes at scale should deliver an EBITDA of 18% to 20%.”
Ishaan Khanna, page 8 of the filed PDF · View the filing
Estate 361 Phase 2 launch — launch of remaining 180 units · very soon
stated firmly by Rajit Mehta
p. 7
“So Harsh, on launch of Phase 2 of E361 is around the corner. You'll find in the next few days, we will make that announcement because, as I said, 140 of the 180 have been sold, and we don't have inventory left for a certain type.”
Rajit Mehta, page 7 of the filed PDF · View the filing
Total residences square footage target — about 2 million square feet across 3 new projects · this year
stated conditionally by Rajit Mehta
p. 10
“If all 3 get materialized, we should be close to about 2 million.”
Rajit Mehta, page 10 of the filed PDF · View the filing
Fundraise timing — this year
stated conditionally by Rajit Mehta
p. 11
“But sometime this year, you will hear from us on what's happening on the fundraise side.”
Rajit Mehta, page 11 of the filed PDF · View the filing
Path to profitability — EBITDA positive in 1 or 2 verticals · later part of FY27
stated as an aspiration by Rajit Mehta
p. 13
“So, we are hoping that 1 or 2 verticals will show that path to a later part of FY27.”
Rajit Mehta, page 13 of the filed PDF · View the filing
AGEasy EBITDA breakeven — EBITDA breakeven · last quarter of this year
stated firmly by Ishaan Khanna
p. 16
“AGEasy by end of this year, last quarter, we should look at EBITDA breakeven.”
Ishaan Khanna, page 16 of the filed PDF · View the filing
Care Homes consolidated EBITDA breakeven — breakeven · FY28-ish, H1 of FY28
stated conditionally by Rajit Mehta
p. 17
“So, since most of the beds came in the last 6 or 9 months, that breakeven on a consolidated basis for Care Homes is about FY28-ish.”
Rajit Mehta, page 17 of the filed PDF · View the filing
Noida Phase 2 launch — launch of sales · during FY27
stated conditionally by Rajit Mehta
p. 10
“So sometime during this FY27, we expect that we should be talking about this.”
Rajit Mehta, page 10 of the filed PDF · View the filing
AGEasy growth trajectory — FY27
stated as an aspiration by Ishaan Khanna
p. 13
“We should continue to deliver very, very high growth for AGEasy going forward as well.”
Ishaan Khanna, page 13 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said Phase 2 launch is imminent and collections will be lumpy, dominated by booking fees initially.
Answered by Rajit Mehta
Asked by Harsh Kundnani: How should timelines and collections for Estate 361 Phase 1 and Phase 2 be understood?
p. 7
“Yes, the collections are lumpy. You're absolutely right. And therefore, most of the collection we have done now are the booking fee.”
Rajit Mehta, page 7 of the filed PDF · View the filing
Ishaan Khanna said raw material and logistics costs were impacted by the geopolitical situation but mitigation steps limited the margin impact so far.
Answered by Ishaan Khanna
Asked by Harsh Kundnani: Is China sourcing for AGEasy causing cost or supply issues?
p. 7
“So as of now, at least the last quarter and the current quarter, we've not seen a significant impact on our margins.”
Ishaan Khanna, page 7 of the filed PDF · View the filing
Ajay Agrawal gave estimates for management fees for each project and said variable costs are about 15%.
Answered by Ajay Agrawal
Asked by Ulhas Paymaster: What are the estimated management fees from E360, E361 and Noida, and their associated costs?
p. 8
“As far as the cost is concerned, sir, approximately 15% is the variable cost, which comes as a direct variable cost for such management fee, which is our payroll cost, which is our additional manpower and additional expenses what we do for each project.”
Ajay Agrawal, page 8 of the filed PDF · View the filing
Rajit Mehta acknowledged the slow early years due to COVID delays but pointed to market cap growth and expects visible growth in the next 9-12 months.
Answered by Rajit Mehta
Asked by Ulhas Paymaster: Why has the company's asset base grown so little in 10 years and how will it scale?
p. 9
“In the next 9 to 12 months, you will find this growth becoming apparent as we demonstrate path to profitability and as we continue to operationalize our communities, Noida itself will bring a decent annuity income to us in the first year.”
Rajit Mehta, page 9 of the filed PDF · View the filing
Rajit Mehta explained the sequence of obligations, approvals and sales, and described three new projects in progress.
Answered by Rajit Mehta
Asked by Nikhil Gupta: What is the status and timeline for Noida Phase 2 and other new residence projects?
p. 10
“First, we will complete all our obligations for giving the possession. Then we will approach Noida authorities for recertification of revised building plans, and we'll get the approval and then the sales start.”
Rajit Mehta, page 10 of the filed PDF · View the filing
Ajay Agrawal described the demand as arising from a faceless assessment error and said a rectification application has been filed.
Answered by Ajay Agrawal
Asked by Nikhil Gupta: What is the update on the INR32 crore tax demand related to Antara Purukul?
p. 11
“This year, if our rectification application is accepted, then the INR32 crores will practically become zero.”
Ajay Agrawal, page 11 of the filed PDF · View the filing
Rajit Mehta said unlimited FSI concerns held back the residences business there but the market is being monitored for assisted living.
Answered by Rajit Mehta
Asked by Ranodeep. S: Why has Antara not entered Hyderabad despite strong demographic tailwinds?
p. 12
“On the residences side, the issue is the unlimited FSI, which is now getting solved. And if you have unlimited FSI, then the land developer always wants to maximize.”
Rajit Mehta, page 12 of the filed PDF · View the filing
Rajit Mehta said it is difficult to give a firm forward statement but expects some verticals to show a path to profitability later in FY27.
Answered by Rajit Mehta
Asked by Priyanka: When will the company be EBITDA and PAT positive?
p. 13
“So difficult for me to make a forward-looking statement, but the intention is to demonstrate that during this year.”
Rajit Mehta, page 13 of the filed PDF · View the filing
Ishaan Khanna detailed marketplace and D2C RoAS improving over the year.
Answered by Ishaan Khanna
Asked by Chetan Thacker: What was AGEasy's ad spend and RoAS trend for the year?
p. 14
“So, marketplaces, when we started the year, we were at a RoAS of close to 1, which we exited at 2.”
Ishaan Khanna, page 14 of the filed PDF · View the filing
Rajit Mehta explained the breakeven and margin timeline for a typical 50-bed facility.
Answered by Rajit Mehta
Asked by Nitin Gandhi: What is the capital deployment and revenue model for Care Homes as beds mature?
p. 14
“So, as we shared earlier, the model as follows, that a facility of 50 beds takes about 4 to 6 quarters to break even at about a 40%- 45% occupancy.”
Rajit Mehta, page 14 of the filed PDF · View the filing
Ajay Agrawal explained that the SPV structure means only net P&L is consolidated, not the topline.
Answered by Ajay Agrawal
Asked by Santosh: How will Noida Phase 1 revenue be recognized on the P&L?
p. 16
“As per the standards for consolidation, we are only consolidating the net P&L, and we have been doing this since inception.”
Ajay Agrawal, page 16 of the filed PDF · View the filing
Ajay Agrawal said real estate would be more profitable at the margin level while AGEasy would have higher topline turnover.
Answered by Ajay Agrawal
Asked by Keshari Agrawal: How should investors think about profitability mix between real estate and non-real estate businesses over 3 years?
p. 18
“So there, it will have a higher profit margin, a higher turnover as compared to other businesses.”
Ajay Agrawal, page 18 of the filed PDF · View the filing
Rajit Mehta quantified the labour code impact and explained why staff costs appear high relative to reported turnover due to SPV accounting.
Answered by Rajit Mehta
Asked by Ulhas Paymaster: What is the impact of new labour laws on the balance sheet and staff costs relative to turnover?
p. 20
“But if you look at the turnover, it's a little bit of muted number because there's some turnover, for example, which we can't report in the SPV.”
Rajit Mehta, page 20 of the filed PDF · View the filing
Risks flagged
Geopolitical environment causing slowdown
p. 3
“India has gone through a tough phase given the geopolitical environment, we have not been immune.”
Rajit Mehta, page 3 of the filed PDF · View the filing
Labour Code impact on wages
p. 3
“And now the impact of the Labor Code on wages also is coming apparent to all of us.”
Rajit Mehta, page 3 of the filed PDF · View the filing
Rising raw material and logistics costs from China sourcing
p. 7
“Yes, you're right. I think as Rajit mentioned at the beginning of his speech also, the raw material costs and logistic costs have been impacted because of the current geopolitical situation.”
Ishaan Khanna, page 7 of the filed PDF · View the filing
Chandigarh project setback due to lack of height clearance
p. 10
“If you recall, there was a Chandigarh project, which unfortunately, after operations Sindoor, didn't get the height clearance.”
Rajit Mehta, page 10 of the filed PDF · View the filing
Uncertainty over future geopolitical and wage impacts on profitability timeline
p. 13
“Can't comment on any impact that the current geopolitical situation will have, that we'll have to wait and watch.”
Rajit Mehta, page 13 of the filed PDF · View the filing
Frivolous tax additions from faceless assessment
p. 11
“so this is something which is a peculiar situation where, when the faceless assessment takes place, the officer tends to not understand.”
Ajay Agrawal, page 11 of the filed PDF · View the filing
Real estate revenue recognition is lumpy and dependent on collections
p. 18
“So, the EBITDA break-even number is lumpy, as you rightly said.”
Rajit Mehta, page 18 of the filed PDF · View the filing
boAt watch product underperformance
p. 12
“boAt was specifically for the watches, but that product has not taken off as we expected.”
Rajit Mehta, page 12 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.