Max India Limited — Earnings Release 2026

Nov 13, 2025

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November 13, 2025

Listing Department BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai – 400001

Scrip Code: 543223

Listing Department National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra (East) Mumbai – 400051 Name of Scrip: MAXIND

Sub: Investor Release – Q2 & H1 FY26

Dear Sir/Madam,

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed Investor Release – Q2 & H1 'FY26 being issued by the Company on the outcome of its Board Meeting held on November 13, 2025.

You are requested to kindly take the aforesaid on record.

Thanking you,

Yours faithfully, For Max India Limited

Digitally signed TRAPTI by TRAPTI Date: 2025.11.13 18:23:49 +05'30'

Trapti

Company Secretary & Compliance Officer

Encl.: As above

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Investor Release November 13, 2025

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Safe Harbour

This presentation and the accompanying slides (the “Presentation”), which have been prepared by Max India Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment what so ever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third party statements and projections.

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2

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BUSINESS PERFORMANCE & KEY HIGHLIGHTS

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Key Performance highlights of Q2FY26

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Services: Assisted Care

Assets : Residences

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Assisted Care

Gurugram: Launched by MEGL in Aug’24. 100% Units sold as on date. Project progressing as planned; Sales collection at ~ Rs 332 Cr.*

Revenue of Rs 9.16 Cr, up ~ 1.2x (QoQ); Rs 17.02 Cr, up 1.5x in H1 (YoY) Care Homes Update (Q2) ~490 bed capacity Build-up

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Noida Phase I: Ready for possession; All land dues paid; matter in respect of grant of OC is pending before Supreme court; ITD Sales collection at Rs 398 Cr

• 340 beds operational in NCR, Bengaluru & Chennai; ~150 beds ready to go live (Whitefield: 72 by Nov’25-end; OMR: 80 by Dec’25)

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Doon: ; Q2FY26 Operations revenue Rs 6.18 Cr; Continues to be Cash surplus & Profitable

• Revenue of Rs 3.91 Cr, up 1.3x (QoQ); Rs 6.84 Cr, up ~2.1x in H1 (YoY)

New projects: RERA application has been filed by MEG2L with HRERA for second community in Gurgaon; In active discussions for other geographies. _* Max Estates Gurgaon Limited; Max Estates Gurgaon 2 Limited_

Care at Home update (Q2)

• Revenue of Rs 5.24 Cr , up 1.1x (QoQ); Rs 10.18 Cr, up ~1.3x in H1 (YoY)

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Products: AGEasy

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AGEasy performance

• Revenue of ~ Rs 20.9 Cr, up ~ 3.1x (YoY); RoAS at 2.2, up ~1.1x (YoY), Sep’25 Exit: 2.9

• Served ~ 5 lacs lives since inception (Marketplaces ~3.5+ lacs; D2C 1.2+

• lacs). ~ 50+k repeat customers (Marketplaces ~39k; D2C 11+k)

• • Product portfolio: 85+ products & 180 SKUs.

• • Four patents have been filed for senior-focused innovative products.

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BUSINESS AND FINANCIAL PERFORMANCE UPDATE

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Strong endorsement for our brand and offerings by customers, employees and partners

• Residences (Doon): SAT index at ~ 88% (Q1FY26

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Awards and Recognition
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88%)

• Care Homes: SAT Index at 95% (Q1FY26 90%)

• Care at Home: SAT index at 94% (Q1FY26 94%)

• AGEasy: SAT index at 86% (Q1FY26 86%)

Recognition from HQTS on driving Quality culture in products business

Early Adopters Award from NABH for Care Homes Accreditation

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Partnerships and Alliances
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• Continued partnership with IIT Delhi , Wellbeing Nutrition, Axis Bank, BoAt & Swassa to offer & co-develop tailored products and services designed to enhance senior’s holistic wellness

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6

Financial Performance: Results across all business verticals in Q2 FY26 are as planned; Consolidated revenue has seen growth QoQ, the EBIDTA loss has improved; Focus continues on scale-up in H2 FY26

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Consolidated •
revenues
•
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• Consolidated revenue of Rs 50 Cr for Q2FY26 vs Rs 41.3 Cr in Q1FY26, 20 % higher than last quarter

• • The increase is across all verticals as compared to last quarter.

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Consolidated
EBITDA loss ▪
in line with
▪
expectation
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• Consolidated EBITDA loss stood at Rs 26 Cr for Q2FY26 vs Rs 23.2 Cr in Q1FY26; ~11% higher than last quarter

• ▪ Focus continues on cost optimization along with more efficient treasury management

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▪
Well Funded
▪
to pursue
growth
▪
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• Concluded the preferential issue of warrants of Rs. 80 Crs. with receipt of first tranche of ~ Rs. 40 Cr in Sep’25

• ▪ Our liquidity position stood at ~ Rs. 208 Cr, (Net of debt of Rs. ~105 Cr., since repaid)

• ▪ Consolidated Net worth ~ Rs 467.2 Cr as of Sep’25 end

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7

Residences for Seniors

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Antara Dehradun: Operations Stable; Q2 FY26 revenue Rs 6.18 Cr; Community continues to be in Cash & profit surplus

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14 Acres 5,75,500 1,400-6,600
Land Parcel of the
Saleable area Average Apartment
company's flagship
in sq ft Size range in Sq Ft
project
60,000 Rs 25,000 1 re-sales
Clubhouse size Re-sales realisation ~Rs 0.31 Cr fee
square foot Per Sq.ft generated through re-
sale
87%
Resident
Satisfaction Score
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Focus continues on running a vibrant community with deeper engagement
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Community Operations revenue trend
Operations Revenue (Rs Crore)
6.7
6.2 6.1 6.2 6.18
Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26
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• For Q2FY26

Antara Noida Phase 1: All units sold in Mar’23, collection efficiency ~ 99%; Legal recourse in progress to solve OC ambiguities

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340 ~7,45,000 2,000
Saleable area Average Apartment
Available Units
in sq ft Size in Sq Ft
Collection
40:60 ~Rs 16,000 [1]
efficiency
Channel Mix (%) Sales Realisation
~ 98%
Direct: Partners Per Sq.ft
Project OC status
Rs 3.3 Cr [2]
update
Matter is pending with
Ready for possession Supreme Court Monthly Sales
Collection
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Focus on grant of OC and approvals for Noida Phase II

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Cumulative sales and collection trend
Collection (Rs Crore)
398 398
394
382
358
Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26
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1 last reported

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2 Average of last 12 months

Antara Noida Phase 1 : Headwinds for Phase 1 for grant of OC; land dues fully paid; legal recourse in progress , Phase 2 approvals impacted as well

Project Cost for Phase - 1&2 (including Land)

Antara Fee (S&M, PM)

Noida Phase 2 update

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Rs. 1100 ~10%
Crore of Revenue
No. of Units Antara Share in Surplus
~62.5%
550
of Surplus
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Means of Finance

IRR

15-16%

From Internal Debt ~Rs 135 crore Equity: ~Rs 28 crore Balance from Customers collections: ~Rs 837 crore

• The building plans were valid till mid June 2025. The company has submitted a letter with Noida in relation to revalidation of the building plans. There is no response from Noida till date. The Company shall decide next course of action based on the outcome of ongoing matter at Supreme Court in relation to Phase-1.

• Market continues to be positive supported by strong pipeline for Phase 2 and significant increase is expected in launch price and hence the IRR expectancy has been kept as stable.

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Antara Noida- Project ready for Handover (1/4)

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Golf Course Phase I
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Main Entrance

Club Entrance

This information was prepared by Antara Senior Living Ltd. It is not to be used or relied upon by any 3[rd] party without Antara’s written consent.

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Antara Noida- Project ready for Handover (2/4)

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Golf Course Phase I
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Walkthrough Pathway

Residence 1

This information was prepared by Antara Senior Living Ltd. It is not to be used or relied upon by any 3[rd] party without Antara’s written consent.

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Antara Noida- Project ready for Handover (3/4)

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Entrance Gate & Guard Room
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Entrance lobby Residences
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Club View

Residence 2 & Residence 3

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This information was prepared by Antara Senior Living Ltd. It is not to be used or relied upon by any 3[rd] party without Antara’s written consent.

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Antara Noida- Project ready for Handover (4/4)

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Golf Fairway
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Guest Room
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Club Interior

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This information was prepared by Antara Senior Living Ltd. It is not to be used or relied upon by any 3[rd] party without Antara’s written consent.

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: E360, Gurugram All units sold out within 10 months of launch, achieved total ~ sales value of INR 1.5k+ crs

Total Saleable area = 7.63 lacs sq. Ft. Total Gross Sales of Senior Residences Avg. Price = ~20.05k per sq. ft. (ExcL GST) towers = ~INR 1530 Crs. Avg. Size of the Apartment= 2615 sq. ft.

Collection till 30[th] Sep’25 (ITD) = 331.55 Crs. Collection till 30[th] Sep’25 (YTD) = 92.75 Crs.

Development Fee billed ITD = 27.56 Crs. Development Fee billed YTD = 8.24 Crs.

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This information was prepared by Antara Senior Living Ltd. It is not to be used or relied upon by any 3[rd] party without Antara’s written consent.

E360, Gurugram – All 292 units of Senior Living sold out till Jul’25, with sales collection ~ Rs ~332 Cr, collection efficiency ~ 99%

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292 ~7,63,500 ~ 2,600
Saleable area Average Apartment
Available Units
in sq ft Size in Sq Ft
Collection
35:65 ~Rs 21,000 [1]
efficiency
Channel Mix (%) Sales Realisation
~ 99%
Direct: Partners Per Sq.ft
Project 292 [1] Rs 332 Cr [1]
First intergenerational
Units sold Sales Collection
community launched
by MEGL
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Focus on marketing efforts through digital and residents reference programs, leveraging combined brand of MEL and Antara

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Cumulative sales and collection trend
Collection (Rs Crore)
332
273
239
124
107
Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26
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1 for the period from launch date till Sep’25

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Growth Oppurtunities – E361 is going as per plan; Headwinds in Chandigarh; new o ortunities bein ex lored pp g p

E361, Gurugram*

• RERA application filed

• Launch in Mid Dec’25 in two phases

• Integrated wellness theme being pitched as key differentiator for Senior Living towers

New Geographies

• –

• Chandigarh

  • Existing opportunity facing headwinds – Negotiations Underway

  • More opportunities under discussion as alternative

• –

• Other Geographies

• To be launch in “ Biophilic theme”

• Restarted exploring opportunities at Bangalore under JD/ DM arrangement.

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• Max estates Gurgaon 2 Limited (MEG2L) is developing the project in which senior living towers are to be managed by Antara

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18

This information was prepared by Antara Senior Living Ltd. It is not to be used or relied upon by any 3[rd] party without Antara’s written consent.

Care Homes/ Memory Care Homes

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Care Homes : ~340 beds operational across NCR, Bengaluru and Chennai (Oct’25); ~150 beds in Bengaluru and Chennai under fit-outs and expected to go live by Nov-end’25

Geography			Existing Capacity	Planned	Capacity inQ3FY26
Delhi-NCR		▪	DLF Gurgaon - 28 beds
		▪	Memory Care Homes – 29 beds
		▪	Noida - 53 beds
(~208 beds)		▪	Sector 24, Gurugram - 98 beds
Bengaluru	▪		Bannerghatta Road – 83 beds	• Whitefield – 80 beds
(~163 beds)				(Under fit outs expected	to be operational by Nov-end’25)
Chennai
				• OMR - 72 beds
(115 beds)	▪		East Coast Road (ECR) - 43 beds	(Under fit outs expected	to be operational by Nov-end’25)
Bed Capacity			334 beds		~152 beds

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New Care Homes launched in the past one year

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Sector - 24, Gurugram
(98 beds)
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•
•
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• Feb’25 Go live

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•
57 Move-ins in Q2 FY26
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Bannerghatta Road,
Bengaluru (83 beds)
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•
Oct’24 Go live
• 65 Move-ins in Q2 FY26 21
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Sector -66, Noida
(53 beds)
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•
Aug’24 Go live
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• 40+ Move-ins in Q2 FY26

Care Home (CH): Net revenue at Rs 3.91 Cr in Q2FY26, Up ~2.3x y-o-y

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Occupancy trend at Care Homes (bed days) 420 Care Homes Revenue (Rs Lacs)
2.5X 2.3x
391
YoY 360 YoY
7200
6300 6765
300
5400 293.6
4500 5021 240
234.3
3600
3592 180 205.2
2700
3007 167.9
2633
1800 120
900
60
0
Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26
0
Bed Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26
115 198 296 334 334
capacity
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• 400+ patients served during Q2FY26 and over 3000 patients served since inception.

• • Occupancy grew QoQ to 25% in Q2 from 20% in Q1, with significant improvement observed across all Care Homes

Outlook

❖ Optimize Occupancy in existing Care homes

• ❖ Timely scale-up to ~ 500 beds by Q3 FY26

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22

Revenue reported above is on net basis after discounts

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Care at Home – Highest ever net revenue ~ Rs 5.24 Cr in Q2FY26, growth of 21% y-o-y

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Patient served (Nos) Care at Homes Revenue^ (Rs Lacs)
12%
21%
YoY
3600 YoY
600
3341
3000
500
2977 524.1
2859 493.2
2400 2745 2548 400 432.6 456.7 461.2
1800 300
1200 200
600 100
0
0
Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26
Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26
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Contribution margin (Q2FY26 Vs Q1FY26) – Steady state for NCR, Bengaluru at 6% Vs -6% & Chennai at 5% Vs 1% ~ 3,400 patients served during Q2FY26 and over 37,000+ patients served since inception

Outlook

❖ Continue to focus on high margin services

❖ Deeper penetration into new geographies

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• ❖ Improving service delivery capacity and strengthening clinical capabilities

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^Revenue reported above is on net basis after discounts

24

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25
25
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^ : AGEasy Strong Revenue Growth of Rs 20.89 Cr in Q2FY26, Up ~3.1X y-o-y

Key highlights

AGEasy^ Revenue (Rs Lacs)

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3.1X
YoY
2250
2,089.0
1800
1,635.0
1350
1,418.0
1,257.0
900
450 611.0
0
Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26
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• Product portfolio expanded to 85+ products and 180 SKUs (Joint (31) , Fall (43) and Lung(12))

• Served ~ 5 lacs lives since inception (Marketplace 3.5+ lacs; D2C 1.2+ lacs )

• AGEasy channel mix: 81% via Marketplace & 19% via D2C channel

• 14 new products launched during H1FY26 with 84% products having 4+ ratings

• RoAS: Achieved overall 2.2 RoAS during the quarter (Marketplace: 2.6 ; D2C: 0.8)

• 50+k repeat customers (Marketplace ~ 39k; D2C 11+k )

• Launch of Gut Health products in Q3 FY26

• 40% of products of the portfolio is sourced from China

• Achieved Sep’25 exit : RoAS: 2.9 & Gross Margin: 39%

• ~2.4x QoQ growth in offline sales of AGEasy products

Outlook

• ❖ Focus on improving margins and improving marketing spend efficiencies

• ❖ Expansion of product portfolio

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• ❖ More business through D2C channel & offline Channel

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^ MedCare merged with AGEasy w.e.f. Apr’24

26

~5L+ lives touched since inception with 10% repeat customers

ITD till 30[th] Sep’25

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Amazon - Total Flipkart - Total
[...] Lives 2,81,832 [...] Lives 77969
Repeat Customers Repeat Customers
1 1
34511 4675
2 12% repeat 2 6% repeat
customers customers
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D2C – Total
[...] Lives 1,25,713
Repeat Customers
1
11693
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2 9% repeat Customers

Q2 NPS: 42 Achieved vs FY’26 Target of 45 (14.331 Respondents | Amazon + D2C)

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• Consolidated FinancialsConsolidated Financials

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Consolidated Financial Performance (Q2FY26): Revenue at Rs 50.2 Cr, up by 21% sequentially q-o-q over Q1FY26 ; EBITDA loss at Rs 26 Cr in Q2FY26 vs Rs 23.3 Cr in Q1FY26

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Particulars (Rs Cr) Q2FY26 Q1FY26 QoQ(%) Q2FY25 YoY% H1FY26 H1FY25 YoY%
Total Income 50.2 41.3 21% 47.5 6% 91.5 79.6 15%
Total Expenses 76.2 64.6 63.2 140.8 116.8
EBITDA (26.0) (23.3) (15.7) (49.3) (37.2)
Depreciation 5.9 5.8 4.6 11.7 8.5
EBIT (31.9) (29.0) (20.3) (61.0) (45.7)
Finance Cost 4.1 3.5 1.7 7.6 3.2
Loss before Tax & exceptional item (36.0) (32.5) (22.0) (68.6) (48.9)
Exceptional item (0.03) 7.9 - 7.9 -
Loss Before Tax (36.0) (24.7) (22.0) (60.7) (48.9)
Tax (2.0) 1.0 0.7 (1.0) 0.8
Loss After Tax (34.1) (25.6) (22.7) (59.7) (49.7)
EPS (In INR) (6.52) (5.44) (5.27) (12.0) (11.5)
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29

Balance Sheet: Consolidated Net worth of Rs 467 Crores as of Sep’25

Assets (Rs in Crs.)	30-Sep-25	31-Mar-25
Non-Current Assets	292.3	277.3
Current Assets	545.5	260.5
Assets classified as held for sale	NIL	95.1
Total Assets	837.8	632.9

Equity & Liabilities (Rs in Crs.)	30-Sep-25	31-Mar-25
Equity	467.2	358.7
Non-Current Liabilities	101.8	108.9
Current liabilities	268.8	165.3
Total Equity & Liabilities	837.8	632.9

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30

Adequate treasury and other monetizable assets available to pursue growth opportunities over next 12-15 months

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Senior living – Residences for Seniors Invested Capital (Rs 448 Cr)

Assisted Care Services – Invested Capital (Rs 409 Cr)

Other Assets^ (Rs 170 Cr)

Antara Senior Living includes Assets business in which we develop and manage independent senior living communities.

Antara Assisted Care Services business include our Services and Products business.

Cash & cash equivalents – Rs 170 Cr

Surplus at Residences – Rs 38 Cr (Net of debt of Rs. ~105 Cr., since repaid)

Investment in residential projects

• Gurugram (Rs 33 Cr)

• Noida Sector 150 (Rs 133 Cr)

• Noida Sector 105 (Rs 7 Cr)

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Invested capital numbers are as of Sep’25

31

Contact US

Company

Investor Relations Advisors

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Max India Limited

CIN: L74999MH2019PLC320039

Mr. Ajay Agrawal / Mr. Shubham Jain ajay.agrawal@antaraseniorcare.com

shubham.jain@antaraseniorcare.com

+91 124 6984448

https://www.maxindia.com/

Strategic Growth Advisors Pvt. Ltd.

CIN: U74140MH2010PTC204285

Mr. Rahul Agarwal / Ms. Brinkle Shah Jariwala rahul.agarwal@sgapl.net /

brinkle.shah@sgapl.net

+91 9821438864 / +91 9619385544

www.sgapl.net

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