Max India Limited — Earnings Release 2025

May 30, 2025

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May 30, 2025

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

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

Scrip Code: 543223 Name of Scrip: MAXIND

Sub: Investor Release – Q4 FY25

Dear Sir/Madam,

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed Investor Release – Q4'FY25 being issued by the Company on the outcome of its Board Meeting held on May 30, 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: 2025.05.30 16:27:04 +05'30'

Trapti

Company Secretary & Compliance Officer

Encl.: As above

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Investor Release May 30, 2025

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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STEADY PERFORMANCE ACROSS ALL BUSINESS VERTICALS

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Key Performance highlights of Q4FY25

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Assets : Residences

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Gurugram: Launched by MEGL in Aug 24. 260 (~90%) units sold within 8+ months of launch. Sales collection at Rs 239 Cr. Noida Phase I: Application for OC has been filed. Possession planned for Q1FY26 subject to approvals. ITD Sales collection at Rs 394 Cr , up 15% YoY Doon: Cash surplus of Rs 85 Cr at Mar’25; FY25 Operations revenue Rs 24.5 Cr , Up 12 % YoY; Profit of Rs 1+ Cr ; achieved breakeven ahead of plan New projects: Definitive agreement finalised for Chandigarh ; Statutory approvals being initiated for Second Project in Gurgaon* .

Services: Assisted Care

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Care Homes: ~300 bed capacity

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• 160 beds in Gurugram

• • 83 beds - Bannerghatta Bengaluru • 53 beds in Noida ~43 beds added in East Coast Road, Chennai (May’25)

~150 beds under fit outs

• 72 beds in OMR, Chennai

• • 80 beds in Whitefield, Bengaluru Revenue at Rs 2.34 Cr, up 66%.

• Care at Home update (Q4)

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• Revenue of Rs 4.6 Cr , up 52%

• • NCR margin 25% in Q4FY25 vs 19% in Q4FY24

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Products: AGEasy

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AGEasy performance (Q4)

• Revenue Rs 16.6 Cr, up 4x, achieved annual revenue run rate Rs 75 Cr+

• Served 2+ lacs lives since inception (Amazon 1.5+ lacs; D2C 0.5+ lacs). ~ 30k repeat customers (Amazon 23k+; D2C 7k)

• • Product portfolio expanded to 65 products & 180 SKUs. 80 SKUs rated 4 ★ + on Amazon

• • Imports from China in place for some products improving COGS by 20%+

* Max Estates Gurgaon Limited

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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

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Awards and Recognition
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• Residences (Doon): SAT index at 88% (Q3FY25 88%)

• Care Homes: SAT Index at 92% (Q3FY25 92%)

• Care at Home: SAT index at 95% (Q3FY25 94%)

• AGEasy: SAT index at 84% (Q3FY25 84%)

• “Operator of the Year 1[st] achiever of the ASLI -

• – Senior Living” – by Certificate of Excellence Ageing Asia Independent Senior Living

• Signed MoU with IIT Delhi to Design Innovative Mobility-aid Solutions and collaborated with Dementia India Alliance (DIA)

• Partnered with Wellbeing Nutrition to co-develop tailored products designed to enhance senior’s holistic wellness through nutraceutical & supplements

• Signed up Boat , leading player in wearables, as our technology partner to launch senior specific health and wellness products under AGEasy brand

• Partnered with Dr. Lal PathLabs to provide diagnostic services tailored to meet the needs of seniors

• Partnered with Axis Bank to offer Antara’s senior care services and products to its Silver Linings Program customers (~20 lacs customers)

• Discussion with Axis Max Life Insurance has been concluded for an Annuity plan which will be offered to Antara customers for financing their stay/other expenses.

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6

Financial Performance: Results across all business verticals in FY25 are as planned; Focus continues on scale-up in FY26

• Consolidated revenue of Rs 46 Cr for Q4FY25 vs Rs 39 Cr in Q3FY25, 16% higher than last quarter.

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•
Consolidated
revenues
▪
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• Consolidated revenue of Rs 164 Cr for FY25 vs Rs 195 Cr in FY24, 16% lower than last year. Though higher revenue in AGEasy (Products business vertical) and strong growth in Care at Home/ Care Homes (Services business vertical) compared to FY24, reduction is attributed to higher revenue in Residences in FY 24 because of sale of Dehradun inventory.

• The reduction in consolidated revenues was expected, is temporary and is as per plan.

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▪
Consolidated
EBITDA loss ▪
in line with
expectation
▪
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• Consolidated EBITDA loss stood at Rs 37.2 Cr for Q4FY25 vs Rs 24.7 Cr in Q3FY25

• FY25 consolidated EBITDA loss stood at Rs 99.2 Cr for FY25 vs Rs 34.3 Cr in FY24, owing to higher revenue for Residences vertical in FY24 & increase in performance marketing spend for Assisted Care business compared to FY24 in line with plan

• ▪ Losses contained through both cost optimization and efficient treasury management

• Concluded the monetization of non-core asset, 3 floors at Max Towers, Noida for sales consideration of Rs. 105 Cr in May’25

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Well Funded ▪
to pursue
growth ▪
▪
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• Successfully raised Rs 124.23 Cr through a Rights issue in May’25, issue oversubscribed 1.45x

• Post rights issue our liquidity position stands at ~ Rs 370 Cr

• Consolidated Net worth ~ Rs 359 Cr as of Mar’25 end

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Residences for Seniors

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Antara Dehradun – FY25 Operations revenue Rs 24.5 Cr, Up 12% YoY; Operations Profit of Rs 1+ Cr, achieved breakeven ahead of plan; Cash surplus Rs 85 Cr as of Mar’25

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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 85 Cr 88%
Clubhouse size Cash Surplus as of Resident
square foot Mar’25 end Satisfaction Score
Rs 24.5 Cr, Rs 24,600 12 re-sales
Up 12% YoY []
Operations Re-sales realisation Rs 2.4 Cr fee generated
Revenue Per Sq.ft through re-sales
Focus on running a vibrant community and deeper engagement activities
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Community Operations revenue trend
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Operations Revenue (Rs Crore)
6.6 6.7
6.2 6.1
5.4
Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25
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9

• For FY25

Antara Noida Phase 1: All units sold in Mar’23, collection efficiency ~ 98%; Active dialogue to resolve OC ambiguities, legal recourse also initiated

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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 10,400 [1]
efficiency
Channel Mix (%) Sales Realisation
~ 98%
Direct: Partners Per Sq.ft
Project
OC status Rs 4 Cr [2]
update
OC withheld by NOIDA.
Ready for possession
Filed writ with Allahabad
by Q1FY26
Monthly Sales
high court seeking
Collection
direction to Noida for
grant of OC
Focus on grant of OC and approvals for Noida Phase II
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1 last reported

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Cumulative sales and collection trend
Collection (Rs Crore)
394
382
358
351
342
Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25
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2 last 12 months

Antara Noida (Under Construction): headwinds for Phase 1 is grant of OC; legal options initiated; headwinds for Phase 2 approval continues leading to delay in launch resulting in IRR dip of 1%

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

Antara Fee (S&M, PM) Rs. 1000 ~10% Crore of Revenue Antara Share in Surplus ~62.5% 550 of Surplus

No. of Units

Means of Finance IRR

15-16%

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

Noida Phase 2 update

• UPRERA Appellate Tribunal has remanded the application back to UPRERA with instructions to pass a reasoned order.

• • The building plans are valid till mid June 2025. Hence the extension of validity of Building plans for which we have initiated discussions with NOIDA. We are also taking suggestions from consultants and lawyers for next steps in this regard.

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

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Antara Noida Phase I – External & Internal Finishing works (1/2)

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Birds Eye View

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Entrance Gate

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Golf & Club View
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Antara Noida Phase I – External & Internal Finishing works (2/2)

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Basement Parking

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Drawing & Dining Room

Lift Lobby

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Gurugram - Intergenerational Community launched by Max Estates Gurgaon Limited (MEGL) in Aug’24; Senior living towers to be managed by Antara; ~90% booking secured within 8+ months of launch

Tapped into the NRI market in Hong Kong and Dubai through event participation, generating 30+ leads and achieving 6 conversion.

Healthy Mix of 65:35 from Partners: Direct sales

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Received 10+ referrals through Resident referral program – more engagement events planned

Gurugram Phase II – Estate 361. Design planning and statutory approvals in progress

Estate 360, first intergenerational living community, honoured with “Themed Project of the Year” award at the Realty+ Conclave & Excellence Awards 2024.

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Gurugram - 260 units (~90% of inventory) of Senior Living sold till Mar’25, with sales collection ~ Rs 239 Cr, collection efficiency ~ 94%

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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 20,000 [1]
efficiency
Channel Mix (%) Sales Realisation
~ 94% Cumulative sales and collection trend
Direct: Partners Per Sq.ft
Collection (Rs Crore)
Project 260 [1] Rs 239 Cr [1] 239
First intergenerational 124
Units sold Sales Collection 107
community launched
by MEGL
Focus on marketing efforts through digital and residents reference programs,
Q2FY25 Q3FY25 Q4FY25
leveraging combined brand of MEL and Antara
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1 for the period from launch date till Mar’25

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Upcoming Communities: Definitive Agreement finalised for Chandigarh; Design planning and

statutory approvals in progress for Second Project at Gurugram

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Chandigarh Gurugram
Total Land Area 8.22 acres 18.24 acres
Area ~1.01 mn sqft ~1 mn sqft
Statutory approvals from
Definitive Agreement
shareholders; Planning - Design
Next Steps finalised; Consultants
stage, documentation under
onboarding to be initiated
discussion
Partners
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*Note: This will an intergenerational project being developed by Max Estates Gurgaon Two Ltd. and Antara Senior Living Ltd. (ASLL) is proposed to be a Project Manager for Senior Living Towers in this larger development.

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Care Homes/ Memory Care Homes

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Care Homes : ~300 beds operational across NCR and Bengaluru, 43 beds added in ECR, Chennai

(May’25); ~150 beds in Bengaluru and Chennai under fit-outs and expected to go live by H1FY26

Geography			Existing Capacity	Planned Capacity in H1FY26
Delhi-NCR		▪	DLF Gurgaon - 32 beds
		▪	Memory Care Homes – 30 beds
(~213 beds)		▪ ▪	Noida - 53 beds Sector 24, Gurugram - 98 beds
Bengaluru	▪		Bannerghatta Road – 83 beds	• Whitefield – 80 beds
(~163 beds)				(Under fit outs expected to be operational by Jun’25)
Chennai				• East Coast Road (ECR) - 43 beds added in May’25
				• OMR - 72 beds
(115 beds)				(Under fit outs expected to be operational by Aug’25)
Bed Capacity			296 beds	~200 beds

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New Care Homes launched in FY25

Sector - 24, Gurugram (98 beds)

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•
Feb’25 Go live
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•
30+ Move-ins till Apr’25
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Bannerghatta Road, Bengaluru (83 beds)

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•
Oct’24 Go live
• 55 Move-ins till Apr’25 19
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Sector -66, Noida
(53 beds)
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•
Aug’24 Go live
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•
100+ Move-ins till
Apr’25
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Care Home (CH): Net revenue at Rs 2.34 Cr in Q4FY25, Up 66% y-o-y

Occupancy trend at Care Homes (bed days)

Care Homes Revenue (Rs Lacs)

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55% 66%
YoY YoY
240
3600
3592 234.3
2700 3007 205.2
180
2633
2561
167.9
2320
153.9
1800
140.9
120
900
60
0
Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25
0
Bed Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25
62 62 115 198 296
capacity
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~ 240 patients served during Q4FY25 and over 2,250 patients served since inception

Outlook

❖ Optimize Occupancy in existing Care homes

• ❖ Timely scale-up to ~ 500 beds by H1 FY26

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20

Revenue reported above is on net basis after discounts

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21

Customers testimonials for Care at Home

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Care at Home – Highest ever net revenue ~ Rs 4.6 Cr in Q4FY25, growth of 52% y-o-y; NCR Contribution margin at 25% in Q4FY25 vs 19% in Q4FY24

Patient served (Nos) Care at Homes Revenue^ (Rs Lacs)

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10%
3000 YoY 52%
YoY
2826 2811 2859 500
2745
2400 2548
456.7 461.2
400 432.6
1800 375.6
300
302.9
1200
200
600 100
0 0
Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25
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Margin at 14% in Q4 (PY 9%). NCR margin at 25% in Q4 vs 19% in Q4FY24 ~ 2,550 patients served during Q4FY25 and over 34,000 patients served since inception

Outlook

❖ Continued to focus on high margin services

❖ Expansion of bouquet of products and services including new geographies

• ❖ Increasing service delivery capacity and strengthening clinical capabilities

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^Revenue reported above is on net basis after discounts

23

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24
24
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Customers testimonials for AGEasy

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Antara AGEasy store launched in Gurugram

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AGEasy^: Exponential Revenue Growth of Rs 16.6 Cr in Q4FY25, Up 4X y-o-y;

Achieved Annual Recurring Revenue (ARR) of Rs 75+ Cr

AGEasy^ Revenue (Rs Lacs)

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4X
MedCare AGEasy
YoY
1800
1350
984.6
900 722.6
290.9
450
143.6 156.7 671.5
550.0
274.2 313.5 370.5
0
Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25
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Key highlights

• Product portfolio expanded to 65+ products and 180 SKUs

• Served 2+ lacs lives since inception (Amazon 1.5+ lacs; D2C 0.5+ lacs )

• AGEasy channel mix: 73% via Marketplace ; 27% via D2C channel

• Marketplace: 8X growth in DRR on Amazon; 80 SKUs rated 4 ★ + on Amazon; Achieved ARR of Rs 38 Cr

• 29,500+ repeat customers (Amazon 23,000+; D2C 6,500 )

• Launch of Gut Health products on track in FY26

• Imports from China in place for some products improving COGS by 20%+

Outlook

• ❖ Focus on improving margins and improving marketing spend efficiencies

• ❖ Expansion of product portfolio

• ❖ Integrate with new marketplaces

• ❖ More business through D2C channel and Antara AGEasy store walk-ins

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

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2L+ lives touched since inception with ~15% repeat customers;

NPS increasin steadil month on month g y

As on 31[st] Mar’25

NPS – D2C 1st Apr’24 – 31st Mar’25

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Amazon -
D2C – Total
Total Lives
Lives 55,131
1,52,144
Repeat Repeat
Customers Customers
23056 6448
~16% ~12%
repeat repeat
customers customers
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[36.62] [37.86]
27.37 [32.89] 25.97 [31.22]
13.51 10.71 11.59
1
-15.38
-40
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-100
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10 1 26 37 28 68 95 301 142 77 189 140
# of responses
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NPS:43 (Incl. Amazon & D2C) vs. Target of 30

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28

• Consolidated FinancialsConsolidated Financials

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Consolidated Financial Performance (Q4FY25): Revenue at Rs 46 Cr, Up 16% sequentially q-o-q over Q3FY25 ; EBITDA loss at Rs 37 Cr in Q4FY25 vs Rs 25 Cr in Q3FY25

Particulars (Rs Cr)	Q4FY25	Q3FY25	QoQ(%)	Q4FY24	YoY(%)	FY25	FY24	YoY(%)
Total Income	45.5	39.1	16%	49.6	-8%	164.2	194.7	-16%
Total Expenses	82.7	63.8		65.7		263.3	229.0
EBITDA	**(37.2) **	(24.7)		(16.1)		**(99.1) **	(34.3)
Depreciation	5.2	5.1		3.0		18.8	10.2
EBIT	**(42.4) **	(29.8)		(19.1)		**(117.9) **	(44.5)
Finance Cost	2.9	2.0		1.3		8.1	4.6
Loss Before Tax and exceptional item	**(45.3) **	(31.8)		(20.4)		**(126.0) **	(49.1)
Exceptional item	-	(12.6)		-		(12.6)	-
Loss Before Tax	**(45.3) **	(44.4)		(20.4)		**(138.6) **	(49.1)
Tax	0.8	0.2		1.3		1.8	7.4
Loss After Tax	**(46.1) **	(44.6)		(21.7)		**(140.4) **	(56.5)
EPS (In INR)	(10.7)	(10.3)		(5.0)		(32.5)	(13.1)

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Balance Sheet: Consolidated Net worth of Rs 359 Crores as of Mar’25

Assets (Rs in Crs.)	31-Mar-25	31-Mar-24
Non-Current Assets	277.3	341.1
Current Assets	260.5	343.2
Assets classified as held for sale	95.1	-
Total Equity & Liabilities	632.9	684.3

Equity & Liabilities (Rs in Crs.)	31-Mar-25	31-Mar-24
Equity	358.7	492.3
Non-Current Liabilities	108.9	53.2
Current liabilities	165.2	138.8
Total Equity & Liabilities	632.9	684.3

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~Rs 250 Cr of Treasury and other monetizable assets available to pursue growth opportunities

over next 12 months; Successfully raised Rs 124.23 Cr through a Rights issue in May’25

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Senior living – Residences for Seniors Invested Capital (Rs 408 Cr)

Assisted Care Services – Invested Capital (Rs 340 Cr)

Other Assets^ (Rs 120 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 20 Cr

Max Towers – Rs 100 Cr (Monetised in Apr –May 25)

Surplus investments in Dehradun Project – Rs 85 Cr

Other monetisable asset (Greater Noida land parcel) – Rs 40 Cr

Investment in residential projects

• Gurugram (Rs 33 Cr)

• Noida Sector 150 (Rs 25 Cr)

• Noida Sector 105 (Rs 7 Cr)

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Invested capital numbers are as of Mar’25

32

Contact US

Company

Investor Relations Advisors

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Max India Limited

CIN: L74999MH2019PLC320039 Mr. Ajay Agrawal ajay.agrawal@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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