Max India Limited — Earnings Release 2026

Feb 10, 2026

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February 10, 2026

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 – Q3 & 9M FY26

Dear Sir/Madam,

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed Investor Release – Q3 & 9M 'FY26 being issued by the Company on the outcome of its Board Meeting held on February 10, 2026.

You are requested to kindly take the aforesaid on record.

Thanking you,

Yours faithfully, For Max India Limited

Digitally signed TRAPTI by TRAPTI Date: 2026.02.10 16:11:23 +05'30'

Trapti

Company Secretary & Compliance Officer

Encl.: As above

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Investor Release February 10, 2026

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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 Q3FY26

Assets : Residences

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E360,Gurugram*: . 100% Units sold as on date. Project progressing as planned; Sales collection at ~ Rs 343 Cr.

E361,Gurugram: Second intergenerational community ** in Gurugram in Dec’25. 100+ units sold within one month of launch.

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Noida Phase I: Ready for possession; Positive outcome of Court case expected

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Doon: ; Q3FY26 Operations revenue Rs 6.8 Cr;

Exploring partnerships to ensure 1.5 mn sq. ft. per annum development target

Services: Assisted Care

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Assisted Care

Revenue of Rs 10.38 Cr, up ~ 1.2x (QoQ); Up 1.6x in Q3 (YoY)

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• Care Homes Update (Q3) 485 bed capacity live***

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• All 485 beds operational in NCR, Bengaluru & Chennai;

• Revenue of Rs 5 Cr, up 1.3x (QoQ); Up ~2.4x in Q3 (YoY)

Care at Home update (Q3)

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• Revenue of Rs 5.38 Cr , up ~ 1.1x (QoQ); Up ~1.2x in Q3 (YoY)

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Products: AGEasy

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AGEasy performance

• Revenue of ~ Rs 17.2 Cr, up ~ 3.1x (YoY); RoAS at 1.7, up ~1.1x (YoY), Dec’ 25 Exit: ~2.0; Gross margin at 41% , up ~1.1x (YoY)

• Served ~ 6.5 lacs+ lives since inception (Marketplaces ~4.7 lacs; D2C ~1.9 lacs); ~ 65k+ repeat customers; AGEasy community grows to ~19k ; NPS at 44 (Q3)

• • Product portfolio: 88 products & 180 SKUs.

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

Launched by Max Estates Gurgaon Limited; Launched by Max Estates Gurgaon 2 Limited; **~152 beds operationalized in Q4FY26

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BUSINESS AND FINANCIAL PERFORMANCE UPDATE

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

• Residences (Doon): SAT index at 88% (Q2FY26 88%)

• Care Homes: SAT Index at 92% (Q2FY26 95%)

• Care at Home: SAT index at 95% (Q2FY26 94%)

• AGEasy: SAT index at 83% (Q2FY26 86%)

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Early Adopters Award Award from NABH
from NABH for Care for accreditation of
Homes Accreditation 2 [nd] Care Home
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• Partnered with Star Union Dai-ichi Life Insurance to expand access to senior care through integrated wellness and financial literacy initiatives. The collaboration will also enable the launch of specialized financial products for seniors.

• Continued partnership with IIT Delhi (for innovation of senior friendly products), Wellbeing Nutrition (to co-develop tailored products designed to enhance senior’s holistic wellness through nutraceutical & supplements), Axis Bank (to offer Antara’s senior care services and products to its Silver Linings Program customers) , BoAt (as our technology partner to launch senior specific health and wellness products) & Swassa (for online analysis of self diagnosis of lung health).

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6

Financial Performance: Results across all business verticals in Q3 FY26 are as planned; Focus continues on scale-up in Q4 FY26

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•
Consolidated
revenues
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• Consolidated revenue of Rs 49.8 Cr for Q3FY26 vs Rs 50.2 Cr in Q2FY26, slightly lower than last quarter

▪ Residences for Seniors - revenue of Rs 19.7 Cr for Q3FY26 vs Rs 19.8 Cr in Q2FY26 ▪ Assisted Care Services - revenue of Rs 27.8 Cr for Q3FY26 vs Rs 27.7 Cr in Q2FY26 ▪ Max India Limited - revenue of Rs 2.3 Cr for Q3FY26 vs Rs 2.7 Cr in Q2FY26

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Consolidated
EBITDA loss ▪
in line with
▪
expectation
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▪ Consolidated EBITDA loss stood at ~ Rs 29 Cr for Q3FY26 vs Rs 26 Cr in Q2FY26 ▪ Focus continues on cost optimization along with more efficient treasury management

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▪
Fund Position
▪
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▪ Liquidity position stood at ~ Rs. 105 Cr

▪ Consolidated Net worth ~ Rs 426 Cr as of Dec’25 end

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Residences for Seniors

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Antara Dehradun: Operations Stable; Q3 FY26 revenue Rs 6.80 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 4 re-sales
Clubhouse size Re-sales realisation ~Rs 1.17 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 6.8
6.1 6.2 6.18
Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26
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• For YTD Dec’25

Antara Noida Phase 1: All units sold in Mar’23, collection efficiency ~ 99%; Revised application for OC filed based courts directive; positive outcome expected

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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)
398 398 398
394
382
Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26
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1 last reported

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2 Average of last 12 months

Antara Noida: All prepared to operationalize the community

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Golf Course & Club

Residences

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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 31[st] Dec’25 (ITD) = 342.6 Crs. Collection till 31[st] Dec’25 (YTD) = 103.1 Crs.

Development Fee billed ITD = 28.24 Crs. Development Fee billed YTD = 8.92 Crs.

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12

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 ~343 Cr, collection efficiency ~ 97%

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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
~ 97%
Direct: Partners Per Sq.ft
Project 292 [1] Rs 343 Cr [1]
First intergenerational
Units sold Sales Collection
community launched
by MEGL
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Focus on ensuring timely raising of demands and collections thereof; leveraging combined brand of MEL and Antara

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Cumulative sales and collection trend
Collection (Rs Crore)
343
332
273
239
124
Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26
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1 for the period from launch date till Dec’25

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*** : E361, Gurugram Launched in Dec 2025; 100+ units of Senior Living sold out till Dec’25 in Ph-1 out of 180 Units, with sales collection ~ Rs 31 Cr**

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360 ~10,51,600 ~ 2,920
Saleable area Average Apartment
Available Units
in sq ft Size in Sq Ft
(Ph-1 180 Units)
Collection
70:30 ~Rs 22,500 [1]
efficiency
Channel Mix (%) Sales Realisation
~ 96%
Direct: Partners Per Sq.ft
Project 100 [1] Rs ~31 Cr [1]
Second
intergenerational Units sold Sales Collection
community launched
Development fee accrued for Dec’25 is INR 2.13 Crs.
1 Launched in the month of Dec’25 14
Launched by Max Estates Gurgaon 2 Limited; Senior living towers to be managed by Antara
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Cumulative sales and collection trend
Collection (Rs Crore)
31
Q3FY26
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Care Homes/ Memory Care Homes

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Care Homes : Total 485 beds across NCR, Bengaluru and Chennai

Geography			Existing Capacity
Delhi-NCR		▪	DLF Gurgaon - 28 beds
		▪	Memory Care Homes – 28 beds
(207 beds)		▪ ▪	Noida - 53 beds Sector 24, Gurugram - 98 beds
Bengaluru	▪		Bannerghatta Road – 83 beds
	▪		Whitefield* – 80 beds
(163 beds)
Chennai
	▪		East Coast Road (ECR) - 43 beds
	▪		OMR* - 72 beds
(115 beds)
Bed Capacity			485 beds

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* Operationalized in Q4FY26

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New Care Homes launched in the past one year

ECR, Chennai (43 beds)

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• Oct’25 Go live

• 15 Move-ins in Q3 FY26

Sector - 24, Gurugram (98 beds)

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• Feb’25 Go live

• 69 Move-ins in Q3 FY26

Bannerghatta Road, Bengaluru (83 beds)

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• Oct’24 Go live

• 96 Move-ins in Q3 FY26 17

Care Homes (CH): Net revenue at Rs 5.0 Cr in Q3FY26, Up ~2.4x y-o-y

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Occupancy trend at Care Homes (bed days) 540 Care Homes Revenue (Rs Lacs)
2.7X 2.4x
480 500
YoY YoY
9000
420
8100
8205
7200 360 391
6300 6765
5400 300
293.6
4500 5021
240
3600 234.3
3592
2700 180 205.2
3007
1800
120
900
0 60
Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26
0
Bed Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26
115 198 296 334 334
capacity
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• ~500 patients served during Q3FY26 and over 3500 patients served since inception.

• Occupancy grew QoQ to 27% in Q3 from 25% in Q2, with significant improvement observed across all Care Homes

Outlook

❖ Optimize Occupancy in existing Care homes

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Revenue reported above is on net basis after discounts

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Care at Home : Highest ever net revenue ~ Rs 5.38 Cr in Q3FY26, growth of 17% y-o-y

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Patient served (Nos) Care at Homes Revenue^ (Rs Lacs)
12%
17%
YoY
3600 YoY
600
3341
3000
3143
2977
2745
2400
2548
538
524.1
1800 500
493.2
1200
461.2
456.7
600
400
0
Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26
Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26
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Contribution margin (Q3FY26 Vs Q2FY26) – Steady state for NCR, Bengaluru at 17% Vs 5% & Chennai at 9% Vs 8% ~ 3,200 patients served during Q3FY26 and over 40,000+ 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

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AGEasy

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21
21
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^ : AGEasy Revenue of ~Rs 18.8 Cr in Q3FY26, Up ~1.5X y-o-y; RoAS & GM metrics

also shown improvement

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AGEasy^ Revenue (Rs Lacs)
1.5X
YoY
2250
2,089.0
1800
1,878.0
1,635.0
1350
1,418.0
1,257.0
900
450
0
Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26
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Key highlights

• Temporary revenue dip due to technical glitch on the Flipkart alpha channel in Q3FY26

• Product portfolio expanded to 88 products and 180 SKUs (Joint (31) , Fall (43), Lung(12) and Gut health (3))

• Served 6.5+ lacs lives since inception (Marketplace ~ 4.7 lacs; D2C 1.9+ lacs )

• 65+k repeat customers (Marketplace ~ 47k; D2C 19+k )

• 1 new condition (Gut Health) launched during Q3FY26 with 3 products

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

• ~1.1x growth in Gross margin QoQ (for marketplace & D2C)

• Achieved Dec’25 exit : RoAS: ~2.0 & Gross Margin: 46% (for marketplace & D2C)

• ~1.4x QoQ growth in D2C vertical ; ~2.3x QoQ growth in offline sales of AGEasy products

Outlook

• ❖ Driving improvements in RoAS and gross margin

• ❖ Senior specificity index framework to be developed

• ❖ Product portfolio to be rationalized

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

* Includes secondary revenue for marketplaces

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~6.5L+ lives touched since inception with average ~10% repeat customers

ITD till 31st Dec’25

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Amazon - Total Flipkart - Total D2C – Total
[...] Lives 3,29,715 [...] Lives 1,39,691 [...] Lives 1,90,486
Repeat Customers Repeat Customers Repeat Customers
1 1
39405 7683 1 19004
2 12% repeat 2 6% repeat
2 10% repeat
customers customers Customers
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Q3 NPS: 44 Achieved vs FY’26 Target of 45

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• Consolidated FinancialsConsolidated Financials

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Consolidated Financial Performance (Q3FY26): Revenue at Rs 49.8 Cr, up 27% YoY; marginally down by ~1% QoQ; EBITDA loss at Rs 29.0 Cr in Q3FY26 vs Rs 26.0 Cr in Q2FY26

Particulars (Rs Cr)	Q3FY26	Q2FY26	QoQ(%)	Q3FY25	YoY%	9MFY26	9MFY25	YoY%
Total Income	49.8	50.2	-1%	39.1	27%	141.3	118.7	19%
Total Expenses	78.8	76.2		63.8		219.6	180.6
EBITDA	**(29.0) **	(26.0)		(24.7)		**(78.3) **	(61.9)
Depreciation	6.1	5.9		5.0		17.8	13.6
EBIT	**(35.1) **	(32.0)		(29.7)		**(96.1) **	(75.5)
Finance Cost	3.5	4.1		2.0		11.0	5.2
Loss before Tax & exceptional item	**(38.5) **	(36.0)		(31.8)		**(107.1) **	(80.7)
Exceptional item	(2.90)	(0.0)		(12.60)		5.0	(12.6)
Loss Before Tax	**(41.4) **	(36.1)		(44.4)		**(102.1) **	(93.3)
Tax	1.4	(2.0)		0.2		0.5	1.0
Loss After Tax	**(42.8) **	(34.1)		(44.6)		**(102.6) **	(94.3)
EPS (In INR)	(8.17)	(6.52)		(10.03)		(20.26)	(21.20)

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Balance Sheet: Consolidated Net worth of Rs 426 Crores as of Dec’25

Assets (Rs in Crs.)	31-Dec-25	31-Mar-25
Non-Current Assets	287.1	277.3
Current Assets	397.2	260.5
Assets classified as held for sale	NIL	95.1
Total Assets	684.3	632.9

Equity & Liabilities (Rs in Crs.)	31-Dec-25	31-Mar-25
Equity	425.3	358.7
Non-Current Liabilities	102.5	108.9
Current liabilities	156.5	165.3
Total Equity & Liabilities	684.3	632.9

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26

Adequate treasury and other monetizable assets available to pursue growth opportunities over next 6-9 months

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Senior living – Residences for Seniors Invested Capital (Rs 479 Cr)

Assisted Care Services – Invested Capital (Rs 446 Cr)

Other Assets^ (Rs 105 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 105 Cr

Surplus at Residences – ~Rs 37 Cr

Investment in residential projects

• Gurugram (Rs 33 Cr)

• Noida Sector 150 (Rs 188 Cr)

• Noida Sector 105 (Rs 7 Cr)

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27

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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