Max India FY26 revenue rises 31% to ₹190.56 crore

Max India Limited reported a consolidated net loss of ₹121.85 crore for the financial year ended March 31, 2026, narrowing from a loss of ₹140.39 crore in the previous year. Revenue from operations for the year increased by 31% to ₹190.56 crore, compared to ₹145.49 crore in FY25. The Board of Directors approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2026 at its meeting held on May 28, 2026.

Financial Performance

The company's total income for FY26 stood at ₹213.36 crore, up from ₹164.17 crore in the prior year. Total expenses for the period rose to ₹335.31 crore from ₹290.55 crore. For the quarter ended March 31, 2026, the company reported a net loss of ₹19.29 crore, compared to a loss of ₹46.09 crore in the corresponding quarter of the previous year. Revenue for Q4 FY26 was ₹65.63 crore.

The following table summarises the key financial metrics for the full year:

Metric	FY26 (₹ in crores)	FY25 (₹ in crores)
Revenue from operations	190.56	145.49
Total income	213.36	164.17
Total expenses	335.31	290.55
Net loss	(121.85)	(140.39)

Segment and Operational Highlights

Segment-wise revenue for the year was driven by Assisted Care at ₹108.41 crore and Senior Living at ₹73.45 crore. The Business Investments segment reported revenue of ₹10.88 crore. The company noted that its joint venture, Contend Builders Private Limited, received a partial Occupancy Certificate for its Antara Noida Phase 1 project on May 25, 2026, after clearing outstanding dues of approximately ₹176 crore with the Noida Authority.

Capital Allocation and Corporate Actions

During the year, the company utilized ₹80.91 crore of the proceeds from its rights issue, which raised ₹124.23 crore. Unutilized funds of ₹43.32 crore were parked in fixed deposits. Additionally, the company issued Fully Convertible Warrants raising ₹40.18 crore, investing ₹40 crore in its subsidiary, Antara Senior Living Limited. The trading window for designated persons will reopen 48 hours after the declaration of results.

Regulatory Disclosures

Pursuant to Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company published the audited financial results in the English daily 'Mint' (all editions) and 'Punjab Kesari' (Delhi edition) on May 29, 2026.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
+2.64%	+0.18%	-9.59%	-17.96%	-18.87%	+134.41%

Max India Limited has approved the reallocation of unutilised proceeds from its Rights Issue, aggregating to a net increase of Rs 7.3 crore, alongside the issuance of corporate guarantees worth up to Rs 75 crore for its wholly owned subsidiaries. The Board of Directors, in its meeting on May 28, 2026, sanctioned the revision of funds within the overall objects of the issue, which remains subject to shareholder approval. The company also approved the re-appointment of M/s MGC Global Risk Advisory LLP as Internal Auditor for FY 2026-27 and amended its policy on Related Party Transactions.

The reallocation of funds impacts the Performance Marketing and Brand marketing categories. The Board approved an increase of Rs 7.30 crore for the Products vertical, raising the allocation to Rs 50.3 crore. Conversely, the Services vertical allocation was reduced by Rs 3.80 crore to Rs 8.2 crore, and Brand marketing funds were cut by Rs 3.50 crore to Rs 6.5 crore.

Corporate Guarantees for Subsidiaries

The Board authorized the issuance of corporate guarantees up to Rs 75 Crores to facilitate loan facilities for Antara Senior Living Limited and Antara Assisted Care Services Limited. These guarantees, to be availed in one or more tranches, are subject to receiving requisite sanctions from banks or financial institutions. The guarantees will remain in force until the subsidiaries' secured obligations are fully repaid. The company stated that this would create a contingent liability without any immediate financial impact.

Table: Reallocation of Rights Issue Proceeds

S. No.	Item Head	Amount as proposed in the Offer Document	Change	Revised amounts approved by the Board
1.	Performance Marketing
(i)	Products vertical	43	7.30	50.3
(ii)	Services vertical	12	(3.80)	8.2
2.	Brand marketing	10	(3.50)	6.5

Governance and Compliance

M/s MGC Global Risk Advisory LLP was re-appointed as Internal Auditor for the financial year 2026-27. The Board also amended the company’s policy on Related Party Transactions. In compliance with insider trading regulations, the trading window for dealing in the company's securities, which closed on April 1, 2026, will remain shut until 48 hours after the declaration of audited financial results for the quarter and year ended March 31, 2026, specifically until May 30, 2026.