Max India Limited uploaded the transcript of its investors and analysts conference call on August 19, 2026, providing detailed commentary on its financial results for the quarter ended June 30, 2026. The filing, made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, confirms that consolidated revenue grew 66% year-on-year to ₹68.6 crore from ₹41.3 crore in Q1FY26.

The company reported an EBITDA loss of ₹25 crore for Q1FY27, compared to ₹23.2 crore in the same quarter last year and ₹6.8 crore in Q4FY26. Management attributed the widening loss primarily to the lumpy nature of development management (DM) income, noting that an exceptional DM fee received in the previous quarter had temporarily improved profitability. Despite the loss, management highlighted a long-term trajectory toward profitability, citing reduced EBITDA losses from ₹139 crore in FY25 to ₹121 crore in FY26 as revenues scaled.

Operational Milestones

A key operational update was the issuance of possession offers to all 340 residents at the Antara Noida community in June 2026. This milestone is expected to operationalize the first community in the National Capital Region within 30 to 45 days. The company raised demand worth approximately ₹169 crore with these offers, collecting over ₹30 crore in June alone. As of the reporting date, approximately 75% of total dues have been collected.

In Gurgaon, the Estate 360 project developed by Max Estates remains fully sold out, with cumulative collections reaching ₹556 crore since inception. The second intergenerational project, E361, saw bookings recover in July and August after a sluggish Q1, with total collections standing at ₹108.2 crore since inception. Management noted that sales velocity has returned to normalcy despite earlier geopolitical headwinds.

Segment Performance

The Antara Assisted Care segment reported revenue of ₹12.03 crore, up 1.5 times year-on-year. Occupancy rates improved across multiple locations, with Bannerghatta (Bangalore) rising from 37% to 41% and Gurugram from 33% to 41%. Occupied bed days (OBDs) increased by 23% quarter-on-quarter. Four care homes achieved an average revenue per occupied bed day exceeding ₹7,000 in June 2026.

AGEasy, the consumer products arm, posted net revenue of ₹19 crore in Q1FY27, representing 1.3 times year-on-year growth but a decline from ₹23 crore in Q4FY26 due to post-festive season moderation. However, the annual revenue run rate (ARR) improved to approximately ₹120 crore by July, with return on ad spend (ROAS) improving to 2.0 from 1.8 in the previous quarter. The segment has launched 112 products, with 86 currently live, and has served approximately 9 lakh lives to date.

Financial Position

As of June 30, 2026, treasury assets at the Max India level stood at ₹21 crore, with a consolidated net worth of ₹372 crore. Management indicated that while capital requirements remain around $20 million for future expansion, recent collections from Noida possessions and a ₹40 crore tranche from a preference share issue have helped manage working capital needs without immediate additional fundraising.

The transcript was signed by Trapti, Company Secretary and Compliance Officer, confirming the authenticity of the disclosure on August 19, 2026.

Max India held its seventh annual general meeting on Wednesday, August 19, 2026, via video conference from 12:30 pm to 1:30 pm IST. The meeting was convened in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations 2015.

Analjit Singh, Chairman of the company, chaired the proceedings and briefed shareholders on business operations, subsidiaries, and strategic initiatives. The requisite quorum was present throughout the meeting. Key managerial personnel and directors attended, along with representatives from the Stakeholders’ Relationship Committee and the Nomination and Remuneration Committee.

Mr. Niten Malhan, Chairman of the Audit Committee, authorized Mr. Pradeep Pant, a member of the committee, to represent the Audit Committee at the meeting. Statutory auditors M/s Ravi Rajan & Co, represented by partner Mr. Ravi Gujral, and secretarial auditor Sanjay Grover & Associates, represented by partner Mr. Kapil Dev Taneja, also attended.

Ordinary Business Transacted

Shareholders transacted two items of ordinary business as listed in the AGM notice:

Remote e-voting was available from Sunday, August 16, 2026, at 9:00 am IST to Tuesday, August 18, 2026, at 5:00 pm IST. Members unable to vote remotely could cast votes via e-voting during the virtual meeting. The e-voting window closed 15 minutes before the conclusion of the meeting at 1:30 pm IST.

Voting Results and Compliance

The chairman announced that voting results would be declared within two working days, on or before August 21, 2026. Results will be submitted to BSE Limited and National Stock Exchange of India Limited. They will also be displayed at the company’s registered office and published on the company website and NSDL’s platform.