Max India Limited has completed the dispatch of its Notice of Postal Ballot dated June 12, 2026, to shareholders. The notice, published in Mint (English) and Hindustan (Hindi), seeks approval for the appointment of an Independent Director and the reallocation of unutilized proceeds from a previous rights issue. The remote e-voting period is scheduled from June 13, 2026, to July 12, 2026, with results expected on or before July 14, 2026.

The Board proposes appointing Ms. Mrinalini Mirchandani (DIN: 11619010) as a Non-Executive Independent Director for a five-year term from April 15, 2026, to April 14, 2031. A former Senior Partner at McKinsey & Company, she meets independence criteria under Section 149(6) of the Companies Act, 2013, and Regulation 16(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. She will receive sitting fees of ₹100,000 per meeting.

Shareholders are also requested to approve the reallocation of ₹43.32 crore, the unutilized portion of the ₹124.23 crore rights issue proceeds. The funds, utilized ₹80.91 crore in FY 2025-26, are earmarked for its wholly owned subsidiary, Antara Assisted Care Services Limited (AACSL). The reallocation involves adjustments within marketing and working capital categories to optimize capital deployment.

The table below details the proposed fund reallocation for AACSL:

Investment in Antara Assisted Care Services Limited (AACSL), a wholly owned subsidiary of the Company, for meeting its funding requirements in relation to branding and marketing activities and for augmenting its working capital.

The Audit Committee and the Board reviewed the reallocation on May 28, 2026. Mr. Kapil Dev Taneja, Partner at M/s Sanjay Grover & Associates, serves as the Scrutinizer. The total funds allocated for AACSL remain unchanged at ₹100 crore.

Max India Limited reported a consolidated loss of INR6.8 crore for the quarter ended March 31, 2026, a significant reduction from the loss of INR27.8 crore in the previous quarter and INR35.5 crore in the corresponding period last year. The company’s consolidated revenue for Q4FY26 stood at INR72 crore, reflecting a year-on-year growth of 58% and a quarter-on-quarter increase of 45%. For the full fiscal year FY26, revenue grew 30% to INR213.4 crore, while the EBITDA loss improved to INR83 crore from INR99 crore in FY25.

The company disclosed these figures during its earnings conference call held on May 29, 2026, pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Management attributed the performance to encouraging traction across all business verticals, supported by the rising acceptance of organized senior care solutions. As of March 31, 2026, Max India held treasury assets of INR58 crore and a consolidated net worth of approximately INR408 crore.

Business Vertical Performance

Residences: The Dehradun operations remained stable and profitable, generating an operating revenue of INR6.7 crore in Q4FY26 and INR24.2 crore for the full year. In Gurgaon, the Estate 360 project is fully sold out with collections of INR534 crore, yielding INR45.6 crore in management fees to date. The newly launched Estate 361 project secured 127 bookings for its first phase of 180 units by March end, with 141 units sold as of the call date. Additionally, the Noida Authorities issued a partial occupancy certificate for three towers, potentially unlocking receivables upwards of INR150 crore.

Antara Assisted Care Services: The segment expanded its bed capacity to 485 beds across 8 care homes. Revenue rose to INR11.4 crore in Q4FY26, a 1.1x increase quarter-on-quarter, and INR38.8 crore for the full year, a 1.6x year-on-year growth. Management noted that contribution margins improved across care homes, with the Noida facility turning positive at 6%.

AGEasy: The direct-to-consumer vertical achieved a net revenue of INR23 crore in Q4FY26, marking a 1.4x year-on-year growth. Full-year revenue stood at approximately INR77 crore, representing a 100% increase over the previous year. The Return on Ad Spend (RoAS) improved to 1.8, with the March 2026 exit rate reaching 2.9.

Financial Highlights

Looking ahead, management expressed confidence in demonstrating a path to profitability, with expectations that one or two verticals will show positive trends in the latter part of FY27. The company also plans to launch the remaining units of Estate 361 and is exploring new opportunities in North and South India.