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. The transcript of the call was uploaded to the stock exchanges on June 4, 2026. 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.

Antara Senior Care, a wholly owned subsidiary of max india , has launched the Antara Integrated Wellness Clinic (AIWC) in Gurugram to manage chronic conditions through integrative medicine. The clinic combines modern medicine with evidence-based holistic therapies, marking the first time this approach has been added to Antara’s continuum of care. This development is significant as India’s senior population is projected to more than double to 347 million by 2050, increasing the demand for specialised clinical pathways that traditional healthcare systems may not fully address.

Integrative medicine is recognised globally as an interdisciplinary, evidence-based approach that treats the mind, body, and spirit together rather than just symptoms. The World Health Organisation (WHO) acknowledges this method for combining conventional medicine with traditional therapies such as Ayurveda and energy healing. At AIWC, a multidisciplinary team delivers personalised care plans designed to address the root causes of illness, with the goal of reducing hospital visits, medication load, and restoring function for seniors.

The clinic offers a range of services, including functional medicine consultations, Ayurveda prakriti analysis, and advanced therapies like IV cellular nutrition, medical-grade ozone therapy, and Far Infrared sauna. Care is structured through 10 condition-focused programmes covering joint, heart, diabetes, respiratory, gut, liver, mental, weight, and cancer care. The CancerCare programme is designed specifically as complementary support alongside standard oncology care.

Ms. Tara Singh Vachani, Executive Chairperson of Antara Senior Care, stated that the clinic is built on the conviction that patients' problems should be addressed holistically. She noted that as India’s senior population and chronic disease burden grow, fully integrated wellness models will become key to unlocking a healthy society. Mr. Rajit Mehta, CEO & MD of Antara Senior Care, added that the goal is to close the gap between lifespan and health span by helping seniors live their best life possible through a coordinated care journey.

Dr. Pankaj Verma, Medical Director of the Antara Integrated Wellness Clinic, explained that modern medicine serves as the anchor while traditional systems address lifestyle and stress factors. He emphasised that for seniors with multiple chronic conditions, the clinic focuses on the hidden mind-body link that often feeds disease, potentially allowing patients to reduce their pill load and recover lost function over time.