Max india Limited has filed its monitoring agency report for the quarter ended December 31, 2025, demonstrating compliance with regulatory requirements for rights issue proceeds utilization. The report, prepared by CARE Ratings Limited and submitted to BSE and NSE on February 10, 2026, provides a comprehensive overview of fund deployment from the company's Rs. 124.23 crore rights issue.

Rights Issue Overview

The rights issue was conducted between May 7, 2025 and May 22, 2025, raising Rs. 124.23 crore for specific corporate objectives. The company operates as a holding company with key promoters including Max Ventures Investment Holdings Pvt. Ltd. (40.95%) and Siva Finvest Private Limited (6.82%).

Fund Utilization Progress

During Q3FY26, Max India utilized Rs. 23.03 crore towards the objects of the issue, bringing total utilization to Rs. 59.30 crore. The monitoring agency reported no deviations from the original expenditure plan disclosed in the offer document.

Investment in Subsidiary Activities

The company transferred Rs. 19.18 crore from the monitoring account to AACSL's current account during the quarter. Of this amount, Rs. 14.96 crore was deployed for marketing campaigns, content creation for UGC videos, and other branding activities, while Rs. 4.27 crore supported inventory procurement for Ageasy and CARE AT HOME business segments.

General Corporate Purposes Breakdown

The company utilized Rs. 3.78 crore for general corporate purposes, approved by the Board of Directors on November 13, 2025. The expenditure included:

• Employee Benefit Expenses: Rs. 2.74 crore
• Rent: Rs. 0.42 crore
• Legal and Professional: Rs. 0.39 crore
• Other Administrative Expenses: Rs. 0.23 crore

Deployment of Unutilized Funds

The remaining Rs. 64.93 crore has been invested in fixed deposits across multiple banks including AU Bank, HDFC, Kotak, Yes Bank, and IDFC. The deposits carry interest rates ranging from 2.75% to 7.60% with varying maturity dates extending up to May 2026.

Compliance and Monitoring

CARE Ratings Limited confirmed that all utilization aligns with disclosures in the offer document and no material deviations have been observed. The monitoring agency noted that the company incurred losses of Rs. 140 crore in FY25 and Rs. 60 crore in H1FY26, and sold fixed assets worth Rs. 105.08 crore to related party Max Towers Private Limited. The report has been reviewed and approved by the company's Audit Committee and Board of Directors.

Max India Limited announced its consolidated unaudited financial results for the quarter and nine months ended December 31, 2025, showing mixed performance with revenue growth but continued operational losses. The Board of Directors approved these results on February 10, 2026, following a limited review by statutory auditors.

Financial Performance Overview

The company's financial performance for Q3 FY26 demonstrated both challenges and improvements compared to the previous year:

Nine-Month Performance Analysis

For the nine months ended December 31, 2025, Max India reported comprehensive financial metrics:

Segment-Wise Revenue Performance

The company's business segments showed varied performance during Q3 FY26:

• Senior Living: Revenue of ₹13.47 crores (Q3 FY25: ₹12.69 crores)
• Assisted Care: Revenue of ₹27.55 crores (Q3 FY25: ₹18.30 crores)
• Business Investments: Revenue of ₹3.12 crores (Q3 FY25: ₹4.59 crores)

The Assisted Care segment demonstrated significant growth of 50.55% year-over-year, while the Senior Living segment grew by 6.15%. However, the Business Investments segment declined by 32.03%.

Exceptional Items and Special Developments

During the nine months ended December 31, 2025, the company recorded exceptional items totaling ₹4.98 crores, including:

• Profit of ₹9.53 crores from the sale of Max Tower floors (L19, L20, and L20M) to Max Towers Private Limited
• Rights issue expenses of ₹1.69 crores
• Additional provisions of ₹2.85 crores related to the implementation of Code on Wages, 2019

Legal and Regulatory Matters

The company's joint venture, Contend Builders Private Limited (CBPL), continues to face regulatory challenges regarding its Noida projects. CBPL has paid approximately ₹176 crores to the Noida Authority, clearing all outstanding dues. Following Supreme Court proceedings on January 28, 2026, CBPL filed a fresh application for Occupancy Certificate on January 29, 2026, with the next hearing scheduled for February 19, 2026.

Earnings Per Share and Capital Structure

Max India reported basic and diluted earnings per share of ₹(8.17) for Q3 FY26, compared to ₹(10.03) in Q3 FY25. The company's paid-up equity share capital stood at ₹52.45 crores as of December 31, 2025, reflecting the impact of the rights issue completed during the financial year.

Outlook and Strategic Focus

The company continues to invest in its core business segments, with significant capital deployment in subsidiary operations. The rights issue proceeds of ₹124.23 crores are being utilized as planned, with ₹64.93 crores remaining unutilized and temporarily parked in fixed deposits with scheduled commercial banks.