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 Q3FY26 unaudited consolidated financial results on February 10, 2026, reporting a net loss of ₹42.85 crores for the quarter ended December 31, 2025. The company's consolidated revenue from operations stood at ₹43.10 crores during the quarter, compared to ₹34.74 crores in the corresponding quarter of the previous year.

Financial Performance Overview

The company's financial performance for Q3FY26 reflects operational challenges across its business segments. Total income including other income reached ₹49.81 crores, while total expenses amounted to ₹87.17 crores, resulting in significant operational losses.

Nine Months Performance Analysis

For the nine months ended December 31, 2025, Max India reported consolidated revenue from operations of ₹124.93 crores compared to ₹103.97 crores in the corresponding period of the previous year. However, the company recorded a net loss of ₹102.56 crores for the nine-month period.

Segment-wise Revenue Performance

The company's business segments showed mixed performance during Q3FY26. The Assisted Care segment contributed ₹27.55 crores to revenue, while Senior Living generated ₹13.47 crores. Business Investments segment recorded revenue of ₹3.12 crores.

Exceptional Items and Corporate Actions

During the nine months ended December 31, 2025, the company recognized exceptional items totaling ₹4.98 crores, including gains from property sale of ₹9.53 crores and expenses related to rights issue and employee benefit obligations. The company had earlier completed a rights issue of ₹124.23 crores and allotted fully convertible warrants worth ₹80.35 crores.

Regulatory Compliance and Trading Window

The board meeting was conducted in accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The trading window for designated persons, which was closed from January 1, 2026, will remain closed until February 12, 2026, being 48 hours after the declaration of financial results.