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.

Max India Limited's subsidiary Antara Assisted Care Services has expanded its senior care footprint in Chennai with the launch of its second care home facility. The announcement, made on February 09, 2026, marks a significant milestone in addressing the growing demand for specialized senior care services in Tamil Nadu.

New Facility Details

The latest addition to Antara's network is a 72-bed senior care facility strategically positioned along Chennai's Old Mahabalipuram Road (OMR) corridor. This new establishment works in tandem with an existing care home on the arterial ECR, creating a comprehensive network that enhances access to both long-term and short-term assisted living services for seniors across the region.

Demographic Drivers

The expansion comes in response to Tamil Nadu's rapidly aging demographic profile. The state currently has nearly 14% of its population aged 60 and above, representing the second-highest proportion of seniors in the country after Kerala. In urban centers, the situation is even more pronounced, with one in every seven residents being a senior citizen.

Particularly concerning is the high percentage of seniors living alone in Tamil Nadu, which stands at 6.8% - nearly double the national average of 3.6%. This demographic trend creates significant social, emotional, and health vulnerabilities, with women being disproportionately affected by isolation and loneliness.

Market Context and Projections

India is experiencing a profound demographic shift that underscores the importance of Antara's expansion. According to JLL-ASLI report data, the country's elderly population is projected to more than double from 156.7 million in 2024 to an estimated 346 million by 2050. Even more striking is UNFPA data showing that the population of people aged 80+ in India will grow at a rate of 279% by 2050.

Leadership Perspective

Mr. Ishaan Khanna, CEO of Antara Assisted Care Services, emphasized the strategic importance of the Chennai expansion. He highlighted that Tamil Nadu's aging profile is already far more advanced than the rest of India, with seniors constituting a higher proportion of post-acute patients needing long-term care. The location in Chennai's medical hub provides excellent connectivity and access to leading hospitals and key medical infrastructure.

Comprehensive Care Features

Antara Care Homes are designed with care, independence, and safety as core principles. The facilities integrate clinical care with lifestyle services, including kitchens offering home-style nutritionally planned meals and end-to-end services such as laundry and housekeeping. All staff members are trained on geriatric care modules approved by the Government of India's Healthcare Sector Skills Council (HSSC).

The architectural design incorporates senior-friendly features including ramps, extra-wide corridors and doorways, grab rails, raised seating, rounded walls and furniture, anti-skid flooring, and panic buttons. Additional amenities include luxe lighting, generous balconies, open terraces, and gardens designed to boost mental health.

About Antara Senior Care

Launched in 2013, Antara operates as the senior-care business of Max India Limited, part of the $7-billion Max Group. The company runs an integrated ecosystem covering Residences for Seniors and Assisted Care Services. With eight facilities and approximately 490 beds across Gurugram, Noida, Bengaluru, and Chennai, Antara provides comprehensive care solutions including Care Homes, Memory Care Home, Care at Home, and AGEasy services. The AGEasy platform, focusing on senior-specific products and chronic health condition management, has reached over 5 lakh lives since its inception in 2023.