Max India Limited , a prominent player in the senior care sector, has reported a robust 15% year-on-year growth in consolidated revenue for the first half of fiscal year 2026, reaching INR 91.5 crores. The company's strategic expansion across its senior care verticals, including Care Homes, Care at Home, and AGEasy products, has been the primary driver of this growth.

Financial Highlights

• Consolidated revenue for H1 FY26: INR 91.50 crores (15% YoY growth)
• Q2 FY26 revenue: INR 50.20 crores (6% YoY growth)
• Successful capital raise: INR 204.23 crores
  • Rights issue: INR 124.23 crores
  • Preferential warrants: INR 80.00 crores

Operational Performance

Care Homes

• Occupancy improved from 20% in Q1 FY26 to 25% in Q2 FY26
• 490 beds in place, with 340 operational
• Average Revenue Per Occupied Bed (ARPOB): INR 6,000 to INR 6,500

Care at Home

• Highest quarterly revenue of INR 5.24 crores (1.1x QoQ and 1.3x YoY growth)
• Improved margins in Bengaluru and Chennai

AGEasy

• Net revenue of INR 20.90 crores in Q2 FY26
• Monthly run rate of INR 7-8 crores
• H1 FY26 revenue: INR 35.00 crores (3.3x growth YoY)
• Return on Ad Spend (RoAS) improved to 2, marking 1.1x QoQ and 1.3x YoY growth

Strategic Initiatives

Max India has outlined several key initiatives to drive future growth:

1. Residential Projects: The company aims to develop 1.5 million square feet annually, with plans to launch a new project, E361, in December 2025.

2. Care Homes Expansion: Max India plans to have 500 operational beds by November end, with further expansion planned over the next four years.

3. AGEasy Growth: The company is focusing on scaling AGEasy to reach breakeven by early FY28 or late FY27.

4. Product Innovation: Max India has filed 4 patents for AGEasy products and is launching a Gut Health nutraceutical range.

5. Marketing Efficiency: The company has seen improved conversion rates and click-through rates on Google following celebrity partnerships.

Management Commentary

Rajit Mehta, Managing Director of Max India, stated, "Q2 and H1 FY26 reflect a very pivotal period. The scale-up was indeed exponential for this year, but we are glad that all the transition we had wanted, execution, foundation setting for scale has been done."

Outlook

While Max India does not provide forward-looking statements, the company's focus on cost optimization, high utilization, and efficient treasury management suggests a continued emphasis on improving profitability. The company's diverse portfolio across senior care verticals positions it well to capitalize on the growing demand in the sector.

Max India's strategic capital raise of INR 204.23 crores through rights issues and preferential warrants demonstrates investor confidence and provides the company with the necessary funds to support its ambitious growth plans across its senior care verticals.

As the senior care sector in India continues to evolve rapidly, Max India's multi-pronged approach to growth and its focus on operational efficiency may position it favorably in this expanding market.

Max India , a holding company with investments in senior care and assisted living, reported a wider net loss for the second quarter of fiscal year 2026, despite an increase in revenue. The company's financial results, released on November 13, 2025, reveal both growth opportunities and ongoing challenges in its business segments.

Financial Highlights

• Revenue Growth: Consolidated revenue for Q2 FY26 increased to Rs 50.17 crore, up from Rs 41.34 crore in Q1 FY26, marking a 21% quarter-on-quarter growth.
• Widening Losses: The consolidated net loss for Q2 FY26 expanded to Rs 34.07 crore, compared to Rs 22.73 crore in the same quarter last year.
• Segment Performance:
  • Senior Living segment revenue stood at Rs 14.96 crore
  • Assisted Care segment revenue reached Rs 27.55 crore
  • Business Investments segment contributed Rs 3.15 crore

Operational Updates

• The company's Antara Dehradun project reported stable operations with Q2 FY26 revenue of Rs 6.18 crore.
• Antara Noida Phase 1 project faces challenges in obtaining occupancy certificates, with legal recourse in progress.
• Care Homes segment saw net revenue of Rs 3.91 crore in Q2 FY26, up 2.3x year-on-year.
• Care at Home services achieved the highest ever net revenue of Rs 5.24 crore, growing 21% year-on-year.

Strategic Developments

• Max India concluded the sale of three floors at Max Towers, Noida, for Rs 105.08 crore, recognizing a profit of Rs 9.53 crore.
• The company completed a rights issue, raising Rs 124.23 crore, with proceeds being utilized for various business objectives.
• A preferential allotment of 36,19,594 fully convertible warrants was approved, potentially raising Rs 80.35 crore.

Management Commentary

Rajit Mehta, Managing Director of Max India, stated, "While our revenue growth is encouraging, we are focused on addressing the challenges that have led to increased losses. Our strategic initiatives, including the asset sale and capital raising efforts, are aimed at strengthening our financial position and supporting our growth plans in the senior care sector."

Outlook

Max India continues to face headwinds in its Noida projects but is seeing positive traction in its Care Homes and Care at Home services. The company's focus remains on optimizing occupancy in existing facilities and scaling up operations to improve financial performance in the coming quarters.

Investors and stakeholders will be watching closely to see how Max India navigates the challenges in its real estate projects while capitalizing on the growth in its healthcare services segments.