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.

Max India Limited, a multi-business corporate, has announced its financial results for the second quarter and half-year ended September 30, 2025, revealing a mixed performance with revenue growth accompanied by increased losses.

Key Financial Highlights

• Revenue Growth: Consolidated revenue for Q2 FY26 stood at Rs 50.17 crore, up 21% from Rs 41.34 crore in Q1 FY26.
• Widening Losses: The company reported a consolidated net loss of Rs 34.07 crore for Q2 FY26, compared to a loss of Rs 25.64 crore in Q1 FY26.
• Half-Year Performance: For H1 FY26, total income reached Rs 91.51 crore, with a net loss of Rs 59.71 crore.

Segment Performance

Operational Highlights

• Senior Living: The segment showed stability with a revenue of Rs 14.96 crore.
• Assisted Care: This segment emerged as the largest revenue contributor with Rs 27.55 crore but also reported the highest losses.
• Business Investments: Contributed Rs 3.15 crore to the revenue.

Strategic Developments

1. Rights Issue: The company completed a rights issue, raising Rs 124.23 crore, with funds allocated for branding, marketing, and working capital requirements of its subsidiary, Antara Assisted Care Services Limited.

2. Preferential Allotment: Approved the allotment of 36,19,594 Fully Convertible Warrants at Rs 222 per warrant, potentially raising Rs 80.35 crore.

3. Asset Sale: Concluded the sale of three floors at Max Towers, Noida, for Rs 105.08 crore, recognizing a profit of Rs 9.53 crore.

4. Subsidiary Investments: Made significant investments in Antara Assisted Care Services Limited through Compulsory Convertible Preference Shares.

Challenges and Outlook

Max India faces challenges in its Assisted Care segment, which, despite being the largest revenue contributor, reported substantial losses. The management may need to focus on improving operational efficiency in this area.

The company's continued investments in its subsidiaries and the recent capital raising activities indicate a focus on growth and expansion. However, the widening losses suggest that Max India is in an investment phase, and profitability may take time to materialize.

Management Commentary

While specific management quotes were not provided, the company's actions suggest a strategic focus on expanding its senior care and assisted living businesses, supported by recent fundraising efforts.

Max India Limited's Q2 FY26 results reflect a company in transition, with growing revenues but increased losses as it invests in future growth. Investors and stakeholders will be watching closely to see how these investments translate into profitability in the coming quarters.