1. At a Glance
Max India Ltd (NSE: MAXIND, BSE: 543223) – the flagbearer of Antara Senior Care, the Max Group’s ambitious social-meets-silver-economy experiment – currently trades around₹195, giving it a market cap of roughly₹1,014 crore. The company’s FY25 numbers, however, tell a very non-retirement-friendly story:Sales ₹158 crore,PAT ₹–145 crore, andOperating Profit Margin a jaw-dropping –81.8%.
Quarterly results don’t soothe nerves either – theQ2 FY26(Sept 2025) quarter sawSales ₹45 crore,PAT ₹–34 crore, and an EPS of–₹6.52. That’s not senior-care – that’s investor-care required. Thebook valuesits at ₹89.4, whileROCE and ROEboth bleed at–23.6% and –30%respectively. Debt has risen to ₹204 crore (Debt/Equity 0.44x), and yet, the company went ahead with a₹124.23 crore rights issuein FY25 to fuel its expansion spree.
The stock has slipped–12.8% in a year, but delivered a28% CAGR over five years, mainly on hype rather than hard cash. Withpromoters holding 49.6%and institutions quietly trimming stakes, the question writes itself:Can Max India finally make old age profitable – or is it the company itself that’s ageing badly?
2. Introduction
Once upon a time, Max India was part of the healthcare-insurance juggernaut — a respectable elder sibling in the Max family. Then came a corporate restructuring that left this version of Max India as thecustodian of old age. Literally.
Today’s Max India runsAntara Senior Care, a business promising peaceful, premium, Instagram-ready retirements for India’s growing elderly population. Think of it as a gated community for your post-pension years — complete with physiotherapy, memory care homes, and a ₹20 lakh per bed business model that tries to monetise loneliness and declining mobility with spa-like precision.
But beneath the empathy, there’s arithmetic. FY25 sawrevenues of ₹158 crore and losses of ₹145 crore, even as Antara’s Gurgaon towers sold 82% of their flats. This isn’t exactly the “retirement dividend” analysts dream of.
Still, there’s no denying the ambition. Thecompany wants to add 1.5 million sq. ft. of new projects annually, open care homes across Chennai, Bengaluru, Noida, and Chandigarh, and expand itsAGEasy product lineto offline retail. It’s a play on India’s demographic shift — but with financials that look more like a start-up’s burn rate than a mature holding company’s report card.
3. Business Model – WTF Do They Even Do?
Max India is no longer a sprawling conglomerate. It’s afocused bet on senior care, operating primarily through its flagshipAntara brandand subsidiaries such asMax Estates Gurgaon Ltd (MEGL). Let’s decode this geriatric jigsaw puzzle.
- Senior Living ResidencesThe jewel in the crown. Antara launchedintergenerational living towers in Gurugram— posh, community-centric apartments that promise “vibrant retirement living”. With82% of units sold (240 of 292)andPhase-2 projects planned for Gurgaon and Chandigarh, this vertical is all about real estate with empathy. Antara earns bothsales marginsandresale management feeshere.
- Assisted Care ServicesThese are operational businesses:care homes, memory care centres, and at-home nursing/physio services. Current capacity stands around300 beds(Gurugram 160, Bengaluru 83, Noida 53), with another250 bedson the way across Chennai and Bengaluru. The company’s model is asset-light —leased properties at ~₹10 lakh per bed. Q3 FY25 saw revenue of ₹2.1 crore, up40% YoYand22% QoQ, but nowhere near scale profitability.
- AGEasy ProductsThe e-commerce baby of the group. AGEasy sells 60+ products across 180 SKUs — from commode frames to foot insoles — throughAmazon (68%), D2C (22%), and offline stores (10%). Q3 FY25 clocked₹12.7 crore in revenue, up 92% over Q2. Cute growth — but hardly a cash cow yet.
In short: Max India builds luxury homes for the old, rents care beds for the frail, and sells mobility aids for the rest. A noble cause packaged in private-equity chic. The only problem? The profits are still missing in action.
4. Financials Overview
| Metric (₹ Cr) | Q2 FY26 (Latest) | Q2 FY25 (YoY) | Q1 FY26 (QoQ) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 45.2 | 42.7 | 37.0 | +5.9% | +22.2% |
| EBITDA | -31 | -41 | -28 | –24.4% | –10.7% |
| PAT | -34 | -46 | -26 | +26.1% | –30.8% |
| EPS (₹) | -6.52 | -8.88 | -4.91 | +26.6% | –32.8% |
Annualised EPS = –₹26.1 → P/E not meaningful (since the company is
loss-making).
Commentary:At this point, even the calculator is crying. Revenue shows baby steps up, but losses remain marathon-length. Negative EBITDA for 13 straight quarters — that’s not operating leverage, that’s operating punishment.
5. Valuation Discussion – Fair Value Range (Educational Purpose Only)
Let’s try valuing this “retirement startup” three ways:
(a)P/E Approach
EPS (annualised): –₹26 →P/E not meaningful. Loss-making companies don’t qualify for a P/E lens unless you’re valuing optimism.
(b)EV/EBITDA Approach
EV = ₹919 CrEBITDA (TTM) = –₹129 Cr → EV/EBITDA = –7.1xAgain, negative EBITDA turns the ratio into a math joke.
(c)DCF Simplified Estimate
Assume revenue growth 20% CAGR for 5 years (aggressive but possible) and breakeven in FY29. Discount at 12%. Even under generous assumptions, the DCF spits out afair value range between ₹120–₹210.
Disclaimer:This fair value range is for educational purposes only and isnot investment advice. It’s simply a mathematical interpretation of current financials and future optimism.
6. What’s Cooking – News, Triggers, Drama
2025 has been more action-packed than a senior citizens’ yoga retreat.
- Rights Issue:₹124.23 crore raised in May 2025, oversubscribed1.45x. Funds earmarked for new projects in Gurgaon, Noida, and Chandigarh. As ofSept 2025, ₹36.27 crore used, ₹87.96 crore still sitting unutilized — waiting for cement and sanity.
- Expansion:A shiny43-bed assisted living facilitylaunched inChennaiin May 2025, expanding their Care Homes footprint.
- Partnerships:Tie-up withAxis Bankto serve20 lakh customerswith senior-care services — a marketing coup if executed well.
- Corporate Drama:Frequent board meetings, internal auditor reappointments (MGC Global Risk Advisory LLP), and a change in senior management (Dharmender Kumar exited).
- Regulatory Filings:CARE’s monitoring report for rights issue, multiple newspaper publications, and a steady stream of “No deviation in utilization” announcements — SEBI compliance 10/10.
The real trigger? Execution. If the new residences sell fast and assisted care turns profitable, Max India could actually justify its ₹1,000-crore valuation. Otherwise, the only thing growing faster than their elderly customer base will be the losses.
7. Balance Sheet (₹ Cr)
| Metric | Mar 2024 | Mar 2025 | Sep 2025 (Latest) |
|---|---|---|---|
| Total Assets | 684 | 633 | 838 |
| Net Worth (Equity + Reserves) | 492 | 359 | 467 |
| Borrowings | 44 | 102 | 204 |
| Other Liabilities | 148 | 172 | 167 |
| Total Liabilities | 684 | 633 | 838 |
