Earnings Call Transcript

November 11, 2026 Listing Department Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Bandra Kurla Complex, Dalal Street Bandra (East) Mumbai – 400 001 Mumbai – 400051 Scrip Code: 543223 Name of Scrip: MAXIND Sub: Transcript of Investors & Analysts Conference Call Dear Sir/Madam, Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Transcript of Investors & Analysts Conference Call held on November 3, 2026, post declaration of Un-audited Financial Results of the Company for the quarter and half year ended on September 30, 2026, is enclosed. The same has also been uploaded on the website of the Company at Earnings Call Transcript. Kindly take the same on your record. Thanking you, Yours faithfully, For Max India Limited Trapti Company Secretary and Compliance Officer Encl.: As above MAX INDIA LIMITED CIN: L74999DL2019PLC464953 Corporate Office: Landmark House, 3rd Floor, Plot No. 65, Sector-44, Gurgaon - 122003, Haryana | www.maxindia.com +91 124 6984444 | Regd. Office: Max House, 1, Dr. Jha Marg, Okhla, New Delhi, India – 110020 “Max India Limited Q2 and H1 FY27 Earnings Conference Call” November 03, 2026 “E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recording uploaded on the stock exchange on 3rd November 2026 will prevail.” MANAGEMENT: MR. RAJIT MEHTA – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – MAX INDIA LIMITED MR. SANDEEP PATHAK – CHIEF FINANCIAL OFFICER – MAX INDIA LIMITED – LEGAL COUNSEL FOR MAX GROUP MR. ISHAAN KHANNA – CHIEF EXECUTIVE OFFICER, ANTARA ASSISTED CARE SERVICES – MAX INDIA LIMITED MR. AJAY AGRAWAL – DEPUTY CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER – ANTARA SENIOR LIVING – HEAD, INVESTOR RELATIONS – MAX INDIA LIMITED MR. ANKIT KALRA – CHIEF FINANCIAL OFFICER, ANTARA ASSISTED CARE – MAX INDIA LIMITED MR. ABHISHEK KUMAR SINGH – INVESTOR RELATIONS – MAX INDIA LIMITED STRATEGIC GROWTH ADVISORS – INVESTOR RELATIONS ADVISORS Page 1 of 12 Max India Limited November 03, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Q2 and H1 FY27 Earnings Conference Call hosted by Max India Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. I now hand the conference over to Mr. Rajit Mehta, MD and CEO from Max India Limited. Thank you, and over to you, sir. Rajit Mehta: Thank you. Namaste everybody, and a very good evening to all of you. On behalf of Max India Limited, a very warm welcome to all of you on the Q2 FY27 earnings call. Once again, sincerely appreciate your continued interest, your trust and confidence and your support. It's invaluable for us as we progress our journey to strengthen our businesses and remain focused on creating long-term value for our stakeholders. Also appreciate the time you have taken out today to join us. With me I have my colleagues, Ishaan Khanna, the CEO of Antara Assisted Care Services; Ajay Agrawal, who is the Deputy CEO and CFO of Antara Senior Living and Head of Investor Relations; Sandeep Pathak, the CFO for Max India and Legal Head for Max India; and Ankit, who is the CFO for Antara Assisted Care; Abhishek Kumar Singh, part of our IR team; and from SGA, we have Rahul and Devraj. We uploaded the deck a little while ago. I'm sure some of you may have a chance to glance through it. It's actually been quite a hectic quarter. In fact, a hectic 6 months. We have been very focused on execution, and we've been able to overcome some of the challenges. And now we can see the positive results across all the business verticals. There's clarity on future expansion, and some of this will become clearer as we make announcements over the next few months. On a consolidated basis, a very healthy growth on Y- on-Y and on quarter-on-quarter basis on top line and also the losses have substantially reduced. We have successfully handed over possession to more than 200 residents in the Noida community, which is the second community which is now becoming operational out of 340 residents. So very positive development, a very important milestone for the company. The residents have been waiting for quite some time, and we are very happy finally, we've been able to welcome them to the Antara family. The entire facility is entirely -- is all operational now. And we are making every effort to ensure that the residents have a seamless and pleasant experience. Page 2 of 12 Max India Limited November 03, 2026 Both Estate 360 and 361, which were integrational projects are also progressing as per plan with very good sales velocity coming through on 361, 360 was sold out already. And I will discuss some of these details as we go forward. With the completion of Antara Noida and a stable Gurgaon sales, we are now actively pursuing growth in other geographies. Our Bengaluru diligence is about to conclude, and we have already started discussions around the definitive agreements. This is a 6.5 lakh square feet development with a potential sales value of approximately INR 900 crores. This is a pure DM arrangement wherein Antara will provide its know-how on design, will also handle sales marketing and also become the operator for the community, and we earn fee based on top line of the project. As stated in last quarter, we have been pursuing another opportunity in Dehradun. Again, estimated sales potential of INR850-900 crores, relatively small in scale, but quite boutique, and we are leveraging the existing brand we already have, and there's a strong wait list of people wanting units in Dehradun. And we'll make formal announcements as and when we formalize all the arrangements. There are a few more projects in Delhi NCR and one more location in South India, for which disclosures will be made as we close the commercials. But our commitment of INR1,800 crores gross sales value every year will be more than met for the next few years, depending on how we close the commercial discussions. The expansion of our Care Homes and AGEasy business is progressing as planned. On a Q-on- Q basis, the business delivered a 55% growth in top line. Occupancy across 485 beds in Care Homes is gradually increasing and the consistent quarter-on-quarter growth in revenue gives us confidence now to explore other growth opportunities in the latter part of the year. The contribution margin for the same capacity in Care Homes has improved from minus 86% to minus 19%. AGEasy is also witnessing a significant growth with revenue in all key financial metrics improving significantly compared to previous years across all channels. The CM2 trajectory for AGEasy, which is very important since we have made a commitment that we will be EBITDA breakeven in the last quarter of this year is also progressing well and now steadily down to below minus 20% in Q2 versus minus 48% in Q1. Our focus remains on making sure that we meet our promise on this one. Now let me share some numbers to substantiate what I have said so far. First, on a consolidated basis, coming to financial performance, all our financial metrics are showing upward trend. The consol revenue is up to INR 95.5 crores in Q2 FY27 as compared to INR 50 crores in Q2 FY26, representing a Y-on-Y growth of 90.4% as compared to quarter, it's a 40% growth versus the revenue of INR68.6 croresin Q1 FY27. The EBITDA loss for Q2 FY27 stood at INR11.4 crores, which is half of what it stood in Q2 FY26, which was INR25.3 crores and INR24.9 crores in Q1 FY27, reflecting a 55% reduction Page 3 of 12 Max India Limited November 03, 2026 Y-on-Y and 54% on a Q-on-Q basis. The reduction in EBITDA loss alongside revenue growth demonstrate our continued progress towards profitability. The improvement has primarily bee [Showing first 8,000 characters — download PDF for full document]