Analysts/Institutional Investor Meet/Con. Call Updates

August 19, 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 August 12, 2026, post declaration of Un-audited Financial Results of the Company for the quarter ended on June 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 Q1 FY27 Earnings Conference Call” August 12, 2026 E&OE - This transcript is edited for factual errors. In case of discrepancy, the audio recording uploaded on the stock exchange on 12th August 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 MR. AJAY AGRAWAL – DEPUTY CHIEF EXECUTIVE OFFICER, CHIEF FINANCIAL OFFICER – ANTARA SENIOR LIVING – HEAD, INVESTOR RELATIONS – MAX INDIA LIMITED MR. ANKIT KALRA– CHIEF FINANCIAL OFFICER, ANTARA ASSISTED CARE MR. ABHISHEK SINGH – INVESTOR RELATIONS – MAX INDIA LIMITED MR. DEVRAJ -STRATEGIC GROWTH ADVISORS – INVESTOR RELATIONS ADVISORS Page 1 of 16 Max India Limited August 12, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Q1 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 in operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. 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. A very good morning to all of you. On behalf of Max India Limited, we extend a very warm welcome to all of you for the Q1 FY27 Earnings Call. Sincerely, thank you for your continued support, your trust, your confidence, which keeps us encouraging to undertake this journey in a very fast-evolving sector. Really appreciate your time for joining us today. And let me share a few updates. But before that, I have with me my colleague, Ishaan Khanna, who is the CEO for Antara Assisted Care Services; Ajay Agrawal, Deputy CEO and CFO, Antara Senior Living and Head of Investor Relations; Sandeep Pathak, who is the CFO for Max India and also the Legal Counsel for Max Group; Ankit, who is the CFO for Antara Assisted Care, and Abhishek Singh, who is part of our IR team, and Devraj from SGA, and Rahul as well, who are our IR Advisors. We uploaded the deck yesterday. So hopefully, all of you have had a chance to go through it. I think if I start with what happened in the last quarter, it has been just execution, execution and execution. We have been focused on executing, and therefore, you're able to see now green shoots in all parts of the business. Would like to inform you that after a long, long wait, we have now issued offers of possessions to all our 340 residents in Antara Noida in the month of June 2026. This is something we have been waiting for. This is a very important milestone in Antara's journey. We'll be operationalizing the first community in NCR. While we have many, many learnings from Dehradun, this is going to be quite different for us as well. 340 units, 200- 300 people moving in the next 30 to 45 days is going to be a vibrant and buzzing community. We raised a demand of about INR169 crores with the offers of possession. INR30-odd crores were collected within June, but the rest has now come, most of it in July and August. As on date, approximately 75% of total dues have been collected. The rest are becoming due now, and we should be able to collect them as well. We have started to already put the team together. There are some people we have seconded from Dehradun to make sure the learnings and the culture of Dehradun also permeates into Noida, and we'll be ready to welcome the residents in a few weeks from now. Page 2 of 16 Max India Limited August 12, 2026 After that, the focus will now shift to saying that can we go ahead and get the approval for Phase II, which is where we realize most of our profits. Just to remind you, while the average prices at which we sold Noida were between INR7,000 to INR10,000, the last deal being INR11,000 or so, the rates have moved significantly up, and they are in the range of INR16,000, INR18,000 plus. So hopefully, when we launch Phase II, we should be able to realize the profits as well. We continue to focus on growth of other geographies. I know some of you will be waiting impatiently saying, why haven't we announced more growth. We are in the last stages of diligence for a wonderful opportunity in Bangalore. It's about 300-odd units. It's in north Bangalore, 25 minutes from the airport in Devanahalli overlooking the Nandi Hills at the back. Potential realization of about INR900 crores in terms of sales value. We are in the last stage of diligence now with the developer. So let's see how that goes. Also aggressively working on a beautiful opportunity in Dehradun. We have had a long waiting list. We don't have inventory to sell. We have found a small piece of land. It might be just less than 150 units. But given the sales price we are commanding, the sales value will be again INR850 crores to INR900 crores. So if you look at our 1.5 million square feet ambition, about INR1,800 crores of value that we should be able to achieve with these 2. But we are still working on some more geographies as well, but these 2 are very specific, so I thought I'll mention them to you. We're also in dialogue with people in Chennai, Chandigarh and Lucknow. But these 2 will help us meet the commitment for this year. And obviously, we'll provide disclosures and more details once we execute the definitive documents. The expansion in assisted care is exactly as per plan. The occupancy in 485 beds is gradually increasing and is giving us confidence to explore further expansion sometime later part of the year. AGEasy is also growing steadily. Whatever teething issues we have faced with our D2C channel or marketplace is now behind us. And I will share some numbers with you as we go forward. The efforts are to make sure we are able to manage the inventory days given the current geopolitical situation. That is something that come under pressure because of logistics costs and the ships not being available to bring the material from China. But that is something we are focusing on and deploying capital very prudently. We are very clear in our focus in terms of scalability and achieving profitability and demonstrating path to profitability. And I will share some numbers as I go forward to substantiate what I'm saying. Page 3 of 16 Max India Limited August 12, 2026 If you look at the consol numbers, the revenue grew, Q1 FY27 stood at INR68.6 crores compared to INR41.3 crores in Q1 FY26, representing a Y-on-Y growth of 66%. On a sequential basis, revenues marginally declined primarily due to the lumpy way the DM income comes to us. The EBITD [Showing first 8,000 characters — download PDF for full document]