Max India Ltd
Max India is the holding company of Max Group’s Senior Care business Antara, an integrated service provider for all senior care needs. [1]
- Market Cap ₹ 960 Cr.
- Current Price ₹ 170
- High / Low ₹ 242 / 120
- Stock P/E
- Book Value ₹ 197
- Dividend Yield 0.00 %
- ROCE -1.01 %
- ROE -1.01 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
- Stock is trading at 0.87 times its book value
Cons
- Company has low interest coverage ratio.
- Promoter holding has decreased over last quarter: -1.50%
- The company has delivered a poor sales growth of -22.4% over past five years.
- Company has a low return on equity of -0.45% over last 3 years.
- Company's cost of borrowing seems high
- Working capital days have increased from 639 days to 1,178 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Financial Services Financial Services Finance Holding Company
Part of BSE Financial Services
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 74 | 39 | 34 | 33 | 31 | 21 | 11 | 10 | |
| 78 | 26 | 24 | 24 | 27 | 21 | 20 | 21 | |
| Operating Profit | -5 | 13 | 10 | 9 | 4 | -1 | -9 | -11 |
| OPM % | -6% | 33% | 29% | 28% | 13% | -4.1% | -83% | -118% |
| -112 | -13 | 0 | 5 | 1 | -0 | 8 | -0 | |
| Interest | 0 | 0 | 0 | 0 | 1 | 1 | 1 | 0 |
| Depreciation | 3 | 3 | 2 | 2 | 3 | 3 | 1 | 1 |
| Profit before tax | -120 | -3 | 8 | 11 | 2 | -4 | -3 | -13 |
| Tax % | 3% | -430% | 17% | -8% | 25% | -7% | -53% | |
| -123 | 9 | 6 | 12 | 1 | -4 | -2 | -11 | |
| EPS in Rs | -12,326.00 | 1.35 | 0.98 | 2.38 | 0.24 | -0.80 | -0.30 | -2.11 |
| Dividend Payout % | -0% | -0% | -0% | -0% | -0% | -0% | -0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | -22% |
| 3 Years: | -31% |
| TTM: | -41% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | -60% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 20% |
| 3 Years: | 2% |
| 1 Year: | -17% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 0% |
| 3 Years: | 0% |
| Last Year: | -1% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 54 | 54 | 54 | 43 | 43 | 44 | 53 |
| Reserves | 865 | 874 | 882 | 815 | 821 | 821 | 980 |
| 1 | 1 | 0 | 1 | 6 | 5 | 4 | |
| 12 | 10 | 12 | 10 | 12 | 16 | 5 | |
| Total Liabilities | 932 | 939 | 947 | 868 | 881 | 886 | 1,043 |
| 94 | 98 | 99 | 99 | 103 | 7 | 6 | |
| CWIP | -0 | -0 | -0 | -0 | -0 | -0 | -0 |
| Investments | 735 | 675 | 577 | 523 | 623 | 779 | 956 |
| 103 | 166 | 271 | 246 | 155 | 100 | 82 | |
| Total Assets | 932 | 939 | 947 | 868 | 881 | 886 | 1,043 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| -0 | 19 | -8 | -17 | -17 | -9 | -24 | |
| -0 | -18 | 8 | 109 | 17 | 8 | -138 | |
| 0 | -0 | -0 | -92 | 0 | 1 | 166 | |
| Net Cash Flow | -0 | 0 | -1 | -0 | -0 | 0 | 4 |
| Free Cash Flow | -0 | 12 | -8 | -19 | -18 | -10 | -24 |
| CFO/OP | 1% | 145% | -132% | -158% | -375% | 1,069% | 256% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|
| Debtor Days | 23 | 33 | 4 | 7 | 2 | 16 | 1 |
| Inventory Days | |||||||
| Days Payable | |||||||
| Cash Conversion Cycle | 23 | 33 | 4 | 7 | 2 | 16 | 1 |
| Working Capital Days | 313 | 1,117 | 2,740 | 2,569 | 864 | -125 | 1,178 |
| ROCE % | 1% | 1% | 1% | 0% | -0% | -1% |
Insights
In beta| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Resident Satisfaction Score (Dehradun) percent |
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| Senior Living Units Sold (Cumulative) units |
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| Care Home Occupied Bed Days bed days |
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| Care Home Operational Bed Capacity beds |
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| AGEasy Lives Touched (Cumulative) lives |
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| AGEasy SKUs SKUs |
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| AGEasy Marketplace RoAS ratio |
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| Care Home ARPOB (Average Revenue per Occupied Bed) Rs per bed per day |
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Extracted by Screener AI
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Monitoring Agency Report
- CARE monitoring report for June 2026 rights issue proceeds shows no deviation; Rs.124.23 crore issue, Rs.17.13 crore unutilised.
- Announcement under Regulation 30 (LODR)-Investor Presentation
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Statement Of Deviation & Variation
- No deviation in utilisation of rights issue and preferential issue proceeds for quarter ended June 30, 2026.
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Financial Results Q1 FY 27
- Max India approved Q1 FY27 results on Aug 11, 2026; consolidated loss widened to Rs 36.28 crore.
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Board Meeting Outcome for Quarterly Results Q1 FY 27
- Max India approved Q1 FY27 standalone and consolidated results on August 11, 2026; trading window closes till August 13.
Annual reports
Concalls
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Jun 2026Transcript PPT
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May 2026TranscriptAI SummaryPPT
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Feb 2026Transcript PPT
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Feb 2026TranscriptAI SummaryPPT
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Aug 2025Transcript PPT REC
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Nov 2024Transcript PPT
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Oct 2024TranscriptPPT REC
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Aug 2024Transcript PPT
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Jun 2024Transcript PPT REC
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May 2024TranscriptAI SummaryPPT
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Feb 2024Transcript PPT
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Feb 2024TranscriptAI SummaryPPT
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Dec 2023TranscriptAI SummaryPPT
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Nov 2023Transcript PPT
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Sep 2023Transcript PPT
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Aug 2023TranscriptPPT REC
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Aug 2023TranscriptAI SummaryPPT
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Jun 2023Transcript PPT
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May 2023TranscriptAI SummaryPPT
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Feb 2023Transcript PPT
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Dec 2022Transcript PPT
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Nov 2022TranscriptAI SummaryPPT
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Aug 2022Transcript PPT
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Nov 2021TranscriptPPT
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Aug 2021TranscriptPPT
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Feb 2021TranscriptAI SummaryPPT
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Sep 2020TranscriptAI SummaryPPT
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Aug 2020TranscriptAI SummaryPPT
Business Profile[1]
Max India Limited, through its Antara brand and subsidiaries like Max Estates Gurgaon Limited (MEGL), operates in the senior care sector. Their business includes senior living residences, assisted care services such as care homes and at-home care, and a products vertical (AGEasy) catering to senior needs