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 ₹ 1,013 Cr.
- Current Price ₹ 193
- High / Low ₹ 312 / 160
- Stock P/E
- Book Value ₹ 89.4
- Dividend Yield 0.00 %
- ROCE -23.6 %
- ROE -30.0 %
- Face Value ₹ 10.0
Pros
Cons
- Company has low interest coverage ratio.
- The company has delivered a poor sales growth of -5.08% over past five years.
- Company has a low return on equity of -12.6% over last 3 years.
- Debtor days have increased from 21.4 to 49.8 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
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|
| 211 | 121 | 229 | 212 | 191 | 163 | 158 | |
| 216 | 150 | 232 | 202 | 229 | 264 | 287 | |
| Operating Profit | -5 | -29 | -3 | 10 | -38 | -101 | -129 |
| OPM % | -2% | -24% | -1% | 5% | -20% | -62% | -82% |
| 277 | 0 | 2 | 1 | 4 | -10 | 13 | |
| Interest | 27 | 24 | 10 | 6 | 5 | 8 | 12 |
| Depreciation | 8 | 10 | 7 | 8 | 10 | 19 | 22 |
| Profit before tax | 237 | -64 | -18 | -3 | -49 | -139 | -150 |
| Tax % | 2% | -17% | -11% | 245% | 15% | 1% | |
| 232 | -53 | -16 | -10 | -56 | -140 | -150 | |
| EPS in Rs | 29,706.00 | -8.30 | -2.52 | -2.03 | -10.97 | -27.05 | -28.99 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | -5% |
| 3 Years: | -11% |
| TTM: | 2% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| TTM: | -63% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | 28% |
| 3 Years: | 30% |
| 1 Year: | -34% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | -9% |
| 3 Years: | -13% |
| Last Year: | -30% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 54 | 54 | 54 | 43 | 43 | 44 | 52 |
| Reserves | 652 | 599 | 588 | 499 | 449 | 315 | 415 |
| 182 | 145 | 61 | 45 | 44 | 102 | 204 | |
| 136 | 198 | 156 | 166 | 148 | 172 | 167 | |
| Total Liabilities | 1,024 | 996 | 858 | 753 | 684 | 633 | 838 |
| 144 | 156 | 159 | 159 | 193 | 170 | 166 | |
| CWIP | 1 | 0 | 0 | 0 | 10 | 21 | 32 |
| Investments | 414 | 334 | 178 | 83 | 63 | 53 | 59 |
| 465 | 506 | 522 | 511 | 418 | 389 | 581 | |
| Total Assets | 1,024 | 996 | 858 | 753 | 684 | 633 | 838 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| -19 | 73 | 66 | 69 | -102 | -128 | |
| -526 | 13 | 18 | 124 | 159 | 47 | |
| 557 | -73 | -94 | -119 | -29 | -13 | |
| Net Cash Flow | 12 | 12 | -10 | 75 | 27 | -93 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 24 | 22 | 9 | 5 | 9 | 50 |
| Inventory Days | 1,736 | 6,544 | 385 | 223 | 38 | 186 |
| Days Payable | 154 | 633 | 28 | 48 | 148 | 346 |
| Cash Conversion Cycle | 1,607 | 5,932 | 366 | 180 | -100 | -111 |
| Working Capital Days | 438 | 500 | 343 | 249 | -99 | -93 |
| ROCE % | -4% | -0% | 1% | -8% | -24% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
8 Dec - Antara to exclusively manage 360 senior living units at Estate 361, 18.23-acre Gurugram development, announced Dec 8, 2025.
- Announcement under Regulation 30 (LODR)-Investor Presentation 8 Dec
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 3 Dec
-
Announcement under Regulation 30 (LODR)-Press Release / Media Release
3 Dec - Max Estates launches Estate 361 in Gurugram: 18.23 acres, 2,50,000 sq.ft. forest greens, IGBC Platinum pre-certification.
-
Grant Of Options Under Max India Limited Employee Stock Option Plan, 2020 ('ESOP Plan')
1 Dec - Grant of 270,683 ESOPs at INR99.98; vesting 10%-40% Dec 2026–2029.
Annual reports
Concalls
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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