Max India Ltd Management Discussions

INDIAN ECONOMIC OUTLOOK

The global landscape in the past year was characterised by significant political transitions, with more than half of the worlds population participating in major elections across countries. This occurred alongside continued geopolitical tensions, trade policy uncertainties, and regional conflicts that impacted energy markets, food security, and global supply chains. In this global environment, India maintained its growth momentum, demonstrating notable resilience amid widespread economic challenges.

The latest economic data shows Indias GDP grew by 6.5% in FY25 - robust by global standards despite being lower than the previous years 9.2%. The economy showed strong momentum in the final quarter, with Q4 FY25 recording an impressive 7.4% growth rate, exceeding economist forecasts of 6.7%. Moreover, Indias growth trajectory remains one of the strongest among all major economies of the world.

The industrial sector showed mixed performance in FY25, with construction emerging as a standout performer, driving robust industrial growth alongside electricity and utility sectors. This impressive performance has been driven by robust infrastructure development and sustained housing demand. Services continued to be the powerhouse of Indias economy throughout the year, with strong performance across financial services, real estate, professional services, and public administration. High-frequency indicators reflected robust performance - PMI services remained in the expansionary zone, hotel occupancy rates held steady, and air cargo activity grew in double digits.

On the demand side, private consumption strengthened considerably, with its share in GDP at current prices estimated to increase to 61.4% in FY25 - the highest

in 20 years; according to the Ministry of Finance, this increase is driven by rise in rural demand. The Household Consumption Expenditure Survey 2023-24 highlights the narrowing urban-rural gap in consumption expenditure, indicating a more balanced economic recovery across urban and rural areas.

The economy demonstrated stability on multiple fronts - inflation continued to moderate significantly, falling to just 2.1% in June 2025, well below 5.4% in FY24. The forex reserves are in a healthy state. They breached the $700 billion benchmark by September 2024 and then moderated to $ 640. billion by the end of December 2024. These reserves are sufficient to cover approximately 90% of Indias external debt, reflecting a strong buffer against external vulnerabilities. Overseas Indians sent home a record $129 billion in 2024, with the country receiving over $100 billion as remittances for the third consecutive year.

Looking ahead to FY26, Indias economic prospects appear well-balanced, with growth projected in the range of 6.3% to 6.8%. The country is well-positioned to navigate global challenges while capitalising on domestic growth drivers, particularly in consumption and investment.

SENIOR CARE INDUSTRY OUTLOOK

Longer lives represent one of humanitys greatest achievements. As demographics evolve globally, India stands at a pivotal moment in its journey of population aging, creating unprecedented opportunities in the senior living sector.

India currently hosts the worlds second-largest elderly population with ~156 million people aged 60 and above. This demographic is expanding rapidly, with projections indicating 30% growth to 191.5 million by 2030 and nearly doubling to almost 350 million by 2050, when at least one in every five persons would be 60+ years of age. Simultaneously, in this period, the old-age dependency ratio is expected to nearly double from 17% to 33%, necessitating specialised housing and care solutions beyond traditional family support systems.

Healthcare challenges among Indias elderly population underline the urgency for specialised care infrastructure. Recent studies reveal that three in four seniors have chronic diseases, while 40% experience some form of disability. Globally, approximately one in two elderly struggle with activities of daily living and one in four exhibit depressive symptoms. These statistics highlight the growing need for comprehensive care solutions tailored to the elderly.

The evolving social fabric of Indian society is further driving demand for senior living and care options. Traditional joint family structures are giving way to nuclear families, creating gaps in traditional elder care systems. Concurrently, todays seniors typically possess greater financial independence and retirement savings than previous generations, enabling them to consider specialised living arrangements aligned with their preferences and needs. These statistics highlight areas of opportunity.

Despite these demographic and social shifts, the senior living market in India remains significantly underpenetrated at just

1.3%, compared to mature markets where penetration exceeds 6%. This gap represents substantial growth potential. The target market for senior living facilities is estimated at approximately 1.57 million households in 2024, projected to expand to 2.27 million households by 2030. Within this broader market, demand for assisted living and senior care facilities specifically catering to the 75+ demographic is expected to grow from 0.36 million to 0.59 million households during this period.

Recognising these trends, government initiatives in 2024 expanded the Atal Vayo Abhyuday Yojana and National Programme for Health Care of the Elderly. The government has also strengthened the Senior Care Economy Growth and Empowerment initiative, and established National Accreditation Board for Hospitals & Healthcare Providers (NABH) accreditation norms specifically for Memory Care Homes.

The geographic distribution of senior care facilities shows concentration in southern India (60% market share), followed by northern India (20%), western India (16%), and eastern India (4%). While independent living

Longer lives represent one of humanitys greatest achievements.

As demographics evolve globally, India stands at a pivotal moment in its journey of population aging, creating unprecedented opportunities in the senior living sector units currently dominate inventory (85%), assisted living and skilled care segments are gaining momentum as providers respond to diverse senior needs. As societies mature, the changing age demographics are again likely to present phased growth opportunities.

The senior care sector is witnessing increased technological integration for health monitoring, emergency response, and social engagement. All these factors indicate that Indias senior living industry is positioned for sustained growth, innovation, and heightened institutional interest in the coming years.

Simultaneously, cultural attitudes are evolving, with more families recognising the benefits of environments that promote active, fulfilling lifestyles for seniors. Indias position as the worlds top remittance recipient, with projected flows increasing to approximately $160 billion by 2029, further supports this sector as Non-Resident Indians seek quality care options for aging parents.

OPPORTUNITIES AND STRENGTHS

The senior care sector is witnessing rapid growth, driven by demographic changes and government initiatives focused on supporting our aging population, including revising Real Estate Regulatory Authority (RERA) regulation and healthcare reforms, insurance innovation, training and re-skilling initiatives to meet manpower needs. Antara is strategically positioned to capitalise on these expanding opportunities through its diverse service offerings, including Residences for Seniors, Care Homes, Care at Home, and line of health and wellness products and solutions under Antara AGEasy.

Antara Senior Living Limited (ASLL) provides Residences for Seniors which are comprehensive, supportive environments for people to age in place. Antara Assisted Care Services Limited (AACSL), including Care Homes, Memory Care Homes, and Care at Home services, offers a range of personalised care options for seniors needing support with activities of daily living as a factor of age, their co-habitation status, or more intense intervention after major health event(s).

With the rise in demand for senior care, we are well- positioned to increase our footprint across these verticals to grow the contribution of Antara Senior Living Limited and Antara Assisted Care Services Limited significantly, while further expanding our D2C health and wellness products and solutions range, Antara AGEasy.

STRENGTHS

Established Brand Leadership: Antara has built a strong reputation over the years for providing exceptional senior care services. Our commitment to care, quality, and customer satisfaction has earned us a strong presence in the senior living and care markets.

Diverse Offerings

Residences for Seniors: Our senior living communities are service-plus housing facilities designed for independent living, backed by 360-degree care ecosystem, empowering seniors with agency, comfort and peace of mind.

Care Homes: Our Care Homes provide 24x7 support with assisted living needs, daily health management, specialising in memory care, other long-term wellness requirements, and transition care.

Care at Home: Our Care at Home services offer tailored support in the comfort of seniors homes, meeting the needs of those who prefer to age in situ but require assistance on account of their age and/or health.

Antara AGEasy: The Antara AGEasy line of health and wellness products and solutions, including nutraceuticals, serves as an essential companion for seniors at home, complementing the care provided through our communities and services.

The senior care sector is witnessing rapid growth, driven by demographic changes and government initiatives, including revising RERA regulation and healthcare reforms, insurance innovation, training and re-skilling initiatives to meet manpower needs

Financial Strength: We maintain a robust financial position with low debt and healthy cash reserves, providing us with the flexibility to continue expanding our services, including physical infrastructure and AGEasy product offerings.

Comprehensive Care Approach: Our focus on high- quality care at affordable rates ensures high customer satisfaction, reinforcing our brand promise of Expert Senior Care, Apno Jaisi, which drives customer satisfaction and generates further business through referrals.

THREATS, RISKS, AND CONCERNS

The senior care sector faces several risks, particularly

in areas such as economic fluctuations, regulatory changes, and the capital-intensive nature of real estate development. However, Antara has robust risk management systems in place to identify and mitigate potential threats.

Economic Risk: The senior care sector, and thereby ASLL, AACSL and Antara AGEasy line of health and wellness products and services, is subject to macroeconomic factors such as inflation, interest rates, and GDP growth. These factors can influence consumer behaviour and demand for services, affecting revenue and profit margins.

Capital-Intensive Business: Developing and maintaining senior care infrastructure, as is also the case with Antaras

Residences for Seniors and Care Homes, is capitalintensive. The capital required for land acquisition, construction, and ongoing operational expenses is substantial, which can affect liquidity and growth plans.

Mitigation Strategies

Diversified Portfolio: By offering a comprehensive range of services, including Residences for Seniors, Care Homes, Care at Home, and AGEasy health and wellness products and solutions, we have diversified our business model to reduce reliance on any single revenue stream. This diversification allows us to remain resilient in the face of market fluctuations.

Adopting an Asset-Light Model: To reduce capital requirements, we have adopted an asset-light model, focusing on joint ventures for real estate development. This reduces the upfront investment needed while maintaining control over the land and infrastructure.

D2C Products for Safety and Wellness: Antara AGEasy, which offers senior-first health and wellness products and solutions for self management of chronic conditions, helps the company reach seniors across the country irrespective of their geography, creating a steady revenue stream. This expansion of offerings helps us tap into a larger market and offset risks in the residences and assisted-living segments.

INTERNAL CONTROL

The internal control system of the company is wider in scope which includes internal controls on financial reporting and operational controls. The company has an adequate system of internal controls, commensurate with the size and nature of its business. As part of the control mechanism, the company maintains function- wise policies and procedures called Standard Operating Procedures (SOP). Over 800 SOPs ensure that business of the company is conducted orderly and efficiently, policies and procedures are adhered to, assets are safeguarded, frauds and errors are detected, if there are any, accounting records are accurate and financial information is prepared timely. Controls are already in place in the system which ensures timely compliances with all regulatory and statutory requirements. These controls help in strengthening and improving the processes in the organisation.

Internal controls cover all fields across all financial and operating functions ranging from identification of land to smooth execution of projects in time. Intent of the internal controls is to have control framework beyond financial reporting. Accordingly, independent audit firms appointed by the company conduct periodical audits encompassing various functions, at various projects, branches and head office to ensure adequacy of internal control systems, adherence to management policies and compliance with the applicable laws and regulations. Their scope of work also includes internal controls on accounting, efficiency and process adherence. The key findings of their audit along with implementation plan of their recommendations are discussed with the senior management and also the audit committee. The audit committee of the Board reviews the adequacy and effectiveness of the internal control systems and suggests improvements for strengthening them.

Under the internal control system, the company also has vigil mechanism as part of the Whistle Blower Policy. The directors and employees of the company, across all the branches and head office, have the right to report whether in writing or by email any unethical behaviour, actual or suspected fraud or violation of the companys Code of Conduct or ethics policy, directly to the Managing Director of the company. However, in exceptional circumstances they may directly report to the Chairman of the audit committee and in the absence of such Chairman then directly to any member of the audit committee. Details of vigil mechanism are also given in the annual report under the section corporate governance report.

For health-related quality assurance, our care processes undergo monthly audits that focus on infection prevention and control, hygiene standards, food safety, and clinical practices. These audits cover all frontline personnel

HEALTH, SAFETY & QUALITY ASSURANCE

At Antara, the health and safety of our residents, caregivers, and teams remain central to our operations across all verticals—Residences for Seniors, Care Homes, Care at Home, and Antara AGEasy.

We have instituted a robust Safety, Health & Environment (SHE) framework that spans the entire lifecycle of a site—from site selection and design to construction, pre-handover assessment, and post-handover operationalisation. Regular SHE audits ensure adherence to prescribed standards, guided by a comprehensive SHE policy. These efforts are further reinforced by a network of SHE Champions embedded across teams who drive awareness, compliance, and continuous improvement.

For health-related quality assurance, our care processes undergo monthly audits that focus on infection prevention and control, hygiene standards, food safety, and clinical practices. These audits cover all frontline personnel— caregivers, food handlers, and clinical staff—and are reviewed rigorously to maintain consistent quality and safety.

We are also committed to benchmarking our practices against national quality frameworks. We are proud to share that:

Looking ahead, we are actively pursuing further accreditations from Healthcare Sector Skill Council (HSSC) and NABH, reinforcing our commitment to best-in-class health and safety practices across all our offerings.

Our Memory Care Home is the first in the country to be NABH-accredited under the care home standards.

Our Care at Home services in Delhi- NCR have successfully undergone the Healthcare Sector Skill Council (HSSC) pilot assessment, the first in India.

Our Senior Living Community in Dehradun is among the first to receive the ASLI Certificate of Excellence in India.

ABOUT THE COMPANY

Max India Limited is the holding company for Max Groups comprehensive senior care business Antara. Listed on the stock exchanges, the companys distinguished investor portfolio includes Habrok Capital, Aionios Alpha, Avener Capital, Value Prolific, Rohit Lala, Ullhas Paymaster, Murugu Selvan K, Porinju Veliyath, Ritesh Oswal and Chetan Jayantilal Shah.

Our organisational philosophy extends Max Groups foundational principles of sevabhav (service-oriented mindset), credibility, and excellence. These values permeate every aspect of our senior care delivery, from

residential communities to assisted care services to our D2C business, establishing trust and reliability as cornerstones of the Antara brand.

Max India Limiteds wholly owned subsidiaries have a strategically designed multi-business structure addressing the entire spectrum of senior care requirements. Antara Senior Living Limited (ASLL) creates vibrant, self-sustaining residential communities enabling active aging in holistic environments. Antara Assisted Care Services Limited (AACSL) provides comprehensive support solutions for seniors requiring varying degrees of care intervention across different phases of aging,

from self-management of chronic concerns at home to assistance in daily activities to short-term specialised transition care and at-home nursing.

Antara 3.0 represents a fundamental strategic shift towards becoming Indias most comprehensive integrated senior care provider. Our vision centers on building a holistic ecosystem that seamlessly integrates lifestyle and lifecare services, creating synergies between residential living, assisted care, healthcare management, and lifestyle enablement. Antara 3.0 envisions seniors accessing the full continuum of care services through a single, trusted platform.

FY25 marks Antara 3.0s intensive execution year, characterised by accelerated geographic expansion, deepened service offerings, and creation of an interconnected ecosystem adapting to evolving senior care needs. This strategic transformation positions Max India to capitalise on Indias demographic transition while setting new benchmarks for senior care excellence.

CORPORATE DEVELOPMENTS

We are pleased to report significant progress in strengthening our financial foundation and operational capabilities during the FY25. Building upon our previous years achievements in consolidating operations and enhancing energy management across all functions, we

focused on securing the capital required for our next phase of growth.

Post closure of FY25, the company successfully concluded its rights issue, raising 124.23 crores through the issuance of 82,81,973 fully paid-up equity shares at 150 per share. The issue was oversubscribed by 1.45x, demonstrating strong investor confidence in our growth prospects.

The funds raised through the rights issue will be deployed toward the growth of our wholly owned subsidiary, Antara Assisted Care Services Limited (AACSL), with allocation for marketing initiatives, working capital requirements, and general corporate purposes.

The capital infusion supports Max Indias broader strategy to build and scale our senior care ecosystem, enabling us to accelerate expansion plans across multiple business verticals. The company remains steadfastly focused on delivering top-line growth, margin improvement, and sustainable value creation for all stakeholders. This strategic financing initiative, combined with our operational excellence framework established in previous years, positions Max India to capitalise on the significant opportunities in Indias rapidly expanding senior care market.

FINANCIAL HIGHLIGHTS

On a consolidated basis, results were better than expected across all business verticals in FY25. The company is well-capitalised to pursue growth, holding treasury and other monetisable assets of ~250 crores as of March 31, 2025. In FY25, it reported consolidated revenue of 164.2 crores, and an EBITDA loss of 99.2 crores as compared to 34.3 crores loss in the previous year. This is attributed to increased expenses related to strategic growth initiatives, including expanding bed capacity in Care Homes, entering new markets and

Antara Dehradun

(achieved breakeven ahead of plan; operational revenue 109% of planned

AGEasy, launched in 2023, revenue scaled up to 21.3 crores in FY25, with Annual Recurring Revenue (ARR) of 75 crores

Care at Home, achieved highest-ever net revenue of 17.23 crores - 4X growth in 4 years

Overall net revenue of

(AACSL grew 1.7X to ~44 crores in FY25 from 25 crores in FY24

scaling Antara AGEasy. The key financial ratios of Max India Limited for FY25 with comparatives for FY24 are covered under the notes to standalone . financial statements, forming part of this Annual Report.

BUSINESS-WISE OVERVIEW

The response to the upcoming intergenerational community in Gurugram, Estate 360, has been outstanding. The project sold 90% of its inventory, achieved cumulative sales of 260 units, and collected a total of 239 crores with a collection efficiency of ~94%. For our Noida Phase I project, the flats are ready for possession and occupancy approvals are awaited.

In new markets, a definitive agreement has been finalised for a senior living project in Chandigarh spread across 8.22 acres with ~1.01 million sq.ft. area directed towards developing an independent senior living community. Our second intergenerational community project announced in Gurugram in collaboration with Max Estates spans 18.24 acres across 1 million square feet for senior living.

We further expanded the footprint of Antara Assisted Care Services Limited in south of India, launching Care Homes in Bengaluru and Chennai.

There is strong endorsement for our brand and offering by customers, employees and partners. Our customer satisfaction scores across all business verticals continue to be healthy; 92% for Care Homes, 95% for Care at Home, Net Promoter Score of 43 for Antara AGEasy. For Antara Purukul, resident satisfaction score continues to be high at ~88%.

The company is well-capitalised to pursue growth, holding treasury and other monetisable assets of ~250 crores as of March 31, 2025.

In FY25, it reported revenue of 164.2 crores

HUMAN RESOURCES

As of March 31, 2025, Max Indias work strength included 19 permanent staff members, and a 1200-person-strong workforce under its subsidiaries with around 800 employees on the payroll. Over the last 24 months, our overall diversity has risen from 18% to 39%, with new- joinee diversity at 47% building a culture of inclusion and diversity.

Throughout the financial year, Max India remained dedicated to fostering robust corporate governance, nurturing a diverse and inclusive work culture, and cultivating a pool of talented and performance-driven professionals. This commitment was upheld through our Human Capital strategy focused on right selection, transformation, alignment and retention.

Max India Limited, through its operating company, Antara, implemented various initiatives aimed at enhancing functional and managerial competencies, including in-house training programs and sponsorship opportunities for employees to participate in external training and career development activities. In FY25, Max Indias subsidiaries, collectively called Antara, collaborated with McKinsey Centre to deliver specialized training sessions for members of its senior leadership. We ran a leadership journey called LeadXcellence in partnership with Harappa and its founder Mr Pramath Sinha focusing on building inspirational leadership to drive speed and execution. Mr Sinha is the Founder and Chairman of Harappa, and has built two world-class higher education institutions in India: the Indian School of Business (ISB) and Ashoka University.

To build future leaders for Antara, we also launched two flagship programmes under the GROW (Gear up, Reflect, Optimise and Win) umbrella: GROW PRO and GROW 2.0. GROW is a learning academy for young, mid-level and high-potential talent to build future leadership capabilities for business expansion and growth. Furthermore, similar training sessions were organised across Max India Limited and Antara. To build a culture of high performance and growth at one of the MIL subsidiaries, AACSL, we partnered with Vyaktitva, and worked closely with Gagan Adlakha to drive leadership transformation. Their collective vision, alignment on the strategy built crucial conversations to create an inspiring team.

Max India maintains an adaptable organisational structure, characterised by fluidity and agility, facilitating effective communication to ensure alignment with overarching business objectives and strategies.

AWARDS AND ACHIEVEMENTS

1st achiever ASLI Certificate of Excellence - Independent Senior Living

1st NABH accredited Memory Care Home in India

Facility of the Year 2025 Residential Aged Care- Ageing Asia 2025 World Aging Festival

BW People HR Excellence Award for "Excellence in Employee Experience"

Themed Project of the Year award to Estate 360, managed by Antara

Operator of the Year - Ageing Asia 2025 World Aging Festival

STRATEGIC PARTNERSHIPS

At Antara, we believe the fastest way to meet Indias growing senior care needs is through excellence-driven partnerships with domain experts. This year, we forged strategic alliances across critical verticals: Wellbeing Nutrition for senior- specific nutraceuticals; boAt as technology partner for AGEasy wearables; and Dr. Lal PathLabs for customised diagnostic services. Our partnership with Axis Bank provides over 20 lakh+ customers of their Silver Linings Programs access to Antaras products and services; collaboration with established insurance provider Axis Max Life Insurance has led to creation of financial planning tools that help seniors remain financially self-sufficient without compromising on care, security, or legacy planning. Our knowledge tie-up with Star Union Dai-ichi Life Insurance enables financial empowerment of seniors and their families through awareness, advocacy, and actionable solutions.

When trusted brands unite, they offer customers amplified confidence in excellence delivered. As Indias only comprehensive senior care ecosystem, Antara serves as the unified delivery platform for best-in-class solutions, ensuring seniors receive holistic care through one trusted partner. This collaborative approach enhances our capabilities, expands service offerings, and builds the quality ecosystem needed to serve Indias rapidly growing senior population.

OUTLOOK

Indias senior care market, valued at 7 billion, presents compelling investment opportunities driven by demographic transformation and increasing acceptance of organised care services. Max India, through Antaras integrated ecosystem, is strategically positioned to capitalise on this growth while transitioning from investment phase to operational profitability.

Our revenue trajectory demonstrates momentum across all business verticals. While consolidated revenue of 164 crores in FY25 reflects the planned investment cycle, underlying business fundamentals show strong

progress. AGEasy achieved 9x growth establishing 75+ crores ARR, Care Homes expanded 66% with improved occupancy rates, and Care at Home delivered 52% growth with enhanced margins. We are working to bring scale, geographic diversity, and strategic market expansion to accelerate profitability.

Unit economics validate our path to EBITDA-positive operations. Antara Purukul achieved operational profit of 1+ crores ahead of schedule, demonstrating the sustainability of our Residences for Seniors model. Care at Home margins improved, indicating operational leverage as we expand. Antara AGEasy benefits from 20%+ COGS reduction through direct sourcing and scale efficiencies.

Our capital deployment of 750 crores across senior living and assisted care services, supported by 250 crores liquidity, provides substantial runway for growth initiatives. High collection efficiencies of 9498% across projects and successful asset monetisation demonstrate effective capital management.

With Max Groups proven legacy in healthcare, hospitality, and insurance, Max India Limited is uniquely positioned to help the industry mature and create meaningful impact through inspired innovation.

Capital deployment of 750 crores across senior living and assisted care services, supported by 250 crores liquidity, provides runway for growth. We are uniquely positioned to help the industry mature and create impact

Management Discussion & Analysis - Antara

in i ituuut. i iwra

As Antara celebrates 15 years since its conceptualisation, we stand at the intersection of achievement and aspiration in Indias senior care landscape. What began as a bold vision in 2010 has matured into Indias only fully integrated senior care ecosystem that touches thousands of lives across the country. Throughout this journey, the ethos of sevabhav, credibility, and excellence has guided our evolution to become the most trusted and beloved care partner for seniors and their families. The name Antara, derived from the Sanskrit word meaning the difference, symbolises our commitment to being the difference that transforms senior care in India.

At Antara, we believe that senior care encompasses far more than housing or healthcare - it includes the full stack of health and wellness products, solutions and services that help create ease and joy of living for seniors. We recognise that all seniors and their needs are unique. At Antara, our every action is directed to become the antar that delivers personalised solutions to support different life stages. This understanding has led us to the conviction that a comprehensive senior care ecosystem is the only way to create genuine ease and independence for Indias aging population. An ecosystem that seamlessly transitions seniors from independent living communities to assisted living and transition care, or offer care at home with clinical excellence or self-management for in-situ aging, is the only one truly equipped to create value and dignity. Our trust-based approach, built on seven pillars of wellness - Physical, Social, Emotional, Intellectual, Occupational, Spiritual, and Environmental - is the driving force behind our endeavours to create partnerships that empower generations.

Our strategic growth trajectory reflects the white spaces in Indias senior care landscape. We have evolved from a single-community focus to an integrated platform that spans multiple touchpoints in a seniors life journey. This progression includes innovative care delivery models, portfolio expansion, geographic expansion into key markets and technology integration. Our approach recognises that senior care is not one-size-fits-all but requires tailored solutions that adapt to diverse preferences and evolving needs in a future-first way.

Today, our integrated ecosystem comprises three complementary verticals: Residences for Seniors that redefine independent living through thoughtfully designed residences; Assisted Care Services that deliver clinical excellence in home-like environments; and AGEasy, our technology-enabled platform connecting seniors with specialised health and wellness products and solutions nationwide. Together, these verticals create a comprehensive continuum of care that enables seniors to age with ease, joy and dignity while remaining connected to the communities and lifestyles they cherish.

Our strategic growth trajectory reflects the white spaces in Indias 0 senior care landscape. Our approach recognises that senior care is not one-size- fits-all but requires tailored solutions that adapt to diverse preferences in a future-first way

ANTARA SENIOR LIVING LIMITED

Our relentless pursuit to transform the landscape of senior living has inspired us to create thoughtfully designed Residences for Seniors that redefine what it means to age gracefully. At Antara, we believe that life as a senior citizen can be magical - a new beginning towards a hassle-free life filled with purpose, community, and dignity. Our three mandalas logo symbolises the harmonious integration of mind, body, and soul, reflecting our commitment to holistic well-being.

Senior living represents a distinct evolution from traditional housing, it seamlessly blends real estate excellence with hospitality warmth and healthcare wisdom. Our residences are not merely apartments but curated communities where like-minded individuals can live independently while having access to comprehensive lifecare services. Each community embodies universal design principles and barrier-free accessibility, ensuring that our homes adapt to residents evolving needs without compromising their independence or dignity. From senior- friendly architecture to integrated wellness programmes, every element is meticulously planned to address the unique challenges seniors face while coordinating daily assistance and accessing personalised care.

Our journey reflects a visionary evolution in community design. We began with exclusive senior-first communities, then pioneered intergenerational living models that bring multiple generations together, and are now advancing toward introducing senior-living in other real-estate development models ensuring that age-first buildings become firmly embedded in evolving social fabric. This strategic progression, and geographic expansion strategy, both, respond to varied preferences

and aspirations for independent living. No matter the choice of our seniors - be it a quiet retreat or a global economic hub enabling seamless transition from active professional life to fulfilling second innings - we ensure no compromise on facilities, access, connectivity, conveniences, and quality of life.

Through our unwavering commitment to becoming the most trusted and beloved brand for seniors and their families, we continue understanding and responding to evolving needs, creating comprehensive ecosystems where aging becomes a celebration of lifes next beautiful chapter.

ANTARA PURUKUL

Antaras flagship independent senior living community in Dehradun, called Antara Purukul, is a 14-acre, internationally renowned haven that is serviced by a dedicated team of more than 200 members. The awardwinning, fully integrated community is designed to cater to the safety, wellness, and lifestyle needs of individuals aged 55 and above. The community promotes senior wellbeing through a combination of factors including its unique Himalyan surroundings, architecture compliant with norms under the Americans with Disabilities Act (ADA) and curated lifestyle and lifecare experiences.

Antara Purukul offers a wide range of services to its residents, including tailor-made engagement activities for the mind, body and soul, prescription and preference-first culinary service, safety and security measures, including a less than 2-minute emergency response time, repair and end-to-end housekeeping services, built-in preventive health checkups, round-the- clock emergency and paramedic support, resident concierge services, robust IT infrastructure and technology support.

INDIA

LIMITED

CORPORATE REVIEW

League Apart

Resident

satisfaction

crore operational profit achieved ahead of schedule

—emergency response time

Annual Report 2024

ESTATE 360, SERVICED BY ANTARA

Antara has partnered with Max Estates Limited to pioneer Delhi NCRs first large-scale intergenerational residential community through Estate 360, strategically located along Dwarka Expressway near the New Delhi international airport. With this well-received project, we forayed into intergenerational living - a long-standing demand of our residents who sought to "see more young faces". This thoughtfully designed space brings multiple generations together while maintaining dedicated senior- focused areas. Within this IGBC Platinum Pre-certified community of six towers, Antara manages two dedicated senior living residences, creating vibrant ecosystems where seniors enjoy companionship, emotional support, and meaningful connections with younger residents. The community includes The Antara Club, a dedicated senior clubhouse, alongside shared amenities that foster intergenerational interaction, which is known to benefit all age groups.

Themed Project of the Year to Estate 360 (managed by Antara) at Realty+ Conclave & Excellence Awards 2024

New Projects

Senior Living Community in Chandigarh

Antara is in advanced stages of entering into an agreement to curate an active aging community within a large township in the up-and-coming retirement hub of Chandigarh. Expanding the footprint of its signature service-plus senior living model, the project is likely to get launched by the end of FY26.

Second Intergenerational Project

Building on Estate 360s remarkable success, Max Estates and Antara have partnered for the next phase of intergenerational innovation. This development has been announced on an adjacent plot in Sector 36 of Gurugram. Spanning 4 million square feet, it is set for a phased launch, further establishing our presence along one of Gurugrams most strategic corridors.

ANTARA NOIDA

Located in Sector 150 of Noida, this project is ASLLs second community and the first urban replication of the service-plus independent senior living model perfected with Antara Purukul. The competitively priced offering promises a perfect mix of high-paced city living with serenity, brought in by the surrounding golfing greens. Antara has partnered with Contend Builders for the development of Antara Noida. The project enjoys several unique advantages, including its location, which in one of the most sought-after areas proximal to the national capital, enjoying exceptional connectivity. The apartments are designed with the specific needs of seniors in mind, featuring amenities such as panic alarm buttons, antiskid tiles, wheelchair accessibility, broader doors and windows, and senior-friendly switch ergonomics. Residents of Antara Noida will have access to round-the- clock primary medical assistance, emergency response teams, and all-day restaurants offering personalised and nutritionally curated meals. The community aims to become a cocoon for like-minded residents. The project is expected to be ready for possession in FY26.

collection efficiency

394 crores

cumulative sales

Project nearing completion

Possession pending OC resolution with NOIDA authorities

Legal recourse initiated

ANTARA ASSISTED CARE SERVICES LIMITED

Our vision to become the most loved and trusted brand for seniors and their families has driven us to understand that aging comes with varying degrees of independence, evolving family structures, and changing aspirations. Understanding evolving needs around the support needed for activities of daily living irrespective of the cause, be it natural aging, disease, or surgery, we developed Antara Assisted Care Services Limited with a simple yet profound philosophy: Expert Senior Care, Apno Jaisi - caring for your loved ones as our own.

Recognising these diverse needs, we have evolved into a complete care platform for seniors, designed specifically for those who require varying levels of assisted living support while maintaining their dignity and independence. Our approach recognises that assisted living needs are deeply personal and as unique as our seniors. While some may require short-term transition care following surgery or a major health event, like a stroke, others need long-term support with daily

activities, and many benefit from specialised memory care. Through our Care Homes, Memory Care Homes, and Care at Home services, we create safe, home-like environments where personalised care plans ensure each senior receives exactly the support they need.

Our newest business, Antara AGEasy, returns ease and joy to aging by empowering seniors with health and wellness products and solutions that support independent living and self-management of chronic concerns.

Through our Care Homes, Memory Care Homes, and Care at Home services, we create safe, home-like environments where personalised care plans ensure each senior receives exactly the support they need

CARE HOMES

Our Care Homes offer comprehensive assisted living in warm, home-like environments for seniors requiring short-term, long-term, or transition care support. These specialised facilities provide crucial transition care for pre and post-operative recovery, ensuring the best possible outcomes for seniors transitioning from hospital settings. Our dedicated team supports residents through all activities of daily living, many times accompanying them through end-of-life care with dignity and compassion. Uniquely, many seniors choose our Care Homes as their trusted base while traveling, ensuring their medical needs and nutritional specifications are expertly managed while they enjoy quality time with friends and family across destinations.

MEMORY CARE HOMES

Our Memory Care Home in Gurugram is Indias only NABH accredited care facility, recognised for providing scientifically validated, medically approved care to persons with dementia and Parkinsons disease. Understanding that these neurodegenerative concerns take as much toll on caregivers as patients - with caregivers often deteriorating faster than patients themselves - our specialised facility sets industry standards for comprehensive memory care. As Indias population ages, the growing number of seniors with neurodegenerative diseases requires expert intervention that goes beyond traditional care. Our Memory Care Homes provide secure, structured care environments

designed specifically for these unique needs, offering both patients and families the specialised support essential for managing these challenging concerns with dignity and hope.

Indias first NABH accredited Care Home for dementia patients

CARE AT HOME

Our Care at Home services bring the full spectrum of assisted living support directly to seniors in the comfort and familiarity of their own homes. Specialising in high medical dependence and end-of-life care, our highly trained staff ensures clinical excellence while preserving the emotional comfort of familiar surroundings. This personalised approach allows seniors to maintain their connection to their roots while receiving professional care tailored to their specific needs.

SAMARTH

(Geriatric Care Training Programme)

Our SAMARTH Programme aims to skill the workforce on both clinical and behavioural aspects of geriatric care. This comprehensive programme was designed after evaluating 9 Indian and global curriculums and has been certified by Healthcare Sector Skill Council (HSSC) under the Ministry of Health, Government of India. With 45,000+ hours of learning, this represents our significant investment in upskilling our manpower to deliver the right care for our residents, making it Indias first geriatric care training program of its kind.

ANTARA AGEASY

Antara AGEasy, our newest business launched in 2023, returns ease and joy to aging by empowering seniors with innovative products supporting independent living and self-management of chronic concerns. Through our phygital approach - combining our dedicated website, various online marketplaces, and our flagship store in Gurugram - we have created a comprehensive platform where assistive devices, products and wellness solutions are reimagined in a senior-first way.

Our product range spans nutraceuticals, customised mobility and fall-prevention solutions, and health and wellness products and solutions redesigned for senior- friendly use, all focusing on fall prevention, improving joint care and lung health. What sets Antara AGEasy apart is our combination of evidence-based product innovation, expert assistance through consultations that help answer "whats right for me", and user-friendly technology. At the flagship AGEasy studio in Gurugram, seniors and their families can benefit from consultations with qualified experts trained and certified in geriatric care; they are available to help seniors identify solutions for their unique wellness needs. Virtual support is also provided by our qualified physiotherapists, orthotists, and nutritionists, ensuring every senior, no matter their location, can receive personalised guidance for managing their unique wellness needs and maintaining independence at home.

What sets Antara AGEasy apart is our combination of evidence-based product innovation, expert assistance through consultations that help answer “whats right for me", and user-friendly technology

Lung

CORPORATE REVIEW

STRATEGIC REVIEW FINANCIAL REVIEW

Fall Prevention &

Joint Care

BUSINESS PERFORMANCE

In the year under review FY25, Antara achieved the following results:

Sales/Revenue: Antara Senior Living Limited achieved promising results in FY25 with 12 resales generating 2.4 crores in fee; achieved breakeven ahead of plan generating operational profit of 1+ crores. 90% of total inventory of 260 units of Residences for Seniors in Estate 360 sold; 100% of total inventory of 340 units for Antara Noida was already sold in previous year. AACSL recorded gross revenue of 64.96 crores (Care Homes, Care at Home and Antara AGEasy).

j Collection: Sales collection since inception totaled at 394 crores for Noida community, and 238.9 crores for senior living towers in Estate 360, managed by Antara Senior Living Limited.

3% Team Engagement Score: Antaras

employee engagement score in FY25 rose to 93%. The top three areas of high scores were Purpose and Vision, Collaboration and teamwork, and Values of Antara. The high engagement scores reflect positively upon the continuous team efforts towards the goal of building a workplace that is inclusive of diversity, is driven by strong ethics and commitment towards goals, and is constantly guided by high motivation levels. Antara won the BW People "Excellence in Employee Experience" award.

Our product range spans nutraceuticals, customised fall-prevention solutions, I and health and wellness products redesigned for senior-friendly use, all % focusing on improving general wellbeing, mobility, enhanced joint care and lung health

INNOVATIONS AND INITIATIVES

DIGITAL TRANSFORMATION

This year, Antara became one of Indias handful senior care companies to introduce Enterprise Resource Planning (ERP) systems, improving efficiency in delivery of senior care. Our innovative mobile applications now enable realtime care monitoring for families and geo-fenced service tracking, bringing unprecedented transparency to senior care delivery.

Our assisted living communities deployed integrated hospitality management systems, including Property Management, Point-of-Sale, and Club Management platforms, creating seamless, standardised experiences across properties. The MyAdda visitor management system further enhanced resident security and privacy.

Recognising that 98% of AGEasy users connect with us via cellphones and 60% are caregivers, we completely reimagined our website with a mobile-first approach, significantly improving engagement and conversion potential.

Critically, we are nearing completion of a comprehensive data protection exercise with General Data Protection Regulation (GDPR) and Health Insurance Portability and Accountability Act (HIPAA) audit for Ageasy D2C site, ensuring readiness to meet regulations. Our secure AWS cloud infrastructure and best-in-class security protocols position Antara as a digital leader in Indias senior care sector, delivering substantial productivity gains while setting new industry benchmarks for technology- enabled care.

L&D PROGRAMMES

This year, we delivered over 45,000 hours of specialised training across our 1,200+ employees, establishing new benchmarks in senior care education. Central to this achievement is Samarth—Indias first geriatric care training programme accredited by the Healthcare Sector Skill Council (HSSC) under the Ministry of Health, Government of India.

Samarth represents a paradigm shift in care training, combining technical expertise with emotional intelligence development. The comprehensive curriculum equips our teams to recognise subtle behavioral cues from seniors while providing essential tools for managing their own emotional wellbeing in demanding care situations. This dual focus ensures sustained service excellence while preventing caregiver burnout.

Through our strategic partnership with Dementia India Alliance (DIA), we have integrated specialised dementia care protocols across all facilities, with both Samarth and DIA programs carrying industry-recognised certifications. This positions Antara as the only senior care provider in India with dual-accredited training programmes.

All our centres across NCR, Bengaluru and Chennai have clinical simulation labs. This empowers our clinical team to get hands-on experience on all clinical and behavioural aspects of senior care.

Beyond technical competence, our L&D initiatives focus on cultural transformation—developing professionals who embody sevabhav (compassionate service). Were not just training caregivers; were nurturing individuals who understand they enable quality of life through kindness. This structured approach ensures consistent service standards while building industry-leading geriatric care capabilities that set Antara apart in Indias senior care landscape.

ANTARA COMMUNITY

This year, we launched Antara Community, Indias first senior-only wellness community, marking a pivotal shift in how we engage with and serve Indias 150+ million seniors. Built on our philosophy of Expert Senior Care, Apno Jaisi, this digital-first ecosystem has already onboarded 5,000+ members through WhatsApp and Facebook communities, with plans to scale 6X in the upcoming financial year.

Antara Community goes beyond traditional care services by addressing the emotional and social needs of seniors through gamified wellness activities, meaningful peer connections and expert-led sessions.

This community-first approach is transforming how seniors perceive Antara, helping shift their perception from a service provider to a trusted life companion. We are building authentic relationships through member- led wellness initiatives so business growth becomes a natural outcome of genuine care and trust. Antara Community, which we plan to launch into an app in the coming financial year, represents our commitment to helping seniors break the age barrier.

OUTLOOK FOR FY26

As Indias senior care sector attracts increasing competition with new entrants, Antara maintains its pole position through feverish execution of Antara 3.0 strategy. Our relentless focus on delivery timelines and operational excellence creates the competitive edge necessary to stay ahead in this rapidly evolving landscape while advancing our five-year vision for pan- India presence.

Our Residences for Seniors pipeline advances with Chandigarh project moving to development phase and second intergenerational project in Gurugram progressing

through approvals. The target of creating 8-10 residential communities remains on track, supported by our proven development capabilities and strong market reception.

Care Homes expansion exceeds planned trajectory, with operational capacity reaching 500+ beds by H1 FY26 across NCR, Bengaluru, and Chennai. Our NABH accreditation achievement positions us as the quality standard-setter, enabling confident geographic expansion with consistent service excellence.

Antara AGEasy has evolved from an ambitious project to 75+ crores ARR platform, establishing our digital-first approach to senior care products. Strategic expansion

into new health concerns, technology partnerships with industry leaders, and omnichannel capabilities through physical store and quick commerce tie-ups strengthen our market position for continued growth.

Strategic partnerships with technology innovators, financial services providers, and healthcare networks create an integrated ecosystem delivering comprehensive solutions. These alliances enhance our service capabilities while expanding market reach through established customer bases.

Our industry leadership validation through triple recognition at the 13th Asia Pacific Eldercare Innovation

Awards 2025 and pioneering NABH accreditation demonstrates market readiness for scaled operations. Technology integration through AI-powered personalisation and data-driven insights positions us to deliver superior customer experiences as we expand.

By maintaining focus on operational excellence, quality standardisation, and workforce development across all verticals, Antara seeks to tap into the untapped potential of Indias senior care industry while positioning the company as the definitive leader in integrated senior care solutions.