Max India Ltd Management Discussions

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

RAJIT MEHTA

Managing Director

Management Discussion & Analysis - Max India Limited

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 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.

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

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.

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

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