Revenue rose 45.28% QoQ, but Max India stayed in operating loss
Expense growth was contained, yet the operating margin remained negative and was well below the Financial Services peer median.
Filed 03 Nov 2026, 15:57 IST · after market close · Max India Ltd (MAXIND)
Key takeaways
- Consolidated revenue grew 45.28% QoQ against a 14.28% rise in expenses, narrowing the operating loss to Rs 20.13 cr while operating margin improved 33.42 percentage points to -23.19%.
- Net loss narrowed 38.67% QoQ to Rs 22.25 cr even as interest expense rose 10.66%, while other income represented -40.71% of reported pre-tax profit.
- Max India's -23.19% operating margin was 73.79 percentage points below the 50.6% median for 79 Financial Services peers, placing it fourth from the bottom.
Price around the results
Revenue growth narrowed the operating loss
Consolidated revenue increased 45.28% QoQ to Rs 86.79 cr, while expenses grew 14.28% to Rs 106.92 cr. That gap narrowed the operating loss from Rs 33.82 cr to Rs 20.13 cr and improved operating margin by 33.42 percentage points, although it remained at -23.19%. Net loss narrowed 38.67% QoQ to Rs 22.25 cr.
Interest rose while other income did not offset the loss
Interest expense increased 10.66% QoQ, while depreciation was broadly unchanged, rising 0.14%. Other income was 40.71% of reported pre-tax profit on the signed basis, but the company still reported a pre-tax loss of Rs 21.69 cr. The tax rate moved down 0.64 percentage points to -2.58%, reflecting a tax charge despite the pre-tax loss.
Margin remains near the bottom of the sector
Max India's operating margin was 73.79 percentage points below the 50.6% median among 79 Financial Services peers that had reported the quarter. It ranked fourth from the bottom in that comparison. Sequentially, the margin improved from -56.61%, but the available trend shows only one prior quarter, so it does not establish a longer run of improvement or decline.
Care Homes occupancy and AGEasy unit economics remain key
Management said Care Homes operated 485 beds and occupancy was 29% in Q2FY27, with four of eight homes tracking to plan and two trending towards plan. The company said it is focusing on higher gross margins, cost optimisation and profitability; it also said Care Homes plans to lift occupancy through digital and hospital referrals and improve revenue through transition care, pricing discipline and ancillary services. Management said AGEasy's CM2 improved to -18.5% but remained negative, and is targeting 0% in Q3FY27.
Results were filed after market close
The results were filed after market close on 3 November 2026. The stock's market response is therefore not included in this quarter's assessment.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ |
|---|---|---|---|
| Revenue | ₹87 cr | ₹60 cr | +45.28% |
| Other income | ₹9 cr | ₹8 cr | +6.13% |
| Expenses | ₹107 cr | ₹94 cr | +14.28% |
| Operating profit | ₹-20 cr | ₹-34 cr | +40.48% |
| Operating margin (%) | -23.19% | -56.61% | — |
| Interest | ₹3 cr | ₹3 cr | +10.66% |
| Depreciation | ₹7 cr | ₹7 cr | +0.14% |
| Profit before tax | ₹-22 cr | ₹-36 cr | +39.06% |
| Tax | ₹1 cr | ₹1 cr | -18.84% |
| Net profit | ₹-22 cr | ₹-36 cr | +38.67% |
| EPS (₹) | ₹-4.02 | ₹-6.91 | +41.82% |
Operating margin of -23.19% compares with a Financial Services sector median of 50.60% across 79 peers that have reported Q2FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- Care Homes and services served approximately 2,700 patients during Q2 FY2027.
Guidance & outlook
- The company says it will continue focusing on higher gross margins, cost optimization and increased profitability.
- Care Homes plans to ramp occupancy on expanded capacity through digital and hospital referrals.
- Care Homes plans to improve revenue through transition care, pricing discipline and ancillary services.
- AGEasy is targeting a 0% CM2 in Q3 FY2027.
- AGEasy plans to expand reach through quick commerce, new e-pharmacy platforms and B2B general trade.
Expansion
- Care Homes operates 485 beds across NCR, Bengaluru and Chennai.
New products
- AGEasy had 89 products live across 173 SKUs in joint and pain, fall, lung and gut health categories.
- AGEasy has 10 patents, of which four have been granted for senior-focused innovative products.
New initiatives
- Care Homes plans to deepen clinical differentiation through PMR-led rehabilitation and high-acuity care.
- AGEasy plans to strengthen unit economics through D2C efficiency, ROAS-led marketplace growth and gross-margin gains.
- AGEasy plans to scale differentiated and patented products to strengthen margins and competitive advantage.
- AGEasy used celebrity-led brand campaigns, including Anupam Kher and Priyamani campaigns.
Problems & risks
- Consolidated EBITDA remained a loss of Rs 11.4 crore in Q2 FY2027.
- Care Homes occupancy was 29% in Q2 FY2027, with four of eight homes tracking to plan and two trending towards plan.
- AGEasy's CM2 remained negative at 18.5% in Q2 FY2027, despite improving year on year and quarter on quarter.
What to watch
- Whether operating margin improves from -23.19% in the next quarter.
- Whether Care Homes occupancy moves above 29% across its 485-bed network.
- Whether AGEasy CM2 improves from -18.5% towards management's stated 0% Q3FY27 target.