Max India Ltd Q1 FY27 Results (NSE: MAXIND)
Signal: Loss widened
The read
The trajectory is a revenue recovery without earnings conversion: consolidated revenue grew 62.9% YoY to ₹59.74 crore, but EBITDA stayed at ₹-24.94 crore and PAT deteriorated 41.5% to ₹-36.28 crore because Assisted Care operating expenses reached ₹18.79 crore and the joint venture swung to a ₹0.52 crore loss; the prior quarter's margin improvement has reversed, with EBITDA margin falling from approximately -14.6% to -41.7%.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹59.74 Cr | 62.9% | -9.0% |
| EBIT | ₹-32.31 Cr | -11.6% | |
| Net profit | ₹-36.28 Cr | -41.5% | |
| EPS | ₹-6.91 | -27.0% | |
| EBIT margin | -41.7% |
P&L walk
Revenue increased to ₹59.74 crore, +62.9% YoY but -9.0% QoQ, while EBITDA loss widened to ₹-24.94 crore from ₹-23.18 crore YoY and the ₹-0.52 crore joint-venture loss added to the drag; PAT declined to ₹-36.28 crore despite other income of ₹8.88 crore.
Segments
There is no reportable segment table, but the ₹59.74 crore consolidated revenue versus ₹1.51 crore standalone revenue shows that earnings activity sits in the Antara-led subsidiaries; the group also absorbed a ₹0.52 crore joint-venture loss.
Key positives
- Consolidated revenue reached ₹59.74 crore, +62.9% YoY, extending the recovery from ₹36.67 crore in Q1FY26.
- Gross margin improved approximately 170bps YoY to 77.8%, with raw-material and inventory-related costs falling to approximately 22.2% of revenue from 23.9%.
- The company invested ₹37.26 crore in AACSL CCPS and had deployed ₹55.82 crore of rights proceeds toward Antara branding and marketing plus ₹34.92 crore toward working capital by June 30, 2026.
- Finance costs declined 52.8% YoY to ₹2.72 crore, reducing a non-operating burden on the group.
Key concerns
- EBITDA remained negative at ₹-24.94 crore and EBITDA margin was -41.7%, despite 62.9% revenue growth, showing that scale has not yet translated into operating profitability.
- Assisted Care operational expenses rose 82.0% YoY to ₹18.79 crore, exceeding the 62.9% revenue growth rate and driving the operating loss.
- PAT worsened 41.5% YoY to ₹-36.28 crore and 88.1% QoQ from ₹-19.29 crore, while the joint venture contributed a ₹0.52 crore loss.
- Standalone revenue fell 47.0% YoY to ₹1.51 crore and standalone EBITDA margin deteriorated to -229.1%, underscoring dependence on subsidiaries for operating activity.
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