Max India Limited (NSE: MAXIND) Q3 2026 Earnings Call dated Feb. 10, 2026
Corporate Participants:
Unidentified Speaker
Rajit Mehta — Managing Director
Ishaan Khanna — Chief Executive Officer, Antara Assisted Care Services
Analysts:
Unidentified Participant
Harsh Kundnani — Analyst
Ankit Dharamshi — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Q3 and 9 months FY26 earnings conference call hosted by Max India Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded.
I now hand the conference over to Mr. Ajit Mehta, MD, and CEO from Max India Limited. Thank you. And over to you sir.
Rajit Mehta — Managing Director
Thank you. Namaste and a very good evening to all of you. On behalf of Max India Limited, I extend a very warm welcome to all of you on the Q3 and 9 month FY26 earnings call. Deep gratitude to all of you who support us for your patients. Because when you’re working in a new sector and trying to do something different from others, it does require both focus on patients. We deeply appreciate the support that is attended to all of us. So far. My colleagues are here with me. Ajay, who is the Deputy CEO and CFO of Antara Senior Living, Head of Investor Relations, Sandeep Pathak, CFO of Max India and the Head of Legal also for Max. Ishan Khanna, who’s the CEO of Antara Assisted Care. Ankit, who’s the CFO for Tara Assisted Care and Shubham Jain who’s part of the IR team and investor relations team.
Brinker and others from SGA apologize for the short time we gave you to look at the results that we uploaded. Our meeting took a little longer than we thought. But essentially the first thing I want to share with all of you is this sector is really seeing some movement now. There is renewed investor interest. There are deals that are happening at established multiples now there are more and more people stepping in.
So very marquee names like dlf for example, have looked at senior living as a category. We have a builder and developer in Gurgaon called J Estates. They’re looking at it. So we are finding that there’s a lot of renewed interest from new people. There are some interesting models you have noticed. Now some people are experimenting with some tech based home Care models which are quite interesting. So the sector is seeing a lot of focus both from investors and the government as well as in policy making and from new people who are entering. So that’s very encouraging that finally we are seeing now signs of growth all around.
For us, nine months we have registered 19% growth. That’s been a good story though. On a quarter basis we are flat but across all verticals except AGZ where we have seen growth. AGZ with a small technical glitch in all the marketplaces that we sell our products on, which is now behind us. Apart from that, all the verticals have shown growth. We’re also not isolated from what is happening in the geopolitical situation across the globe. Obviously the markets have been impacted in some shape or form, but we are focused on making sure that we are building our business with the right operating fundamentals and are expanding our presence strategically across important aging markets.
During the quarter we saw encouraging traction across senior living care, homes, care at home and AGC supported by very strong demographic tailwinds and a rising acceptance of the organized senior care solutions. We remain very committed that we’ll deploy our capital prudently. Clear focus on returns. We quite understand that the path to profitability should become more and more visible as time goes on. We totally understand that. So we are able to create long term shareholder value in terms of our performance. The company reported a revenue of 49.8 crores reflecting a year on year growth of 27% while revenue for nine months ended.
FY26 stood at 141.3 crores representing a growth of 19%. The consolidated EBITDA at a negative of 29 crores for the quarter and 78 for nine months which was as per plan but a little better than that. The consolidated performance continues to reflect the ongoing investments we have made across multiple growth engines. At the same time we are quite encouraged by the improvements we have seen in revenue quality, increasing contribution from service led businesses and improving unit economics across the mature assets. As of 12-31-2025 our treasury assets at Maxim they are stood at 105 crores with a consolidated net worth of about 4,26 crores now coming to each vertical.
On the residency side, you know the residences vertical continues to provide stability, visibility and long term value creation anchored in a very asset light development model and long term management model. As you are aware that the intergenerational project in Gurgaon State360 is fully sold out. Corrections are strong at ITD INR343 crores, a collection efficiency of 97% till December 25. As a result, Antara has earned a management fee of 28.2 crores till December 25 since the inception out of which 9 crores have accrued in the current financial year. This success at Estate360 gave us the courage to launch 361 which was launched on December 5th.
That’s about a 1.04 million square feet 360 units. We launched the first phase of 180 units in December 25th. And as of December end we had secured about 100 bookings. As we speak there are a little more. But I will talk about that in the next quarter. Collection of 31 crores and a development fee accrued till December 25 or 2.1 crores. So that launch has gone pretty well. Within two months, 100 of the 180. Have already gone on. Growth opportunities we are aggressively pursuing to make our commitment of 1.5 come true for this year, 1.04 is already locked in. We are looking for 0.5 more. So there are some specific opportunities we are pursuing in Chandigarh, Bengaluru and Chennai. And we’ll come back to you as and when it materializes. Dehradun the operation continues to be cash surplus profitable with revenue earned of 6.8 crores in the quarter. Again 6.2% for the previous quarter on Noida. This sector 150 while the OC remains pending. We are seeing very good traction on that now. All dues have been paid, all our commitments are complete and the last hearing that we had of the Supreme Court.
The Supreme Court gave a direction to the NORDA authority to respond to our new OC application within two weeks. And we are in dialogue with the authority. So we are hopeful that that will get, you know, move towards closure. Thankfully, as we have told you earlier, the sales price has moved up significantly. So as and when we get the approval and launch phase two then we’ll have a nice decent profit, more than what we expected. Overall we are seeing a better acceptance of this, of this organized senior living and a rising interest from domestic NRI buyers.
We are seeing a higher proportion of sales in 361 also coming through NRI than what we have previously experienced on assisted care services. A total bed capacity of 485 beds finally in place out of which 333 operational. As we speak the balance 150 odd will get operational in the next one week or so. This is across NCR, Bangalore and Chennai. In the current quarter we launched 150 beds in Chennai and Bengaluru. We are now 207 beds in Delhi and CR, 163 in Bangalore and 115 in Chennai. Overall these expansions have further helped us strengthen our position as a trusted provider of dignified medically supervised senior care across India’s aging markets.
Our occupancy also has improved sequentially from 25% in Q2FY26 to 27% in Q3FY26. In fact if I look at care home by care home, you know I have a chart in front of me where you have, you know some care homes going from 27 to 39%, some going from 18 to 35% within this year from April to December. I’m talking about some going from 26 to 30, some from 6 to 20%. So overall from 16% that we started in April up to 28% now. Right. And that’s quite a healthy sign Revenue in this so in terms of revenue, a 1.3x growth in occupied bid days, 1.3x Q1Q and 2.3 y and y in terms of revenue in the segment was 5 crores in Q3. It was 4 crores in Q2. Hopefully much better in Q4 as well. Cumulative we have cumulatively we have NOW served over 3,500 patients in care homes and we have tie ups with the remarking hospital. The care at home business delivered its highest quarterly revenue ever 5.38 crores in Q3 up 1.1 times on QoQ and 1.3 times in terms of 9 month FY26 and driven by the introduction of higher margin services such as critical care and physiotherapy.
While margins in Delhi and CR on care at home remain stable on Bengaluru care homes the contribution margins have gone up from 5 to 17%. Chennai also has shown improvement by 8 to 9%. Over 40,000 patients have been served. You know since inception through this vertical on AGZ we have achieved a revenue of 18.8 crore. This has been a little bit, you know, less than what we experienced in the previous quarter. As I said there’s a technical glitch in one of the in one of the marketplaces channel flipkarts particularly. But 9 months revenue is very healthy.
54 crores or 2.3 times growth y and y on 9 month basis. A 2.3 times QNQ growth in offline sales of AGC and 1.3 QNQ on D2C vertical we have launched one new condition gut health with three new products being developed by a company called well Being Nutrition. We now offer approximately 88 products 180 SKUs. I’m pleased to inform that we’ve already filed five patents in AGC reflecting our commitment to continued innovation. The diaper, the kneecap, the nebulizer, the five patents we’ve already filed the return on ad spend roas improved from to 2 as December 25 exit marking a 1.2x growth month on month and a 1.1 y and y improvement.
We launched 20 new products in nine months in FY26, 64% of them deliver a gross margin of 50% and above. 40% of the sourcing is from China, less from India. AGZ has so far touched about 6.5 lakh lives with 65,000 unique customers and about 10% repeat NPS at a healthy 44 and the AGC community is already 19,000 strong. Our gross margins Q&Q moved from 40 to 44% and exit December was 46%. For D2C and marketplaces put together, we’ve also introduced an index called the Senior Specificity Index. So each product that we have we’re evaluating in terms of age, relevance, ease of use, safety, functional independence, efficiency and impact.
And we are saying unless our products are very specific to seniors and useful for seniors that we won’t focus on them. And that’s why we will keep on rationalizing our product portfolio based on this index. It’s the internal index developed by us to indicate are the products solving specific pain points for seniors or not? Overall, AGC continues to operate as an asset light model, a scalable platform and remains a strategic engagement channel within the broader Antara ecosystem. On Consolidated financials on Q3 FY26 net revenue 49.8 crores as it is reflecting a growth of 27% y and y 9 month net revenue 141.3 crores reflecting a 19% growth y and yield consol EBITDA of minus 29 and our liquidity position stood at 105 crores.
We remain very active in working with various government authorities predicted NITI IO to shape the policies required for senior care sector. We also took some initiatives to strengthen awareness. We entered a collaboration with Star Union Daiichi Life to raise awareness about the need for integrated care, eco solutions and financial preparedness among the India’s aging population. This partnership takes a very holistic approach combining senior wellness education with financial literacy and will culminate in the launch of specialized financial products designed for seniors as part of the initiative Ankara will leverage the experience of serving over 5 lakh seniors to deliver digital first educational content, expert led webinars and on ground engagements for strategic union for Star Unions IHE Life customers and employees.
This collaboration reflects a shared belief that longevity planning must go beyond health care alone and integrate financial security, wellness and care planning. Recently we have received a petition from NABH for a second care home in Noida. The second one and these credentials are just certificates that we get. They are reflecting our ongoing commitment to compliance, quality and leadership in India’s evolving senior care system. As we look ahead, our strategic priorities are very clear. Accelerate sale of residential units and sign one more project to complete our commitment of $1.5 million million square feet and also move towards break even in residence verticals by end of FY27.
Focus on increasing Care Home Occupancy Scale AGC to reach eventually a potential break even by FY27 last quarter with consolidated profitability expected by FY28. Continue investments in building the fundamentals of brand technology, talent and operational excellence to ensure that we’re delivering the best that is possible to all our customers. We are confident that these building blocks, while they take time, are the right things to do to build credibility across the geography that we serve.
So with that I’ll stop and welcome any questions.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may please press Star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Ladies and gentlemen, to ask a question please press Star and one now. Participants who wish to ask questions may please press Star and one at this time. The first question is from the line of Harsh from Aonios Alpha. Please go ahead.
Harsh Kundnani
Hi Rajat and team. So couple of questions. So couple of questions from my end. Firstly on the residential business. So collections for 360, you know, how should we think about that over the next three to four quarters? Where I’m coming from is that, you know, incremental collections in this quarter were slightly lesser than the previous ones. And I suppose that could be because, you know, all the units were sold as of last quarter, so there could. Be some lumpy collections going forward as. And when, you know, the customers pay the installment. So is that the case? And that’s how the next three to four quarters should pan out.
Unidentified Speaker
You’re talking about 360.
Harsh Kundnani
Yes, 360.
Unidentified Speaker
So 360 is completely as per plan. Harsh. So this time in Jan, Feb, March we have raised two big invoices. And so the Jan Fell March will see a very big uplift. For as far as the DM fees and collections is concerned, it is as per plan that October, November, December was low. And then next sequel quarters in the next year, the collections of state360 is very less because again it is dependent on the construction. So you know, the, the time which takes from the third placement coming to the third floor takes a lot of time. So next year we are expecting one more demand to go and then from 27:28 there will be a steady demand till end of the project.
Harsh Kundnani
Understood? Understood. So that, that exactly was my question that it would be lumpy going forward and not steady state because of the initial collections being done.
Unidentified Speaker
360 Lumpy would only be for 2627. Just to correct you, after that it is pretty much, pretty much in shape.
Harsh Kundnani
Okay, understood, understood. And second question is for Ishan, if you could just, you know, help us understand what was the issue with the Flipkart Alpha channel and is what is the, you know, update on that? And in case, if you can call out what would be the growth in AGZ X of the Flipkart channel that would be, you know, on a like to like basis, what would be the growth?
Ishaan Khanna
Sure. So first on the Flipkart issue, what happened was right after the September surge, which was during the festive season, they had a technical issue in their warehousing basis which for certain categories of healthcare, medical products, the inverting had become a challenge. And because of that, a lot of our stock which had to go in from October onwards couldn’t. And it took almost two and a half months. December is when we could get a small shipment in. And now it’s only now that we see that solving. There are two ways of selling on Flipkart. One is through their preferred seller program, which is Alpha, and one which is how you list like any other vendor would sell.
We had pegged a lot on Alpha to be our preferred seller partner, which is why we saw a big surge which we had reported in the last quarter. September was the month we saw the surge. As we speak, the issue is largely solved. It’s not fully solved and hence the inverting has begun. Feb and March are months where we expect that a large chunk of the pending inverting should happen. If I talk about X of Flipkart, there are actually three Channels. So I first talk about offline and then I talk about D2C and then marketplaces both offline as well as D2C have seen a significant growth quarter on quarter.
So There is around 1.3x quarter on quarter growth that we saw in the D2C arm and around 2.3x quarter on quarter growth in AGC offline products which is what we do to retailers and distributors. If I talk about X of Flipkart on marketplaces, we would have seen around 10 to 15%.
Harsh Kundnani
Understood. That is very helpful. That’s all from my end. I’ll join in the Q in case there are no questions. Thank you.
Rajit Mehta
Thank you.
operator
Thank you, sir. Ladies and gentlemen, to ask a question please press star and one. Now. Participants who wish to ask questions may please press star and one at this time. The next question is from the line of Rohit Kumar from ADN Advisors. Please go ahead.
Unidentified Participant
Hi sir, I had only one question. Whom do you see as your true. Peer in assisted and transition care given that your model is more integrated?
Rajit Mehta
So actually there are. There are two, three players, you know, who are large enough in terms of scale, in terms of number of beds. Of course they are. Some of them are far older than us in terms of market. There are a couple of people only in the south, you know, that we look at. There is Sukino Atulya Assisted Living for example, and kites. The rest are too small, you know, and nothing meaningful in the north actually. And nobody has integrated. They’re trying to now integrate. Sukhino is purely transition care, as you know, was assisted living. Now to combine. Trying to combine, you know, transition care, you know, with that. So these two or three names I would refer to.
Unidentified Participant
Okay, sir. Thank you.
operator
Thank you, sir. Ladies and gentlemen, to ask a question please press star and one. Now the next question is from the line of Nikhil from Vayu Capital. Please go ahead.
Unidentified Participant
Hello, I believe I am loud and clear. Yes, please can you provide the breakup of our residential business revenue of 19.7 crores. I believe 6.88 is from Dehradun community. And as you mentioned, I think out of 100 units we sold in 361 our commission would be around 2.5 crore. So the balance, balance I think 10 crores is from 360.
Unidentified Speaker
No. So I’ll give you a breakup. So as you’re right, operations is probably 7 crore rupees. The DMV is 3 crores. I’ll likely point it. So 2.13 is coming from state 361. And the balance is coming from state 360. Then there is a finance lease income of 4 crore rupees which is the income which we are recognized on resale of the units of Dehradun and balance. 5 crore rupees is the treasury income what we have received for the. For the funds which are lying with us.
Unidentified Participant
But the balance treasury income would be aggregated under the residences vertical, right?
Unidentified Speaker
No, treasury which is lying at residences. If you remember we had a significant amount of treasury in Purukul. So that amount is giving us a treasury income. There is a treasury income plus that the loans what we are given. So in Antara, Antara senior has given a loan to Content Content Builders for the funding what we have done. So that amount is interest bearing amount which we have paid to Content. For that we are getting an interest. So both the treasuries are adding up to 5 crores. Nothing to do with treasury at Max India. Yeah, nothing to do with Trillion Math India is separate.
This is a treasury. Basically the treasury means when I. When I. I’ll clarify. The treasury is a treasury is in the form of investment in fixed deposits and mutual funds. Plus the ICD is what we have given to our associate company. So Tara senior has given an ICD to Content for the funds what we are given for land use. And on that we are accruing the interest.
Unidentified Participant
I see. And the last question on the similar line. So I can see a revenue of 2.3 crore under max India. I believe that’s a treasury at the group level. Right. Okay. Thank you so much.
Rajit Mehta
Okay.
operator
Thank you sir. A reminder to all the participants to ask a question, please press star and one. Now the next question is from the line of Viresh Sangwan, an individual investor. Please go ahead.
Unidentified Participant
Hi. Am I audible?
Rajit Mehta
Yes please.
Unidentified Participant
Yeah. Hey. Hey everyone. So. So firstly I would like to express my grievance or dissatisfaction here that I’m invested in this company since 2021. And at that point in time the vision statement was to have made to plan residencies and 2200 plus pets in four to five years. And we are standing at approximately 20% of it. I agree. In this 20% also I’m counting the Noida project which I understand is not a fault of ours. These are some regulatory issues. But so I just want to know like what is like in next four, five years.
Let’s take from now. What is our reason? Because the only ray of hope I saw recently was age easy. And that is also not picking up. Well now it seems so just want to know from your side, like what where do we see our company in next four to five years from here. Thank you.
Rajit Mehta
I understand what you’re saying. So also please remember that we had Covid to battle with. But nevertheless we had said we’ll have eight to 10 communities in the next five to seven years. Out of that we already have Dehradun one, Noida phase one, Gurgaon phase one and Gurgaon phase two now. So there are four already. I’m not counting Nada. Phase two. The approval of not come. We had a setback on the Chandigarh side. Definitely it was something that happened after the operations endured, which we couldn’t help on the beds. We had been, you know, very transparent with the investors saying that we need to make sure that first we mature the 500 bed that we put up.
Once we see that a majority of them are moving towards the economic model that we think they should, then we’ll expand mostly we took a one year breather, you know, in between to put up the beds and then see how they perform. So that was. So I think we had said about 15002000 beds in the next five years. As we speak, the residential side is quite, you know, quite established. In fact, the Gurgaon projects that have come up are far more revenue native in terms of financial returns to us than any other project would have been because the price points in Gurgaon are quite high.
So I’m really glad that we didn’t end up doing lower price points in some other geography, but rather took up these projects which also help meet our commitment. Having said that, we’re aggressively working towards more opportunities to meet our 1.5 million square feet obligation every year that we have committed to you, to all of you on agc. Actually, it’s been a pleasant surprise. Please remember we began in 23 with 3,4 crores of revenue in the first few months, then about 40 crores right to now become 80 crores plus. Hopefully. Right. So that trajectory is not as much as we expected, but quite healthy.
It’s been growing 2x and we also took a call to grow the health metrics now rather than the stop line. So therefore you find find our gross margins are not tending towards 5046 is what I’m seeing is exit rate for December for two channels so that the focus is on. We are very keen to show first path to profitability at least for two verticals in FY27 and one for FY28 on the. So that’s where we are. And if I remember correct. My memory serves me right. Our share price in 2021 was about 7580 rupees which went up to about 300.
Now about 160. 170. Still not reflective of the total value of the company. So we are working very hard to make sure that we are working aggressively to more geographies on the residency side. As I said, four projects are already on. We have to look at one or two every year to come to a total of eight to 10. On the bedside, on the beds. We have taken out a conscious call that we need to stop operate the 500. So we’ll watch till the first half of this year and once we see traction on more than at least 50% of the beds then we start putting up more.
So that’s the call we had taken. I appreciate your feeling but currently all I can report to you is that we are solidly on the job. All verticals have shown growth. Some plans we had to revise post Covid depending on what we saw. But firmly on the residency side we are able to see a much larger portion of profits coming towards Gurgaon Phase 1 and Phase 2 which are not part of the plan.
Unidentified Speaker
And sir, just to add in this, when you commented about Age Easy just as a number, the total revenue of Age Easy for financially at 2425 was approximately 37 crores while a nine month number of AGZ is 48 crores approximately. So we have seen a surge there. Yeah, we wanted to do more. The Flipkart issue has pulled us down for a few months but it is growing the way we want it to grow.
Unidentified Participant
Yeah, I understand. Like I am a patient investor in our company but sometimes it does not reflect. I understand we are too early in the aged care business I think but the residency is somewhere. I was expecting us to be bit more aggressive and somehow we are getting some disappointments from maybe first the Bangalore and now the Chandigarh thing. That’s where I feel at least we should be aggressive and which will give us, I won’t say some captive customers, but yeah, we have some at least first win there. At least. Yeah. Anyways, yeah, thanks.
Rajit Mehta
Yeah, yeah, quite understand. Completely accept what you’re saying, sir. Absolutely. And therefore Gurgaon 1 and Gurgaon 2 came as a filler because we couldn’t get Bangalore and Chandigarh. So we put those two in. Both are about a million 1.7 million square feet put together. Right. But you’re right that that market is currently butting up and we need to be more aggressive. Completely accept that point.
Unidentified Participant
Thank you.
operator
Thank you, sir. Ladies and gentlemen, to ask a question please press star and one now. Participants who wish to ask questions may please press star and one at this time. The next question is from the line of Nandan Agarwal, an individual investor. Please go ahead.
Unidentified Participant
Thank you for the question. I have just one question which is. We continue to be cash flow negative. While the cash on the balance sheet is about 100 crores and some of the some other taxes stuck in some of the other investments. So are we. I mean I heard that we will be going for profitability. But are we planning any QIP or further capital raise? And for next three years, what do you. What’s the plan?
Rajit Mehta
Yeah. So I think as I said on air, on the senior living side, EBITDA breakeven is in some senses a myth as well because the cash flows are lumpy. So we’ll break even this year. But as soon as we get steady income from three projects then the breakeven is consistent. But we’ll do a breakeven of beta this year. FY27AGZ will move towards a breakeven in last quarter. FY27 definitely that signs are available. We’ve always communicated very clearly that we will do fundraise besides the rights and the best that we did about, you know, 200, 250 crores is what we’re looking at sometime, you know, during the first second quarter of this year is when we look out for funds for future growth. So that’s something we’ve already communicated to all of you many times.
Unidentified Participant
Sorry, you mean to say that there will be no further QIP as of now with the internal cash flow we will be able to manage the growth.
Rajit Mehta
No, no, no. We will raise funds about 200, 250 crores. In what shape and form and structure we will decide. But that much fundraise we will do in the next six to nine months.
operator
Thank you sir. Before we take the next question we would like to remind participants that you may press star and one to ask a question. The next question is from the line of Ms. Reddy, an individual investor. Please go ahead.
Unidentified Participant
Hope I am audible, sir.
Rajit Mehta
Yes please.
operator
Yes sir.
Unidentified Participant
Thanks for the opportunity, sir. Actually I have a different view from the earlier investor regarding this our organization’s growth path. Ours is an organization where service is an important issue. Sir. You are dealing with the seniors. So building that culture of service into our DNA is more important than any other thing is my opinion, sir. So you have Been on the learning path for the last few years. You are the only integrated senior care player, so you may be facing a lot of problems in your learnings, but I hope you will catch up. Thank you, sir.
Rajit Mehta
Thank you, Mr. Reddy. Absolutely right. In fact, today we were discussing in a meeting that what would differentiate us because infrastructure, anybody can copy, we can build a very fancy, you know, place, but somebody else will come and do a better place. What really stands apart based on the Dehradun experience we have had where we operating the community for last seven to eight years, we have had consistent resident satisfaction scores of 85% plus. And they appreciate five things from us and therefore they trust us. One is consistency of service. The SOPs that we have, the mindfulness we show in terms of proactive, you know, anticipating what, what things they might need, they appreciate that.
Secondly, they appreciate our skilled and compassionate staff. We do extensive onboarding training. We do eight hours of training every month for every person. So they’re able to serve, you know, the residents, you know, in the manner that is expected. We also do a lot of safety, you know, protocols around on fall management. For example, we have a track record of under 4 minutes response time to any emergency with Promise 6, but we are tracking at 4 minutes, for example. We also do offer unfortunate, you know, time when there is a demise of services that are required to solace the family and to help them.
So many things that we do in terms of anticipatory care, essentially what we try to do is anticipate everything possible that could happen and therefore what should we do at that point of time that has taken us quite long to build. But that’s an IP that we have and hopefully we’ll be able to shower that when we start the next community in Noida. So, yes, you’re right. We, we focus on CSAT score, we focus on NPS. In ADC, we have about 10% repeat customers is absolutely right taking us time. But we think that this time is being well spent because this is truly our ip, the ability to serve people in the way they should be served. But thank you for that comment. Appreciate that.
Unidentified Participant
Thank you, sir. All the best.
Rajit Mehta
Thank you.
operator
Thank you, sir. Ladies and gentlemen, to ask a question, please press Star and one now. Participants who wish to ask questions may please press Star and one at this time. The next question is from the line of Ravisha from VRs Capital. Please go ahead.
Unidentified Participant
Hi, sir. Am I audible?
operator
Yes, sir.
Unidentified Participant
Yeah. So I had a few questions. My first question is, could you break down the monthly revenue run rate across Marketplaces on website and offline channel.
Unidentified Speaker
So currently as we speak, the monthly run rate on marketplaces is around 3 and a half crores. 3 and a half to 4 crores. If you look at different averages on our own website, which is D2C is around 2 and a half crores and it’s approximately 1 and a half to 2 crores on the offline channel.
Unidentified Speaker
Understood sir. So my next question would be on roce. So what is the capital employed for AGZ and how should investors think about the ROC recovery and profile over time?
Rajit Mehta
So I think by the end of this year, which is March 26, about total 180 crores would have been invested in AGZ so far. Right. And the way to look at, you know, ro Culner or a bit of margin ROCE will be what eventually the next three to four years.
Unidentified Speaker
Margins could be somewhere around 15 to 20%. 20% at the top line of 500 crores because we don’t need additional capital. Because we plan to get. So basically we plan to be a. Better positive by the end of next quarter like sir mentioned.
Unidentified Speaker
FY27 last quarter.
Unidentified Speaker
Yeah. And hence the funding requirement above this. 180 would be pretty less. Probably another 40 to 50 crores would. Be required and at a steady state. When we turn EBITDA break even in one year, hence that at an EBITDA level of 15 to 16% and a top line of around 400 crores, the RoC should be somewhere at upwards of 30% in AGG business.
Unidentified Participant
Understood sir. My last question will be connecting to AGZ only on a similar thing profile. So basically how much of the growth in AGZ is driven by performance marketing and how sustainable is the customer acquisition cost in this business?
Unidentified Speaker
So good question because this is clearly at the inflection point of where things are. It’s been a little less than three years since AGGZ as a business had begun and like any other D2C business, this business initially needed that higher emphasis on performance marketing. So google meta, etc. Now that as Rajith also reported, we see the ROAS improving, the trend is going to shift towards us spending more on brand and better on performance. So in FY27 there is going to be much lesser emphasis than it has been in the last two and a half years.
Performance marketing driving revenue. And as ROAS stabilizes there has to be brand and organic contribution which needs to increase. So there is going to be clearly a difference. If I have to put it in. Numbers. The mix today of organic to performance is approximately 20 to 80. 20 is organic and 80s performance driven. Next year this ratio will move towards a 40, 60.
Unidentified Participant
Understood sir. Thank you for the detailed answer and all the best.
Unidentified Speaker
Thank you.
operator
Thank you. The next question is from the line of Harsh Kundani from Eonius Alpha Investment Management llp. Please go ahead.
Harsh Kundnani
Yeah, hi. Just a couple of quick follow ups from my end on the care home business. The blended occupancy has gone from, you know, 17% to 22%, 27% in the last couple of last two quarters. What is the, you know, strategy now? Are we going to take a pause before adding more beds or you know, we should, or we see the bed additions to continue and where, where would be the contribution margins for this particular segment?
Rajit Mehta
So Harsh, we will take a call mid year around September, October once we see that at least half the bets move towards, you know, breakeven, that’s what our pit stop is and then we start looking at the next, you know, few hundred beds to be put up. So that’s where we have taken a pit stop at this point of time on contribution margin.
Unidentified Speaker
Harsh, if I understand, we are still following the same principle in four quarters it has to be contribution breakeven and should trend to 30% for care homes which are tending towards 7 to 8 quarters or 70% occupancy. So that is still a guiding principle and that’s where most of the care homes are trending towards as well.
Harsh Kundnani
Understood, understood. And secondly, any timeline which, you know, is there in the management’s head regarding phase one and phase two to, for the Noida project.
Rajit Mehta
Yeah. So once we get the OC for phase one is when we start approaching for approvals of phase two. So we’re hoping in the next, you know, couple of months we’ll get the OC clarified and then we’ll start, you know, pushing hard for the phase two approval.
Unidentified Speaker
So the advantage is that now the government machinery is working, they are actually taking data from us, what we have completed and all the documents, you know, so that then at least the, the wheel has started moving. So we are very hopeful that the OC for phase one should get clear soon and the moment that happens, we will go for phase two applications.
Harsh Kundnani
Understood. Thank you.
operator
Thank you, sir. The next question is from the line of Ankit Dharamshi from RNM Capital Trust. Please go ahead.
Ankit Dharamshi
Good evening. Hello.
Rajit Mehta
Hi, good evening. So I have a follow up question on, I mean considering that we may get an available approval for Noida Phase one and we will be having. We. Will be able to connect depending on and then we have collection from 360 and 361. So just wanted to understand. I mean. What is the use or what is the broader reason that we have to use this 260 crores that we are planning? Because for incidental we have been following an asset light model wherein we are are looking for collaboration and then generating DM fees mostly provide some color on that.
Unidentified Speaker
Yeah. So just to answer it in a split form. So once you said that 360, 361 collection. Yes that is there. But then there there are expenses incidentals that if you remember there is a. There is a DM fee which this, this income comes as an for shape of DMV which is split into the cycle of the project. So that money comes in four or five years and hence per year revenue is not that big. That’s for the residences piece. But how are saying that once you take up a new project there there is a significant amount of capital which requires to be invested while we do not invest in land.
But you know you have to give a deposit to the landowner. You have to do a pre operative expense expenses. So that entails some expense. So some money is required for that. Other than that the utilization of the fundraise what they are planning is practically towards care home expansion and some bit will go into agc. Plus there will be something which will be coming into residences if required. So that’s the way we have planned it.
Ankit Dharamshi
We are also going to get a one time fee from the Noida Phase 1 once we have the payable hearing. Considering we have 50% BCD over there, right?
Unidentified Participant
Yes. Yes. So once the, once the OC will come the the collections of approximately 150 crores odd is will be pending against which we will be getting a 15 crore rupees straight as a DMP. And thereafter once that, you know, once that project. Once the, once the phase two will get activated then we will start getting money. Because bank presently in phase one the money has gone into the project and money will not come out of that because a lot of money has been spent on the land portion of phase two which will then start getting back to us once the phase to get back. But yeah you’re right. The DMV of approximately 15 crore plus will come to us as soon as we start getting collection of phase one.
Ankit Dharamshi
Okay, thank you.
Rajit Mehta
Thank you.
operator
Thank you sir. Ladies and gentlemen, to ask a question Please press star and 1. Now participants who wish to ask questions may please press star and one at this time. As there are no further questions from the participants, I now hand the conference over to management for closing comments.
Rajit Mehta
Thank you. Thank you very much for all the engagement. We deeply appreciate your questions. Also appreciate the push that we should be more aggressive. Also take the advice of consistency and service. We do take pride in the fact that we’re the only branded listed company doing a complete integrated care ecosystem for seniors. Our Q3 was a quarter of steady execution for Max India. As we continue to scale the platform, we strengthened the Senior Living Pipeline. 361 got launched. We expanded our care home capacity. Finally we have the 485 beds that we had wanted improvement across some matrices.
In some matrices we were struggling. That’s fact of business. But we do remain very confident. The movement we’re seeing in the sector tells us that the long term opportunity in senior care is quite evident. We believe in what we do internally. Terms of the model, it takes time to be able to implement it, but it creates sustainable value over time. Thank you once again for your trust, for your patience, for your partnership. Really appreciate. Thank you very much.
operator
Thank you sir. On behalf of Max India Ltd. That concludes this conference call. Thank you for joining us. And you may now disconnect your lines.