Medi Assist Healthcare Services Limited (MEDIASSIST)
₹305.00 -0.31% on 19 Oct, as of 12:25 IST · NSE
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Medi Assist's revenue was ₹237 Cr (+23.8% year on year, -2.3% on the previous quarter), and net profit ₹27.6 Cr (+20.0% year on year); the operating margin was 20.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹237 | +23.8% | -2.3% |
| Operating profit | ₹48.0 | +14.3% | +0.0% |
| Net profit | ₹27.6 | +20.0% | -48.9% |
| Operating margin | 20.3% | — | — |
MEDIASSIST delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 56.43% of the MEDIASSIST shares traded on NSE were taken to delivery, against the stock's own 20-session average of 59.32%. That is close to its usual level. Volume was 0.5 times its average, well below normal.
Delivery in the last 5 sessions: 52.5% · 62.0% · 56.5% · 48.3% · 56.4%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
PFRDA has launched 'NPS Swasthya' under the National Pension System, naming Medi Assist as its first Health Benefit Administrator (HBA). Medi Assist will provide the digital infrastructure for claims administration and service coordination via its MAven app. Under the scheme, subscribers can withdraw up to 25% of their contributions for eligible medical expenses directly to healthcare providers. While financial fee terms were not disclosed, this expands Medi Assist's addressable user base by integrating pension accounts with health benefits administration alongside TTM revenue of ₹952 crore.
- Medi Assist becomes the first Health Benefit Administrator (HBA) for PFRDA's newly launched NPS Swasthya scheme.
- Up to 25% of subscriber contributions can be withdrawn for eligible outpatient and inpatient medical expenses.
- No cap on the number of medical withdrawals and no minimum waiting period between them under the scheme.
- Digital integration enabled via Medi Assist's MAven app connecting Central Recordkeeping Agencies (CRAs), insurers, and healthcare providers.
Medi Assist Healthcare Services has dispatched communication to shareholders without registered emails providing links to its FY25-26 Annual Report and 26th AGM notice. The 26th Annual General Meeting is scheduled for September 24, 2026, via video conferencing. The company fixed September 11, 2026, as the record date for determining eligibility for the final dividend of ₹2 per equity share (face value ₹5). The dividend payment is slated on or before October 23, 2026.
- 26th AGM scheduled on Thursday, September 24, 2026 at 10:30 AM IST via VC/OAVM
- Final dividend of ₹2 per equity share of face value ₹5 for FY ended March 31, 2026
- Record date for dividend entitlement is Friday, September 11, 2026
- E-voting window open from September 21, 2026 (9:00 AM) to September 23, 2026 (5:00 PM)
- Dividend payout to eligible shareholders scheduled on or before October 23, 2026
Medi Assist Healthcare Services has dispatched communication to shareholders whose email addresses are not registered, detailing access to its FY25-26 Annual Report and AGM notice. The company announced a final dividend of ₹2 per equity share (face value ₹5 each) for FY26. The record date for dividend entitlement is Friday, September 11, 2026, with payment scheduled on or before October 23, 2026. The 26th AGM will be conducted virtually on September 24, 2026.
- Final dividend of ₹2 per equity share of face value ₹5 for FY 2025-26
- Record date for final dividend fixed as September 11, 2026
- 26th Annual General Meeting scheduled for September 24, 2026, via Video Conferencing
- E-voting window open from September 21, 2026 (9:00 AM) to September 23, 2026 (5:00 PM)
- Dividend payment date scheduled on or before October 23, 2026
Medi Assist Healthcare Services Limited has issued notice for its 26th Annual General Meeting scheduled for September 24, 2026, via video conferencing. Shareholders will vote on the adoption of FY26 financial statements and approval of a recommended final dividend of ₹2 per equity share (face value ₹5). The agenda also includes approving ₹58 lakh in aggregate commission for Non-Executive Directors (0.77% of FY26 net profits) and the redesignation of Dr. Vikram Jit Singh Chhatwal to Non-Executive Director effective August 8, 2026. The cut-off date for remote e-voting eligibility is set for September 17, 2026.
- 26th AGM scheduled on Thursday, September 24, 2026, at 10:30 AM IST via VC/OAVM.
- Proposed final dividend of ₹2/- per equity share of face value ₹5/- each for FY26.
- Cut-off date for e-voting determined as Thursday, September 17, 2026.
- Proposed aggregate commission of ₹58,00,000 (0.77% of net profits) to Non-Executive Directors.
- Redesignation of Dr. Vikram Jit Singh Chhatwal from Whole-Time Director to Non-Executive Director.
Medi Assist reported a 24.9% YoY increase in total income to ₹247 Cr for Q1 FY27, supported by 25.5% growth in the core Group segment. The integration of the Paramount acquisition is reaching 'logical closure,' with 95% of group claims already migrated to the company's MAtrix platform. Technology-led revenue grew 55% YoY, now contributing 3.3% to the total mix, while the company increased its stake in Mayfair to 91.75% to drive international expansion. Despite a 5.2% dip in international revenue due to seasonal factors, the company launched its first tech contract in Thailand in July 2026.
- Total income grew 24.9% YoY to ₹247 Cr, with operating revenue at ₹236.5 Cr.
- Group segment market share reached 37.6% with premiums growing 29.5% YoY.
- Technology-led revenue grew 55% YoY, now representing 3.3% of consolidated revenue.
- MAven Guard AI engine delivered ₹183 Cr in fraud savings during Q1 FY27.
- Ownership in international subsidiary Mayfair increased to 91.75% post-quarter.
Medi Assist Healthcare Services has scheduled its 26th Annual General Meeting (AGM) for September 24, 2026, to seek shareholder approval for a final dividend of Rs 2 per share for FY26. The company has fixed September 11, 2026, as the record date to determine eligibility for this payout. At the current market price of Rs 346.2, the dividend represents a yield of approximately 0.58%. The company also provided detailed tax deduction (TDS) guidelines, including a 20% withholding rate for shareholders who have not linked their PAN with Aadhaar.
- Final dividend of Rs 2 per equity share recommended for the financial year ended March 31, 2026.
- Record date for determining dividend eligibility is fixed as September 11, 2026.
- 26th Annual General Meeting (AGM) to be held on September 24, 2026, via video conferencing.
- Standard TDS rate of 10% for resident shareholders with valid PAN; 20% for those without linked Aadhaar.
- Dividend to be paid within 30 days of approval at the upcoming AGM.
Medi Assist Healthcare Services has released the audio recording of its Q1 FY27 earnings call held on August 10, 2026. The call discussed the unaudited financial results for the quarter ended June 30, 2026. As of the latest TTM period, the company reported a revenue of Rs 906 Cr and a PAT of Rs 89 Cr. This filing is a routine regulatory requirement to ensure transparency for all shareholders following the quarterly results announcement.
- Earnings call conducted on August 10, 2026, to discuss Q1 FY27 performance.
- TTM revenue stands at Rs 906 Cr with an operating profit margin of 19.3%.
- Promoter holding is notably low at 4.61% as of June 2026.
- Company is currently integrating the Paramount acquisition, which has a 150 bps impact on EBITDA margins.
Medi Assist reported a 24.1% YoY revenue growth to ₹236.5 Cr for Q1 FY27, driven by a 37.6% market share in the group TPA segment. While EBITDA grew 14.3% to ₹48 Cr, margins contracted by 175 bps to 20.3% due to the ongoing integration of Paramount. The company has successfully transitioned to a debt-free status and signed seven contracts for its AI technology stack, which now contributes 3.3% of total revenue. International revenue saw a slight decline of 5.2% YoY to ₹10.1 Cr, but the company increased its stake in Mayfair to 91.75% to lead global expansion.
- Operating revenue increased 24.1% YoY to ₹236.5 Cr, representing ~26% of TTM revenue.
- Group TPA market share expanded by 440 bps YoY to reach 37.6%.
- Technology revenue grew 55.5% YoY to ₹7.8 Cr, now contributing 3.3% of total revenue.
- Company achieved debt-free status, improving from a debt of ₹148.3 Cr in Q1 FY26.
- Paramount integration reached logical closure with 95%+ of group claims migrated to the MAtrix platform.
Medi Assist reported a strong Q1 FY27 with total income rising 24.9% YoY to ₹247.0 Cr, driven by a 440 bps expansion in Group TPA market share to 37.6%. EBITDA margins improved to 20.3% from a Q2 FY26 trough of 17.1%, though they remain below the 22.0% level of Q1 FY26 due to acquisition integration costs. The company remains debt-free with a robust free cash position of ₹245.5 Cr. Notably, high-margin Tech/SaaS revenues grew 55.5% YoY, now contributing 3.3% of total revenue.
- Total Income grew 24.9% YoY to ₹247.0 Cr, accounting for approximately 27% of TTM revenue.
- Group market share increased to 37.6%, up 440 bps YoY, managing ₹8,454 Cr in premiums.
- Tech/SaaS revenue surged 55.5% YoY to ₹7.8 Cr, with 7 insurers now contracted for AI capabilities.
- Paramount integration is 95%+ complete for Group claims, with full migration targeted by Q2 FY27.
- Free cash position stands at ₹245.5 Cr with zero debt, supporting international expansion in Thailand and UAE.
Medi Assist Healthcare Services has confirmed zero deviation in the utilization of ₹198.00 crore raised through a preferential issue in October 2025. For the quarter ended June 30, 2026, the company reported that funds are being used as per the objects stated in the original notice. A specific redemption of ₹7.50 crore from mutual funds was made on June 29, 2026, for board-approved purposes, with ₹4.72 crore debited by quarter-end. The monitoring agency, CARE Ratings Limited, has reviewed and verified these fund movements.
- Total amount raised through the preferential issue on October 10, 2025, was ₹198,00,35,000.
- Zero deviation or variation reported in the utilization of funds for the quarter ended June 30, 2026.
- ₹7.50 crore was redeemed from mutual fund investments on June 29, 2026, for board-approved objectives.
- ₹4.72 crore of the redeemed amount was debited by June 30, 2026, while ₹2.78 crore was processed 2-3 days later due to forex transaction timelines.
Medi Assist Healthcare Services has appointed Mr. Gaurav Bhatnagar as Senior Managerial Personnel (SMP) and Chief TPA Officer of its subsidiary, effective August 08, 2026. Mr. Bhatnagar brings over 18 years of global experience from firms like Amazon, Coupang, and Permira, specializing in tech-led transformation and SaaS. This leadership addition is significant as the company seeks to integrate recent acquisitions and scale its SaaS technology business, which currently contributes 2.2% of H1 FY26 revenue. The company maintains a TTM revenue of ₹906 Cr with an operating margin of 19.3%.
- Appointment of Mr. Gaurav Bhatnagar as SMP and Chief TPA Officer effective August 08, 2026
- Appointee brings 18+ years of global experience in SaaS, private equity, and tech-led transformation
- Previous experience includes Senior VP at Permira and leadership roles at Amazon Europe and Coupang
- Company targeting EBITDA margins of 22-23% through integration of Paramount acquisition
- SaaS technology services currently contribute 2.2% to H1 FY26 revenue
Dr. Vikram Jit Singh Chhatwal has transitioned from Whole-time Director to Non-Executive, Non-Independent Director and Chairman, effective August 08, 2026. This move is intended to separate the roles of Chairman and executive management to enhance governance and succession planning. Consequently, Dr. Chhatwal ceases to be a Key Managerial Personnel (KMP) of the company. Given the company's low promoter holding of 4.61%, this formalization of leadership structure is a notable governance step for the Rs 2,700 Cr market cap firm.
- Transition from Whole-time Director to Non-Executive Chairman effective August 08, 2026
- Cessation as Key Managerial Personnel (KMP) as of the same date
- Board meeting for the decision concluded within 75 minutes (1:45 PM to 3:00 PM)
- Company reported TTM revenue of Rs 906 Cr and OPM of 19.3% for FY26
- Promoter holding remains low at 4.61% as of June 2026
Medi Assist Healthcare Services has fixed September 11, 2026, as the record date for its final dividend of ₹2 per equity share for FY 2025-26. This dividend represents a 40% payout on the face value of ₹5 and follows the recommendation made by the board on May 09, 2026. Based on the current market cap, the total estimated payout is approximately ₹14.8 crore, which is about 16.6% of the company's TTM PAT of ₹89 crore. The dividend is subject to shareholder approval at the upcoming Annual General Meeting (AGM) on September 24, 2026.
- Final dividend of ₹2 per equity share recommended for the financial year ended March 31, 2026.
- Record date for determining shareholder entitlement is fixed as Friday, September 11, 2026.
- 26th Annual General Meeting (AGM) scheduled for Thursday, September 24, 2026.
- Dividend to be paid within 30 days from the date of declaration at the AGM.
Medi Assist reported a strong standalone performance for Q1 FY27, with revenue growing 35% YoY to ₹58.98 cr and PAT increasing 64% to ₹13.15 cr. The board declared a final dividend of ₹2 per share (Record Date: Sept 11, 2026). Structurally, the company is professionalizing its board as Dr. Vikram Jit Singh Chhatwal transitions from Whole-Time Director to Non-Executive Chairman. However, the auditor's report includes an 'Emphasis of Matter' regarding an Enforcement Directorate (ED) search at a subsidiary and ongoing IRDAI queries regarding the Paramount merger.
- Standalone Revenue for Q1 FY27 increased 35% YoY to ₹58.98 cr from ₹43.70 cr.
- Standalone PAT grew 64% YoY to ₹13.15 cr compared to ₹8.02 cr in the previous year's quarter.
- Final dividend of ₹2 per equity share (40% of face value) announced with a record date of September 11, 2026.
- Completed acquisition of an additional 31.75% equity stake in Mayfair We Care Limited effective July 1, 2026.
- Recognized an exceptional item of ₹7.1 cr as a provision for net advances paid to a customer where recovery discussions are ongoing.
Medi Assist reported a strong standalone performance for Q1 FY27, with revenue rising 35% YoY to Rs 58.98 cr and PAT increasing 64% to Rs 13.15 cr. The board recommended a final dividend of Rs 2 per share (40% of face value) with a record date of September 11, 2026. Structurally, the company completed the acquisition of an additional 31.75% stake in Mayfair We Care for approximately Rs 7.57 cr. However, investors should note regulatory headwinds, including an ED search at a subsidiary and IRDAI queries regarding the Paramount TPA merger.
- Standalone Revenue from operations grew 35% YoY to Rs 58.98 cr in Q1 FY27.
- Standalone Net Profit increased 64% YoY to Rs 13.15 cr from Rs 8.02 cr in the previous year's quarter.
- Final dividend of Rs 2 per equity share announced, representing 40% of the Rs 5 face value.
- Completed acquisition of 31.75% additional stake in Mayfair We Care Limited for a total of Rs 7.57 cr.
- Dr. Vikram Jit Singh Chhatwal transitioned from Whole-Time Director to Non-Executive Chairman effective August 08, 2026.
Financial Performance
Revenue Growth by Segment
Operating Revenue grew 28.6% YoY to INR 232.5 Cr in Q2 FY26. Segment contributions for H1 FY26 include Government business at 11.9%, International Benefits Administration at 4.9%, and Technology SaaS Services at 2.2%. The core TPA business remains the primary driver, with consolidated revenue for FY25 reaching INR 747.08 Cr, a 14.4% YoY increase.
Geographic Revenue Split
International operations through the International Benefits Administration business contributed 4.3% of revenue in Q2 FY26 and 4.9% in H1 FY26. The remaining ~95% is primarily domestic (India) across retail, corporate, and government segments.
Profitability Margins
Operating EBITDA margin stood at 17.1% in Q2 FY26 and 19.3% in H1 FY26. Reported PAT margin for Q2 FY26 was 3.4% (INR 8.1 Cr), significantly impacted by acquisition-related amortization and financing costs. Standalone PBT (excluding exceptional items) for FY25 was INR 44.55 Cr, up 21.18% YoY.
EBITDA Margin
Operating EBITDA margin was 17.1% in Q2 FY26, a decline from the historical 22% base. This was driven by a 150 bps impact from Paramount integration costs and a 100 bps impact from incremental technology investments. EBITDA grew 3.3% YoY to INR 39.7 Cr in Q2 FY26.
Capital Expenditure
Not explicitly disclosed in INR Cr for future periods, but the company is investing 100 bps of EBITDA margin into technology infrastructure and is currently 2 quarters into a 4-5 quarter SaaS implementation journey.
Credit Rating & Borrowing
Credit risk profile is strong with minimal debt obligations. Rating sensitivities require maintaining PBILDT margins of ~20% and TOI growth of 10-15%. The company expects to be debt-free by March-April 2026 using internal cash accruals.
Operational Drivers
Raw Materials
Not applicable as Medi Assist is a service-based TPA; primary costs are employee benefits and technology infrastructure. Sub-contracting expenses decreased in FY25 due to improved in-house capability development.
Key Suppliers
Not applicable; however, the company relies on insurance partners and a network of hospitals for its TPA operations.
Capacity Expansion
Expansion is focused on market share and volume rather than physical units. The company is integrating Paramount and Raksha to increase its retail and corporate TPA footprint.
Raw Material Costs
Not applicable. Operational efficiency is tracked via sub-contracting costs and technology-led automation which reduces pass-through people costs in the SaaS segment.
Manufacturing Efficiency
Efficiency is driven by technology; the SaaS business is expected to be margin-accretive at steady state because it lacks the pass-through people costs associated with traditional TPA services.
Logistics & Distribution
Not applicable; service delivery is primarily digital and through a network of healthcare providers.
Strategic Growth
Expected Growth Rate
10-15%
Growth Strategy
Growth will be achieved through the integration of Paramount (targeting a return to 22-23% EBITDA margins), expansion of the SaaS technology business (currently 2% of revenue), and increasing market share in the retail segment using AI-driven fraud detection tools.
Products & Services
Third Party Administration (TPA) services, International Benefits Administration, Technology SaaS Services, and AI-based fraud/abuse detection engines for insurers.
Brand Portfolio
Medi Assist, Paramount, Raksha.
New Products/Services
Fraud-based and abuse AI engine for independent use on insurer systems; SaaS technology services currently contributing 2.2% of H1 FY26 revenue.
Market Expansion
Expansion into international markets (currently 4.9% of H1 revenue) and deeper penetration into the Indian retail insurance market.
Market Share & Ranking
Maintains a leadership position in the Indian TPA market; specific percentage ranking not disclosed but cited as 'leadership position'.
Strategic Alliances
Acquisition of Paramount and Raksha to consolidate market leadership in the TPA space.
External Factors
Industry Trends
The TPA industry is shifting toward technology-integrated models and consolidation. Medi Assist is positioning itself as a tech-heavy player with SaaS and AI offerings to capture retail market share.
Competitive Landscape
Consolidated market with Medi Assist as a leader; competition includes other TPAs and in-house TPA wings of large insurance companies.
Competitive Moat
Moat is built on a 22% margin base business, proprietary technology stack (SaaS), and the scale of its hospital network. Sustainability is driven by the high switching costs of TPA platforms for insurers.
Macro Economic Sensitivity
Sensitive to health insurance penetration rates in India and government healthcare spending (Government business is 12.6% of Q2 revenue).
Consumer Behavior
Increased demand for retail health insurance and digital-first claim processing is driving demand for Medi Assist's tech-enabled TPA services.
Geopolitical Risks
Minimal, primarily affecting the 4.3% international benefits administration segment.
Regulatory & Governance
Industry Regulations
Subject to IRDAI regulations for TPAs; compliance is managed through internal controls and a Whistle Blower Policy. No frauds were reported under Section 143 in FY25.
Taxation Policy Impact
Effective tax rate (ETR) increased in FY25, with total income tax expense rising 54.2% to INR 20.19 Cr due to improved profitability.
Legal Contingencies
No significant or material orders passed by regulators or courts impacting the company's going concern status were reported for FY25.
Risk Analysis
Key Uncertainties
Integration risk of Paramount (150 bps margin impact), sustainability of the 22-23% EBITDA margin target, and the 4-5 quarter timeline for SaaS revenue realization.
Geographic Concentration Risk
High concentration in the Indian market, with only 4.3% revenue from international segments in Q2 FY26.
Third Party Dependencies
Dependent on insurance companies for contract renewals and hospital networks for service delivery.
Technology Obsolescence Risk
Mitigated by 100 bps incremental investment in technology and AI to stay ahead of industry shifts.
Credit & Counterparty Risk
Working capital limits have a 'considerable cushion' providing adequate liquidity; receivables quality is monitored via credit rating reviews.
