Date: August 09, 2026

Financial Performance Summary

Key Financial Metrics (Q1 FY27 vs Q1 FY26):

  • Operating Revenue: ₹236.5 Cr vs ₹190.6 Cr (+24.1% YoY)
  • EBITDA: ₹48.0 Cr vs ₹42.0 Cr (+14.3% YoY)
  • EBITDA Margin: 20.3% vs 22.0% (-175 bps YoY)
  • Reported PAT: ₹27.6 Cr vs ₹22.6 Cr (+21.9% YoY)
  • PAT Margin: 11.2% vs 11.4% (-27 bps YoY)
  • Adjusted PAT: ₹24.5 Cr vs ₹22.6 Cr (+8.2% YoY) - excludes one-time ₹3.1 Cr derivative gain
  • India Health PUM (Group + Retail): ₹8,975 Cr vs ₹7,076 Cr (+26.8% YoY)
  • Group Market Share: 37.6% vs 33.2% (+440 bps YoY)
  • Technology Revenue: ₹7.8 Cr vs ₹5.0 Cr (+55.5% YoY)
  • Free Cash Position (C&CE): ₹245.5 Cr vs ₹312.6 Cr (March 2026: ₹260.5 Cr)
  • Debt Position: Debt-Free vs ₹148.3 Cr (previous year)

Segment-wise Performance

1. India TPA Franchise

  • Group Revenue: ₹166.0 Cr (+25.5% YoY)
  • Group PUM: ₹8,454 Cr (+29.5% YoY)
  • Retention Rate: 90.2%
  • Retail Revenue (TPA-model): ₹23.4 Cr (+13.1% YoY)
  • Government Revenue: ₹28.5 Cr (+35.3% YoY)
  • Government Coverage: ~31 crore members across 12 states and 4 union territories

2. Technology Platform

  • Technology Revenue: ₹7.8 Cr (3.3% of total revenue)
  • AI Platform Investment: ~₹24.5 Cr over last six quarters
  • Platform Components: MAven IDP, MAven Guard, MAven Digital Platform, MAtrix, MAgnum
  • Contracts: Seven insurers contracted across AI stack combinations
  • First outcomes-based contract signed with compensation tied to measurable value
  • Platform-administered retail premiums: ₹4,254 Cr (29.5% market share)
  • TPA-model retail PUM: ₹521 Cr
  • Operational Metrics: 186k+ pre-authorizations processed within five minutes; Raksha Prime delivered zero-wait discharge for 87k+ members (+29.9% YoY) across 6k+ hospitals
  • MAtrix implementation at Star Health: 90%+ completed
  • NPS Swasthya: Live as Health Benefits Administrator to pension fund ecosystem

3. International Business

  • Revenue: ₹10.1 Cr (-5.2% YoY)
  • Mayfair We Care ownership: Increased to 91.75% post-Q1
  • Leadership: Nikhil Chopra appointed to lead international business full-time
  • Thailand: First technology deployment contract live from July 1, 2026; multiple corporates onboarded
  • India pipeline: Indian retail sign-ups provide visibility to over 50% of travel premiums placed in India

Strategic Developments

Paramount Integration:

  • Operational integration at logical close
  • 95%+ of group claims and 80%+ of retail claims migrated to MAtrix
  • Full migration targeted in Q2 FY27
  • Near-term PHS retention drag expected to normalize through FY27

Balance Sheet Position (as of June 30, 2026):

  • Free Cash: ₹245.5 Cr
  • Contract Liability: ₹337.4 Cr (vs ₹280.2 Cr in March 2026)
  • Net Worth: ₹884.1 Cr (vs ₹852.4 Cr at March 2026)
  • Debt-free status maintained

Governance Updates

Effective August 8, 2026:

  • Dr. Vikram Jit Singh Chhatwal (DIN: 01606329) transitions from Executive Chairman to Non-Executive, Non-Independent Director and Chairman
  • Mr. Gaurav Bhatnagar joins as Chief TPA Officer, Medi Assist TPA, reporting to CEO, designated as SMP

Management Commentary

CEO Satish Gidugu stated: \"The India TPA franchise — built organically and through acquisitions — is our core engine. Paramount integration is at its logical closure. Our AI stack has moved from investment to early monetisation with seven contracts in place, and Mayfair is now a structured international platform with dedicated leadership and a live Thailand deployment. We are funding both growth tracks from within operating cash flows and expect them to become meaningful contributors to EBITDA margins over time.\"

Outlook

Medi Assist enters Q2 FY27 with three strategic tracks active:

1. Extracting operating leverage from post-Paramount India TPA platform

2. Scaling AI licensing revenue across seven contracted insurers and growing pipeline

3. Building international platform through Mayfair

Management expects technology licensing and international business to deliver meaningful EBITDA margin accretion over time, both funded without recourse to external capital.