Management Commentary

Chief Executive Officer and Whole Time Director Satish Gidugu stated that Medi Assist continues to advance India's healthcare transition toward greater access, accountability, and affordability. The company's core infrastructure supports customer and claims experiences across the ecosystem. Paramount is fully integrated, generating robust cash flows to fund next phase of growth internally. The Board-approved share buyback reflects disciplined capital allocation and strong balance sheet.

Financial Highlights - H1FY27 (Consolidated)

  • Total Income: ₹492.4 Cr, +13.8% YoY
  • EBITDA: ₹97.2 Cr, +19.0% YoY
  • Reported PAT: ₹49.2 Cr, +60.2% YoY
  • Operating Revenue: ₹478.0 Cr, +13.0% YoY
  • EBITDA Margin: 20.3%, +103 bps YoY
  • Reported PAT Margin: 10.0%, +289 bps YoY

Financial Highlights - Q2FY27 (Consolidated)

  • Total Income: ₹245.4 Cr, +4.5% YoY
  • Operating Revenue: ₹241.5 Cr, +3.9% YoY
  • EBITDA: ₹49.2 Cr, +23.9% YoY
  • Reported PAT: ₹21.6 Cr, +167.5% YoY
  • EBITDA Margin: 20.4%, +331 bps YoY
  • PAT Margin: 8.8%, +536 bps YoY

Business Segment Performance - H1FY27

India TPA Business

  • Revenue: ₹437.5 Cr, +11.9% YoY (91.5% of total revenue)
  • Premiums Managed: ₹15,104 Cr, +18.8% YoY
  • Market Share: 34.1% of India's group health premium, +182 bps YoY
  • Lives Covered: 4.75 Cr (from 3.4 Cr previously)
  • Integration Complete: Paramount corporate portfolio fully migrated, 100% of claims on MAtrix

Platform & HBA Business

  • Revenue: ₹19.8 Cr, +69.8% YoY (4.2% of total revenue)
  • Platform Premiums: ₹9,648 Cr, +24.8% YoY
  • Claims Volume Growth: +917.9% YoY
  • Insurers Contracted: 7 insurers for technology

International Business (Mayfair)

  • Revenue: ₹20.7 Cr, +1.1% YoY (4.3% of total revenue)
  • Corporate Clients Added: +14 in H1FY27
  • Client Retention: 94%
  • Platform Live: 3 Southeast Asian markets

Key Operational Metrics

Government Business - H1FY27

  • Revenue: ₹57.3 Cr, +14.0% YoY (12.0% revenue share)
  • Lives Covered: 30.81 Cr across 7.80 Cr families
  • Geographic Footprint: 14 States and 4 Union Territories
  • Schemes Administered: Ayushman Bharat, State Health Schemes, Police and Welfare Schemes
  • Additional Mandate: Health benefits administrator to PFRDA for NPS Swasthya

Group Business - H1FY27

  • Revenue: ₹334.7 Cr, +13.7% YoY (70.0% revenue share)
  • Premiums Managed: ₹13,939 Cr, +21.8% YoY
  • Fraud Savings: ~₹246 Cr, +52.8% YoY
  • Corporates Served: 11,000+ across 25+ sectors
  • Retention Rate: 90.5% (improving QoQ)

Technology Business - H1FY27

  • Revenue: ₹18.1 Cr, +83.8% YoY (3.79% revenue share)
  • Platform Premiums: ₹9,648 Cr
  • Total Claims on MAtrix: ~7 Mn (TPA+Platform+International)
  • Product Highlights:
  • MAtrix: 3 live insurers, 4 more going live in H2FY27
  • NaaS: 19 insurers using hospital network and tariffs
  • MAven Guard: 85% of FWA savings AI-led
  • MAven IDP: 10K+ claims reviewed per day; 99%+ within 15 minutes

Fraud, Waste and Abuse Savings

  • H1FY27 Savings: ₹304 Cr, +32.2% YoY
  • FY26 Savings: ₹540 Cr
  • FY25 Savings: ₹390 Cr
  • AI Contribution: 85% of FWA savings AI-led

Balance Sheet Position - H1FY27

  • Cash and Cash Equivalents: ₹268.3 Cr (vs ₹260.5 Cr FY26)
  • Net Worth: ₹886.8 Cr (vs ₹852.4 Cr FY26)
  • Contract Liability: ₹321.7 Cr (vs ₹280.2 Cr FY26)
  • Debt Position: Zero Debt
  • Revenue per Avg Headcount: ₹13.7 Lakhs Annualized (excluding Government Business Headcount)
  • Underlying PAT: ₹46.1 Cr (excludes derivative gain of ₹3.1 Cr on call/put option classified as exceptional)

Capital Allocation & Shareholder Returns

  • New Framework: Company plans to return about 50% of cumulative adjusted free cash flow to shareholders over rolling five-year periods
  • Share Buyback: Approved up to ₹49.3 Cr at ₹425 per share for up to 11,59,199 shares
  • Funding: From internal accruals (under a fifth of free cash)
  • Expected Impact:
  • Share count reduction: -1.6% (from 7.23 Cr to 7.12 Cr)
  • EPS increase: +1.6% (from ₹12.14 to ₹12.34)
  • ROE improvement: +0.6 pp (from 10.5% to 11.1%)
  • ROCE improvement: +0.7 pp (from 12.4% to 13.1%)

Technology and AI Capabilities

  • MAven IDP: Agentic AI platform reading and compiling actionable inputs from documents
  • Straight-through Pre-authorizations: 45%+
  • MAven Guard: Scores every claim on 200+ data points across hard and soft fraud
  • Raksha Prime: Simulates bill and estimates out-of-pocket amount ahead of discharge (1.89 lakh bill-free discharges in H1FY26, +21.2% YoY)
  • AI Principles: Explainable, Supervised, Fair, Private, Grounded, Auditable

International Business Details

  • Revenue Mix Change:
  • Group: 71.9% (+30 bps YoY)
  • Marine: 20.7% (-560 bps YoY)
  • Retail: 4.9% (+270 bps YoY)
  • Technology: 2.2% (new category)
  • Repricing: 0.4% (new category)
  • Book Growth: Annualized book of business +17% vs same months of FY26
  • Client Base: 1.06 lakh corporate lives (+4.3%), 1.59 lakh retail lives (+19%)
  • Market Coverage: Indian travel, corporate cover abroad, insurers, students, and programs worldwide