Key Board Approvals

1. Unaudited Financial Results: The Board approved the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2026. The results were reviewed by the Audit Committee on October 29, 2026. The statutory auditors, M S K A & Associates LLP, have issued an unmodified limited review report on both sets of results.

2. Buyback of Equity Shares: The Board approved a buyback of up to 11,59,199 (Eleven Lakh Fifty Nine Thousand One Hundred Ninety Nine) fully paid-up equity shares (face value: ₹5 each) at a price of ₹425 per share through the tender offer route. The total buyback size is ₹49,26,59,575 (₹492.66 crore), which is within the 10% limit of the total paid-up equity capital and free reserves as per the Companies Act, 2013 and SEBI Buyback Regulations. This size excludes all transaction costs, taxes, and expenses.

Buyback Committee and Process

  • A 'Buyback Committee' was constituted to oversee the process.
  • The record date for determining shareholder eligibility was fixed as Friday, November 20, 2026 (pursuant to SEBI Listing Regulation 42 and SEBI Buyback Regulation 9(i)).
  • The Board/Buyback Committee retains the right to increase the buyback price and decrease the number of shares one working day prior to the record date, provided the total buyback size remains unchanged (as per SEBI Buyback Regulation 5(via)).
  • The promoter and promoter group have declared their intention to not participate in the buyback.
  • Ms. Rashmi BV, Company Secretary, was appointed as the compliance officer for the buyback.
  • Further process details, timelines, and requisite information will be published in the public announcement and letter of offer as per SEBI regulations.

Financial Results Overview (Consolidated)

(All figures in ₹ millions, unless stated)

Income Statement - Q2 FY27 (Quarter ended Sept 30, 2026)

  • Revenue from Operations: ₹2,415.10 (Q1 FY27: ₹2,365.19; Q2 FY26: ₹2,325.45)
  • Other Income: ₹38.51 (Q1 FY27: ₹104.97; Q2 FY26: ₹22.75)
  • Total Income: ₹2,453.61
  • Total Expenses: ₹2,156.29 (Employee Benefits: ₹1,035.87; Finance Costs: ₹15.58; Depreciation & Amortization: ₹217.91; Other Expenses: ₹886.93)
  • Profit Before Exceptional Items & Tax: ₹297.32 (Q1 FY27: ₹349.07; Q2 FY26: ₹134.68)
  • Exceptional Items: Nil (FY26: ₹141.95)
  • Profit Before Tax: ₹297.32
  • Total Tax Expense: ₹81.56 (Current Tax: ₹88.63; Deferred Tax Credit: ₹(7.07))
  • Profit for the Period (after tax): ₹215.76 (Q1 FY27: ₹275.97; Q2 FY26: ₹80.67)
  • Other Comprehensive Income (net of tax): ₹9.79
  • Total Comprehensive Income: ₹225.55
  • Attributable to Owners: ₹224.14

Income Statement - H1 FY27 (Six months ended Sept 30, 2026)

  • Revenue from Operations: ₹4,780.29 (H1 FY26: ₹4,231.03)
  • Other Income: ₹143.48 (H1 FY26: ₹96.67)
  • Total Income: ₹4,923.77
  • Total Expenses: ₹4,277.38
  • Profit Before Exceptional Items & Tax: ₹646.39 (H1 FY26: ₹439.80)
  • Profit Before Tax: ₹646.39
  • Total Tax Expense: ₹154.66
  • Profit for the Period (after tax): ₹491.73 (H1 FY26: ₹306.98)
  • Other Comprehensive Income: ₹20.75
  • Total Comprehensive Income: ₹512.48
  • Attributable to Owners: ₹510.26

Earnings Per Share (EPS) - Consolidated

  • Basic EPS (₹) - Q2 FY27: 2.88; H1 FY27: 6.59 (Q2 FY26: 1.13; H1 FY26: 4.30)
  • Diluted EPS (₹) - Q2 FY27: 2.88; H1 FY27: 6.59 (Q2 FY26: 1.12; H1 FY26: 4.28)

Balance Sheet (Consolidated) - As at Sept 30, 2026

  • Total Assets: ₹14,414.64 (Mar 31, 2026: ₹13,724.62)
  • Non-Current Assets: ₹7,989.90
  • Current Assets: ₹6,424.74 (Includes Trade Receivables: ₹3,589.18; Cash & Cash Equivalents: ₹503.02)
  • Total Equity: ₹8,867.68 (Equity Share Capital: ₹373.51; Other Equity: ₹8,464.75)
  • Non-Current Liabilities: ₹630.60
  • Current Liabilities: ₹4,916.36

Cash Flow (Consolidated) - H1 FY27

  • Net Cash from Operating Activities: ₹401.45 (H1 FY26: ₹(130.49))
  • Net Cash Used in Investing Activities: ₹(288.65) (H1 FY26: ₹(883.95))
  • Net Cash from Financing Activities: ₹(170.42) (H1 FY26: ₹735.67)
  • Net Decrease in Cash: ₹(57.62)

Financial Results Overview (Standalone)

Income Statement - Q2 FY27

  • Revenue from Operations: ₹622.50 (Q1 FY27: ₹589.84; Q2 FY26: ₹607.60)
  • Profit Before Tax: ₹185.77 (Q2 FY26: ₹228.18)
  • Profit for the Period (after tax): ₹138.76 (Q2 FY26: ₹176.39)
  • Total Comprehensive Income: ₹137.76

Income Statement - H1 FY27

  • Revenue from Operations: ₹1,212.34 (H1 FY26: ₹1,044.64)
  • Profit Before Tax: ₹362.76 (H1 FY26: ₹336.71)
  • Profit for the Period (after tax): ₹270.28 (H1 FY26: ₹256.59)
  • Total Comprehensive Income: ₹275.15

Earnings Per Share (EPS) - Standalone

  • Basic EPS (₹) - Q2 FY27: 1.86; H1 FY27: 3.62 (Q2 FY26: 2.50; H1 FY26: 3.64)
  • Diluted EPS (₹) - Q2 FY27: 1.85; H1 FY27: 3.62 (Q2 FY26: 2.49; H1 FY26: 3.62)

Subsidiaries and Significant Events

List of Entities in Consolidated Results:

1. Medi Assist Insurance TPA Private Limited (Wholly owned subsidiary)

2. International Healthcare Management Services Private Limited (Wholly owned subsidiary)

3. Mayfair Consultancy Services India Private Limited (Wholly owned subsidiary)

4. Mayfair We Care Limited (Subsidiary)

5. Mayfair We Care Philippines Inc (Stepdown subsidiary)

6. Mayfair We Care Pte Limited (Stepdown subsidiary)

7. Paramount Health Services and Insurance TPA Private Limited (Stepdown subsidiary)

Emphasis of Matter by Auditors:

The auditors drew attention to a search and seizure operation conducted by the Directorate of Enforcement (ED) on April 4, 2025, at certain offices of the wholly owned subsidiary, Medi Assist Insurance TPA Private Limited (MAITPA), in Ranchi, Jharkhand. MAITPA is a TPA for the Ayushman Bharat scheme in Jharkhand. As of the date of this report, no communication on the outcome has been received from the ED. Management, after assessment, believes there is no adverse impact on the Group, and no adjustments are required in these financial results.

Acquisition of Paramount TPA:

On July 1, 2025, MAITPA completed the acquisition of 100% equity stake in Paramount Health Services and Insurance TPA Private Limited for a purchase consideration of ₹4,124.40 million (after closing adjustments), making it a step-down subsidiary.

Preferential Allotment (Historical):

On October 10, 2025, the company allotted 37,01,000 equity shares at ₹535 per share (including a premium of ₹530) via preferential issue to Massachusetts Institute of Technology (28,90,830 shares) and 238 Plan Associates LLC (8,10,170 shares), raising aggregate proceeds of ₹1,980.03 million. ₹420.26 million remained unspent as of September 30, 2026.

Exceptional Items (FY26):

The notes detail three exceptional items from FY26 totaling ₹141.95 million:

1. ₹37.68 million in costs related to a cybersecurity incident at Paramount TPA (an insurance claim was lodged).

2. ₹33.27 million provision due to the implementation of New Labour Codes.

3. ₹71.00 million provision for an advance payment to a customer (insurance company) pending reconciliation. Management believes in full recovery.

Corporate Restructuring:

  • Paramount TPA & MAITPA: A scheme for amalgamation was approved in Dec 2025 but withdrawn in Feb 2026. Instead, a Business Transfer Agreement (BTA) was approved to transfer the TPA business of Paramount to MAITPA for nil consideration, effective Feb 1, 2026. Deferred tax adjustments of ₹328.68 million were made. A new Scheme of Merger by Absorption of Paramount TPA with Medi Assist Healthcare Services Limited was approved, for which IRDAI has sought clarifications.
  • IHMS & MCSI: A Scheme of Amalgamation of International Healthcare Management Services Pvt Ltd (IHMS) with Mayfair Consultancy Services India Pvt Ltd (MCSI) was approved with an appointed date of April 1, 2025. The application is pending with the NCLT, Bengaluru Bench.

Stake Acquisition in Mayfair We Care:

During Q1 FY27, the company exercised an option to acquire an additional 31.75% stake in Mayfair We Care Limited, increasing its total holding to 91.75%. An advance of ₹47.17 million was paid on June 30, 2026, and a further ₹28.51 million on July 1, 2026.

Other Information

  • The trading window for dealing in shares was closed from October 1, 2026, to November 1, 2026.
  • The pre-buyback shareholding pattern as of September 30, 2026, is provided: Promoters & Promoter Group hold 4.61% (34,41,836 shares) and Public Shareholders hold 95.39% (7,12,60,006 shares) of the total 7,47,01,842 shares.