Medi Assist Healthcare Services reported a 21.9% year-on-year rise in reported profit after tax (PAT) to ₹27.6 crore for the first quarter of FY27, compared with ₹22.6 crore in the year-ago quarter, as operating revenue increased 24.1% to ₹236.5 crore from ₹190.6 crore.
The company’s adjusted PAT, excluding a one-time ₹3.1 crore derivative gain related to the acquisition of non-controlling interest in its Mayfair subsidiary, rose 8.2% year-on-year to ₹24.5 crore.
EBITDA increased 14.3% to ₹48 crore from ₹42 crore, while the EBITDA margin stood at 20.3%, compared with 22% in Q1 FY26.
The company’s India health premiums under management (PUM) across group and retail businesses rose 26.8% year-on-year to ₹8,975 crore. Its group market share increased to 37.6% from 33.2% a year earlier, marking a 440-basis-point expansion.
India TPA business drives growth
The India TPA franchise remained Medi Assist’s core growth engine. Group revenue rose 25.5% year-on-year to ₹166 crore, while group PUM increased 29.5% to ₹8,454 crore.
The company said its group portfolio retention stood at 90.2%, reflecting the expected post-acquisition transition and portfolio rationalisation, even as it continued to secure new business wins.
Retail revenue from the TPA model stood at ₹23.4 crore, up 13.1% year-on-year, as the business continued its transition towards a hybrid model.
Revenue from government business increased 35.3% to ₹28.5 crore. The segment covers around 31 crore members across 12 states and four Union territories.
Paramount integration nears completion
Medi Assist said the operational integration of Paramount is at its logical closure. More than 95% of group claims and over 80% of retail claims have been migrated to the company’s MAtrix platform.
Full migration is targeted for Q2 FY27. The company expects the near-term retention drag from PHS to normalise during FY27.
Technology moves from investment to monetization
Medi Assist’s technology business continued to gain traction, with technology revenue rising 55.5% year-on-year to ₹7.8 crore, accounting for 3.3% of overall revenue.
The company said it has completed its planned investment of around ₹24.5 crore in its AI platform over the past six quarters. Its technology stack, comprising MAven IDP, MAven Guard, MAven Digital Platform, MAtrix and MAgnum, is now generally available to the industry.
Seven insurers have signed contracts covering combinations of these platforms, including AI capabilities. Medi Assist has also signed its first outcomes-based contract, where compensation is linked to measurable value delivered.
The company said its technology business is already margin accretive.
More than 186,000 pre-authorisations were processed within five minutes on the platform. Its Raksha Prime service facilitated zero-wait discharge for more than 87,000 members across over 6,000 hospitals.
International business takes shape
Medi Assist has increased its ownership in Mayfair We Care to 91.75%, transforming the investment into a majority-owned subsidiary and dedicated international platform.
Medi Assist Group former Chief Business Officer Nikhil Chopra been appointed to lead the international business full-time.
The company’s first technology deployment contract in Thailand went live from July 1, 2026, with multiple corporates onboarded to its digital health benefits platform. MAtrix claims integration is also underway in the region.
However, international revenue declined 5.2% year-on-year to ₹10.1 crore in Q1 FY27, primarily due to temporary industry-wide moderation in student, leisure and marine volumes.
Debt-free balance sheet
Medi Assist maintained a debt-free balance sheet at the end of June 2026, with free cash and cash equivalents of ₹245.5 crore, compared with ₹260.5 crore in March 2026.
Net worth increased to ₹884.1 crore from ₹852.4 crore during the quarter.
The company said both its technology and international growth initiatives are being funded through operating cash flows, consistent with its self-funded growth model.
Three-horizon strategy
Medi Assist enters Q2 FY27 with three strategic tracks in focus: extracting operating leverage from its expanded India TPA platform following the Paramount integration, scaling AI licensing revenue across seven contracted insurers, and building its international platform through Mayfair.
Management expects technology licensing and the international business to become meaningful contributors to EBITDA margin over time, while continuing to fund growth without external capital.