Medi Assist Healthcare Services LimitedPharmaceuticals & HealthcareMEDIASSIST
Q1 FY27 concall · earnings callMedi Assist Healthcare Services Limited
Medi Assist delivered strong overall revenue growth, advanced its three strategic growth engines—India TPA, technology platform, and international expansion—and is progressing on margin recovery post-acquisition integration.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Total Income | ₹247 Cr | 24.9% YoY | |
| Operating Revenue | ₹236.5 Cr | 24.1% YoY | |
| Operating EBITDA Margin | 20.3% | — | |
| Reported PAT | ₹27.6 Cr | — | |
| Adjusted PAT | ₹24.5 Cr | — | |
| Group Segment Revenue Growth | 25.5% year-on-year | — | |
| Retail Segment Revenue Growth | 13.1% year-on-year | — | |
| Government Segment Revenue Growth | 35.3% year-on-year | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹185.97 Cr+12% YoY+2.9% QoQ | ₹29.97 Cr+41.5% YoY+42.6% QoQ | ₹4.19+39.7% YoY+40.6% QoQ |
| Q2 FY25 | ₹180.77 Cr— YoY+7.8% QoQ | ₹21.01 Cr— YoY+10.9% QoQ | ₹2.98— YoY+10.4% QoQ |
| Q1 FY25 | ₹167.71 Cr— YoY+0.6% QoQ | ₹18.95 Cr— YoY-25.7% QoQ | ₹2.70— YoY-26.4% QoQ |
| Q4 FY24 | ₹166.79 Cr— YoY+0.5% QoQ | ₹25.51 Cr— YoY+20.4% QoQ | ₹3.67— YoY+22.3% QoQ |
| Q3 FY24 | ₹165.98 Cr— YoY— QoQ | ₹21.18 Cr— YoY— QoQ | ₹3.00— YoY— QoQ |
TL;DR
- Total income grew 24.9% YoY to INR247 crores.
- EBITDA margin improved sequentially for the fourth straight quarter to 20.3% on operating revenue.
- Technology SaaS business revenue grew 55.5% YoY and now represents 3.3% of consolidated revenues.
- Group TPA retention was 90.2%, impacted by post-acquisition transition and portfolio rationalization.
- The company completed over 90% ownership in its international subsidiary Mayfair and launched its first tech contract in Thailand.
- Management expects to complete the remaining Paramount TPA integration in Q2 FY27 and normalize margins through FY27.
Said on the call
“It is important that I stress that nothing about who runs Medi Assist changes on the 8th of September.”
From the Q&A
| Topic | What management said |
|---|---|
| Execution Priorities and Risks | Management outlined three priorities: transforming the India TPA business to be leaner and more digital, converting the technology business pipeline, and building long-term moats in the international business. They view their unique position at the intersection of stakeholders and AI-led technology as a key mitigant to risks. |
| Financial Risk Management | The key focus is completing the Paramount integration to improve margins and reducing receivables by improving collections, with DSOs already showing a 4.5 percentage improvement year-on-year. |
| Government Business Working Capital | Management stated the government business is margin accretive, collections are safe from state/central governments, and it does not lead to an elongated working capital cycle or cash flow strain, with consolidated DSOs improving. |
| EBITDA Margin Recovery | The immediate goal is to finish Paramount integrations and get back to the pre-integration margin level of 22-23% by the end of FY27. |
| Retail Business Trajectory | Management clarified that the reported retail TPA revenue does not capture all platform-administered work; investors should look at total retail market access (TPA + platform) plus technology revenues to gauge market share improvement. |
| Overall Business Growth Outlook | Core group and retail segments are expected to grow at par or faster than the market, technology business is growing fast from a small base (3.3% of revenue), and the international business has potential for higher yields despite a soft Q1. |
| Group TPA Organic Growth | Retention is at 90% due to portfolio rationalization and onboarding challenges post-acquisition. Same-store growth is holding around 8%, similar to last year, with IT companies slower but others faster. |
| Outcome-Based Contracts | The company has signed its first outcomes-based contract tied to fraud, waste, and abuse savings, but no specifics were shared. |
Guidance
- Target full migration of remaining Paramount claims and operations to Medi Assist stack within Q2 FY27.
- Expect the near-term PHS retention drag to get fully normalized through FY27.
- Aim to get EBITDA margins back to pre-Paramount integration levels (22-23%) towards the end of FY27.
- Expect technology and international businesses to become meaningful contributors to growth and EBITDA margins over time.
Source
Summary written from the transcript filed by Medi Assist Healthcare Services Limited for the call held on 10 Aug 2026; published 18 Aug 2026, 20:42 IST.
More Q1 FY27 concalls ·How verification works ·Report an error