Medi Assist Healthcare Services (MEDIASSIST) Q2 25/26 earnings summary

Executive summary

• Achieved 20.2% year-on-year growth in total premium under management to INR 12,719 crore as of September 2025, with group premium up 22.5% and retail premium up 2.6%.

• Market share in health insurance premium administered rose to 21.3% from 19.2% year-on-year, with group segment share at 32.2% and 93.4% retention rate.

• Completed acquisition of Paramount TPA in July 2025, expanding international benefits administration and launching strategic partnerships, including with Star Health and Bhutan's Royal Insurance Corporation.

• Technology-driven initiatives, such as the Matrix claims platform and Raksha Prime, have scaled rapidly, improving operational efficiency and patient satisfaction.

• Consolidated revenue from operations for Q2 FY26 was INR 232.5 crore, up from INR 180.8 crore year-on-year.

Financial highlights

• Q2 FY26 total income was INR 234.8 crore, up 35.5% year-on-year; operating revenue was INR 232.5 crore, up 28.6%.

• Q2 EBITDA (excluding other income) was INR 39.7 crore, up 3.3% year-on-year, with a margin of 17.1%.

• Q2 profit was INR 8.1 crore, down 61.5% year-on-year, with a margin of 3.4%, impacted by Paramount integration and higher depreciation.

• H1 FY26 total income was INR 432.8 crore, up 20.2% year-on-year; EBITDA was INR 81.7 crore, up 10.9%, with a margin of 19.3%.

• H1 profit was INR 30.7 crore, down 23.3% year-on-year, with a margin of 7.1%.

Outlook and guidance

• Expect to return to 20%-23% EBITDA margin profile within four to five quarters as Paramount integration completes.

• SaaS business margins expected to be accretive at steady state, with full migration and revenue ramp-up anticipated in two to three quarters.

• Targeting debt-free status by March-April 2026 as cash generation continues.

• Focus on scaling technology-driven claims management, expanding global administration services, and continued investments in AI/ML for fraud detection.