Medi Assist Healthcare Services (MEDIASSIST) Q4 24/25 earnings summary

Executive summary

• Achieved strong growth across group, retail, government, and international segments, outpacing industry rates in most areas, with total premium under management (PUM) of INR 21,108 crore for FY25, up 14.3% year-over-year.

• Transitioned from a traditional TPA to a health benefits administrator, leveraging technology, data analytics, and AI to unbundle and monetize services.

• Maintained high client retention (95%) in group business, expanded exclusive network adoption to 19 insurers, and processed 8.9 million claims in FY25.

• Expanded international presence, especially in private medical insurance, and received regulatory approval for the Paramount TPA acquisition.

• Completed major acquisitions, regulatory approvals for mergers, and settled a key arbitration case during the year.

Financial highlights

• FY25 total income: INR 747.1 crore, up 14.4% year-over-year; operating revenue: INR 723.3 crore (+14.0%); Q4 FY25 total income: INR 196.6 crore, up 14.9%.

• FY25 EBITDA: INR 154.1 crore (21.3% margin), up 15.6%; PAT: INR 91.6 crore, up 28.5% (12.3% margin); Q4 EBITDA: INR 40.7 crore (21.6% margin).

• Net cash from operations: INR 138 crore; net cash balance: INR 312.2 crore; return on capital employed: 18.7%.

• Basic EPS from continuing operations for FY25 was ₹12.92, up from ₹10.02 in FY24.

• Cash and cash equivalents at year-end increased to ₹830.14 million from ₹509.27 million.

Outlook and guidance

• Continued investment in technology (5–7% of revenue) to drive innovation, scale, and compliance.

• Focus on value-driven growth, leveraging unbundled services and SaaS offerings for insurers, and expanding across all segments.

• Board to revisit dividend decision in the next quarter, balancing capital allocation and growth needs.

• Board approved a proposal to raise up to ₹3,500 million through equity and debt instruments, subject to regulatory approvals.

• Ongoing acquisition of Paramount TPA and integration of international business platforms.