MEDI ASSIST HEALTHCARE SERVICES LIMITED REPORTS Q1-FY26 RESULTS

Medi Assist Healthcare Services Limited (“Medi Assist” or the “Company”), India’s leading technology-driven health benefits administrator serving insurers, group and retail policyholders, and beneficiaries of government schemes in India and globally, today announced its financial results for the quarter ended 30^th June 2025 (“Q1-FY26”).

Operational Highlights: Q1-FY2026

• Total Premium under Management (“PUM”) was INR 7,076 cr as on 30^th June’2025, a growth of 18.5% y-o-y
  • Group PUM was INR 6,527 cr, a growth of 20.4% y-o-y
  • Retail PUM was INR 549 cr, a growth of 0.2% y-o-y
• Group + Retail market share in terms of health insurance premium administered, of the total health premiums in India, was 23.1% as on 30^th June’2025, as against 21.3% as on 30^th June’2024
  • Group segment market share was 33.2%, as against 30.2% as on 30^th June’ 2024
  • Retail segment market share was 5.0%, as against 5.5% as on 30^th June’ 2024

Business Highlights: Q1-FY26

• Share of Private / SAHI insurers increased to 28.3% of PUM for Q1-FY26, a growth of ~150bps y-o-y over share of total portfolio in Q1-FY25
• Sustained leadership position in the Group segment:
  • PUM for Private / SAHI insurers grew by 20.2% y-o-y, as against industry growth of 10.8% y-o-y in the Private / SAHI Group segment
  • Achieved a retention rate of ~93.4% for group accounts with focus on quality of revenues
• Improved Mix in the Retail segment:
  • PUM for Private / SAHI insurers grew by 88.9% y-o-y, as against industry growth of 9.8% y-o-y in the Private / SAHI Retail segment
  • Mix of Private / SAHI insurers in the Retail segment of PUM stands at 41.4% for Q1-FY26 compared to 21.9% in Q1-FY25
• Strengthening our network proposition for the ecosystem:
  • Medi Assist network adopted exclusively by 19 insurers in Q1-FY2026, up from 17 in Q1-FY2025
  • Average claim size growth for Medi Assist continues to be substantially lower as against industry Medical inflation
• Mayfair We Care, our international benefits business, continues to drive growth initiatives
  • Revenue from Indian insurers grew to 56.1% in Q1-FY26 from 35.7% in Q1-FY25
  • MAven Global technology platform now manages over 2/3^rd of the portfolio across membership and claims
• Medi Assist Insurance TPA Pvt. Ltd., a wholly owned subsidiary has successfully closed the acquisition of Paramount Health Services & Insurance TPA on 1^st July for INR 412.4 cr

Technology Highlights: Q1-FY26

• Medi Assist has entered a strategic partnership with Star Health and Allied Insurance Co. Ltd., India’s largest retail health insurer, to deploy MAtrix, our proprietary AI-driven, automation-first claims platform
• Raksha Prime completed 200k express discharges since inception
  • In Q1-FY26 alone, ~67k Raksha Prime discharges were facilitated, compared to a total of 117k discharges in FY25
• Fraud, Waste, and Abuse (FWA) savings reached approximately ~INR 160 cr, marking a ~3x increase y-o-y
• Awards and Recognitions
  • Won Best AIOps Implementation Team (Health Insurance) at “Dine with DevOps”
  • Best Data- Driven Insights for Delivering Business Value by InsurTech

Financial Highlights: Q1-FY2026

• Total Income was INR 198.0 cr, a growth of 14.5% over the corresponding period of the previous year
• Revenue from contracts with customers, excluding other income (“Operating Revenue”) was INR 190.6 cr, a growth of 13.6% over the corresponding period of the previous year
• Revenue from contracts with customers included:
  • 11.1% from Government business
  • 5.6% from the International Benefits business
  • 2.5% from Technology Services
• EBITDA excluding Other Income (“Operating EBITDA”) was INR 42.0 cr:
  • a growth of 19.3% y-o-y
  • a margin of 22.0% on Operating Revenue
• Profit for the period (“PAT”) was 22.6 INR cr:
  • a growth of 18.7% on reported PAT y-o-y
  • a margin of 11.4% on Total Income
• Key Balance sheet and KPIs as on 30^th June’ 2025 were as follows:
  • Net cash balance in the books was INR 312.6 cr
  • Net Worth was INR 577.4 cr; Return on Net Worth was 15.7% annualized (3.9% for Q1- FY26)
  • Return on Capital Employed was and 21.0% annualized (5.3% for Q1-FY26)
  • Revenue per average headcount (on non-government contracts) was 14.9 lakh annualized (INR 3.7 lakh for Q1-FY26)

Satish Gidugu, CEO, said, “We have reported a strong start to FY2026, in what has been a defining quarter for our growth. We successfully completed the acquisition of Paramount TPA, the largest TPA acquisition in the country. Our strategic partnership with Star Health is a testament to the strength of our tech stack. Our Group business witnessed phenomenal growth driven by seamless onboarding experiences and demonstrable savings on Fraud, Waste & Abuse and effective medical inflation management. As the health insurance ecosystem evolves, we’re doubling down on our investments in AI to simplify administration, drive efficiency, and create meaningful value for policyholders”.