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Revenue
₹242 Cr
verified against source
Revenue YoY
25.1%
reported change
EBITDA
₹174.6 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Medi Assist delivered a strong FY26 with operating revenue of ₹904.8 crore (+25.1% YoY) and EBITDA of ₹174.6 crore (19.3% margin). Growth was driven by group premiums (+25.6% YoY), technology revenue (+91.9% YoY), and government business (+42.6% YoY). The company became debt-free and net cash positive. Management guided for continued strong growth in technology and international segments, with Paramount integration on track to complete by Q2 FY27. Key risk: potential compression of take rates as AI automation becomes more widespread, though management argues value-added services and outcome-based pricing will protect margins.
Colored figures show movement against the previous available record.
Guidance to track
- Over 50% of Paramount claims volume already migrated to Matrix; full migration and synergy realization expected within 1-2 quarters.
- Management expects similar growth rates (tech ~92% YoY) to continue, driven by new pilots and global partnerships.
- Post-COVID tailwinds fading; organic growth expected to align with industry trends, supplemented by new business additions.
Risks flagged
- Analyst raised concern that increasing automation could reduce industry take rates from ~3.5% to 2.5% over time, pressuring revenue per premium.
- Large corporate clients in IT are seeing no net employee addition, which could dampen group premium growth despite diversification into other industries.
- While on track, any delays in migration or client retention could impact expected synergies and margin expansion.
Key quotes
- We combine strong growth and deep technology transformation. Becoming debt free and net cash positive strengthens our ability to invest in the future.
- Our AI investments are paying off in creating a unified interconnected intelligence platform that we believe is going to change the way all of these stakeholders experience healthcare in a service delivery.
- The true measure of this country's success would be 100% cashless and resulting in 100% payable health insurance products rather than those products that actually focus on deductions.
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