MEDI ASSIST HEALTH SER L

Operates as a third-party administrator (TPA) for health insurance, processing claims, managing hospital networks, and providing technology platforms on behalf of insurers, corporate employers, government schemes, and individual policyholders. Group insurance administration is the largest line, contributing 69.5% of operating income (₹629.1 crore) and administering over ₹23,000 crore of group premiums at a 33.7% market share. Government health schemes contribute 12.6% (₹113.6 crore), retail (individual) insurance 10.6% (₹95.5 crore), and international operations 4.5% (₹41.1 crore) through the UK subsidiary Mayfair We Care and a Thailand strategic partnership. A technology and SaaS business, contributing 2.5% of operating income (₹21.7 crore), sells the MAtrix claims platform, MAven Guard fraud detection, and Raksha Prime pre-bill discharge tools to insurers and other TPAs. The MAtrix platform processes roughly one million claims per month across 6,000 networked hospitals, and MAven Guard prevented ₹540 crore of fraud in FY26. Employee costs are the dominant cost line at 43.6% of revenue, with other operating expenses at 37.1% and depreciation at 8.5%. The business is asset-light: total capex runs at 6.2% of revenue and the company became debt-free in January 2026 with ₹260.5 crore of free cash flow. AR · MarketPing reader · 2026-08-02

Revenue streams, as the annual report describes them. Group health insurance administration (70%), Government health schemes (13%), Retail/individual health insurance (11%), International operations (5%), Technology and SaaS (3%). Asset-light services business administering health insurance claims and selling technology to insurers, with employee costs dominating the cost stack.

Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)