Assembled from the company's filings and exchange data as of today. Download PDF renders this page on the server; the narrative sections arrive with the Nexa composer.
Dossier · MEDI ASSIST HEALTH SER L · 28 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
MEDI ASSIST HEALTH SER L NSE: MEDIASSIST · BSE: 544088
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.
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
₹ crore · consolidated
FY24
FY25
FY26
Revenue
635
723
905
EBITDA (ex other income)
112
154
160
margin %
17.7
21.3
17.7
Owners' profit
67
91
88
EPS, as reported (₹)
9.71
12.91
12.14
ROE % · ROCE %
14.4 · 16.5
16.6 · 18.7
10.5 · 10.9
Debt / equity (x)
0.00
0.27
0.00
Cash from operations
66
138
118
Capex
(18)
(46)
(56)
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · MEDI ASSIST HEALTH SER L · 28 October 2026Page 2 of 3
Exhibit 2: Quarterly performance, last 8 quarters
₹ crore
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Q1 FY27
Revenue
181
186
189
191
233
240
242
237
Profit before tax
29
27
30
31
13
8
28
35
Net profit
21
30
22
23
8
4
54
28
EPS (₹)
2.99
4.20
3.05
3.18
1.13
0.51
7.33
3.71
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
Exhibit 3: Where the company sits in its group
Metric
Company
Group median
Rank
Better than
P/E (TTM)
22.8
203.8
1 of 2
100%
P/B
2.5
4.6
1 of 2
100%
ROCE
8.6
4.6
1 of 2
100%
ROE
10.5
6.1
1 of 2
100%
Debt / Equity
0.0
0.0
1 of 1
0%
EBITDA margin
24.7
12.9
1 of 2
100%
Revenue growth
24.1
20.4
1 of 2
100%
Profit growth
21.9
21.9
7 of 12
46%
Market cap
2163
22327
2 of 2
0%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · MEDI ASSIST HEALTH SER L · 28 October 2026Page 3 of 3
Exhibit 4: Filings of the last 90 days, with the measured price reaction
Date · filing
Category
Importance
Next day %
5-day %
27 Oct 2026 · Medi Assist schedules Q2 and H1 FY27 earnings call
board shareholder meetings
low
—
—
27 Oct 2026 · Board to review September results and consider share buyback
results
low
—
—
9 Oct 2026 · RTA confirms all shares held in demat form for Q2 FY27
compliance
minimal
—
—
1 Oct 2026 · Medi Assist appointed as HBA for PFRDA's NPS Swasthya scheme
business updates
high
—
—
28 Sept 2026 · Trading window closure for Q2 and H1 FY26 results
compliance
minimal
—
—
24 Sept 2026 · Medi Assist AGM: All 5 resolutions approved, final dividend declared
board shareholder meetings
low
—
—
24 Sept 2026 · Medi Assist 26th AGM held; 5 resolutions approved, final dividend declared
board shareholder meetings
low
—
—
8 Sept 2026 · SBI General Insurance trims Medi Assist stake in open market sale
ownership changes
high
—
—
2 Sept 2026 · Newspaper notice for 26th AGM and e-voting information published
compliance
minimal
—
—
1 Sept 2026 · AGM notice and FY26 annual report; chairman role change and dividend proposed
board shareholder meetings
medium
—
—
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
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A rating (BUY / ADD / REDUCE / SELL)
A state: the latest filed quarter and the measured reactions
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Estimate years marked E
More audited years; no estimates
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
