Medi Assist Healthcare Services Ltd(MEDIASSIST)

NSE: MEDIASSISTBSE: 544088

₹ 285.05-1.62%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,129 crWebsite: www.mediassist.inUpdated: 24 Oct 2026

About

Medi Assist Healthcare Services Limited, founded in Bengaluru in 2000, is India's largest health benefits administrator and technology-driven third-party administrator (TPA), connecting insurers, employers, healthcare providers and government agencies. In FY26 the company administered ₹25,923 crore in premiums under management and earned operating revenue of ₹904.8 crore. It holds a 33.7% market share in the group health TPA segment and serves 374 million lives across group, retail and government segments.^[1][2][3]

Business segments

Group TPA: the largest segment, with premiums administered of ₹8,454 Cr in Q1 FY27 (+29.5% YoY); revenues of ₹166 Cr in Q1 FY27 (+25.5% YoY), representing the bulk of consolidated revenue.^[4]
Government: revenues of ₹28.5 Cr in Q1 FY27 (+35.3% YoY), contributing 12% of total revenue; full-year FY26 government revenue was ₹113.6 Cr (+42.6% YoY), contributing 12.6% of FY26 revenue.^[4][2]
Technology SaaS: revenues of ₹7.8 Cr in Q1 FY27 (+55.5% YoY), contributing 3.3% of consolidated revenue; FY26 full-year technology revenue was ₹21.7 Cr (+91.9% YoY), contributing 2.4% of revenue.^[4][2]
International Benefits Administration (Mayfair We Care): ₹41.1 Cr revenue in FY26 (+11.9% YoY), contributing 4.5% of total FY26 revenue; serves members across 185 countries.^[1]
Retail TPA: traditional TPA-model market share of 5.0% as at FY26 end, down 70 bps YoY; platform-model retail premiums reached ₹18,156 Cr (+4,527% YoY) in FY26, representing 32% of industry retail premiums.^[2]

Market share and scale

Group segment TPA market share reached 37.6% in Q1 FY27, up 440 bps YoY; combined group + retail market share was 24.3% in Q1 FY27, up 120 bps YoY.^[4]
Total premiums under management (group + retail) were ₹8,975 Cr in Q1 FY27 (+26.8% YoY) and ₹25,923 Cr for full-year FY26 (+22.8% YoY).^[4][2]
Group PUM retention rate was 90.2% in Q1 FY27, below the historical norm of 93 - 94%; FY26 full-year group PUM retention was 93.2%.^[4][2]
10.0 million claims processed in FY26; 72.9 lakh claims processed in 9M FY26 (+22.4% YoY).^[2][5]

Technology platform

Proprietary stack includes MAtrix (cloud-native claims administration), MAven Guard (AI fraud/waste/abuse), MAven IDP (document processing), MAven Insights (analytics), Raksha Prime (instant cashless discharge), MAgnum (hospital-facing platform) and MAven Global (global benefits administration).^[1]
Seven insurers contracted across combinations of MAven, MAtrix and MAgnum stacks as at Q1 FY27; first outcomes-based gain-share contract signed in Q1 FY27, with compensation tied to fraud/waste/abuse outcomes.^[4]
MAtrix migration of Paramount claims was over 95% complete for group and over 80% for retail at end of Q1 FY27; full migration targeted for Q2 FY27.^[4]
Pre-authorisation completed within 10 minutes in over 90% of inpatient cashless cases in FY26; reimbursement turnaround improved from 11.2 days to 7.41 days, with 91.8% processed within a single day.^[1]
Over 186,000 pre-authorisations processed in under 5 minutes in Q1 FY27; Raksha Prime enabled ~87K zero-wait discharges in Q1 FY27 (+29.9% YoY) and 3.22 lakh in full FY26 across ~6,000 hospitals.^[4][1]

Fraud prevention (MAven Guard)

MAven Guard delivered ₹183 Cr in fraud savings in Q1 FY27 alone; full-year FY26 fraud savings were approximately ₹540 Cr (+38.5% YoY); 9M FY26 savings were ~₹400 Cr, with 82% identified purely by AI/system.^[4][1][5]
1,800+ hospitals cautioned and a 630 bps reduction in unnecessary claim investigations achieved through MAven Guard as at 9M FY26.^[5]

Distribution and customers

Provider network spans 28,500+ partnered hospitals; 11,000+ corporate accounts served; presence in over 190 cities and towns in India with 125 national offices and 4 international offices.^[1]
Government segment covers approximately 33 crore beneficiaries across 13 states and 3 union territories as at FY26; Q1 FY27 management noted 31 crore members across 12 states and 4 union territories.^[1][4]
Top five clients contributed 64.8% of revenue in FY26, reduced from 69.6% in FY25, reflecting ongoing client concentration reduction.^[1]
9,243 employees as at March 31, 2026 (6,661 permanent, 2,582 other-than-permanent) across the group.^[1]

International operations

Mayfair We Care (stake raised to 91.75% post Q1 FY27) serves retail lives of 953K across a network of over 1 million providers worldwide and 185 countries.^[4][1]
First international technology deployment went live in Thailand from July 1, 2026; contracts with Indian insurers covering over 50% of travel premiums placed in India signed.^[4]
Technology partnership with LawtonAsia (Southeast Asia) opens access to over USD 50 million of corporate and private medical insurance premiums; Southeast Asia identified as a priority region.^[1][2]

New platform roles

Medi Assist is core technology partner and Health Benefits Administrator for NPS Swasthya (PFRDA-approved), enabling NPS subscribers to draw up to 25% of contributions for medical expenses; live alongside Tata & Axis Pension Funds, CAMS KRA and Aditya Birla Health.^[4][1]
The NPS and Atal Pension Yojana ecosystem held ₹16.55 lakh crore across 9.64 crore subscribers as at March 29, 2026, representing the addressable pool for NPS Swasthya.^[1]
In July 2026, the company became a registered Offline Verification Seeking Entity with UIDAI and integrated the Aadhaar Offline Verification Framework into its health benefits platforms.^[1]

Recent developments

Paramount Health Services TPA acquisition completed in Q2 FY26; slump transfer of Paramount TPA to Medi Assist TPA executed effective February 1, 2026; the group became debt-free in January 2026, repaying ₹1,550.7 million in acquisition-related borrowings within seven months.^[1][2]
EBITDA margin recovered to 20.3% in Q1 FY27, up 320 bps from the Q2 FY26 trough of 17.1%; management targets a return to 22 - 23% EBITDA margin by end of FY27.^[4]
Free cash position was ₹245.5 Cr in Q1 FY27; DSO improved 4.5% versus the prior year in Q1 FY27.^[4]

Market Cap

₹2,129 Cr

High / Low

₹576 / 291

Stock P/E

24.3

Price / Book

2.7

Book Value

₹112

EPS

₹11.8

No. of Shares

7.46 Cr

ROCE

13.9%

ROE

12.7%

Sales

₹905 Cr

Net Profit

₹89 Cr

Promoter holding

4.6%

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