Medi Assist Healthcare Services Limited, one of India's largest third-party administrators (TPAs) in health insurance, reported a 24.1% year-on-year rise in operating revenue for the first quarter of FY27, driven by strong growth in its core India business alongside early monetisation of its technology stack and a restructured international arm.

Operating revenue for the quarter came in at Rs.236.5 crore, up from Rs.190.6 crore in the same period last year. EBITDA rose 14.3% to Rs.48.0 crore, though margins slipped to 20.3% from 22.0% a year earlier.

Reported profit after tax climbed 21.9% to Rs.27.6 crore, while adjusted PAT — which excludes a one-time Rs.3.1 crore derivative gain tied to the acquisition of non-controlling interest in its Mayfair subsidiary — rose a more modest 8.2% to Rs.24.5 crore.

The company's group market share in India's health insurance TPA space rose to 37.6%, up 440 basis points from a year ago, while health premiums under management across group and retail segments grew nearly 27% to Rs.8,975 crore.

A key theme of the results was the near-completion of Medi Assist's integration of Paramount, an earlier acquisition in its core TPA business. The company said more than 95% of group claims and over 80% of retail claims have now migrated to its MAtrix claims platform, with full migration targeted for the second quarter of FY27.’

"The India TPA franchise — built organically and through acquisitions — is our core engine. Paramount integration is at its logical closure," said Satish Gidugu, CEO & Whole Time Director. "Our AI stack has moved from investment to early monetisation with seven contracts in place, and Mayfair is now a structured international platform with dedicated leadership and a live Thailand deployment."

Within the India business, group revenue grew 25.5% to Rs.166.0 crore, retail revenue rose 13.1% to Rs.23.4 crore, and government-scheme revenue — spanning roughly 31 crore members across 12 states and four union territories — grew 35.3% to Rs.28.5 crore.