Medi Assist Q1FY27: PAT up 22% YoY to ₹27.6 Cr (~11% adjusted), OPM slips on Paramount mix

Medi Assist's consolidated PAT rose 22% YoY to ₹27.6 Cr on revenue of ₹236.5 Cr (+24% YoY), but the topline growth is largely inorganic: Paramount TPA was consolidated only from 1 July 2025, so it contributed nothing to the year-ago (Q1FY26) base and a full quarter this time — the like-for-like organic growth rate is materially lower than the headline 24%. Standalone PAT was ₹13.2 Cr on ₹59.0 Cr revenue with EPS ₹1.76; consolidated EPS was ₹3.71 (vs ₹7.33 last quarter, ₹3.18 a year ago). Sequentially, revenue slipped 2.3% and PAT fell 49% from ₹54.5 Cr, but that drop is distorted by a ~₹31.5 Cr one-off deferred-tax credit Q4FY26 booked against the Paramount TPA business-transfer scheme, so the QoQ decline overstates the underlying change. Operating margin (OPM) compressed to 20.3% from 22.1% a year ago — a 175bp YoY squeeze — even as it improved 36bps sequentially from 19.9% last quarter. Net margin held up better, at 11.7% versus 11.4% a year ago, only because the effective tax rate fell to 20.9% from 25.8%; without that tax tailwind, bottom-line growth would have trailed revenue growth more visibly. The quarter also carried a ₹3.1 Cr one-off gain from remeasuring the derivative liability tied to the increased stake in Mayfair We Care, booked in other income. Stripping that out, adjusted PBT is ₹31.8 Cr and adjusted PAT is roughly ₹25.1 Cr — adjusted YoY PAT growth of ~11%, versus 22% reported, a meaningfully softer underlying trend. Management's prior (Q4FY26) commentary pointed to continued quarterly EBITDA margin expansion as Paramount synergies land, expected to complete "within the next one to two quarters." This quarter's sequential OPM uptick is consistent with that, but the YoY compression means the promised expansion hasn't yet shown up against the comparable base, so on the primary year-on-year lens the read is closer to missed than met. No quarter-specific street/consensus estimate could be sourced, so vsStreet is unknown; a management press release commentary was not available at extraction time. Contemporaneous developments include completion of the Mayfair We Care stake increase to 91.75% (effective 1 July 2026, via a two-tranche ₹47.17 mn/₹28.51 mn advance) and the appointment of a new Chief TPA Officer (6 August 2026) — neither has a direct P&L read-through this quarter. The auditors' review carries an unchanged emphasis of matter on the ED search-and-seizure at MAITPA's Jharkhand offices, first flagged in FY26; management maintains there is no adverse impact and made no adjustment.