Solid growth masked by integration drag; structural platform opportunity emerging

Segment shows ₹166 Cr, 25.5% YoY growth (70.2% of total ₹236.5 Cr)

₹7.8 Cr at 55.5% growth = 3.3% of ₹236.5 Cr

₹28.5 Cr at 35.3% growth; 12% of total

International ₹10.1 Cr, -5.2% YoY decline acknowledged as temporary

Operating EBITDA ₹48 Cr on ₹236.5 Cr = 20.3% margin; progression verified

Delivered result context not explicit on retention, but call explains 90.2% with portfolio rationalization and onboarding drag

Prior guidance '1-2 quarters for completion.' Q1 shows 95% group claims, 80% retail claims migrated; full completion targeted Q2 FY27. 330 bps margin improvement already delivered over 4Q.

Prior guidance emphasized IPMI travel premium exposure. Now live in Thailand on tech platform (1 July 2026) and signed retail insurer travel contracts (50%+ market access). Yields 'multiple times higher' than India.

Prior: 7 insurers in pipeline. Now: 7 insurers contracted across MAven/MAtrix/Magnum. First outcomes-based contract signed (fraud, waste, abuse). Platform now 29% of administered retail premiums.

Prior implied 93-94% baseline retention. Q1 delivered 90.2% due to post-acquisition onboarding challenges and portfolio rationalization. Management commits to normalization through FY27 but no specific quarter.

Q1 -5.2% YoY (₹10.1 Cr) due to temporary softness in student, leisure, marine. Described as 'temporarily impacted' but no guidance on Q2 recovery timing.

Three priorities: (1) Transform India TPA to digital self-help; (2) Scale technology business with substantial pipeline; (3) Grow international beyond IPMI. No explicit risks named; deflected to regulatory intent alignment (policyholder protection).

Target 23% by end-FY27 via Paramount integration completion. Government business margin accretive, collections safe. No explicit PAT guidance; deflected on adjusted EBITDA due to growth business investments.

Government collections 'safest' (government entities). DSO improved 4.5% YoY. No capping of government revenue; purely opportunistic. Mixed answer: reassured on collections but avoided direct working capital risk.

Complex math over 4 quarters. Offered retention (90%), same-store growth (7-8%), new business additions as proxies. Refused to split Paramount vs organic. Reasonable deflection.

Cannot share specifics on first contract. Compensation tied to fraud, waste, abuse outcomes. No numbers given.

Not plateaued, just a reporting distinction. TPA model = formal introduction. Platform = backend work + tech. Retail + tech revenue is true retail market share. Clear answer with nuance.

Core at par or faster than market (14%). Technology much faster (3.3% base, high growth potential). International multiple times higher yields. Government opportunistic. Did not quantify consolidated growth.

Operating same landscape 10+ years. Retention rates and regulatory choice mechanism (policyholder can request TPA) are proxies. Will find way to contribute. Downplayed risk confidently.

Health administrator for NPS pension scheme withdrawals. Role: platform connecting members, CRAs, insurance, network, payments. Potential for platform revenues and incremental TPA revenues as scheme scales. Clear explanation.

Not pushback, but sales cycles longer. Each insurer different workflows. Half of insurers in conversations/POCs. Can integrate to core systems (MAtrix) or as standalone components. Transparent on cycle complexity.

Yes, negative 1.5% for PSU group health. Medi Assist gained market share in both PSU and private segments.

Q1 FY27 delivered 24.1% consolidated (vs 14% industry). Group at 25.5%. Strategy: organic + M&A.

Growing 55.5% YoY. Management targeting higher % but no explicit FY27 revenue target given. Pipelines with 7+ insurers.

Q1 down 5.2%; temporary per management. Thailand tech contract live (1 July); expect recovery. Yields 'multiple times' higher than India.

Paramount integration on track; 330 bps improvement already achieved. Full migration Q2 FY27.

Management cited but no specific %; tied to outcomes and scale. Early stage with 7 insurer contracts.

Group retention dropped 300-400 bps to 90.2% from historical 93-94% due to Paramount onboarding and portfolio rationalization. Risk: prolonged drag if recovery extends beyond FY27.

International revenue declined 5.2% YoY (₹10.1 Cr). Q1 impacted by softness in student, leisure, marine volumes. Risk: recovery pace unclear; travel-dependent revenue model lacks diversification.

4 PSUs reportedly building in-house HITPA entities for TPA work. Risk: premium migration away from Medi Assist despite current 37.6% group market share and 90.2% retention.

7 insurers contracted but all in POC/pilot stage. First outcomes-based contract terms unclear. Technology at 3.3% of revenue; scaling to material contribution depends on closing larger deals.

Group health industry grew 14% YoY; PSU segment down 1.5%. Regulatory intent on policyholder protection could impose operational constraints. Government scheme payment predictability at risk if policy changes.