Summary

Medi Assist Healthcare Services Limited, India's foremost technology-driven health benefits administrator, reported strong Q3 and 9M FY26 results ended December 31, 2025. The company achieved a 24.0% YoY growth in operating revenue, improved EBITDA by 21.7%, and became debt-free from Jan '26 onwards. The company also reported a surge in premiums and market share expansion.

Key Highlights

1. 1

   Operating Revenue: +24.0% YoY

2. 2

   EBITDA: 21.7% (ex-Paramount); Standalone Paramount TPA improved +557 bps QOQ

3. 3

   Cash & Debt: INR 200.1Cr free cash; debt reduced to INR 39.4 Cr (Dec '25)

4. 4

   Adjusted PAT: INR 46.3 Cr (excluding one time exceptions)

5. 5

   Premium Growth: Total Group + Retail premiums administered grew by 21.9% YoY to INR 19,298.1Cr

6. 6

   Market Share Expansion: Group + Retail premiums under administration grew to 21.1%, an expansion of 133 bps YoY. Group market share grew to 32.2%, an expansion of 307 bps YoY

7. 7

   Total claims processed - 72.91 Lakh

8. 8

   Technology Updates: Interest in Medi Assist’s proprietary technology offerings continues to surge, with revenues growing 81.5% YoY. Al trials underway with insurers in India and abroad

9. 9

   Paramount TPA Integration Updates: Corporate Restructuring: Board-approved transfer of Paramount TPA business to Medi Assist TPA, effective Feb 1, 2026