Medi Assist Healthcare Services Ltd (MEDIASSIST) Q2FY27 Concall Transcript - Sep-2026 Qtr
Moderator: Ladies and gentlemen, you have been connected for Medi Assist Healthcare Services Limited conference call. The call will begin shortly. Please stay connected. Please note that you have been connected for Medi Assist Healthcare Services Limited conference call. The call will begin shortly. Please stay connected.
Moderator: Ladies and gentlemen, good day and welcome to Medi Assist Healthcare Services Limited Q2 and H1 FY27 earnings conference call. As a reminder, all participant lines will be in the
Moderator: anymore, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Shashank from Ernst & Young. Thank you, and over to you, Shashank.
Shashank (Ernst & Young): Thank you very much. Good morning to all the participants on the call. Before we proceed to the call, let me remind you that the discussion may contain forward-looking statements that may involve known or unknown risks, uncertainties and other factors. Therefore, it must be viewed in conjunction with the business risks that would cause further result, performance or achievements that differ from what is expressed or implied by such statements. To take us through the results and answer your questions today, we have the senior management of Medi Assist Healthcare Services represented by Mr. Satish Gidugu, Chief Executive Officer, and Mr. Sandeep Daga, Chief Financial Officer. We'll start the call with a brief overview of the past quarter by the management following the followed by a Q&A session. We would appreciate your cooperation in re- restricting yourself to two questions to allow participants an opportunity to interact. If you have any further questions, you may join the queue, and we will be happy to respond to them if time permits. With that, I would like to hand over the call to the management. Over to you, sir.
Satish Gidugu (Medi Assist Healthcare Services Ltd): Thank you, Shashank. Good morning, esteemed investors, analysts, and all participants joining us from India and around the world. Thank you for taking the time to join us today as we review Medi Assist's performance for Q2 and H1 FY '27. Medi Assist enters the second half of the year with a stronger and more profitable platform. Q2 is our first like-to-like quarter since the Paramount acquisition, with integration now complete and all Paramount claims running on Matrix. Our India TPA franchise continues to generate robust cash flows while our tech platform is scaling rapidly, and and Mayfair and Mayfair is expanding its international footprint. We're funding these growth initiatives internally while maintaining a strong debt-free balance sheet. Starting FY '27, our capital allocation framework envisages returning about 50% of cumulative adjusted free cash flow to shareholders over rolling 5-year periods through dividends and buybacks.
Moderator: I'm sorry, sir. You're not audible.
Moderator: Ladies and gentlemen, sorry. Yes, sir.
Satish Gidugu (Medi Assist Healthcare Services Ltd): Can this, should I repeat few sentences? Because I wasn't sure where we got disconnected. Sorry for that. So
Moderator: Sir, can you repeat your last line, please?
Satish Gidugu (Medi Assist Healthcare Services Ltd): Yeah. As As I've stated, we entered the second half of the year with a stronger and more profitable platform. And for the first time, we're presenting a like-to-like quarter since the Paramount acquisition. As noted earlier, the Paramount acquisition is now complete and all Paramount claims are running on Matrix. We continue to generate robust cash flows, tech platform is expanding rapidly, and Mayfair is expanding its international footprint, and we're funding these growth initiatives internally while maintaining a strong debt-free balance sheet. Starting FY '27, our capital allocation framework envisages returning about 50% of cumulative adjusted free cash flow to shareholders over rolling 5-year periods through dividends and buybacks. In line with this framework, the board has approved a buyback of 49.3 crore rupees at 425 rupees per share, funded from internal accruals. Today, I'm joined by our CFO, Mr. Sandeep Daga. But before I hand over the call to him for the financial results, I will quickly walk you through some of the operational highlights for Q2 and H1 FY '27. We spoke about how the India business is a stable platform and how two growth engines, which is the tech business and the international business, are helping us accelerate both growth and margin accretion. And we've continued this. Over the last few quarters, we started disclosing some of these numbers very specifically since the last quarter. So, continuing on that trend today, most of the presentation that we've uploaded tries to present our business along the three dimensions, which is our India TPA and platform and healthcare benefit administrator and the international business. The consolidated income grew 13.8% in H1 to 492 crores. Our EBITDA grew 19% to 97.2 crores, and our reported PAT had a 60% growth and went up to 49.2 crores. Our EBITDA margin for H1 is 20.3%, and the reported PAT margin has reached back to the double-digit
Satish Gidugu (Medi Assist Healthcare Services Ltd): 10% with a 289 basis points year-on-year growth. And, all three dimensions of our business, the India TPA, and if you noted in the presentation, this is where we run it in India, the platform and HBA, the players and the customers run it on their own, but on our technology platform, and the international business, again, we run it, but worldwide. Along three dimensions today, the India TPA clocked 437.5 crores of revenues in H1, 11.9% year-on-year growth, and contributes about 91.5% of revenues in H1. And the premiums that we manage as a TPA were about 15,104 crore rupees with an 18.8% growth year-on-year. Our platform and HBA business clocked 19.8 crore rupees in revenues with a growth of nearly 70% year-on-year and contributed about 4.2% of the consolidated revenues.
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