Transcript of Q2 & H1 FY27 Earnings Conference Call

November 06, 2026 Listing Department Department of Corporate Services National Stock Exchange of India Limited BSE Limited Exchange Plaza, Phiroze Jeejeebhoy Towers, Bandra-Kurla Complex, Bandra (East), Dalal Street, Mumbai – 400 051 Mumbai – 400 001 Symbol: MEDIASSIST Scrip Code: 544088 Subject: Transcript of Q2 & H1 FY27 Earnings Conference Call Dear Sir/ Madam, Pursuant to Regulation 30 and Regulation 46(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the transcript of the Company’s Q2 & H1 FY27 Earnings Conference Call held on November 02, 2026 at 08.30 am to discuss the Company’s unaudited Financial Results (Standalone & Consolidated) for the quarter & half year ended September 30, 2026 is annexed herewith. The said transcript is also available on the website of the Company at: https://mediassist.in/assets/pdf/investor-relations/mahs/earnings-call/earnings-call-transcript-q2- fy27.pdf Request you to take the same on record. Yours faithfully, For Medi Assist Healthcare Services Limited Rashmi B V Company Secretary & Compliance Officer ICSI Membership No: A38729 Encl: As above “Medi Assist Healthcare Services Limited Q2 & H1 FY27 Earnings Conference Call” November 02, 2026 MANAGEMENT: MR. SATISH GIDUGU – CHIEF EXECUTIVE OFFICER – MEDI ASSIST HEALTHCARE SERVICES LIMITED MR. SANDEEP DAGA – CHIEF FINANCIAL OFFICER – MEDI ASSIST HEALTHCARE SERVICES LIMITED MODERATOR: MR. SHASHANK GANESH– ERNST & YOUNG Page 1 of 15 Medi Assist Healthcare Services Limited November 02, 2026 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 listen- only mode 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 0 on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Shashank Ganesh from Ernst & Young. Thank you, and over to you, Shashank. Shashank Ganesh: 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 risk that could 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, followed by a Q&A session. We would appreciate your cooperation in restricting yourselves to 2 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, Satish. Satish Gidugu: 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 FY27. 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. We continue to generate robust cash flows. Our 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 FY27, 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 INR49.3 crores at INR425 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 FY27. We spoke about how the India business is a stable platform and how our 2 growth engines, the tech business and the international business, are helping us accelerate both growth and margin accretion. And we introduced this over the last few quarters. We started disclosing some of these numbers very specifically since the last quarter. Page 2 of 15 Medi Assist Healthcare Services Limited November 02, 2026 So continuing on that trend today, most of the presentation that we have uploaded discusses our business along the 3 dimensions, which is our India TPA and platform, health benefit administrative and the international business. We run all 3 dimensions of our business in India; The platform in HBA, the payers and the customers run it on their own, but on our technology platform. And for the international business, we run it across the world. Our consolidated income in H1 grew 13.8% to INR492.4 crores. Our EBITDA grew 19% to INR97.2 crores. And our reported PAT had a 60.2% growth and went up to INR49.2 crores. Our EBITDA margin for H1 is 20.3%, and the reported PAT margin has reached back to the double digits at 10% with a 289 basis points year-on-year growth. The India TPA clocked INR437.5 crores of revenues in H1, 11.9% year-on-year growth and contributed about 91.5% of revenues in H1. And the premiums that we managed as a TPA were about INR15,104 crores with an 18.8% growth year-on-year. Our platform and HBA business clocked INR19.8 crores in revenues with a growth of nearly 70% year-on-year, and contributed over 4.2% of the consolidated revenues. On the platform model, we've managed premiums worth about INR9,648 crores, which is a growth of 24.8% year-on-year. Lastly, on the international side, we clocked the revenue of INR20.7 crores, a modest 1.1% year- on-year growth. But with all of the initiatives that we have put in place, wherever the membership is already added and revenues have begun catching up, there it's already at 4.3% of our revenues. And to give you a sense of the size, beyond the premiums, we actually processed claims from 141 countries across 21,000 providers just within this half year. Collectively, the consolidated operating revenue is INR478 crores in H1 with a growth of 13%. And if you combine the premiums that we have access to, both between the TPA market and the platform on the HBA market, nearly a third of India's health insurance premiums today are being served by the platform. On the margin front, we've continued to improve our margins as Paramount integration has reached an end. All of the group customers have been fully migrated to the Medi Assist platform, and all of the claims are running on our MAtrix platform today. The Q2 FY27 clocked a 20.4% consolidated EBITDA margin. And if you went back to Q1 FY26, that was just before the Paramount acquisition, we were INR190-odd crores revenue per quarter business. Today, we are at INR241.5 crores of revenue and got back to our 20.4% EBITDA margin. And with this, we conclude that the Paramount acquisition integration is fully complete, and we continue to generate robust cash flows that we are deploying back in growing our growth businesses. In the interest of time, I'm not going to go into each of the business segments, and we can answer that in the Q&A section. But I would like to take a couple of minutes to talk about 3 key things. One is our group business. The group business revenues in H1 were INR334.7 crores, which is a 13.7% growth year-on-y [Showing first 8,000 characters — download PDF for full document]