Transcript of Earnings Call_Q1 FY27

August 14, 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 Earnings Call- Q1 F27 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 Earnings Call- Q1 F27 held on August 10, 2026 at 08.30 am to discuss the Company’s unaudited Financial Results (Standalone & Consolidated) for the quarter ended June 30, 2026 is annexed herewith. 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 Q1 FY27 Earnings Conference Call” August 10, 2026 MANAGEMENT: DR. VIKRAM CHHATWAL – CHAIRMAN AND WHOLE TIME DIRECTOR – MEDI ASSIST HEALTHCARE SERVICES LIMITED MR. SATISH GIDUGU – CHIEF EXECUTIVE OFFICER AND WHOLE-TIME DIRECTOR – MEDI ASSIST HEALTHCARE SERVICES LIMITED MR. SANDEEP DAGA – CHIEF FINANCIAL OFFICER – MEDI ASSIST HEALTHCARE SERVICES LIMITED MODERATOR: MR. CYRIL PAUL – ERNST & YOUNG Page 1 of 17 Medi Assist Healthcare Services Limited August 10, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Medi Assist Healthcare Services Limited Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will remain in the listen only mode, and there will be an opportunity for you to ask questions after the management's opening remarks. Should you need assistance during this conference call, please signal the operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I will now hand the conference over to Mr. Cyril Paul from Ernst & Young. Thank you and over to you. Cyril Paul: Thank you, Ryan. Good morning, and a very warm welcome to the Q1 FY27 Earnings Call of Medi Assist Healthcare Services Limited. The Q1 results, the press release and the investor presentation have been published on the exchanges and on the company's website. Before we start, a disclaimer. Some of the statements made in today's earnings call may be forward-looking in nature. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from those anticipated. While these statements are based on management's current beliefs and assumptions, audiences are cautioned not to place undue reliance on them while making their investment decisions. On that note, I'd like to hand over the call to Satish Gidugu, CEO and Whole-Time Director of Medi Assist Healthcare Services Limited. Over to you, Satish. Satish Gidugu: Thank you, Cyril. Good morning, everyone. Thank you so much for joining our Q1 FY27 earnings call this morning. As always, we will start a few updates, run you through the key financial updates before we hand over back to you for Q&A. We've talked about this over the last few quarters with largely 3 growth engines powering Medi Assist's future. One is our core India TPA franchising, which has been built largely organically and also aided through acquisitions as our core engine that's giving us the right to win and giving us access to the vast Indian market and where we have a pole position in the market today. And the second growth engine that we've been talking about is how some of the technology that we've built originally started from making our TPA business the most efficient and then recognizing that the same capabilities are valuable to insurers outside the TPA model or in a hybrid model as we called it much earlier. And now becoming an entity of its own where using technology, we're solving industry-wide problems that concern payers, providers and patients. And lastly, as the tech stack is maturing and finding use cases, not just in India, but across the globe. That's been our tech evolution, and we've made some more progress this quarter, and we'll share those with you shortly. And the last piece, the third one is Mayfair, which is our subsidiary international platform. We made almost the seed investment a few years ago. And as we now understand and as we have a Page 2 of 17 Medi Assist Healthcare Services Limited August 10, 2026 far greater sense of how some of our technology solutions and our network solutions can impact the global market, we improved our ownership in Mayfair in excess of 90%. We're investing in building strong leadership team and demonstrating that when you take all of what works well in India and adapt it to global environments, and we can find value and growth with our first ever contract going live in Thailand just after the Q1 ended. So, we have all of these in place now, and we are funding both these new growth tracks, which is the tech and the international tracks from our own operating cash flows and expecting them to become very meaningful contributors, not just for growth, but also the EBITDA margins over a period of time. I'll spend a couple of minutes to give you the highlights of each one of these lines of business. The India TPA franchise is transforming health care. Our group revenues grew 25.5% year-on- year with the premiums growing 29.5% year-on-year and the group market share at 37.6%. The retention in Q1 of 90.2% reflects a couple of aspects, the post-acquisition transition of such a large book, some amount of portfolio rationalization and given the way we recognize revenues, even some of the older losses reflecting in the base of the acquired company. And of course, at the same time, the portfolio continues to see significant new wins and allowing us to retain or improve our market share. Moving to TPA model. The retail, like I said earlier, is significantly moving to a hybrid model. The TPA model retail revenue grew 13.1% year-on-year. The government revenues grew 35% year-on-year. We now service over 31 crores members across 12 states and 4 union territories. We play a very meaningful role in delivering government schemes to the underprivileged in the country. And lastly, on Paramount integration, we are at what we would call a logical closure of the integration with all of the infrastructure, people, systems largely integrated. In fact, as we speak, now over 95% of the group claims and over 80% of the retail claims migrated to MAtrix at the end of Q1. And we target a full of the balance claims and the operations to move to Medi Assist stack within Q2 FY27. And we have demonstrated through multiple disclosures over the last quarters on how the EBITDA margins have improved quarter-on-quarter from our lowest in Q2 FY26. And we expect this near-term PHS retention drag will get fully normalized through FY27. So those are some of the quick updates on our core business. And as the core business, we talked about transformation, and we talked about technology. Technology is not just a revenue generator for us as a new line of business, but a lot of the technology that we develop is getting deployed inside the TPA business and driving transformation at scale. And those will be obvious when you look at some of our operational numbers, be it from scale or speed, we've seen substantial amount of improvements in the way the TPA business actually delivers its outcomes. Page 3 of 17 Medi Assist Healthcare Services Limited August 10, 2026 So in recognition of the transformation to set ourselves up for the kind of transformation that we need, we have ramped up our leadership team in the TPA business. We have Gaurav Bhatnagar, who joined us as the Chief TPA Officer, heading up the TPA business. Gaurav comes with an exceptional amount of background in running strategy, productivity optimization, revenue operations and substantial background in data analytics and AI deployment in businesses, [Showing first 8,000 characters — download PDF for full document]