Medi Assist Healthcare Services Limited (MEDIASSIST) AI Stock Analysis

• Market Cap: ₹25.22B
• Dividend Yield: 0.92%
• Average Volume (3M): 9.41K
• Price to Earnings (P/E): 205.1
• Beta (1Y): 1.08
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: IN
• Employees: 6,140
• Sector: Healthcare
• Sector Strength: 45
• Industry: Investment - Banking & Investment Services
• EPS (TTM): 2.60
• Shares Outstanding: 74,609,430
• 10 Day Avg. Volume: 7,822
• 30 Day Avg. Volume: 9,407
• PEG Ratio: 1.11
• Price to Book (P/B): 6.14
• Price to Sales (P/S): 4.60
• P/FCF Ratio: 36.03
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 10.63
• Revenue Forecast (FY): ₹9.26B

• Rating: 54 Neutral
• Price Target: ₹306.00 ▼(-22.95% Downside)
• Action: Reiterated Date: 03/10/26
• Date: Action: Reiterated 03/10/26

The score is supported primarily by solid financial performance (strong growth and improved 2025 margins), but is pulled down by very bearish technicals (sharp downtrend and weak momentum) and an expensive valuation (very high P/E with modest dividend yield).

Positive Factors

Revenue growth and margin recovery

Sustained revenue scaling and a meaningful margin rebound in 2025 indicate durable end-market demand and improving operating leverage. Higher gross and net margins support longer-term earnings power, funding for reinvestment and resilience to moderate cost pressure.

Recurring TPA business model and network

The third-party administration model, long-term insurer and corporate contracts, and a broad provider network create sticky, service-based recurring revenue. Tech-enabled processing and network effects raise switching costs and support predictable multi-month revenue streams.

Stronger equity base and healthy ROE

Material equity accumulation and a ~16.8% ROE reflect retained earnings and efficient capital use, providing a buffer against shocks and supporting organic investment. A stronger capital base improves long-term financial flexibility and credibility with partners.

Negative Factors

Rising leverage and interest sensitivity

The marked rise in debt and higher debt-to-equity reduces financial flexibility and increases exposure to interest-rate and refinancing risk. For a service business with fluctuating cash conversion, higher leverage can constrain hiring, tech investment and M&A optionality over months.

Weak and inconsistent cash conversion

Low OCF-to-income ratios and volatile free cash flow signal earnings do not reliably convert into cash. That undermines the firm's ability to self-fund growth, pay down debt, or sustain dividends, and raises sensitivity to working-capital swings and billing/claims timing.

Operating profitability volatility

Noticeable swings in operating margins reflect cost-structure and revenue-mix sensitivity. Such variability hampers reliable free cash flow forecasting, could force cyclical cost cuts in downturns, and weakens predictability of long-term returns for investors and partners.

Medi Assist Healthcare Services Limited Business Overview & Revenue Model

Company Description

Medi Assist Healthcare Services Limited, together with its subsidiaries, provides third party administration services in India and internationally. It acts as a health-tech and insurance-tech company that manages health benefits for employers, retail members, and public health schemes, primarily serving insurance companies. The company also offers business support, health management, consultancy, contact center support, and other allied services related to the healthcare and health insurance sector. In addition, it provides pre-policy check-up and other allied services to insurance companies; and policy administration services to governments to enable public health schemes. The company was incorporated in 2000 and is based in Bengaluru, India.

How the Company Makes Money

Medi Assist primarily makes money by providing outsourced health benefits administration and claims-related services to payers such as health insurance companies and employers/corporates. The core revenue stream is service/administration fees earned for managing end-to-end health claims workflows (e.g., policyholder servicing, pre-authorization for cashless hospitalization, claims processing and adjudication support, and coordination with hospitals/providers). A related revenue stream comes from network and healthcare services where the company facilitates cashless access and interfaces with hospitals/clinics, typically monetized through contractual arrangements tied to administration of the provider network and transaction/processing volumes. The company’s earnings are therefore driven largely by the number of lives/members administered, claim volumes, and the scope of services contracted (e.g., customer support, fraud/waste/abuse checks, utilization management, and other value-added administrative services). Significant contributing factors to revenue include long-term contracts and renewals with insurers and large employer accounts, the breadth and quality of its healthcare provider network enabling cashless services, and technology/process efficiency that supports higher throughput and potentially better unit economics. null

Medi Assist Healthcare Services Limited Financial Statement Overview

Summary

Strong revenue scaling and improved 2025 profitability (higher gross and net margins) support a solid base. Offsetting this, 2025 leverage increased materially (higher debt and debt-to-equity), and cash conversion is weak/volatile with operating cash flow running low versus net income across multiple years.

Income Statement

Revenue has scaled strongly over the last several years (2021–2025), with growth accelerating again in 2025 after a softer 2024. Profitability is solid: 2025 gross margin (~58%) and net margin (~13%) improved meaningfully versus 2024, and net income rose to ~0.91B. The main weakness is volatility in operating profitability (EBIT/EBITDA margins were higher in 2021–2023 than 2024, then partially rebounded in 2025), suggesting the cost base and/or mix can swing year to year.

Balance Sheet

The balance sheet shows decent underlying strength with equity building from ~2.11B (2020) to ~5.41B (2025) and a healthy 2025 return on equity (~16.8%). However, leverage increased sharply in 2025: total debt rose to ~2.04B and debt-to-equity moved up to ~0.38 (from very low levels in 2022–2024), which reduces flexibility and raises refinancing/interest-rate sensitivity versus the prior year.

Cash Flow

Cash generation is positive in absolute terms (2025 operating cash flow ~1.38B; free cash flow ~0.92B), and free cash flow remains a meaningful share of earnings in 2025 (~67%). The key concern is consistency and conversion quality: operating cash flow relative to net income is low across most years provided (~0.21–0.29 in 2022–2025) and was particularly weak in 2024, implying profits are not translating into cash as efficiently as expected. Free cash flow also showed volatility (notably negative in 2020 and declines in some years).

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	7.46B	7.23B	6.35B	5.05B	3.94B	3.23B
Gross Profit	4.31B	4.17B	2.62B	2.12B	1.98B	1.12B
EBITDA	1.87B	1.78B	1.31B	1.33B	1.12B	974.61M
Net Income	944.60M	908.79M	669.39M	740.59M	642.18M	262.74M
Balance Sheet
Total Assets	0.00	11.58B	8.51B	7.06B	6.02B	5.45B
Cash, Cash Equivalents and Short-Term Investments	4.56B	4.56B	2.33B	2.54B	2.50B	1.94B
Total Debt	0.00	2.04B	263.31M	306.79M	274.78M	353.00M
Total Liabilities	-5.52B	6.06B	3.69B	3.22B	2.63B	2.53B
Stockholders Equity	5.52B	5.41B	4.72B	3.77B	3.37B	2.90B
Cash Flow
Free Cash Flow	0.00	922.93M	479.57M	534.10M	527.03M	1.22B
Operating Cash Flow	0.00	1.38B	663.81M	810.79M	643.99M	1.35B
Investing Cash Flow	0.00	-2.18B	-548.64M	-104.88M	-828.99M	-555.99M
Financing Cash Flow	0.00	1.12B	-147.55M	-315.25M	-303.71M	-107.58M

Medi Assist Healthcare Services Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
STARHEALTH	66 Neutral	₹271.75B	52.18	―	―	28.04%	-38.44%
KRSNAA	62 Neutral	₹19.60B	38.37	―	0.38%	11.51%	21.56%
METROPOLIS	61 Neutral	₹96.75B	60.35	―	0.21%	15.41%	5.93%
MEDIASSIST	54 Neutral	₹25.22B	205.09	―	0.92%	―	―
SHILPAMED	54 Neutral	₹63.49B	35.22	―	0.16%	10.46%	111.15%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%

Medi Assist Healthcare Services Limited Corporate Events

Medi Assist Subsidiary Pays INR 4.83 Crore After GST Search, Says Operations Unaffected

Medi Assist Healthcare Services has updated investors on a search and inspection conducted by the Maharashtra Goods and Services Tax Department at the Mumbai office of its subsidiary, Medi Assist Insurance TPA. The search, initiated on February 16, 2026, concluded on March 2, 2026, with the company submitting its closing submission to the authorities and confirming no formal order has yet been passed.

The Department has alleged that due to a supplier’s failure to remit applicable taxes, the unpaid tax and interest are recoverable from Medi Assist TPA, and that the subsidiary also owes interest on holdback amounts in customer invoices. To avoid penalties or additional interest, Medi Assist TPA has paid INR 4.83 crore for all alleged liabilities while reserving its legal rights, and the company has stated that this matter has no material impact on its overall financials or operations, with business continuing as usual.

Medi Assist Shareholders Clear Board Reappointments and Pay via Postal Ballot

Medi Assist Healthcare Services Limited has announced the results of a recent postal ballot conducted via remote e-voting, through which shareholders approved a series of board-level reappointments and remuneration proposals. The resolutions include the reappointment of Dr. Ritu Niraj Anand as an independent director, Dr. Vikram Jit Singh Chhatwal as chairman and whole-time director, and Mr. Satish V N Gidugu as whole-time director and chief executive officer, along with approvals of their respective remuneration packages.

All resolutions were passed with the requisite majority, with the e-voting process concluding on February 24, 2026 and the scrutinizer’s report issued the following day. The approvals secure leadership continuity for Medi Assist’s board and top management, which may support operational stability and strategic consistency as the company pursues its growth plans in the competitive healthcare and health-benefits administration market.

Medi Assist Posts Audio of Q3 and Nine-Month FY26 Earnings Call Online

Medi Assist Healthcare Services Limited has notified the stock exchanges that the audio recording of its investor earnings and conference call held on February 9, 2026 is now available on its website. The call covered the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, enhancing transparency for investors and analysts who wish to review the company’s latest financial performance and management commentary.

Medi Assist Files Q3 and 9MFY26 Investor Presentation With Indian Bourses

Medi Assist Healthcare Services Limited has submitted an investor presentation for the third quarter and nine-month period of fiscal 2026 to the National Stock Exchange of India and BSE. The filing, made under SEBI’s disclosure regulations, signals the company’s ongoing engagement with capital markets and provides investors with updated performance and business information.

The presentation, titled “Medi Assist Healthcare Services Limited – Investor Presentation Q3 & 9MFY26,” is intended to brief shareholders and analysts on the company’s recent financial and operational metrics. By formally placing the document on record with both major exchanges, Medi Assist reinforces transparency and regulatory compliance, offering stakeholders structured insight into its progress during FY26 to date.

Medi Assist Posts 24% Revenue Growth, Margin Gains and Turns Debt-Free

Medi Assist Healthcare Services Limited reported strong financial performance for the nine months ended December 31, 2025, highlighted by 24% year-on-year growth in operating revenue, a 154-basis-point sequential improvement in margins, and the transition to a debt-free status from January 2026 supported by INR 200.1 crore in free cash. The company also posted adjusted profit after tax of INR 46.3 crore, delivered a 21.9% increase in group and retail premiums under administration to INR 19,298.1 crore, expanded its overall premium market share to 21.1% and group segment share to 32.2%, and processed 72.91 lakh claims across inpatient and outpatient services, underscoring its growing scale and strengthening position in India’s health benefits administration market.

Medi Assist Confirms No Deviation in Use of ₹198 Crore Preferential Issue Proceeds

Medi Assist Healthcare Services Limited has reported that the entire ₹198 crore raised via a preferential issue on October 10, 2025 has been used in line with the stated objectives, primarily to invest in its wholly owned material subsidiary, Medi Assist Insurance TPA Pvt. Limited, through equity or debt-type instruments. For the quarter ended December 31, 2025, the company confirmed, based on reviews by its Audit Committee, Board and monitoring agency CARE Ratings Limited, that there has been no deviation or variation in the utilisation of these funds, underscoring strong governance over capital deployment and providing reassurance to shareholders and regulators about the disciplined use of raised capital.

Medi Assist Confirms No Deviation in Use of Preferential Issue Funds

Medi Assist Healthcare Services Limited reported to the stock exchanges that the funds of approximately INR 198 crore raised through a preferential issue on October 10, 2025, have been utilized in line with the stated objectives, primarily for investment (in the form of equity, quasi-equity and debt/loan instruments) into its wholly owned material subsidiary, Medi Assist Insurance TPA Pvt. Limited. For the quarter ended December 31, 2025, the company confirmed, based on reviews by its Audit Committee, Board, and an external monitoring agency, CARE Ratings Limited, that there were no deviations or variations in the deployment of the preferential issue proceeds, underscoring disciplined capital management and transparency in fund utilization, which may reassure investors and other stakeholders about governance and the strategic reinforcement of its core TPA business.

Medi Assist Publishes Postal Ballot and E-Voting Details in Newspapers

Medi Assist Healthcare Services Limited has notified the stock exchanges that it has published newspaper advertisements in English and Marathi confirming completion of dispatch of its postal ballot notice to shareholders. The advertisements also set out key dates and details for e-voting, along with contact information for handling investor grievances related to electronic voting, and have been made available on the company’s website, underscoring its compliance with SEBI’s disclosure and shareholder communication requirements.

Medi Assist Receives Promoter Group Re-Classification Requests With No Impact on Shareholding

Medi Assist Healthcare Services Limited has disclosed that several Bessemer-affiliated entities and other promoter group companies have requested re-classification from the ‘promoter/promoter group’ category to the ‘public’ category under SEBI’s Listing Regulations. The entities seeking re-classification currently hold no equity in Medi Assist, and the company has clarified that the move will not affect the overall promoter and promoter group shareholding, with the requests now pending consideration by the board and subject to regulatory approvals.