Medi Assist ends FY26 debt-free as claims scale meets AI-led execution

Operating revenue for FY26 (consolidated) was INR 904.8 crore, up 25.1% YoY.

FY26 EBITDA was INR 174.6 crore, up 13.3% YoY, with EBITDA margin at 19.3% (down 201 bps YoY). Q4 FY26 EBITDA margin improved to 19.9%.

FY26 segment revenues were: Group INR 629.1 crore (69.5%), Retail INR 95.5 crore (10.6%), Government INR 113.6 crore (12.6%), International Benefits Administration INR 41.1 crore (4.5%), Technology INR 21.7 crore (2.4%).

The company reported processing 10.0 million group and retail claims in FY26 and stated its AI-powered platforms process nearly 1 million claims per month.

MAven Guard identified about INR 540 crore of health insurance fraud in FY26 (up 38.5% YoY). The company also cited fraud prevention in inpatient cashless and reimbursement processes.

Management stated over 50% of Paramount Health Services claims volume migration to Matrix was completed as of Apr 2026 and Matrix is on track to become the primary processing engine by Q2 FY27; slump transfer effective Feb 1, 2026.

The company reported a free cash position of INR 260.5 crore and stated it became debt-free in Jan 2026.