Medi Assist Healthcare Services has informed the stock exchanges regarding the status of the Scheme of Amalgamation between its wholly owned subsidiaries, International Healthcare Management Services Private Limited and Mayfair Consultancy Services India Private Limited. In a regulatory filing dated May 20, 2026, the company disclosed that the Regional Director, South Western Region, Bengaluru, has referred the matter to the Hon'ble National Company Law Tribunal (NCLT), Bengaluru.

The Regional Director's order, dated May 19, 2026, highlighted that the application for the fast-track merger under Section 233 of the Companies Act, 2013, was not in compliance with statutory pre-conditions. Specifically, the order noted that a general meeting of the shareholders was not conducted as required under Section 233(1)(b) of the Act. Furthermore, the scheme did not provide for consideration or a share swap ratio backed by a valuation report, which resulted in a reduction of the share capital of the Transferee Company.

The authorities observed that the scheme, as presented, did not qualify for the fast-track merger route. Consequently, the Regional Director rejected the RD-1 form and forwarded the application to the NCLT, Bengaluru, for consideration under Section 232 of the Companies Act, 2013. The company clarified that the Scheme of Amalgamation is an internal restructuring process and that this order does not impact the consolidated financial statements of Medi Assist Healthcare Services Limited.

The following table outlines the key entities involved in the scheme:

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE456Z01021/d619c5fa6a2340c0.pdf

Medi Assist Healthcare Services Limited released the transcript of its investor conference call held on May 11, 2026, to discuss audited financial results for the quarter and year ended March 31, 2026. The company delivered a strong financial performance for FY26, with operating revenue growing 25.1% year-on-year to ₹904.8 Cr. Total income for the year stood at ₹923.2 Cr, a growth of 23.6% compared to the previous year. CEO Satish Gidugu described FY26 as a "milestone year," combining strong growth with deep technology-led transformation, while CFO Sandeep Daga presented a robust balance sheet with the company turning debt-free from January 2026.

Financial Highlights

The company reported a Profit After Tax (PAT) of ₹89.3 Cr for FY26. Adjusted PAT, excluding one-time exception items net of tax impact, stood at ₹68.8 Cr. EBITDA for the year increased 13.3% to ₹174.6 Cr, with an EBITDA margin of 19.3% on operating revenue. The quarterly EBITDA margin expanded progressively, reaching 19.9% in Q4, up from 18.6% in Q3 and 17.1% in Q2.

Balance Sheet and Debt Position

Medi Assist Healthcare significantly strengthened its balance sheet during the fiscal year. The company became debt-free from January 2026, eliminating a debt position of ₹150.1 Cr from the previous year. It reported a free cash position of ₹260.5 Cr and a net worth of ₹852.4 Cr as of March 31, 2026. Contract liability stood at ₹280.2 Cr, representing committed but unearned revenue sitting in the balance sheet. Revenue per average headcount on the non-government business was ₹13.1 lakhs.

Segment-Wise Revenue Performance

The Group segment remained the primary revenue driver, while the Technology segment recorded the highest growth rate. Total premiums under management reached ₹25,923.2 Cr, growing 22.8% YoY — a figure the CEO described as a personal milestone. Group premiums exceeded ₹23,000 Cr, growing 25.6% YoY, with group premium retention at 93.2%. The company processed 100.3 Lakhs claims during the year.

Operational and Technology Highlights

Medi Assist's AI-powered platforms operated at significant scale during FY26. MAven Guard, the company's proprietary AI fraud detection platform, identified and prevented approximately ₹540 Cr in health insurance fraud during the year. The company also delivered network discounts of over ₹1,300 Cr. Raksha Prime, the flagship cashless experience offering, enabled over 3,22,000 patients to be discharged from hospitals before bills were generated, across 6,000 hospitals. The retail segment market share in the traditional TPA model stood at 5% as of March 31, 2026, while premiums managed by private insurers through the MAtrex technology platform stood at over ₹18,000 Cr, representing 32% of industry retail premiums. The company also deepened its Southeast Asia presence through a strategic partnership with Thailand's leading insurance broker, providing access to over US$50 million of group premiums in that region.

Paramount Integration and Strategic Outlook

The integration of Paramount TPA remained on track, with over 50% of Paramount Health Services' claims volume already migrated to MAtrex, with full migration to the primary processing engine targeted before Q2 of FY27. A slump transfer of Paramount TPA's operations to Medi Assist TPA was executed effective February 1, 2026, creating a single unified TPA business within the group. Management noted that quarterly margins in Q4 expanded by 130 basis points compared to Q3, and indicated the Paramount integration synergies are expected to fully materialise within one to two more quarters. On the technology monetisation front, management clarified that current technology revenues reflect only the core SaaS platform (MAtrex), with AI-led capabilities such as MAven Guard and Raksha Prime not yet contributing to reported technology revenues. Management expressed that outcome-based pricing is the directional aspiration for AI capabilities, and indicated that the technology business margin profile could potentially be one and a half to two times that of the traditional TPA business over time, though no formal guidance was provided.