Medi Assist Healthcare Services Limited announced that Care Ratings Limited has reaffirmed the credit rating for facilities availed by its wholly owned subsidiary, Medi Assist Insurance TPA Private Limited. The rating action demonstrates continued confidence in the subsidiary's financial strength and market position in the third-party insurance administration sector.

Credit Rating Details

The rating reaffirmation covers total credit facilities worth ₹266.00 crore across different instruments:

The enhancement of long-term/short-term bank facilities from ₹94.00 crore to ₹114.00 crore indicates expanded credit access for the subsidiary's operations.

Rating Rationale and Key Strengths

Care Ratings highlighted several factors supporting the rating reaffirmation. The subsidiary benefits from strong parentage of Medi Assist Healthcare Services Limited, which holds a CARE AA-; Stable/CARE A1+ rating and provides demonstrated financial and operational support. The company maintains a leadership position in the third-party insurance administration industry with established relationships driving higher retention rates.

The rating agency noted the acquisition of 100% stake in Paramount Health Services & Insurance TPA Private Limited by Medi Assist Insurance TPA in July 2025 for ₹412 crore, which further strengthens market leadership. The subsidiary initially funded this acquisition through bridge debt of ₹150 crore, infusion of ₹90 crore from the holding company, and internal accruals. However, as of January 15, 2026, the bridge debt was entirely repaid using internal accruals and unsecured loans from the parent company.

Financial Performance and Growth

The subsidiary demonstrated robust growth with total operating income increasing 13% year-on-year to ₹667.89 crore in FY25 from ₹591.73 crore in FY24. Premiums under management grew 11% to ₹21,108 crore in FY25 from ₹19,050 crore in the previous year, supported by inorganic acquisitions.

The company expects premiums under management to reach approximately ₹26,500 crore in FY26, supported by the Paramount TPA acquisition and growing demand in the health insurance sector.

Market Position and Outlook

Medi Assist Insurance TPA maintains strong market presence with approximately 21.3% market share in terms of premiums under management in the overall health industry as of September 30, 2025. The company holds 32.2% market share in the group insurance segment and 5.3% in the retail insurance segment.

The subsidiary services over 10,500 corporate clients with a retention rate of 94% and operates through a network of over 20,000 hospitals across India. It maintains partnerships with 32 insurers as of November 30, 2025, with 19 insurers exclusively opting for its TPA services.

Care Ratings assigned a stable outlook, reflecting expectations that the company will continue benefiting from its leadership position, established insurer relationships, and strong corporate client base. The rating agency expects total operating income growth of 27-28% in FY26, supported by the Paramount TPA acquisition.

Source: None/Company/INE456Z01021/8b27c8ec-a529-4b26-b6de-ac639341d154.pdf

US-based investment firm Wasatch Advisors LP has reduced its shareholding in medi assist healthcare Service Ltd through open market transactions, as disclosed in a regulatory filing under SEBI's takeover regulations. The transaction represents a minor reduction in the firm's stake in the healthcare services company.

Transaction Details

The shareholding change occurred through open market sales executed on March 10, 2026. The key transaction parameters are outlined below:

Company Share Capital Structure

Medi Assist Healthcare Service Ltd maintains its equity share capital structure as follows:

The company's shares are listed on both BSE (scrip code: 544088) and NSE (scrip code: MEDIASSIST), providing liquidity for such open market transactions.

Regulatory Compliance

Wasatch Advisors LP filed the mandatory disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The disclosure was signed by Dan Thuber, representing the firm, and formally communicated to both stock exchanges on March 11, 2026.

The firm confirmed that it does not belong to the promoter or promoter group of Medi Assist Healthcare Service Ltd. The transaction involved only shares carrying voting rights, with no encumbrances, warrants, or convertible securities involved in the sale.

About the Acquirer

Wasatch Advisors LP, based at 505 Wakara Way, 3rd Floor, Salt Lake City, UT 84108 U.S.A., continues to maintain a significant minority stake in the Indian healthcare services company despite the recent reduction. The firm's disclosure was authorized by Dan Thurber, V.P., General Counsel, ensuring compliance with Indian regulatory requirements for foreign institutional investors.