Medi Assist Ser. Q1 FY27 Results (NSE: MEDIASSIST)
Signal: Earnings grew
The read
The business delivered 24.1% YoY consolidated revenue growth to ₹2,365.19 million and 21.9% YoY PAT growth to ₹275.97 million, but the 49.3% QoQ PAT fall exposes the prior quarter's ₹315.04 million deferred-tax credit as the main distortion; excluding that tax swing, operating progression is harder to assess because EBITDA and operating margin are not disclosed.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹236.52 Cr | +24.1% | -2.3% |
| Net profit | ₹27.6 Cr | +21.9% |
P&L walk
Consolidated revenue increased to ₹2,365.19 million, +24.1% YoY but -2.3% QoQ; higher employee costs of ₹1,032.60 million and depreciation of ₹218.47 million absorbed much of the operating growth, while lower finance costs supported PBT growth of 14.4% YoY; PAT rose 21.9% YoY to ₹275.97 million but declined 49.3% QoQ as the prior quarter included a large deferred-tax credit.
Segments
No consolidated segment table is disclosed; the standalone statement identifies health-management services as the only reportable segment, while consolidated revenue of ₹2,365.19 million and PAT of ₹275.97 million are substantially larger than standalone revenue of ₹589.84 million and PAT of ₹131.52 million because earnings sit in subsidiaries.
Key positives
- Consolidated revenue rose 24.1% YoY to ₹2,365.19 million, extending the group's scale-up despite a 2.3% sequential decline.
- Consolidated finance costs fell 62.4% YoY to ₹17.59 million, providing support to the 14.4% YoY increase in PBT.
- Standalone revenue increased 35.0% YoY to ₹589.84 million and standalone PAT rose 64.0% to ₹131.52 million.
- The company completed the acquisition of an additional 31.75% stake in Mayfair We Care effective July 1, 2026, after paying ₹47.17 million as an advance by June 30, 2026.
Key concerns
- Consolidated PAT declined 49.3% QoQ to ₹275.97 million after the previous quarter's ₹315.04 million deferred-tax credit; reported profit momentum therefore normalized sharply.
- Employee benefits increased 29.3% YoY to ₹1,032.60 million and depreciation increased 54.8% to ₹218.47 million, both adding pressure to the undisclosed operating margin.
- Standalone other income rose 197.3% YoY to ₹70.28 million, making parent-level profit quality more dependent on non-operating income.
- Consolidated EPS is absent from the supplied results, preventing a direct group-level dilution test after the 37,01,000-share preferential allotment.
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