Medi Assist Healthcare Services Limited

Healthcare — Healthcare Plans · NSE

₹306.50+₹0.30 (+0.10%)

DalalBaazaar Score

56 / 100

🟡 Moderate

Verdict

NEUTRAL

Risk

High

Driven by high debt relative to equity, micro-cap size, which brings thin liquidity.

In simple words: Reasonable but unspectacular business quality, with both sales and profits growing well. Debt is the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:09 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of Medi Assist Healthcare Services Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Medi Assist Healthcare Services Limited, together with its subsidiaries, provides third-party administration services for health insurance claims in India and internationally.

IndustryHealthcare Plans

SectorHealthcare

Employees6,661

Annual revenue₹905 Cr

How does it make money?

Turns over ₹905 Cr a year. Of every ₹100 of sales, about ₹10 reaches shareholders as profit, with ₹21 left at the operating level before interest, tax and depreciation. Each of its 6,661 employees supports ₹13.6 lakh of revenue a year, the signature of a people-led business.

EBITDA margin21.0%

Net margin9.7%

Revenue / employee₹13.6 lakh

Who are its competitors?

The closest listed comparisons in its industry are SUN PHARMACEUTICAL IND L, CIPLA LTD, DR. REDDY S LABORATORIES, APOLLO HOSPITALS ENTER. L. These are the companies its valuation and returns are measured against elsewhere in this report.

SUN PHARMACEUTICAL IND LP/E 34.9x · ROE 14.5%

CIPLA LTDP/E 31.8x · ROE 9.8%

DR. REDDY S LABORATORIESP/E 31.0x · ROE 8.8%

APOLLO HOSPITALS ENTER. LP/E 54.3x · ROE 22.0%

What is its competitive advantage?Little sign of one

Returns on capital of 11.0% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

ROCE11.0%

ROE10.5%

Peer median ROE14.5%

What is the outlook?

3 analysts covering the stock expect revenue to grow about 12.3% and earnings to grow about 26.6% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+12.3%

Est. earnings growth+26.6%

Analysts3

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +80% while net margin moved -34% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+80%

Margin effect-34%

DalalBaazaar Score

56/ 100

Moderate

Weighted across six categories. Every point is explained below.

• Beta of 1.10 — moves roughly with the market
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✗ High leverage magnifies any downturn in earnings
✓ Profits have been consistent from year to year

Quality vs. Valuation

Company Quality

53/ 100

Average

How good the business is, ignoring the share price entirely.

Valuation

67/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

24.2x

3Y Median

45.7x

35 monthly readings · mean 43.3x · range 23.1x–69.2x

Sector Median

33.3x

median of 4 sector peers

🟢Current valuation is approximately 47% below its 3y median of 45.7x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 27% below the peer median of 33.3x.

vs. its own history

Cheap

45.7x median over 35 months · -47%

vs. sector peers

Cheap

33.3x median of 4 peers · -27%

vs. generic bands

Fair

15x–35x

P/E (Trailing)

24.2x

P/B

2.66x

EV/EBITDA

12.0x

PEG

4.12

Dividend Yield

0.65%

What's Good / What's Bad

🟢 What's Going Well2

Valuation below its historical average
At 24.2x the stock trades 47% below its own median of 45.7x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention5

Margins are compressing
EBITDA margin has slipped from 25.0% to 21.0% over 3 years.
Debt is rising
Total debt is up 77% over 3 years — worth checking what it funded.
Return on equity is falling
ROE has dropped from 19.7% to 10.5% — each rupee of shareholder capital earns less than it did.
Return on capital is falling
ROCE has declined from 24.9% to 11.0% — often a sign of competition or overexpansion.
Receivables growing faster than sales
Receivables are up 125% against revenue growth of 80% — customers are taking longer to pay.

Red Flags

5 items require attention · 2 high · 3 watch

🔴Debt has risen sharplyFinancial
Total debt is up 77% over 3 years, from ₹31 Cr to ₹54 Cr.
🔴High leverageFinancial
Debt/Equity of 6.38x — earnings must service borrowings before shareholders see anything.
🟡Interest coverage is deterioratingFinancial
Cover has fallen from 12.1x to 4.6x.
🟡Margins are compressingFinancial
EBITDA margin is down 4.0 points over 3 years.
🟡Receivables growing faster than salesFinancial
Receivables up 125% against revenue up 80% — sales are being booked faster than they are collected.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Priced below its own history
The stock trades 47% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 27% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Margins are being competed away
EBITDA margin has fallen from 25.0% to 21.0%. If the trend continues, profit falls even on flat sales — and margin decline rarely reverses quickly.
Leverage amplifies any setback
Debt/Equity of 6.38x. Interest is payable whether or not the business has a good year.
Sales are being booked faster than collected
Receivables are up 125% against revenue up 80%. If customers keep taking longer to pay, reported profit will not turn into cash — and write-offs follow if some never do.
Returns on shareholder capital are falling
ROE has dropped from 19.7% to 10.5%. Each rupee of equity earns less than it did, so profit growth increasingly depends on raising more capital rather than on the existing base working harder.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 16% a year✓ 21.7% CAGR
Latest reported year was 24.1%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 19%✓ 21.0%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✓ ₹62 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 0.3x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 8%✓ 11.0%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

7 / 12 checks passed

✗ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✓ Generates positive free cash flow
✗ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 6 neutral · 1 weak

Market Cap

₹2,290 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

24.2x

Fair

Fairly valued against the generic band

P/B Ratio

2.66x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹12.68

Profitable

Profitable on a per-share basis

ROE

10.5%

Moderate

Moderate capital efficiency

ROCE

11.0%

Moderate

Moderate return on the capital in the business

Debt/Equity

6.38x

High

High leverage

Revenue Growth (YoY)

24.1%

Healthy

Healthy top-line growth

Profit Growth (YoY)

17.4%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.65%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

₹62 Cr

Cash generative

Generates cash even after funding its capex

More Metrics

CMP

₹306.5

P/E (Forward)

16.9x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

11.1%

Average

Average margins

Net Margin

9.8%

Average

Average bottom-line conversion

Current Ratio

1.34

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

1.10

Market-like

Moves roughly in line with the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

310.0 / 328.5

Bearish alignment (short < long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

37.8

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹502 Cr	₹633 Cr	₹723 Cr	₹905 Cr	+21.7%
EBITDA	₹126 Cr	₹158 Cr	₹172 Cr	₹190 Cr	+14.8%
EBITDA Margin	25.0%	24.9%	23.8%	21.0%	—
PAT (Net Profit)	₹74 Cr	₹67 Cr	₹91 Cr	₹88 Cr	+5.9%
EPS	₹10.76	₹9.53	₹12.85	₹12.14	+4.1%
ROE	19.7%	14.2%	16.8%	10.5%	—
ROCE	24.9%	16.5%	18.6%	11.0%	—
Total Debt	₹31 Cr	₹26 Cr	₹204 Cr	₹54 Cr	+21.0%
Free Cash Flow	₹53 Cr	₹48 Cr	₹92 Cr	₹62 Cr	+5.0%

🟢 Revenue has grown at 21.7% a year over 3 years.

🟢 EBITDA has grown at 14.8% a year over 3 years.

🔴 EBITDA Margin has fallen from 25.0% to 21.0% over 3 years (-4.0 pts).

🟢 PAT (Net Profit) has grown at 5.9% a year over 3 years.

🟢 EPS has grown at 4.1% a year over 3 years.

🔴 ROE has fallen from 19.7% to 10.5% over 3 years (-9.2 pts).

🔴 ROCE has fallen from 24.9% to 11.0% over 3 years (-13.9 pts).

🔴 Total Debt has grown at 21.0% a year over 3 years.

🟢 Free Cash Flow has grown at 5.0% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,372 Cr

Total Liabilities

₹520 Cr

Total Debt

₹54 Cr

Cash & Equivalents

₹55 Cr

Operating Cash Flow

₹118 Cr

Capex

-₹56 Cr

Shareholding (proxy)

Institutional Holding

63.1%

Insider Holding

13.6%

Corporate Actions

Dividend Rate

₹2

Ex-Dividend Date

11 Sept 2026

Analyst Consensus

Recommendations

3 Buy · 0 Hold · 0 Sell

Target Price (Mean)

₹506.67

+65.3% vs CMP

Target Range

₹480 – ₹540

Peer Comparison

Company	P/E	ROE
SUN PHARMACEUTICAL IND L	34.9x	14.5%
CIPLA LTD	31.8x	9.8%
DR. REDDY S LABORATORIES	31.0x	8.8%
APOLLO HOSPITALS ENTER. L	54.3x	22.0%

Recent News

2 positive3 mixed1 general

Medi Assist Healthcare Services (NSEI:MEDIASSIST) Stock Forecast & Analyst Predictions

Simply Wall Street, 07 OctAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Medi Assist Healthcare Services (MEDIASSIST) Share Price Near All-Time Low as Stock Sags 1.02%

Univest, 08 Oct

Medi Assist fixes Sep 11 record date for ₹2 final dividend payout

scanx.trade, 15 OctCapital return

🟢Potentially positiveCash or shares returned to holders. A buyback is only good value if the shares were cheap when bought.

Medi Assist Healthcare Services’ Q4 PAT jumps 51%, operating revenue rises 23%

Upstox, 11 OctResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

MEDIASSIST Forecast — Price Target — Prediction for 2027

TradingView, 26 JunAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Earnings call transcript: Medi Assist Q1 2026 revenue meets forecast as shares fall 5%

Investing.com, 10 AugPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟡Business QualityAdequate11.8/20

🟡Financial HealthAdequate10.3/20

🟡GrowthModest10.9/20

🟡ProfitabilityModerate7.1/15

🟢ValuationAttractive10.7/15

🟡RiskModerate4.7/10

Unremarkable in both directions

A reasonable business at a reasonable price. Nothing here is alarming and nothing is compelling, which usually means the decision rests on things this data cannot see — the industry's direction, management's intent, and what else is available to you. 2 high-severity red flags sit above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 16% a year21.7% CAGR
✓EBITDA margin holds above 19%21.0%
✓Free cash flow remains positive₹62 Cr
✓Debt / EBITDA stays below 2x0.3x
✓ROCE stays above 8%11.0%