1. Paramount integration completion - Over 95% of group claims and 80% of retail claims are migrated to MAtrix, with full migration targeted in Q2 FY27. Integration has already delivered 330 bps of EBITDA margin improvement, and management expects the combined business to return to its historical 22-23% margin profile as the remaining drag normalizes through FY27.
2. Technology SaaS monetization - Technology revenue grew 55.5% YoY to ₹7.8 crore in Q1 FY27, with seven insurers contracted across the MAtrix, MAven and MAgnum stacks, including the first outcomes-based contract tied to fraud savings. Management targets technology margins at 1.5-2x the traditional TPA business, and the platform already administers over ₹18,000 crore of retail premiums at 29.5% market share.
3. MAven Guard fraud engine - MAven Guard prevented over ₹540 crore of fraud in FY26 and delivered ₹183 crore in savings in Q1 FY27 alone, with 82% of detections purely by AI. The first gain-share contract is signed, so revenue now scales directly with fraud outcomes delivered rather than just claims processed.
4. Mayfair international expansion - Ownership increased to 91.75% with the first technology deployment contract live in Thailand from July 1, 2026, and access to over 50% of travel premiums placed in India. International margins are far superior to India, and the new CEO is dedicated full-time to transforming the business.
5. Government scheme wins - Government revenue grew 35.3% YoY in Q1 FY27 to ₹28.5 crore, now servicing over 31 crore members across 12 states and 4 union territories. This is margin-accretive business with the safest collections, and the company is deeply integrated with the National Health Claims Exchange.
6. NPS Swasthya platform - The scheme is formally notified and live with Tata and Axis Pension Funds, with Medi Assist as the core technology partner and health benefits administrator to PFRDA. The platform is built to scale across the entire NPS membership, creating a new revenue stream from pension fund drawdowns and top-up insurance.
7. Raksha Prime network effect - Raksha Prime delivered zero-wait discharge for over 87,000 members across 6,000 hospitals in Q1 FY27, with 186,000 pre-authorizations processed in under 5 minutes. This drives retention and new wins - over 15% of all cashless discharges now go through Raksha Prime, and network discounts delivered over ₹1,300 crore last year.
8. Retail platform shift - Platform-administered retail premiums reached ₹4,254 crore, representing 29.5% market share, versus just ₹521 crore in the traditional TPA model. This hybrid model expands the addressable premium pool from ₹2,000 crore to over ₹15,000 crore as an HBA.