Nephrocare Health Services Ltd(NEPHROPLUS)

NSE: NEPHROPLUSBSE: 544647

₹ 597.8-0.53%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 6,011 crNext results: 3 Nov 2026Website: www.nephroplus.comUpdated: 24 Oct 2026

About

NephroPlus (Nephrocare Health Services Ltd) is India's largest dialysis network and a growing international dialysis services provider, operating 550 clinics across 5 countries and 357 cities as of Q1 FY27. The company delivered FY26 revenue of ₹998.85 crore, growing 32.2% year-on-year, with international markets now contributing ~45% of consolidated revenue. It serves patients through a managed-care model across India, the Philippines, Uzbekistan, Saudi Arabia, and Kazakhstan.^[1][2][3]

Network and operations

550 clinics across 357 cities in 5 countries as of Q1 FY27, up from the prior quarter; 26 clinics added in Q1 FY27 alone (19 in India, 7 in Philippines).^[1]
Philippines network reached 51 clinics across 39 cities in Q1 FY27, crossing the 50-clinic milestone; NephroPlus is the second-largest dialysis provider there.^[1][2]
Uzbekistan footprint stands at 6 clinics across 3 provinces serving 1,400+ guests, including two small clinics opened in the Karakalpakstan region in Q4 FY26.^[2]
First Saudi Arabia clinic at Riyadh Hospital became operational in July 2026; home dialysis commenced and medical operator's license obtained.^[1]
Network utilisation was 74% in Q1 FY27.^[1]

Key operating metrics

Active guests (patients) reached 38,262 in Q1 FY27, up 13.0% year-on-year.^[1]
Dialysis treatments totalled 10,31,084 in Q1 FY27, up 13.3% year-on-year; full-year FY26 treatments were 38,44,658, up 16.6% year-on-year.^[1][2]
Revenue per treatment (RPT) was ₹2,733 in Q1 FY27, up 9.2% year-on-year; FY26 full-year RPT was ₹2,598, up 13.3% year-on-year.^[1][2]
76.5% of patients are on public insurance in Q1 FY27.^[1]

Revenue mix - India vs international

International revenue share reached ~45% of consolidated revenue in Q1 FY27, up from ~30% eighteen months prior and 12% in FY23.^[1][4]
International revenue mix shift was the primary driver of RPT growth: Philippines realises ~$111 per treatment and Uzbekistan ~$72.5, versus India at ~$22.^[4]
FY26 international revenue share was 41.8%, up from 31.8% in FY25; in FY26 the Philippines price per treatment rose 58% effective October 2024, with full-year impact captured in FY26.^[2]

Profitability and returns

Adjusted EBITDA margin was 23.1% in Q1 FY27, up 120 bps year-on-year and 220 bps sequentially from Q4 FY26's 20.9%; margin improvement was partly driven by applying India's procurement platform to international markets.^[1]
Full-year FY26 adjusted EBITDA margin was 23.8%, up 100 bps year-on-year; adjusted PAT grew 74.6% to ₹128.3 crore with margin up 310 bps to 12.8%.^[2]
Annualised adjusted pre-tax ROCE was 21% in Q1 FY27; FY26 full-year ROCE was 22.8%, up 290 bps year-on-year despite capital allocation rising ~46% to ₹165 crore.^[1][2]
Accounts receivable days improved from 121 days to 101 days in Q1 FY27, attributed to digitisation and AI-driven collections work.^[1]

Expansion and capex plans

India target: 40 - 50 gross new clinic additions in FY27; Philippines target: 10 - 15 new clinics per year via acquisitions from an unorganised tail of 550 - 600 clinics.^[1][2]
Saudi Arabia: MoH tender RFI submitted as of Q1 FY27; formal tendering expected within a couple of months, with both Ministry of Health and Ministry of Defense dialysis volumes at stake.^[1][2]
Kazakhstan: subsidiary incorporated in Q1 FY27 to evaluate dialysis opportunities across the country and Central Asia; market has universal coverage and ~$75 price point.^[1]
New international market entry targeted every 12 - 18 months; at any time 3 - 5 countries are under evaluation and 1 - 2 are in active setup.^[1][2]
Cash balance stands at ₹500 crore as of FY26 year-end, available for ROCE-accretive deployment in India and internationally.^[2]

Technology and workforce initiatives

Reformmed.AI, an AI operations monitoring platform, deployed across 50+ clinics as of Q4 FY26, with plans to roll out to the full network.^[2]
NephroPlus International Dialysis Academy (NIDA) launched to train renal nurses qualified to work in any market; first training batch begins in Q3 FY27.^[1]

Recent developments

Q1 FY27: 7 Philippines clinic acquisitions completed in the quarter, taking the Philippines total to 51 clinics; NephroPlus is the second-largest provider in that market.^[1]
July 2026: First Saudi Arabia clinic at Riyadh Hospital became operational; home dialysis services commenced.^[1]
Q1 FY27: Kazakhstan subsidiary incorporated, marking the company's entry into Central Asia as its sixth country of operation.^[1]
Q4 FY26: 8 acquisitions comprising 11 clinics completed in the Philippines during FY26; in Q4 two new clinics opened in Karakalpakstan (Kungrad and Beruniy), Uzbekistan.^[2]

Market Cap

₹6,011 Cr

High / Low

₹781 / 445

Stock P/E

78.0

Price / Book

5.4

Book Value

₹111

EPS

₹7.7

No. of Shares

10.03 Cr

ROCE

13.2%

ROE

6.9%

OPM

15.7%

Debt / Equity

0.07

Sales

₹999 Cr

Net Profit

₹77 Cr

Promoter holding

58.3%

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