NEPHROPLUS
Nephrocare Health Services share price & financials
- Price
- ₹733.75
- Market cap
- ₹7.0k Cr
- Sector
- Healthcare
- Calls analysed
- 3
Nephrocare Health Services Limited Q1 FY27
What went well
- Revenue grew 23.7% YoY to INR282 crores, driven by higher treatment volumes and international expansion.
- Adjusted EBITDA grew 30.7% YoY to INR65 crores, with margins expanding 120 bps to 23.1% due to operating leverage and increased international business share.
- Adjusted PAT grew 41.7% YoY to INR37 crores, with PAT margin improving to 13.1% from 11.4% in Q1 FY26.
What to watch
- Saudi Arabia operations are in an investment phase, with no clear visibility on tender timelines, implying potential for continued losses for 3-4 quarters.
- Depreciation increased due to goodwill amortization from recent acquisitions in the Philippines.
What Nephrocare Health Services Limited does
Nephrocare Health Services (NephroPlus) builds and runs dialysis clinics that provide life-sustaining haemodialysis treatment to chronic kidney disease patients, earning fee-per-treatment revenue from guests who visit its centres roughly three times a week. It operates through a mix of formats: captive clinics inside partner hospitals, standalone brownfield/greenfield clinics, and government-backed public-private-partnership (PPP) clinics, supplemented by home haemodialysis and mobile/on-call dialysis services. Beyond India, the company has expanded into the Philippines, Uzbekistan and Nepal, and entered Saudi Arabia through a joint venture, leveraging its India-honed operating playbook to run clinics in hospital, standalone and PPP settings globally.
Segments
- India
- International
- Dialysis clinics operated globally
- 524 clinics across India, Philippines, Uzbekistan, Nepal and Saudi Arabia
- Global market position
- India's and Asia's largest dialysis network; world's 5th largest by treatment volume
- India clinic network
- 465+ clinics across 290+ cities in 25 states
- India organized-market share
- Over 50% share of India's organized dialysis market; ~79% of clinics located in Tier II/III cities and towns
- International clinic network
- 56 clinics across the Philippines (44, second-largest provider in-country), Uzbekistan (6, across 3 provinces) and Nepal
- Saudi Arabia joint venture
- 51:49 JV with Arabian International Healthcare Holding Company (Tibbiyah); home dialysis license obtained, first clinic in setup
Guidance record · Q1 FY27
what the last two calls moved 10 tracked 3 delivered 1 missed 6 open- International Business Contribution delivered said Q3 FY26 Promised: inching up slowly Q1 FY27: International revenue contribution increased further to 45% in Q1 FY27 from 42% in FY26. Management reiterated that this number will 'continue to inch up slowly'.
- Annual Capex went quiet said Q3 FY26 Promised: Rs. 100-125 crores Q1 FY27: Management did not reference the historical Rs. 100-125 crores range and has previously declined to give FY27 capex guidance. Capex for Q1 FY27 was INR 44 crores, an annualized run-rate of INR 176 crores, suggesting the baseline has shifted upwards to support growth.
- New Clinics (Philippines) revised down said Q4 FY26 Promised: 12-15 gross new clinics per annum Q1 FY27: The company added 7 clinics in the Philippines in Q1 FY27, a strong start for the year. However, management revised the annual guidance slightly downwards to '10 to 15 clinics' from the previous '12 to 15'.
All 10 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 23.7%, net profit up 33.3% against the same quarter last year.
| Line item | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|
| Revenue | 197 | 219 | 228 | 246 | 260 +32% | 266 +21% | 282 +24% |
| EBITDA | 44 | 51 | 48 | 64 | 61 +39% | 51 +0% | 60 +25% |
| Net profit | 20 | 25 | 24 | -9 | 32 +60% | 30 +20% | 32 +33% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +67.9% YTD
YTD: ₹455.8 on 1 Jan 2026 → ₹765.35. High ₹765.35 (11 Sept 2026), low ₹455.8 (1 Jan 2026).
How the price took the results
close before → close after
- Q1 FY27
- −4.7%
- 12 Aug
- Q4 FY26
- −5.5%
- 20 May
- Q3 FY26
- −1.1%
- 18 Feb
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
| Year ending | FY26 |
|---|---|
| Revenue | ₹1.0k Cr |
| Operating profit | ₹224 Cr |
| Operating margin | 22.4% |
| Interest | ₹60 Cr |
| Depreciation | ₹91 Cr |
| Net profit | ₹77 Cr |
| Net margin | 7.7% |
| Cash from operations | ₹233 Cr |
| Free cash flow | ₹113 Cr |
| ROCE | 15.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹2 Cr | ₹2 Cr | ₹2 Cr | ₹2 Cr | ₹4 Cr | ₹20 Cr |
| Reserves | ₹245 Cr | ₹391 Cr | ₹384 Cr | ₹409 Cr | ₹713 Cr | ₹1.1k Cr |
| Borrowings | ₹140 Cr | ₹119 Cr | ₹200 Cr | ₹271 Cr | ₹261 Cr | ₹80 Cr |
| Other liabilities | ₹42 Cr | ₹59 Cr | ₹81 Cr | ₹124 Cr | ₹215 Cr | ₹271 Cr |
| Total liabilities | ₹428 Cr | ₹571 Cr | ₹666 Cr | ₹806 Cr | ₹1.2k Cr | ₹1.5k Cr |
| Fixed assets | ₹192 Cr | ₹205 Cr | ₹239 Cr | ₹356 Cr | ₹475 Cr | ₹517 Cr |
| Capital work in progress | ₹2 Cr | ₹43 Cr | ₹34 Cr | ₹1 Cr | ₹11 Cr | ₹6 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹123 Cr | ₹178 Cr |
| Other assets | ₹234 Cr | ₹322 Cr | ₹393 Cr | ₹449 Cr | ₹585 Cr | ₹767 Cr |
| Total assets | ₹428 Cr | ₹571 Cr | ₹666 Cr | ₹806 Cr | ₹1.2k Cr | ₹1.5k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Dec 2025, DIIs added +0.95 pp while FIIs trimmed −0.52 pp. The shareholder count shrank 35% to 44,091.
- Promoters
- 63.9%
- FIIs
- 8.8%
- DIIs
- 9.1%
- Public
- 18.3%
Since Dec 2025
- DIIs +0.95 pp
- FIIs −0.52 pp
- Public −0.44 pp
How it drifted, 3 quarters
Ownership split by quarter, oldest first. Dec '25: Promoters 63.9%, FIIs 9.3%, DIIs 8.1%, Public 18.7%.Mar '26: Promoters 63.9%, FIIs 9.9%, DIIs 8.6%, Public 17.6%.Jun '26: Promoters 63.9%, FIIs 8.8%, DIIs 9.1%, Public 18.3%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Nephrocare Health Services Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Edoras Investment Holdings Pte Ltd | 28.30% | unchanged |
| Vikram Vuppala | 9.79% | unchanged |
| Bessemer Venture Partners Trust | 8.66% | unchanged |
| Investcorp India Investments Holding Limited | 6.29% | unchanged |
| Healthcare Parent Limited | 5.80% | unchanged |
| Polar Capital Funds Plc - Healthcare Opportunities Global fund house | 5.76% | unchanged |
| Investcorp Private Equity Fund Ii | 5.32% | unchanged |
| International Finance Corporation NBFC / DFI | 3.08% | unchanged |
| Quadria Capital India Fund Iii | 1.88% | unchanged |
| The Prudential Assurance Company Limited Insurer | 1.87% | unchanged |
| VIRAAJ FAMILY TRUST (Trustee Ms. MANJU VUPPALA ) | 1.85% | unchanged |
| MANVI FAMILY TRUST (Trustee Mr. VIKRAM VUPPALA) | 1.77% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in NEPHROPLUS
Filings to Aug 2026
0 new, 1 added, 0 trimmed, 0 sold out — net +0.47 L shares (+3.5%).
- Held by funds
- ₹95 Cr
- 2 schemes
- Biggest holder
- SBI Healthcare Opportunities Fund
- ₹68 Cr · 1.2% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Healthcare Opportunities Fund SBI Mutual Fund | ₹68 Cr | +0.47 L | Dec '25 |
| SBI Children's Fund - Investment Plan (Erstwhile known as SBI Magnum Children's Benefit Fund- IP) SBI Mutual Fund | ₹27 Cr | held | Dec '25 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
1 added, 0 trimmed — net +47,101 shares (+3.5%)
- Funds are sitting on
- +47%
- vs est. average cost
- Held by funds
- ₹95 Cr
- 2 schemes · ≈ 1.5% of the company
- Biggest holder
- SBI Healthcare Opportunities Fund
- ₹68 Cr · 1.2% of that fund
Shares held by these funds +14%
Dec '25 13.45 L shares Jul '26
All earnings calls (3)
Read the Q1 FY27 call →Learn to analyse Nephrocare Health Services Limited
Guides on how to read this kind of business and the numbers that matter.