Nephrocare Health Services Ltd
We offer comprehensive dialysis care through our network of clinics from diagnosis to treatment and wellness programs including haemodialysis, home and mobile dialysis, supported by pharmacy. We are India's largest dialysis service provider in terms of number of patients served, clinics, cities covered, treatments performed, revenue, and EBITDA (excluding other income) in Fiscal 2025. (Source: F&S Report) In Fiscal 2025, we served 29,281 patients and completed 2,885,450 treatments in India which represented approximately 10% of the total dialysis patients in India. We have a global network of 519 clinics and are the most widely distributed dialysis network in India with an extensive pan-India network of clinics across 288 cities, as of September 30, 2025 (Source: F&S Report) and 21 States and four Union Territories. In the six months period ended September 30, 2025 and Fiscal 2025, 2024, and 2023, our revenue from operations was Rs. 4,735.01 million, Rs. 7,558.12 million, Rs. 5,661.55 million and Rs. 4,372.95 million, respectively, highest amongst major organized dialysis service chains in India (Source: F&S Report). Our Profit / (loss) for the period / year was Rs. 142.28 million, Rs. 670.96 million, Rs. 351.33 million and Rs. (117.89) million in the six months period ended September 30, 2025, Fiscals 2025, 2024 and 2023, respectively. Our EBITDA (excluding other income) has consistently increased and was Rs. 1,103.10 million, Rs. 1,666.37 million, Rs. 996.58 million and Rs. 485.95 million in the six months period ended September 30, 2025, Fiscals 2025, 2024 and 2023, respectively.
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Ownership & Proceeds
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Shareholding
Objects of the Issue
- Capital expenditure by our Company for opening new dialysis clinics in India
- Pre-payment, or scheduled repayment, in full or part, of certain borrowings availed by our Company
- General corporate purposes
Financials
Profit & Loss
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| RevenueCr | 437 | 566 | 756 | 999 | 1,053 |
| Operating ProfitCr | 49 | 101 | 167 | 227 | 242 |
| OPM% | 11.1 | 17.8 | 22.1 | 22.7 | 23.0 |
| PBTCr | -9 | 33 | 87 | 97 | 110 |
| PATCr | -12 | 35 | 67 | 77 | 85 |
| EPS | -68 | 5 | 8 | 8 | 9 |
Balance Sheet
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Equity CapitalCr | 2 | 2 | 2 | 20 | - |
| ReservesCr | 384 | 409 | 579 | 1,096 | - |
| BorrowingsCr | 196 | 268 | 258 | 80 | - |
| Fixed AssetsCr | - | - | 396 | 517 | - |
| Total AssetsCr | 666 | 806 | 996 | 1,471 | - |
Cash Flow
| Financial Year | FY23 | FY24 | FY25 | FY26 | Latest |
|---|---|---|---|---|---|
| Operating Cash FlowCr | 11 | 72 | 135 | 233 | - |
| Investing Cash FlowCr | -78 | -51 | -125 | -410 | - |
| Financing Cash FlowCr | 60 | 27 | 54 | 157 | - |
| Net Cash FlowCr | -4 | 48 | 65 | -21 | - |
Strengths & Risks
- India's and Asia's largest dialysis chain with leadership across our markets.
- Scale coupled with asset-light model driving cost efficiencies and operational excellence.
- Driving clinical excellence and quality through protocols and advanced technology.
- Organic growth augmented by proven track record of acquisitions and integration in India and internationally.
- Patient-centric leadership and seasoned management team backed by marquee investors.
- Driving sustainable dialysis leadership with environmental, social and governance measures.
- Continue to consolidate our leadership position in India.
- Scale operations in existing international markets including through inorganic growth opportunities.
- Expand further in South East Asia, Commonwealth of Independent States and Middle East markets.
- Continue to focus on operating efficiency and leveraging our network scale to drive supply chain benefits and profitability.
- Continue to focus on innovation-led digital healthcare to enhance convenience, efficiency and reach.
- The company derives a portion of its revenue from operations from the company captive clinics, which are defined as the company dialysis clinics operated within private hospital premises under contractual arrangement, and such captive clinics accounted for 36.51%, 43.30%, 51.96% and 62.23% of its revenue from operations in the six months period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, respectively. If the company contracts for operating captive clinics are cancelled or if its unable to renew or retain similar revenue and operational arrangements, the company business may be materially and adversely affected.
- The company operate a number of its dialysis clinics under public private partnership ("PPP") contracts awarded by government agencies through a competitive bidding process. Such contracts accounted for 30.96%, 32.62%, 29.24% and 22.39% of the company revenue from operations in the six months period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, respectively. There can be no assurance that the company will qualify for, or that the company will successfully compete and win such tenders, which could have an adverse impact on the company business prospects, results of operations, financial condition and cash flows.
- Its subject to various operational, reputational, medical and legal risks associated with the operations of the company dialysis services. Failures to establish and comply with appropriate quality standards when performing dialysis services could result in litigation and liability for it and could materially and adversely affect the company reputation and results of operations.
- The company dependent on healthcare professionals and its business will be impacted significantly if the company unable to attract or retain such professionals.
- Its may faces continuing challenges in further expanding the company operations in cities its currently operate in or in other cities internationally that the company strategically intend to commence operations, which could has an adverse effect on its business prospects and future financial performance.
- Business interruption at the company dialysis clinics, either standalone, captive or PPP clinics, could result in significant losses and reputational damage to its business.