Nephrocare Health Services Limited has informed the Exchange about Transcript
NEPHROPLUS · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Nephrocare (NephroPlus) reported FY26 revenue of INR998.8 crores (up 32% YoY) with adjusted EBITDA of INR238.1 crores (up 37.6%) and PAT of INR128.3 crores (up 74.6%). EBITDA margins expanded by 100 basis points to 23.8%. The company operates 524 clinics across 5 countries and is Asia's largest dialysis network. Management reaffirmed medium-term revenue CAGR guidance of 15-20% over 3-4 years, driven by three growth levers: same-clinic volume ramp-up, new clinic additions (40-50 per year in India, 12-15 in Philippines), and new geography expansion. The international mix increased to 42% of revenue, improving overall revenue per treatment to INR2,598 (up 13.3%). The company generated INR68 crores free cash flow and holds INR500 crores cash. Q4 margins were temporarily impacted by a INR10 crore ECL provision on two aged receivables accounts.
Strong operating leverage with PAT growing faster than revenue reflects the platform's scalability. The expansion in high-realization international markets (Philippines, Uzbekistan) continues to improve revenue quality. The company's focus on disciplined capital allocation (ROCE improved to 22.8%) and working capital improvement (AR days down 14 days) signals healthy underlying business quality.