Please find enclosed herewith Transcript for the Investor Earnings Call held on May 20, 2026.
NEPHROPLUS · price
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Nephrocare Health Services Limited (NephroPlus), India's and Asia's largest dialysis network, reported strong FY26 results. Revenue grew 32% YoY to INR998.8 crores, with adjusted EBITDA up 37% to INR238.2 crores and PAT surging 75% to INR128.3 crores. EBITDA margins expanded by 100 basis points to 23.8% and PAT margins improved by 310 basis points to 12.8%. The company operates 524 dialysis clinics across 5 countries with 37,000 active patients and 38.4 lakh treatments delivered. Management guided for 15-20% revenue CAGR over the next 3-4 years. Key growth levers include same-clinic volume growth, adding 40-50 new clinics annually, and international expansion particularly in Philippines (targeting 12-15 roll-ups) and Saudi Arabia. The company generated INR233 crores operating cash flow and holds INR500 crores cash with improved working capital days from 92 to 83. Q4 had a one-time ECL provision of INR10 crores affecting margins.
Strong operational performance with margin expansion and robust cash generation demonstrates the company's ability to scale profitably. The maintained multi-year growth guidance provides earnings visibility while disciplined capital allocation and improving capital efficiency support sustainable shareholder value creation.