NEPHROCARE HEALTH SERV L

Runs a network of standalone dialysis clinics delivering chronic outpatient kidney care, with the core business being the same procedure replicated across geographies. The company operates both own clinics and clinics under public-private partnership contracts with state governments such as Uttarakhand and Andhra Pradesh. Beyond India, it has entered the Philippines, Uzbekistan and is in the investment phase in Saudi Arabia, where a Ministry of Health dialysis tender is at the expression-of-interest stage. International markets command materially higher per-treatment prices than India, and the company is rolling up unorganised clinic operators in those geographies. On costs, materials (consumables such as dialyzers and blood lines) are the largest line at 22.7% of revenue, with employees at 17.2%; depreciation runs at 9.1% and capex at 11.9% of revenue, consistent with an asset-heavy clinic model.