NSE: NEPHROPLUS · BSE: 544647
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. India dialysis clinic services, International dialysis clinic services (42%), Public-private partnership contracts. Asset-heavy, fixed-capacity chronic care delivery with multi-country roll-up model
Exhibit 1: Financial summary, FY26–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY26 |
|---|---|
| Revenue | 999 |
| EBITDA (ex other income) | 227 |
| margin % | 22.7 |
| Owners' profit | 77 |
| EPS, as reported (₹) | 8.48 |
| ROE % · ROCE % | 6.9 · 13.7 |
| Debt / equity (x) | 0.07 |
| Cash from operations | 233 |
| Capex | (119) |
Exhibit 2: Quarterly performance, last 3 quarters
| ₹ crore | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|
| Revenue | 260 | 266 | 282 |
| Profit before tax | 36 | 36 | 45 |
| Net profit | 32 | 30 | 32 |
| EPS (₹) | 3.43 | 3.03 | 3.19 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DR. LAL PATH LABS LTD. | 31,676 | 45.6 | 12.46 | 36.8 | 20.1 | 24.8 | 11.8 | 35.0 |
| VIJAYA DIAGNOSTIC CEN LTD | 14,858 | 79.2 | 15.52 | 41.4 | 18.1 | 16.8 | — | 46.4 |
| METROPOLIS HEALTHCARE LTD | 11,403 | 23.6 | 7.48 | 27.2 | 12.5 | 14.4 | 10.5 | 25.8 |
| THYROCARE TECH LTD | 7,875 | 28.9 | 13.44 | 28.7 | 27.8 | 33.2 | 10.9 | 33.9 |
| NEPHROCARE HEALTH SERV L ◆ | 6,272 | 64.8 | 5.62 | 24.8 | 6.9 | 8.6 | — | 25.3 |
| SURAKSHA DIAGNOSTIC LTD | 1,615 | 45.1 | 6.63 | 16.4 | 12.9 | 11.5 | — | 36.0 |
| KRSNAA DIAGNOSTICS LTD | 1,609 | 16.5 | 1.64 | 8.3 | 10.3 | 8.4 | — | 27.7 |
| 3B BLACKBIO DX LTD. | 1,199 | 20.0 | 3.61 | 14.1 | 18.1 | 22.5 | (8.9) | 52.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 64.8 | 23.6 | 20 of 25 | 21% |
| P/B | 5.6 | 2.1 | 16 of 24 | 35% |
| ROCE | 8.6 | 6.1 | 11 of 29 | 64% |
| ROE | 6.9 | 6.0 | 12 of 24 | 52% |
| Debt / Equity | 0.1 | 0.1 | 13 of 23 | 46% |
| EBITDA margin | 25.3 | 25.6 | 13 of 24 | 48% |
| Market cap | 6272 | 34 | 5 of 30 | 86% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Subsidiary to acquire dialysis centre assets in Philippines | strategic transactions | medium | — | — |
| 21 Oct 2026 · Q2 FY27 earnings call scheduled for November 4, 2026 | board shareholder meetings | low | — | — |
| 12 Oct 2026 · Board meeting on Nov 3 to consider Q2 and H1 FY26 results | results | low | — | — |
| 7 Oct 2026 · Quarterly compliance certificate on dematerialization submitted to exchanges | compliance | minimal | — | — |
| 28 Sept 2026 · FII Polar Capital Funds raises stake in Nephrocare Health to 8.31 percent | ownership changes | medium | — | — |
| 25 Sept 2026 · Trading window closure ahead of Q2 and H1 FY27 results | compliance | minimal | — | — |
| 22 Sept 2026 · NephroPlus to attend PL Capital investor conference on Sep 29 | board shareholder meetings | low | — | — |
| 18 Sept 2026 · NephroPlus long-term bank loan rating upgraded to IND AA- with Stable outlook | credit debt | high | — | — |
| 18 Sept 2026 · Board approves consolidation of Philippines step-down subsidiaries | strategic transactions | medium | — | — |
| 14 Sept 2026 · Philippine subsidiary acquires dialysis center assets for about INR 10.25 crores | strategic transactions | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.