NSE: NEPHROPLUS · BSE: 544647 · ISIN INE428V01029
Nephrocare Health Services Limited stock analysis
Nephrocare Health Services Limited ranks #133 in the TickerSutra evidence-ranked universe with a score of 71/100 and 87% data confidence. The latest captured fundamentals show ROCE of 15.3%, quarterly sales growth of 23.7% and quarterly profit growth of 34.9%.Watchlist candidate
INVESTMENT EVIDENCE
What supports—and challenges—the thesis
Evidence in favour
- Low debt/equity of 0.07×
- Strong CFO/EBITDA of 1.04×
- 31.7% three-year sales CAGR
- Institutional ownership is rising
- CWIP indicates an active capacity pipeline
- No promoter shares are reported as pledged
Risks and constraints
- Valuation is above 40× earnings
Still unresolved: Related-party exposure · Broad media sentiment
FINANCIAL TRAJECTORY
Recent operating history
| Period | Revenue | Operating profit | Net profit | Operating margin |
|---|---|---|---|---|
| 2022 | ₹318cr | ₹16cr | ₹-21cr | 5.0% |
| 2023 | ₹437cr | ₹49cr | ₹-12cr | 11.0% |
| 2024 | ₹566cr | ₹101cr | ₹35cr | 18.0% |
| 2025 | ₹756cr | ₹167cr | ₹67cr | 22.0% |
| 2026 | ₹999cr | ₹225cr | ₹77cr | 23.0% |
| TTM | ₹1,053cr | ₹236cr | ₹85cr | 22.0% |
EXCHANGE EVENT TRIGGERS
Latest corporate disclosures
The Exchange has received the disclosure under Regulation 29(2) of SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011 for Polar Capital Funds PLC
RoutineNephrocare Health Services Ltd - 544647 - Closure of Trading WindowBSE · 25 Sept 2026Trading window shall be closed till 48 hours from the declaration of Unaudited Financial Results of the Company for the quarter and half yearly ended September 30, 2026.
RoutineNephrocare Health Services Ltd - 544647 - Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - IntimationBSE · 22 Sept 2026Pursuant to Reg 30 of the SEBI Listing Regulations, we hereby inform you that the Company has scheduled an investor conference call as per the disclosure annexed herewith.
RoutineNephrocare Health Services Ltd - 544647 - Announcement under Regulation 30 (LODR)-Credit RatingNSE · 19 Sept 2026Pursuant to Reg 30 of SEBI Listing Regulations, we hereby inform the update on Credit Ratings of the Company received from India Ratings and Research Private Limited as per the disclosure ....
RoutineOther Restructuring-XBRLNSE · 18 Sept 2026 · Structured filingNephrocare Health Services Limited has informed the Exchange regarding Other Restructuring
Nephrocare Health Services Limited has informed the Exchange regarding Other Restructuring
Open original XBRL sourceMANAGEMENT COMMENTARY
Signals from filed documents
Our adjusted PAT, after adding back ESOP expense and Saudi JV expense, stood at INR37 crores compared to INR26 crores in Q1 FY26, registering a growth of 41.7%. Adjusted PAT margin also improved to 13.1% from 11.4% in the corresponding period last year, aided by lower finance cost and the benefits of operating leverage. Let me now touch upon some of our key operating metrics.
We will continue to ex pand access to quality dialysis care, strengthen our leadership in India, replicate our proven model internationally, and pursue growth with the same disciplined approach that has defined NephroPlus for these 16 years. We remain confident in our abil ity to grow profitably and efficiently while delivering superior clinical quality in every market we serve. With that, I request Prashant to take
I think I'll take the first one around margin improvement and then I'll request Vikram and Rohit to help on the other two que stions. I think you talk ed about the margin improvement. Yes, we have seen the EBITDA margin improve by 125 basis points.
Have we seen any price hike in India with CGHS price hikes coming through for some of the corporates? Yes, we observed a price increase in the CGHS last year October, and I think Prashant had briefly mentioned that in the dialysis business, price increases on an annual basis are marginal, but on a periodic basis, say a large period of say 8 to 10 years’ time period, there is a lumpy price increase. Nephrocare Health
At a macro level, we have consistently commun icated our growth is driven by three growth levers. The first is increasing guest volumes across our existing clinics through higher utilization of capacity and potential capacity expansion with addition of machines. The second is expanding our footprint within the existing countries through ad dition of new clinics and selective small Nephrocare Health Services Limited A
And sir, lastly, as I'm seeing that rising revenue per treatment for you have been, has been growing for at a CAGR of around 11%. Is it a shift to international markets where realizations are high? Because that mix is also improving for us for the past couple of years.
Throughout the world, except India and Indonesia, dialysis is done in standal one clinics, not inside hospitals, because people with kidney failure are immunocompromised. Clinically and financially, it makes more sense for standalone clinics, but the Indian regulatory ecosystem is still coming to terms with standalone clinics. Because everyone is so used to the hospital-based model, the comfort of the nephrologists,
MANAGEMENT PROMISE LEDGER
Quantified statements on the clock
“And we intend to open a new international market every 12 to 18 months. And that is the extent of what guidance we are providing in terms of our capex plans, more at a strategic level. And any assumption on the tax rate which you can provide for the financial year, so this quarter we saw just a 20% tax.”
HOW TO READ THIS PAGE
Evidence, freshness and limitations
What does the TickerSutra score mean?
The score ranks captured evidence across financial quality, growth, moat and margins, regulatory catalysts, governance, institutional trend and valuation comfort. It is a research-prioritization tool—not a buy recommendation or price target.
Which sources support this page?
Financial history, ownership and pledge data, NSE and BSE filings, annual reports and available earnings-call transcripts are combined here. Use the source trail and original exchange document before relying on a decision-critical fact.
Why can an item be unresolved?
Unresolved means the current captured source window did not provide enough evidence for that check. It does not establish that a risk or relationship is absent.
Maintained by TickerSutra Research · Snapshot updated 29 Sept 2026 · Read the methodology · Read the disclaimer
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