Nephrocare Health Services Limited
Chennai – Nephrocare Health Services Limited, Asia’s largest dialysis network under the brand “NephroPlus” announced its Financial Results for first quarter ended 30th June 2026.
Consolidated Performance: Q1FY27
Particulars (INR Cr) Q1FY27 Q1FY26 YoY Q4FY26 QoQ
Revenue 281.8 227.8 23.7% 265.6 6.1%
Adj. EBITDA* 65.1 49.8 30.7% 55.4 17.5%
Adj. EBITDA Margin* 23.1% 21.9% 20.9%
Adj. PAT# 36.8 26.0 41.7% 35.1 4.7%
Adj. PAT Margin# 13.1% 11.4% 13.2%
*EBITDA adjusted for ESOP expenses of Rs. 1.3 crores in Q1FY27, Rs. 2.3 crores in Q1FY26, Rs. 1.7 crores in Q4FY26;
#PAT adjusted for share of loss from JV of 3.6 crores, ESOP expenses of Rs. 1.3 crores in Q1 FY27, ESOP expenses of Rs. 2.3 crores in
Q1 FY26 and share of loss from JV of 3.1 crores, ESOP expenses of Rs. 1.7 crores in Q4 FY26
Operational Highlights: Q1FY27
Particulars Q1FY27 Q1FY26 YoY Q4FY26 QoQ
Treatments 10,31,084 9,09,860 13.3% 9,96,074 3.5%
RPT (Revenue Per Treatment) 2,733 2,503 9.2% 2,667 5.2%
Guests 38,262 33,868 13.0% 36,981 3.5%
Key Q1 FY2027 Performance Highlights
• Q1FY27 revenue of ₹ 281.8 crore, an increase of 23.7% YoY; driven by –
• Steady volume growth with treatments up 13.3% YoY to 10.31 lakh (Q1FY26: 9.10 lakh) and guests up 13.0% YoY to 38,262, alongside an 9.2% YoY improvement in revenue per treatment to ₹2,733 (Q1FY26: ₹2,503)
• Q1FY27 Adjusted EBITDA* of ₹ 65.1 crore, an increase of 30.7% YoY; driven by –
• Adjusted EBITDA margin expanded 120 bps YoY to 23.1% (Q1FY26: 21.9%) and improved 220 bps sequentially over Q4FY26 (20.9%), reflecting continued operating leverage
• Adjusted PAT grew 41.7% YoY to ₹36.8 crore (Q1FY26: ₹26.0 crore)
*EBITDA adjusted for Saudi expenses and ESOP expenses
Commenting on the Q1FY27 results, Mr. Vikram Vuppala – Chairman & MD said,
“Dialysis services across the World are mostly delivered by Pure play dialysis networks. In India, today, only 21% of the dialysis services market is served by Pure play dialysis networks. 16 years ago, this number was zero. As the dialysis industry is shifting from Unorganized to Organized, NephroPlus, as the market leader in India stands to gain disproportionately due to its focus on clinical quality, service excellence and patient centricity.
As we all know, the dialysis market is growing fast due to the ever-increasing burden of Diabetes and Hypertension and this additional lever of shift from Unorganized to Organized will help NephroPlus expand across India including the Tier 2/Tier 3 cities and beyond.
As we continue to scale up in existing countries, we are also exploring entry into new countries via strategic acquisitions or long-term partnerships with payors. We will continue to invest in identifying and understanding new geographies where we believe we can make massive impact on dialysis patients’ lives while creating shareholder value in the long term.”
Mr Rohit Singh, Group Chief Executive Officer said,
“Q1 FY27 was a quarter of strong financial performance and continued strategic expansion for NephroPlus. Revenue grew 23.7% year-on-year to ₹282 crore, and EBITDA grew 30.7% YoY to ₹65 crore. Guest volumes grew 13% YoY to 38,262, as we crossed 10,30,000 treatments in the first quarter of this financial year. Our network reached 550 operating clinics across 5 countries, with a significant 50-clinic milestone in the Philippines. NephroPlus continues to demonstrate that it is a dialysis platform made in India for the world.
This past quarter, we launched the NephroPlus International Dialysis Academy (NIDA), an in-house training program based in India and the Philippines, to build a robust pipeline of renal nurses qualified to work anywhere in the world. This will enable us to efficiently staff our international dialysis clinics where hiring renal nurses is a huge challenge. Also, we have undertaken initiatives to increase fistula creation and reduce cross-infections, and have launched the NephroPlus Dialysis Index, a composite health score designed to monitor clinical outcomes at the patient level, which can be aggregated at the Clinic, Cluster, Zone, and Country levels over the next few quarters. Overall, we remain confident in our ability to grow profitably and efficiently while delivering superior clinical quality across every market we serve.”
Mr. Prashant Goenka, Chief Financial Officer added,
“Q1 FY27 reflects the strength of our India platform — operating profitably at some of the lowest price points globally, a solid reflection of the underlying efficiency of our model. This efficiency, combined with high barriers to entry in dialysis care, gives us the confidence to scale into the higher price-point international markets, while preserving margin discipline rather than chasing growth at any cost.
Revenue grew 23.7% year-on-year, while Adjusted EBITDA grew faster at 30.7% and Adjusted PAT faster still at 41.7% — each line outpacing the one above it, a clear signature of operating leverage as platform strength converts scale into higher profitability and returns. Capital continues to be deployed with discipline, keeping us on track for durable, long-term value creation”
About Nephrocare Health Services Limited:
Nephrocare Health Services Limited (NSE: NEPHROPLUS; BSE: 544647) is Asia’s largest dialysis network, owning and operating 550 dialysis centres under the NephroPlus brand. The Company has a strong and growing footprint across India, Nepal, the Philippines, Uzbekistan, and Saudi Arabia, delivering standardized, high-quality dialysis through a scalable and asset-light model.
For more information, contact:
Company: Nephrocare Health Services Limited
Mr. Rohit Aidasani
E-mail: investor.relations@nephroplus.com
Investor Relations: Strategic Growth Advisors
Mr. Sagar Shroff / Mr. Ayush Haria
Contact: +91 98205 19303 / +91 98204 62966
E-mail: sagar.shroff@sgapl.net / ayush.haria@sgapl.net
Safe Harbour statement:
Statements in this document relating to future status, events, or circumstances, including but not limited to statements about plans and objectives, the progress and results of research and development, potential project characteristics, project potential and target dates for project related issues are forward-looking statements based on estimates and the anticipated effects of future events on current and developing circumstances. Such statements are subject to numerous risks and uncertainties and are not necessarily predictive of future results. Actual results may differ materially from those anticipated in the forward-looking statements. The company assumes no obligation to update forward-looking statements to reflect actual results changed assumptions or other factors.
