Nephro Care India Limited (NEPHROCARE)
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Nephro Care's revenue was ₹29.2 Cr (+68.4% year on year, +8.2% on the previous quarter), and net profit ₹1.6 Cr (against a loss a year earlier); the operating margin was 12.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹29.2 | +68.4% | +8.2% |
| Operating profit | ₹3.6 | +503.3% | +61.6% |
| Net profit | ₹1.6 | from loss | +61.0% |
| EPS (₹) | 0.98 | from loss | +60.7% |
| Operating margin | 12.4% | — | — |
NEPHROCARE delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 72.73% of the NEPHROCARE shares traded on NSE were taken to delivery, against the stock's own 20-session average of 70.6%. That is close to its usual level. Turnover was only ₹4 lakh, so a handful of trades can move this figure. Volume was 0.2 times its average, well below normal.
Delivery in the last 5 sessions: 78.2% · 75.0% · 69.2% · 54.2% · 72.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Nephro Care India Limited has submitted its Structured Digital Database (SDD) compliance certificate for the quarter ended September 30, 2026, pursuant to SEBI PIT Regulations. The practicing company secretary confirmed that the company maintained a non-tamperable audit trail capable of retaining records for 8 years. During the quarter, the company was required to capture 1 UPSI-related event and successfully captured 1 event with zero non-compliances noted.
- 100% compliance reported with 1 UPSI event required and 1 event captured during the quarter
- Database maintained internally with audit trail and retention capacity of 8 years
- Zero non-compliances observed during the quarter ended September 30, 2026
- Certified by Saptasikha & Co., Practicing Company Secretary
Nephro Care India Limited has submitted the voting results and Scrutinizer's Report for its 12th Annual General Meeting held on September 25, 2026. All three ordinary resolutions were approved by shareholders with requisite majorities. A total of 97,76,400 votes were polled across 1,64,86,400 total outstanding shares, representing a 59.30% voter turnout. Key approvals included the adoption of audited FY26 financial statements and the re-appointment of directors Dr. Pritam Sengupta and Dr. Sutapa Sen.
- All 3 ordinary resolutions passed with requisite majority at the 12th AGM on September 25, 2026
- Overall voter turnout stood at 59.2998% with 97,76,400 votes polled out of 1,64,86,400 outstanding shares
- Resolution 1 (FY26 financial statements) passed with 100% of votes in favour (97,76,400 votes)
- Resolution 2 (re-appointment of Dr. Pritam Sengupta) received 99.9918% approval (800 votes against)
- Total shareholder base stood at 1,910 as of the cut-off date September 18, 2026
Nephro Care India Limited has announced the closure of its trading window starting October 1, 2026. The closure applies to all Designated Persons ahead of the declaration of the unaudited financial results for the quarter and half year ended September 30, 2026. Trading will resume 48 hours after the declaration of the financial results. The specific date of the Board of Directors meeting to review these results will be notified later.
- Trading window closes on October 1, 2026
- Window remains closed until 48 hours after the announcement of Q2 and H1 FY27 financial results
- Applicable for the financial period ending September 30, 2026
- Board meeting date to declare results will be informed in due course
Nephro Care India Limited has announced the discontinuation of operations at its Dial a Dialysis (DAD) unit located at Salt Lake City, Kolkata, effective September 15, 2026. The closure is driven by regulatory and licensing constraints alongside the non-availability of necessary statutory permissions. The premises will be vacated accordingly, representing a modest operational contraction relative to its 4 operating renal care clinics. The company did not disclose the specific revenue contribution or financial loss stemming from this single unit's shutdown.
- Closure of Dial a Dialysis (DAD) Unit situated at HB-113, Salt Lake City, Kolkata
- Operations will cease and premises will be vacated effective September 15, 2026
- Decision taken due to regulatory constraints and non-availability of requisite statutory licences/permissions
- Financial impact and asset write-down from the unit closure were not disclosed
Nephro Care India Limited responded to a clarification sought by the National Stock Exchange regarding identical Standalone and Consolidated financial results for the quarter ended 30 June 2026. The company explained that its subsidiary, Vivacity Multiple Ventures Private Limited (incorporated 18 December 2025), is currently in a pre-operative stage and has not commenced commercial operations. As a result, the subsidiary reported Total Income of Rs. NIL lakhs and Profit After Tax of Rs. NIL lakhs for the quarter, resulting in identical consolidated figures.
- NSE sought clarification on identical figures in Standalone and Consolidated results for the quarter ended 30 June 2026.
- Subsidiary Vivacity Multiple Ventures Private Limited was incorporated on 18 December 2025 and remains in pre-operative stages.
- Subsidiary recorded Rs. NIL lakhs in Total Income and Rs. NIL lakhs in Profit After Tax during Q1 FY27.
- Company confirmed the subsidiary was fully consolidated in accordance with Schedule III and Ind AS.
Nephro Care India Limited has announced administrative dates for its upcoming 12th Annual General Meeting (AGM). The cut-off date to determine shareholder eligibility for remote e-voting is set for 18th September 2026. The company's share transfer books and register of members will remain closed from 19th September 2026 to 25th September 2026. Remote e-voting is scheduled to take place between 22nd September 2026 and 24th September 2026, ahead of the AGM on 25th September 2026.
- AGM cut-off date for remote e-voting eligibility scheduled for 18th September 2026
- Register of members and share transfer books closed from 19th September 2026 to 25th September 2026
- Remote e-voting window open from 22nd September 2026 (9:00 AM) to 24th September 2026 (5:00 PM)
- 12th Annual General Meeting to be conducted on 25th September 2026 at 4:00 PM
Nephro Care India Limited has announced the schedule for its 12th Annual General Meeting (AGM), which will be held on September 25, 2026, at 4:00 PM. The cut-off date to determine shareholder eligibility for remote e-voting is set for September 18, 2026. The company's share transfer books and register of members will remain closed from September 19, 2026, to September 25, 2026. Remote e-voting will run from September 22, 2026 (9:00 AM) to September 24, 2026 (5:00 PM).
- 12th Annual General Meeting scheduled for September 25, 2026, at 4:00 PM
- Cut-off date for determining remote e-voting eligibility fixed as September 18, 2026
- Book closure period set from September 19, 2026, to September 25, 2026 (both days inclusive)
- Remote e-voting window opens on September 22, 2026 (9:00 AM) and closes on September 24, 2026 (5:00 PM)
Nephro Care India Limited has issued the notice for its 12th Annual General Meeting, scheduled for September 25, 2026, along with its FY 2025-26 Annual Report. On a standalone basis, FY26 revenue from operations increased 92.77% YoY to ₹8,873.48 lakhs, primarily driven by IPD revenue rising to ₹4,330.48 lakhs. FY26 PAT declined 7.42% YoY to ₹336.90 lakhs due to elevated depreciation and expansion-related employee costs. The company also highlighted the milestone of completing its first kidney transplant at Vivacity Multi Speciality Hospital in November 2025.
- FY26 standalone revenue from operations surged 92.77% YoY to ₹8,873.48 lakhs from ₹4,603.11 lakhs in FY25.
- FY26 standalone PAT was ₹336.90 lakhs (down 7.42% YoY from ₹363.89 lakhs) due to higher operating and depreciation costs.
- IPD revenue grew sharply to ₹4,330.48 lakhs in FY26 from ₹1,075.06 lakhs in FY25.
- The 12th AGM is scheduled for Friday, September 25, 2026 at 4:00 PM IST via Video Conference.
- Vivacity Multi Speciality Hospital conducted its first kidney transplant in November 2025.
Nephro Care India reported a strong Q1 FY27 with revenue growing 68.4% YoY to ₹29.19 Cr. The company turned profitable with a PAT of ₹1.61 Cr compared to a loss of ₹0.65 Cr in the year-ago period. Operationally, the company has fully utilized its ₹26.15 Cr IPO allocation for the Vivacity Multi-Specialty Hospital and is restructuring its footprint by exiting Tulip Hospital (Ranchi) while entering a new management agreement for Malda Hospital. A regulatory notice from NSE regarding previous half-yearly filing formats is currently under a waiver application.
- Revenue from operations increased 68.4% YoY to ₹29.19 Cr in Q1 FY27.
- Net Profit stood at ₹1.61 Cr for the quarter, a significant turnaround from a ₹0.65 Cr loss in Q1 FY26.
- Fully utilized ₹26.15 Cr of IPO proceeds for the flagship Vivacity Multi-Specialty Hospital in Kolkata.
- IPD Services revenue grew 103% YoY to ₹15.65 Cr, now contributing over 50% of total revenue.
- Strategic shift in Ranchi: Discontinued Tulip Hospital operations while signing a new collaboration with Stone & Urology Clinic.
Nephro Care India Limited has submitted its statement of utilization of IPO proceeds for the period ending June 30, 2026. The company confirmed there is zero deviation or variation from the objects stated in its prospectus. The statutory auditor, R K Chanani & Associates, has certified the utilization, and the report was reviewed by the Audit Committee and Board on August 7, 2026. The funds are primarily being utilized for setting up a Multi-Speciality Hospital as per the original plan.
- Confirmed 0% deviation or variation in the utilization of funds raised through the IPO.
- Utilization statement covers the period up to June 30, 2026.
- Statutory auditor R K Chanani & Associates issued a formal certificate of utilization.
- Funds are being deployed for the primary object of setting up a Multi-Speciality Hospital.
- The Board of Directors and Audit Committee formally took the statement on record on August 7, 2026.
Nephro Care India Limited reported a strong turnaround in Q1 FY27, with a consolidated net profit of ₹1.60 Cr compared to a loss of ₹0.65 Cr in the same quarter last year. Revenue from operations surged 68% YoY to ₹29.18 Cr, driven by a 103% jump in IPD services revenue. The company has successfully deployed ₹26.15 Cr of its IPO proceeds into the Vivacity Multi-Specialty Hospital. Additionally, the board approved a new management agreement for Malda Hospital and a collaboration in Ranchi, while discontinuing operations at the Tulip Hospital in Ranchi.
- Revenue from operations grew 68.3% YoY to ₹29.18 Cr in Q1 FY27 from ₹17.33 Cr in Q1 FY26.
- Turned profitable with a PAT of ₹1.60 Cr against a net loss of ₹0.65 Cr in the previous year's corresponding quarter.
- Fully utilized ₹26.15 Cr of IPO proceeds for the Vivacity Multi-Specialty Hospital project.
- IPD Services revenue increased significantly to ₹15.65 Cr, contributing over 53% of total revenue.
- Board approved a new Hospital Operations & Management Agreement with Prajatna Healthcare for Malda Hospital.
Financial Performance
Revenue Growth by Segment
Total revenue from operations grew 69.04% YoY to INR 46.03 Cr in FY25 from INR 27.23 Cr in FY24. For H1 FY26, revenue reached INR 39.33 Cr, representing a 38.76% sequential increase over H2 FY25 revenue of INR 28.34 Cr. Segments include OPD Services, IPD Services, and Pharmacy sales.
Geographic Revenue Split
100% of operations are concentrated in Eastern India, specifically West Bengal, with the registered office and clinics located in Kolkata (Saltlake and Bidhan Nagar).
Profitability Margins
Net profit margin for H1 FY26 was 4.93% (INR 1.94 Cr profit on INR 39.33 Cr revenue), slightly down from 5.12% in H2 FY25. Profit Before Tax (PBT) for FY25 was INR 4.83 Cr, a 22.34% decrease from INR 6.22 Cr in FY24, likely due to expansion and IPO-related costs.
EBITDA Margin
EBITDA margin was 16.08% in FY25 (INR 7.40 Cr EBITDA on INR 46.03 Cr revenue), down from 25.12% in FY24. For H1 FY26, the EBITDA margin stood at 12.57% (INR 5.02 Cr), reflecting higher operational costs during the multi-specialty hospital ramp-up.
Capital Expenditure
The company is expanding from 4 to 6 comprehensive renal care clinics by the end of FY26 and is operationalizing its multi-specialty hospital, Vivacity. Total assets increased from INR 20.97 Cr in FY24 to INR 68.28 Cr in FY25, indicating significant capital deployment.
Credit Rating & Borrowing
Not disclosed in available documents. Total current liabilities stood at INR 14.03 Cr as of March 31, 2025.
Operational Drivers
Raw Materials
Pharmacy drugs and consumables represent the primary operational cost, with inventory changes of INR (87.40) Lakhs in FY25 compared to INR 13.22 Lakhs in FY24.
Import Sources
Not disclosed in available documents; however, blood consumables are sourced through enterprises with significant influence in Kolkata.
Key Suppliers
Not disclosed in available documents, though related party disclosures mention blood consumables sourced from an enterprise having significant influence (INR 0.25 Cr in H1 FY26).
Capacity Expansion
Current capacity includes 4 comprehensive renal care clinics; planned expansion to 6 clinics by the end of FY26. The Vivacity multi-specialty hospital is currently reaching operational breakeven.
Raw Material Costs
Changes in inventory of pharmacy, drugs, and consumables were INR (87.40) Lakhs in FY25, reflecting a shift in procurement and stock levels to support higher patient volumes.
Manufacturing Efficiency
Not applicable as a service provider; however, the company focuses on clinical excellence and reaching operational breakeven at its new multi-specialty facility.
Strategic Growth
Expected Growth Rate
38.76%
Growth Strategy
Growth will be achieved by expanding the clinic network from 4 to 6 units by the end of FY26 and scaling the Vivacity multi-specialty hospital to reach operational breakeven. The company is also leveraging its backing from prominent investors like Deepak Parekh to strengthen market confidence in Eastern India.
Products & Services
OPD Services, IPD Services, Renal Care, Dialysis, and Pharmacy/Pharmaceutical sales.
Brand Portfolio
Nephro Care, Vivacity.
New Products/Services
Vivacity multi-specialty hospital is the primary new service offering, expected to contribute significantly to consolidated performance as it scales.
Market Expansion
Targeting 2 additional clinics in the Eastern India region by the end of FY26.
Strategic Alliances
Backed by Deepak Parekh; maintains relationships with enterprises for blood consumables and consultancy.
External Factors
Industry Trends
The healthcare industry in Eastern India is shifting toward integrated multi-specialty models. Nephro Care is positioning itself by transitioning from pure renal care to a multi-specialty hospital model (Vivacity) to capture broader patient demand.
Competitive Landscape
Operates in the multi-specialty healthcare sector in Kolkata, competing with regional hospital chains.
Competitive Moat
Moat is built on specialized clinical excellence in kidney care and a strong reputation in the underserved Eastern India market. This is sustainable due to high switching costs for chronic renal patients and the backing of high-profile investors.
Macro Economic Sensitivity
Sensitive to regulatory policies in the healthcare sector and changes in government health insurance schemes.
Consumer Behavior
Increasing demand for comprehensive renal care and multi-specialty services in the Bidhan Nagar/Saltlake area.
Geopolitical Risks
Not disclosed; operations are entirely domestic within India.
Regulatory & Governance
Industry Regulations
Subject to healthcare standards and regulatory policies; reliance on IT systems makes it sensitive to data protection and telecommunication regulations.
Environmental Compliance
The company prioritizes environmental sustainability and advocates for eco-friendly initiatives, though specific costs are not disclosed.
Taxation Policy Impact
The company recognized a deferred tax liability of INR 30.22 Lakhs in FY25. It accounts for MAT credit where applicable.
Legal Contingencies
INR 0. The company states it has no pending litigations that would impact its financial position as of March 31, 2025.
Risk Analysis
Key Uncertainties
Regulatory policy changes and IT system reliance are the primary uncertainties, with potential to disrupt 100% of digital billing and record-keeping.
Geographic Concentration Risk
100% of revenue is derived from the West Bengal region, making it highly sensitive to local economic and regulatory shifts.
Third Party Dependencies
High dependency on telecommunication and IT service providers for operational continuity.
Technology Obsolescence Risk
The company is currently undergoing digital transformation in patient records; failure to keep pace with healthcare tech could impact competitive positioning.
Credit & Counterparty Risk
Trade payables increased to INR 3.83 Cr in FY25 from INR 1.87 Cr in FY24, indicating increased credit usage from suppliers.
