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Nephrocare Health Services Limited (NEPHROPLUS)

₹614.35 +0.44% last close, 16 Oct

📊 NSE: NEPHROPLUS 🏢 Healthcare Service Provider 📢 Latest filing: 18 Sep 2026 📝 Analysis written: 13 Nov 2025

Q2 FY27 results

📅 Next results: 03 Nov 2026 (board meeting)

Nephrocare Health Services Limited's board meets on 3 Nov 2026 to consider its Q2 FY27 results (July-September 2026).

In its latest reported quarter, Q1 FY27, Nephrocare Health's revenue was ₹282 Cr (+23.6% year on year, +5.9% on the previous quarter), and net profit ₹32.0 Cr (+33.2% year on year); the operating margin was 22.7%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹282	+23.6%	+5.9%
Operating profit	₹63.9	+33.1%	+25.3%
Net profit	₹32.0	+33.2%	+6.6%
EPS (₹)	3.19	-75.6%	+5.3%
Operating margin	22.7%	—	—

Full quarterly financials → Results calendar →

NEPHROPLUS delivery percentage and bulk deals

NSE end-of-day data for Fri, 16 Oct 2026

On Fri, 16 Oct 2026, 59.23% of the NEPHROPLUS shares traded on NSE were taken to delivery, against the stock's own 20-session average of 54.92%. That is close to its usual level. Volume was 0.2 times its average, well below normal. 5 bulk or block deals were reported in NEPHROPLUS in the last 60 days: ₹238 Cr bought and ₹177 Cr sold.

59.23%Delivery, 16 Oct

54.92%Own 20-session average

0.2×Volume vs its average

₹614.35NSE close · +0.44%

Delivery in the last 5 sessions: 47.3% · 53.2% · 52.2% · 55.3% · 59.2%

Date	Side	Counterparty	Value	Price	Quantity	Type
24 Sep	Buy	Polar Capital Funds Plc-Healthcare Opportunities Fund	₹179.47 Cr	₹705.00	2,545,719	Bulk
24 Sep	Sell	Edoras Investment Holdings Pte Ltd	₹59.80 Cr	₹710.18	842,109	Bulk
24 Sep	Sell	Edoras Investment Holdings Pte Ltd	₹59.37 Cr	₹705.03	842,109	Bulk
24 Sep	Buy	Mansi Share And Stock Broking Private Limited	₹58.06 Cr	₹705.24	823,311	Bulk
24 Sep	Sell	Mansi Share And Stock Broking Private Limited	₹57.96 Cr	₹710.45	815,776	Bulk

Delivery across the market →All bulk and block deals →

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

India Ratings upgrades Nephrocare Health Services long-term bank facilities to IND AA-/Stable

🟢 POSITIVE ⭐ 9/10

REGULATORY 📅 18 Sep 2026, 08:56 PM

India Ratings and Research has upgraded Nephrocare Health Services Limited's long-term bank loan rating to 'IND AA-' with a Stable outlook from 'IND A+/Positive', while affirming its short-term rating at 'IND A1+'. The upgrade reflects strengthening financial and business profiles, bolstered by market leadership with over 50% share in India's organized dialysis market. The agency noted NHSL's revenue reached INR 10.0 billion in FY26 with an EBITDA margin of 22.7%, alongside a net cash position following an equity raise in December 2025. Total bank loan facilities rated stand at Rs 2,768.90 million (Rs 276.89 cr).

Long-term bank loan rating upgraded to 'IND AA-/Stable' from 'IND A+/Positive'; short-term rating affirmed at 'IND A1+' across Rs 2,768.90 million in facilities
Consolidated FY26 revenue reached INR 10.0 billion vs INR 7.6 billion in FY25, with EBITDA margin expanding to 22.7%
Cash and equivalents expanded to INR 4.3 billion at FYE26 while debt declined to INR 0.8 billion, turning net cash positive
International operations contributed 42% of consolidated revenue in FY26 (up from 32% in FY25 and 25% in FY24)
Debtor period remained elevated at 116 days in FY26 due to over 60% revenue coming from government schemes and PPP projects

💡 Track working capital collection efficiency and receivable cycles from government/PPP schemes, alongside EBITDA margin performance and international rollout in 2QFY27.

Nephroplus Approves Internal Consolidation of Step-Down Subsidiaries in Philippines

🟡 NEUTRAL ⭐ 3/10

OTHER 📅 18 Sep 2026, 04:35 PM

The Board of Directors of Nephrocare Health Services Limited approved an internal rationalisation and consolidation of its step-down subsidiaries in the Philippines on September 18, 2026. The business is held via Nephrocare Health Services International Pte. Ltd., Singapore, through Nephrocare Health Care Services Philippines, Inc. The restructuring is an internal reorganization under common control, resulting in no change in the company's ultimate economic interest or control. No third-party investors or financial payouts are involved in this exercise.

Board approved restructuring of step-down subsidiaries in the Philippines on September 18, 2026
Consolidation involves no third-party investor or alteration in ultimate economic interest or control
Accounted for as a common-control transaction under applicable accounting standards
Board meeting commenced at 03:20 p.m. IST and concluded at 03:45 p.m. IST

💡 Track subsequent regulatory filings regarding approvals from statutory authorities in India and the Philippines to monitor implementation timelines.

Nephroplus Acquires Dialysis Center Assets in Philippines for PhP 67.2M (~₹10.25 Cr)

🟢 POSITIVE ⭐ 6/10

EXPANSION 📅 14 Sep 2026, 06:34 PM

Nephrocare Health Services Limited announced that its overseas step-down wholly-owned subsidiary, Nephrocare Health Care Services, Philippines Inc., has entered into an Asset Transfer Agreement on September 14, 2026. The subsidiary will acquire the assets of a dialysis center from Renal One Dialysis Corp. located in Bulacan, Philippines. The total consideration is PhP 67,200,000, equivalent to approximately ₹10.25 crores. This marks an international capacity addition, representing about 3.6% of the company's Q1 FY27 (Jun 2026) revenue of ₹281.75 crores.

Overseas subsidiary signed an Asset Transfer Agreement on September 14, 2026, to acquire dialysis center assets.
Deal value is PhP 67,200,000 (approximately ₹10.25 crores at 1 PHP = INR 1.5248).
Asset acquired from Renal One Dialysis Corp., situated in Plaridel, Bulacan, Philippines.
Deal represents ~3.6% of Q1 FY27 revenue (₹281.75 crore) and is an arm's length transaction with no promoter interest.

💡 Watch for the integration timeline of this center and its operational margin contribution in upcoming quarterly disclosures.

NephroPlus Grants 4,01,362 Stock Options Under ESOP 2026 at ₹230 Exercise Price

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 03 Sep 2026, 11:43 AM

Nephrocare Health Services Limited has approved the grant of 4,01,362 Employee Stock Options under the NephroPlus Employee Stock Option Scheme 2026. Each option is convertible into one equity share of face value ₹2 at an exercise price of ₹230 per share. The options have a minimum vesting period of 1 year and an exercise window of up to 5 years post-vesting. This grant is part of employee retention and alignment incentives following its transition to a listed entity.

Approved grant of 4,01,362 Employee Stock Options to eligible employees under ESOP 2026
Exercise price fixed at ₹230 per option against the prevailing market price of ~₹697
Each option converts into one equity share of face value ₹2 upon exercise
Subject to a minimum vesting period of 1 year and an exercise period of up to 5 years from vesting

💡 Track employee benefit expense impact on operating margins in upcoming quarterly financial results and future equity dilution upon exercise.

Nephroplus Acquires 100% of Dialysis Center Almaty in Kazakhstan for ₹11.64 Cr (KZT 561.66M)

🟢 POSITIVE ⭐ 6/10

M&A 📅 01 Sep 2026, 11:46 PM

Nephrocare Health Services Limited has announced that its overseas step-down subsidiary, NEPHROPLUS HEALTH SERVICES KAZAKHSTAN LLP, entered into an agreement to acquire a 100% stake in Dialysis Center Almaty LLP for KZT 561.66 million (approx. ₹11.64 crore). The target operates dialysis centers in Kazakhstan equipped with 34 dialysis machines. Dialysis Center Almaty reported a CY2025 turnover of KZT 527.44 million (approx. ₹10.93 crore), up from ₹9.02 crore in CY2023. This all-cash bolt-on acquisition strengthens the company's renal care footprint in Central Asia.

Acquiring 100% participatory interest in Dialysis Center Almaty LLP for KZT 561.66 million (approx. ₹11.64 crore).
Target operates dialysis centers in Kazakhstan equipped with 34 dialysis machines.
Target reported CY2025 turnover of KZT 527.44 million (approx. ₹10.93 crore), growing from KZT 435.35 million in CY2023.
All-cash consideration funded without related-party involvement.

💡 Track the completion of statutory re-registration in Kazakhstan and subsequent financial consolidation in upcoming quarterly reports.

Nephroplus Subsidiary Faces ₹14.79 Cr Tax and Penalty Demand in Uzbekistan

🔵 WATCH ⭐ 5/10

LEGAL 📅 31 Aug 2026, 07:01 PM

Nephrocare Health Services Limited's wholly-owned subsidiary, Nephrocare Health Services Central Asia LLC (NCA), has received a tax audit assessment order from the Tashkent City Tax Department, Uzbekistan. The order imposes a net additional tax of UZS 14.20 billion (~₹11.50 crore) and a financial penalty of UZS 4.06 billion (~₹3.29 crore), totaling ~₹14.79 crore for the audit period CY2023 to CY2025. The company states the demand stems from a data-reconciliation discrepancy regarding its >90% dialysis income tax exemption and plans to pursue reconciliation and legal remedies, including an appeal.

Aggregate exposure of UZS 18,268,141,892 (~₹14.79 crore), comprising net tax of ~₹11.50 crore and penalties of ~₹3.29 crore.
Tax audit covers operations over a 3-year period from January 1, 2023 to December 31, 2025.
Dispute centers on revenue data reconciliation with the Ministry of Health for claiming corporate income tax exemption.
Order becomes effective within one month, while the company evaluates legal remedies and appeal options.

💡 Track subsequent disclosures on whether the reconciliation with Uzbekistan tax authorities succeeds or if formal appellate proceedings are initiated before the one-month deadline.

NephroPlus Q1 FY27: Revenue Up 23.7% to ₹282 Cr, Adjusted EBITDA Jumps 30.7% to ₹65 Cr

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 19 Aug 2026, 04:55 PM

Nephrocare Health Services Limited (NephroPlus) released its Q1 FY27 earnings call transcript, highlighting strong operational performance. Consolidated revenue rose 23.7% YoY to ₹282 crore, while adjusted EBITDA increased 30.7% YoY to ₹65 crore with margins expanding 120 bps to 23.1%. The company added 26 new clinics in the quarter (19 in India, 7 in Philippines), expanding its global network to 550 clinics across 357 cities in 5 countries. Active guests reached 38,262 (up 13% YoY) with treatments crossing 10.3 lakh sessions at a 74% network capacity utilization.

Q1 FY27 consolidated revenue grew 23.7% YoY to ₹282 crore
Adjusted EBITDA rose 30.7% YoY to ₹65 crore with margins expanding 120 bps to 23.1%
Added 26 clinics (19 in India, 7 in Philippines), reaching a total of 550 clinics across 357 cities
Active guest count increased 13% YoY to 38,262, crossing 10,30,000 treatments in Q1 (+13.3% YoY)
International operations now account for approximately 45% of total revenue

💡 Track capacity additions in India and the Philippines along with network utilization levels (currently at 74%) and reimbursement tariff revisions from government health schemes.

Nephroplus Subsidiary Acquires Philippines Dialysis Center Assets for PhP 75 Million

🟢 POSITIVE ⭐ 5/10

M&A 📅 17 Aug 2026, 01:49 PM

Nephrocare Health Services Limited has announced that its overseas step-down wholly-owned subsidiary, Nephrocare Health Care Services, Philippines Inc., executed an Asset Transfer Agreement on August 17, 2026, to acquire dialysis center assets in Leyte, Philippines. The transaction is with Assumption Dialysis Center for a total consideration of PhP 75,000,000 (Philippine Pesos 75 million). This bolt-on acquisition supports the company's regional expansion in Southeast Asia. Compared against Nephroplus's Jun 2026 quarterly revenue of Rs 281.75 cr, the transaction represents a modest international capacity addition.

Acquisition consideration of PhP 75,000,000 (Philippine Pesos 75 million)
Dialysis center assets located at Daang Maharlika, Brgy. Bunga, Abuyog, Leyte, Philippines
Asset Transfer Agreement dated August 14, 2026, and executed on August 17, 2026
Executed through 100% overseas step-down subsidiary Nephrocare Health Care Services, Philippines Inc.

💡 Track the integration timeline and revenue contribution from Philippines operations in upcoming quarterly disclosures.

6 Resolutions Passed at Nephroplus 17th AGM, Including New 2026 ESOP Scheme

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 13 Aug 2026, 07:13 PM

Nephrocare Health Services (Nephroplus) successfully passed all six resolutions at its 17th Annual General Meeting held on August 12, 2026. Key approvals include the adoption of FY26 financial statements and the introduction of the 'NephroPlus Employee Stock Option Scheme, 2026'. Shareholders also approved a 'Promote Incentive Arrangement' for CMD Vikram Vuppala, despite some institutional dissent (9.62% against). Total voter turnout was high at 82.05% of the 100.56 million shares on record.

Total of 6 resolutions passed, including the adoption of FY26 audited standalone and consolidated financial statements.
Approval of the 'NephroPlus Employee Stock Option Scheme, 2026' as a special resolution to incentivize employees.
Overall voter turnout reached 82.05% of the total 100,559,014 shares on the record date of August 5, 2026.
Resolution 6 regarding the Promote Incentive Arrangement for the CMD passed with 90.38% votes in favor.
Institutional shareholders showed notable dissent on Resolution 2 (14.49% against) and Resolution 6 (9.62% against).

💡 Investors should monitor future filings for the specific terms of the 2026 ESOP scheme to assess potential equity dilution.

Nephroplus to attend MOSL Investor Conference on August 18, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Aug 2026, 11:28 AM

Nephrocare Health Services Limited (Nephroplus) has announced its participation in the MOSL Conference scheduled for August 18, 2026. The event will involve group and one-on-one meetings with institutional investors starting from 11:00 AM IST at Grand Hyatt, Mumbai. The company clarified that discussions will be limited to publicly available information, ensuring no unpublished price-sensitive information (UPSI) is shared. This interaction is part of the company's ongoing investor relations efforts following its transition to a public limited entity.

Investor meeting scheduled for August 18, 2026, starting at 11:00 AM IST
Participation in the MOSL Conference featuring Group and 1*1 meeting formats
Venue confirmed as Grand Hyatt, Mumbai
Company confirms no unpublished price-sensitive information (UPSI) will be discussed

💡 Investors should monitor the exchange filings for any investor presentations or transcripts that may be released following the conference to understand management's outlook on the dialysis service industry.

PhP 71.8 Million Acquisition of Dialysis Center Assets in Philippines

🟢 POSITIVE ⭐ 7/10

M&A 📅 13 Aug 2026, 11:18 AM

Nephrocare Health Services Limited (Nephroplus), through its Philippine step-down subsidiary, has entered into an Asset Transfer Agreement to acquire a dialysis center in Davao City. The total consideration for the identified assets is PhP 71,800,000 (approximately ₹10.5-11 crore). This acquisition from Juan Nephro Dialysis Center is a non-related party transaction and represents a strategic expansion of the company's international renal care network.

Acquisition of identified assets of Juan Nephro Dialysis Center for PhP 71,800,000
Target facility is located in Davao City, Davao Del Sur, Philippines
Transaction executed via Nephrocare Health Care Services, Philippines Inc., a 100% step-down subsidiary
Asset Transfer Agreement (ATA) signed on August 12, 2026
Transaction confirmed as an arm's length deal with no promoter interest

💡 Investors should monitor the company's upcoming quarterly disclosures to assess the revenue contribution from this new international asset and the overall pace of its Southeast Asian expansion.

99% Stake Clarification for Kazakhstan Subsidiary NPHSK LLP

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 12 Aug 2026, 07:40 PM

Nephroplus has issued a clarification regarding its Kazakhstan-based subsidiary, NPHSK LLP, which was incorporated on May 26, 2026. The company corrected its previous disclosure to state that NPHSK LLP is a 99% step-down subsidiary, not 100% wholly owned. The entity was formed through its Singapore-based wholly-owned subsidiary with a total charter capital of KZT 5,000,000 (approximately USD 10,500). This entity is intended to manage and expand the company's dialysis and kidney care network within the Republic of Kazakhstan.

Clarified ownership of NPHSK LLP at 99% via Singapore subsidiary, with 1% held by another participant
Total charter capital for the Kazakhstan entity is KZT 5,000,000 (approx. USD 10,500)
Incorporation completed on May 26, 2026, in the Republic of Kazakhstan
Objective is to establish dialysis centers and provide comprehensive renal care services in the region

💡 Investors should treat this as a routine administrative correction. The key factor to watch is the operational rollout and patient volume growth in the Kazakhstan market over the coming quarters.

Nephroplus 17th AGM: Shareholders Approve ESOP 2026 and CMD Promote Incentive Arrangement

🟡 NEUTRAL ⭐ 4/10

ROUTINE 📅 12 Aug 2026, 06:30 PM

Nephrocare Health Services (Nephroplus) conducted its 17th Annual General Meeting on August 12, 2026, with 74 members in attendance. Key resolutions included the adoption of FY26 audited financial statements and the approval of a new 'NephroPlus Employee Stock Option Scheme, 2026' for employees and subsidiaries. Shareholders also considered a 'Promote Incentive Arrangement' for CMD Vikram Vuppala, linked to a July 2025 agreement. The Statutory Auditor's report for the period was confirmed to be free of any qualifications or adverse remarks.

17th Annual General Meeting held on August 12, 2026, with 74 members attending via video conferencing
Approval sought for the NephroPlus Employee Stock Option Scheme, 2026, covering employees of the company and its subsidiaries
Proposed a Promote Incentive Arrangement for CMD Vikram Vuppala based on an agreement dated July 25, 2025
Statutory Auditor B S R and Co. issued a report with zero qualifications, reservations, or adverse remarks
Meeting concluded at 3:32 PM IST after a 62-minute session starting at 2:30 PM IST

💡 Investors should review the final voting results and the specific terms of the ESOP 2026 scheme and Promote Incentive Arrangement once the scrutinizer's report is published to assess potential equity dilution.

Nephroplus Releases Audio Recording of Q1FY27 Earnings Conference Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 12 Aug 2026, 05:55 PM

Nephrocare Health Services Limited (Nephroplus) has released the audio recording of its investor conference call held on August 12, 2026. The call discussed the company's un-audited standalone and consolidated financial results for the first quarter ended June 30, 2026. As a recently listed entity transitioning from a private to a public limited company, this filing provides transparency into management's commentary on its specialized renal care operations. The recording is accessible via the company's website and the provided URL.

Audio recording of the Q1FY27 earnings call held on August 12, 2026, is now public
Covers financial performance for the quarter ended June 30, 2026
Follows the initial board meeting notification sent on July 24, 2026
The company is maintaining compliance with SEBI Listing Obligations (LODR) Regulations 2015

💡 Investors should listen to the recording to understand management's outlook on dialysis center expansion and the impact of public-private partnerships on future revenue.

23.7% Revenue Growth: Nephroplus Reports ₹281.8 Cr Revenue and 41.7% PAT Growth in Q1 FY27

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 11 Aug 2026, 06:25 PM

Nephroplus reported a strong Q1 FY27 with revenue reaching ₹281.8 crore, a 23.7% YoY increase driven by a 13.3% rise in treatment volumes to 10.31 lakh. Adjusted EBITDA grew 30.7% YoY to ₹65.1 crore, with margins expanding 120 bps YoY to 23.1% due to operating leverage. Adjusted PAT saw a significant jump of 41.7% YoY to ₹36.8 crore. The company reached a milestone of 550 operating clinics across five countries, including 50 clinics in the Philippines.

Revenue increased 23.7% YoY to ₹281.8 crore in Q1 FY27 from ₹227.8 crore in Q1 FY26
Adjusted PAT grew 41.7% YoY to ₹36.8 crore, reflecting strong operating leverage
Total treatments crossed 10.31 lakh, a 13.3% YoY growth from 9.10 lakh
Revenue per treatment (RPT) improved 9.2% YoY to ₹2,733
Network expanded to 550 operating clinics across 5 countries, including a 50-clinic milestone in the Philippines

💡 Monitor the ramp-up of international operations and the impact of the newly launched NephroPlus International Dialysis Academy (NIDA) on mitigating renal nurse staffing challenges.

View All NEPHROPLUS Announcements on Live Market Tracking →

💰 Financial Performance

Geographic Revenue Split

Not disclosed in available documents. The company maintains its Global Corporate Headquarters in Madhapur, Hyderabad, Telangana.

⚙️ Operational Drivers

Operational analysis data not yet available for this company.

📈 Strategic Growth

Growth Strategy

The company is transitioning from a private to a public limited entity (formerly Nephrocare Health Services Private Limited), as evidenced by its listing on BSE (Scrip Code: 544647) and NSE (Symbol: NEPHROPLUS). This transition typically facilitates growth through access to public capital markets for expansion and increased brand visibility.

Products & Services

Dialysis treatments and comprehensive renal care services.

Brand Portfolio

Nephroplus

🌍 External Factors

Industry Trends

The company is operating in the healthcare sector with a focus on nephrology. The industry is evolving towards standardized dialysis care and public-private partnerships, positioning Nephroplus as a specialized service provider in the kidney care segment.

Competitive Moat

The company's moat is built on its specialized focus on nephrology and its established network of dialysis centers. Its transition to a public listed entity (BSE: 544647) provides a competitive advantage in terms of capital access and regulatory transparency.

⚖️ Regulatory & Governance

Industry Regulations

Operations are governed by the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company is currently conducting a Postal Ballot (Notice dated January 05, 2026) to seek member approval for special/ordinary resolutions, ensuring compliance with Section 110 of the Act.

Legal Contingencies

Not disclosed in available documents. While the provided documents contain numerous SARFAESI Act notices (e.g., against Shiva Sal Jayalakshmi Tyres and various individuals), these pertain to third-party borrowers and not Nephrocare Health Services Limited.