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NEPHROPLUS - Nephrocare Health Services

📊 NSE: NEPHROPLUS 🏢 Healthcare Service Provider 📅 Last Updated: 11/13/2025 15:25

📢 Recent Corporate Announcements

NephroPlus to Meet Institutional Investors and Analysts on February 24, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 19 Feb 2026, 12:57 PM

Nephrocare Health Services Limited (NephroPlus) has scheduled a series of meetings with institutional investors and analysts on February 24, 2026. The meetings will take place in Mumbai starting from 10:00 AM IST and will include both group and one-on-one interaction formats. The company has explicitly stated that discussions will be limited to publicly available information and no unpublished price-sensitive information (UPSI) will be shared. This is a standard investor relations activity aimed at enhancing market engagement.

Investor and Analyst meetings scheduled for February 24, 2026, in Mumbai
Interaction format includes both Group and 1-on-1 sessions starting at 10:00 AM IST
Company confirms no unpublished price-sensitive information (UPSI) will be discussed
Disclosure made under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

💡 Investors should monitor the company's website or exchange filings for any post-meeting presentations or transcripts that may provide insights into management's future outlook.

NephroPlus Q3 FY26: Maiden Earnings Call Highlights Expansion Across 290+ Cities

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 18 Feb 2026, 05:44 PM

Nephrocare Health Services (NephroPlus) conducted its first earnings call post-listing on December 17, 2025, detailing its dominant position with over 300 hospital partners across 25 states. The company highlighted its transition from 11 years of EBITDA losses to a profitable scale-driven model, capitalizing on the 80% unorganized Indian dialysis market. Management emphasized a 'shop-in-shop' model and selective PPP projects in 4 states to drive growth. With a presence in 290+ cities, the company aims to leverage its fixed-capacity model to capture rising demand from chronic kidney disease.

Operates a massive network across 25 Indian states and 290+ cities with over 300 hospital partners
Achieved operating leverage after 11 years of being EBITDA negative by reaching critical scale
Significant growth runway as 80% of the Indian dialysis market remains unorganized and hospital-run
Diversified revenue through selective PPP projects in 4 states: Andhra, Bihar, Uttarakhand, and Karnataka
Business model focuses on high-frequency, life-sustaining care with a cap of ~85% utilization for emergency capacity

💡 Investors should monitor the pace of new hospital tie-ups and the transition of the unorganized market to organized players. The stock offers a unique monoline healthcare play with high recurring revenue and significant barriers to entry due to scale requirements.

NephroPlus Q3 FY26 Earnings Call: Pan-India Expansion Across 290+ Cities Highlighted

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 18 Feb 2026, 05:39 PM

NephroPlus conducted its maiden earnings call following its December 2025 listing, detailing its dominant position in the Indian dialysis market with operations across 25 states and 290+ cities. The management highlighted a strategic shift from an unorganized market (currently 80%) to organized players, utilizing a 'shop-in-shop' model with approximately 300 private hospitals. After being EBITDA negative for 11 years during its scaling phase, the company is now benefiting from operating leverage and procurement synergies. The company also maintains selective Public-Private Partnerships (PPPs) in four states to drive further growth.

Operates a pan-India network across 25 states and over 290 cities.
Partnered with approximately 300 private hospitals under a revenue-share captive model.
Management identifies significant growth potential as 80% of the Indian dialysis market remains unorganized.
Achieved operating leverage after a long-term 11-year gestation period of aggressive scaling.
Maintains strategic PPP projects in Andhra Pradesh, Bihar, Uttarakhand, and Karnataka.

💡 Investors should monitor the company's pace of new hospital tie-ups and its ability to maintain margins as it scales into Tier-2 and Tier-3 markets. The transition from unorganized to organized market share remains the primary long-term value driver.

Nephroplus Subsidiary Acquires Philippine Dialysis Center Assets for PHP 49.4 Million

🟢 POSITIVE ⭐ 7/10

M&A 📅 12 Feb 2026, 01:36 PM

Nephrocare Health Services Limited (Nephroplus) has announced that its step-down Philippine subsidiary has entered into an Asset Transfer Agreement to acquire a dialysis center. The acquisition involves identified assets from Laurel Kidney Care Dialysis Centre Inc. located in Batangas, Philippines. The total consideration for the transaction is PHP 49,400,000. This move marks a strategic expansion of the company's international footprint in the specialized healthcare and dialysis services market.

Acquisition of dialysis center assets in Laurel, Batangas, Philippines for PHP 49,400,000
Executed through step-down wholly-owned subsidiary Nephrocare Health Care Services Philippines Inc.
Asset Transfer Agreement (ATA) signed with Laurel Kidney Care Dialysis Centre Inc. on February 12, 2026
The transaction is not a related party transaction and involves no special rights like board seats

💡 Investors should view this as a positive step in the company's international expansion strategy. Monitor the company's ability to integrate these assets and scale its operations in the Southeast Asian market.

Nephroplus Releases Audio Recording of Q3 & FY26 Earnings Conference Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 11 Feb 2026, 06:56 PM

Nephrocare Health Services Limited (Nephroplus) has made the audio recording of its Q3 and FY26 earnings conference call available to the public. The call, held on February 11, 2026, discussed the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. This disclosure is a standard regulatory requirement under SEBI Listing Obligations and Disclosure Requirements. Investors can access the recording via the company's official website to review management commentary.

Audio recording of the Q3 FY26 earnings call is now available via a public link.
The call was conducted on February 11, 2026, following the release of financial results.
Covers financial performance for the nine-month period ending December 31, 2025.
Compliance filing made under Regulation 30 and 46(2) of SEBI LODR Regulations.

💡 Investors who missed the live session should listen to the recording to understand management's outlook on the dialysis services market and company growth. No immediate trading action is required based solely on this procedural filing.

NephroPlus Reports 9M FY26 Revenue of ₹733.2 Cr with 23.9% Adj. EBITDA Margin

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 10 Feb 2026, 09:46 PM

Nephrocare Health Services (NephroPlus) reported a strong financial performance for 9M FY26, achieving revenue of ₹733.2 crore and an adjusted EBITDA of ₹175.4 crore. The company maintains a dominant position as Asia's largest dialysis network with 521 clinics globally and a >50% market share in the Indian organized sector. Notably, international operations now contribute approximately 41% of total revenue, reflecting successful expansion into higher-margin markets like Uzbekistan and the Philippines. The company also reported a healthy annualized pre-tax ROCE of 24.7%.

9M FY26 Revenue from operations reached ₹733.2 Cr with an adjusted EBITDA margin of 23.9%.
Global network expanded to 521 clinics across 325+ cities, serving over 36,000 patients.
International revenue salience stands at ~41%, benefiting from higher price points in overseas markets.
Achieved an annualized pre-tax ROCE of 24.7% and a 31% revenue CAGR between FY23-25.
Entry into Saudi Arabia is underway with the first clinic in Riyadh operations-ready and license pending.

💡 Investors should monitor the company's ability to maintain high margins as it scales its international footprint, particularly in Saudi Arabia. The strong ROCE and dominant market share in India make it a key player to watch in the healthcare services sector.

NephroPlus Q3 FY26 Revenue Up 31.7% YoY to ₹259.7 Cr; Adj. PAT Surges 71.3%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 10 Feb 2026, 09:40 PM

NephroPlus reported a robust Q3 FY26 performance with consolidated revenue growing 31.7% YoY to ₹259.7 crore, supported by a 17.7% increase in treatment volumes. Adjusted PAT witnessed a significant jump of 71.3% YoY to ₹34.4 crore, while Adjusted EBITDA margins expanded by 190 bps to 24.3%. The growth is largely attributed to a strategic shift towards international markets, which now contribute 41.1% of total revenue. The company also achieved a healthy annualized RoCE of 24.7%, up from 18.7% in the previous year.

Revenue for Q3 FY26 grew 31.7% YoY to ₹259.7 crore; 9M FY26 revenue reached ₹733.2 crore.
Adjusted PAT for Q3 FY26 surged 71.3% YoY to ₹34.4 crore with a margin of 13.3%.
International revenue contribution increased from 29.5% to 41.1% YoY, boosting revenue per treatment by 17%.
Treatment volumes grew 17.7% YoY to 9.83 lakh treatments in Q3 FY26.
Annualized RoCE (Pre-Tax) improved by 600 bps to 24.7% for FY26.

💡 The company demonstrates strong operational leverage and successful execution of its international expansion strategy, which is margin-accretive. Investors should maintain a positive outlook given the scalable asset-light model and improving return ratios.

Nephroplus Q3 Revenue Rises 16% YoY to ₹1,607 Mn; PAT Recovers to ₹84.5 Mn

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 10 Feb 2026, 09:31 PM

Nephrocare Health Services (Nephroplus) reported a 16.2% YoY revenue growth for Q3 FY26, reaching ₹1,606.64 million. The company returned to a profit of ₹84.52 million this quarter, successfully recovering from a heavy loss in Q2 FY26 which was primarily caused by a one-time non-cash interest expense of ₹371.89 million. This marks the company's first financial disclosure since listing on the BSE and NSE in December 2025. Additionally, the board has strengthened its internal governance by designating Mr. Ravindra Tiwari as Senior Management Personnel.

Revenue from operations increased 16.2% YoY to ₹1,606.64 million in Q3 FY26.
Quarterly PAT stood at ₹84.52 million, a significant recovery from the ₹324.14 million loss in Q2 FY26.
A non-recurring, non-cash interest expense of ₹371.89 million impacted the nine-month bottom line.
Completed IPO of 18.94 million shares in December 2025 at an issue price of ₹460 per share.
Mr. Ravindra Tiwari, Head of Internal Audit with 18 years experience, designated as Senior Management Personnel.

💡 Investors should view the return to profitability positively as the previous quarter's loss was due to a non-recurring accounting item. The steady revenue growth post-listing indicates a healthy operational trajectory in the dialysis services segment.

Nephroplus Q3 FY26: Revenue Up 16% YoY to ₹1,606M; Returns to Profitability Post-IPO

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 10 Feb 2026, 09:15 PM

Nephrocare Health Services (Nephroplus) reported a 16.2% YoY revenue growth to ₹1,606.64 million for the quarter ended December 31, 2025. The company posted a net profit of ₹84.52 million, a significant recovery from the ₹324.14 million loss in the preceding quarter, which was skewed by non-recurring finance costs. This is the company's first financial disclosure since its listing in December 2025, showing normalized operations. Additionally, the board appointed Ravindra Tiwari as a Senior Management Personnel to lead internal audit and risk management.

Revenue from operations increased 16.2% YoY to ₹1,606.64 million in Q3 FY26.
Net profit stood at ₹84.52 million for Q3, recovering from a ₹324.14 million loss in Q2 FY26.
Finance costs normalized to ₹39.64 million in Q3 from ₹410.47 million in Q2 (which included non-cash FVTPL charges).
9M FY26 revenue reached ₹4,654.10 million compared to ₹3,985.85 million in the previous year.
Successfully completed IPO in Dec 2025, raising fresh capital through 7.69 million new shares.

💡 Investors should view the return to profitability as a positive sign that the one-time pre-IPO financial adjustments are now behind the company. The steady revenue growth suggests strong demand in the dialysis segment, making it a key stock to watch for healthcare sector exposure.

Nephroplus Shareholders Approve Director Re-appointment and Auditor Selection with 99.99% Majority

🟢 POSITIVE ⭐ 6/10

MANAGEMENT 📅 07 Feb 2026, 05:36 PM

Nephrocare Health Services Limited (Nephroplus) has announced the successful passage of two key resolutions via postal ballot with near-unanimous shareholder support. The re-appointment of Mr. Om Prakash Manchanda as an Independent Director was approved with 99.9996% of the 82.79 million valid votes cast. Additionally, the appointment of M/s Makarand M. Joshi & Co. as Secretarial Auditor received 99.9997% approval. These results reflect strong alignment between the company's leadership and its shareholder base, including 100% support from institutional investors.

Mr. Om Prakash Manchanda re-appointed as Independent Director with 99.9996% votes in favor.
M/s Makarand M. Joshi & Co. appointed as Secretarial Auditor with 99.9997% approval.
Total valid votes cast reached 82,790,430, representing approximately 82.51% of the total shareholding.
Institutional investors cast 19,532,271 votes, all 100% in favor of both resolutions.
Promoter group participation was high at 97.07% of their holdings, voting entirely in favor.

💡 Investors should view these results as a sign of corporate governance stability and strong shareholder confidence. No immediate action is required as these are routine but essential management approvals.

Nephroplus Subsidiary Acquires Philippines Dialysis Center for PHP 37.7 Million

🟢 POSITIVE ⭐ 7/10

EXPANSION 📅 27 Jan 2026, 10:16 PM

Nephrocare Health Services Limited (Nephroplus) has announced that its step-down subsidiary in the Philippines has acquired a dialysis center in Cauayan. The deal involves an Asset Transfer Agreement with Dialysis Center of Cauayan Inc. for a total consideration of PHP 37,721,600. A separate Memorandum of Agreement ensures joint operations during the transition period for licensing and accreditation. This acquisition marks a strategic expansion of the company's international service network in Southeast Asia.

Total acquisition cost of PHP 37,721,600 for assets in Cauayan, Philippines
Agreement signed with Dialysis Center of Cauayan Inc. (DCCI) on January 26, 2026
Includes a joint operation agreement for the interim period pending license transfers
Expansion executed through step-down subsidiary Nephrocare Health Care Services, Philippines Inc.

💡 This expansion indicates a focus on growing the international footprint in high-demand markets. Investors should monitor the company's revenue contribution from international operations in upcoming quarterly reports.

Nephroplus Approves USD 6 Million Corporate Guarantee for Philippines Subsidiary

🟡 NEUTRAL ⭐ 6/10

EXPANSION 📅 15 Jan 2026, 07:50 PM

Nephrocare Health Services Limited (Nephroplus) has approved the issuance of a corporate guarantee up to USD 6.00 million in favor of Citibank N.A., Philippines. This guarantee is intended to secure working capital facilities for its step-down wholly-owned subsidiary, Nephrocare Health Care Services Philippines Inc. The commitment will be recorded as a contingent liability on the company's balance sheet. This move underscores the company's support for its international operations and growth in the Southeast Asian market.

Corporate guarantee approved for an aggregate amount not exceeding USD 6.00 million
Beneficiary is Nephrocare Health Care Services Philippines Inc., a step-down wholly-owned subsidiary
Guarantee provided to Citibank N.A., Philippines or other overseas lenders
Purpose is to secure working capital facilities for the subsidiary's operations
The guarantee will be recognized as a contingent liability for the parent company

💡 Investors should monitor the operational performance of the Philippines subsidiary to ensure it remains self-sufficient and does not trigger the guarantee. This is a standard procedure for supporting international growth but adds to the company's contingent liabilities.

Nephrocare Health Services Submits SEBI Regulation 74(5) Compliance Certificate for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Jan 2026, 07:40 PM

Nephrocare Health Services Limited has filed its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by KFin Technologies Limited, confirms that the details of securities dematerialized or rematerialized during the quarter ended December 31, 2025, have been furnished to the stock exchanges. This is a standard administrative filing required for all listed entities to ensure shareholding records are accurately maintained. There are no material financial implications or changes to business operations arising from this announcement.

Compliance certificate submitted for the quarter ended December 31, 2025.
Confirmation provided by Registrar and Share Transfer Agent (RTA), KFin Technologies Limited.
Adherence to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018.
Verification of dematerialization and rematerialization of securities completed for the period.

💡 This is a routine regulatory filing with no impact on the company's valuation or fundamentals. No action is required from investors based on this specific announcement.

Nephrocare Health Services (NephroPlus) Updates CIN to L85100TG2009PLC066359 Post-Listing

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 15 Jan 2026, 07:34 PM

Nephrocare Health Services Limited, operating as NephroPlus, has updated its Corporate Identification Number (CIN) following its successful listing on the BSE and NSE. The CIN has changed from U85100TG2009PLC066359 to L85100TG2009PLC066359, where the 'L' signifies its new status as a listed entity. This administrative update was processed by the Ministry of Corporate Affairs as per standard regulatory requirements. The change is purely procedural and has no impact on the company's business operations or financial health.

Corporate Identification Number (CIN) changed from U85100TG2009PLC066359 to L85100TG2009PLC066359.
The change reflects the company's transition from an unlisted to a listed entity on BSE and NSE.
The update has been officially recorded by the Ministry of Corporate Affairs (MCA).
The announcement was made on January 15, 2026, following the listing of equity shares.

💡 This is a routine administrative filing post-listing. No action is required from investors as this does not impact the company's fundamentals or valuation.

Nephroplus Issues Postal Ballot for Director Re-appointment and Auditor Selection

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 07 Jan 2026, 03:46 PM

Nephrocare Health Services Limited (Nephroplus) has initiated a postal ballot process to seek shareholder approval for two key corporate governance matters. The primary resolution is a special resolution for the re-appointment of Mr. Om Prakash Manchanda as an Independent Director. Additionally, the company seeks to appoint M/s Makarand M. Joshi & Co. as its Secretarial Auditor. The voting period is set for 30 days, concluding on February 06, 2026.

Special resolution proposed for the re-appointment of Mr. Om Prakash Manchanda as an Independent Director
Ordinary resolution proposed for the appointment of M/s Makarand M. Joshi & Co. as Secretarial Auditor
Remote e-voting period scheduled from January 08, 2026, to February 06, 2026
Cut-off date for eligibility to vote was Friday, January 02, 2026

💡 Investors should review the explanatory statement regarding the director's re-appointment and ensure they cast their votes before the February 06 deadline. This is a routine governance matter and does not necessitate any immediate change in investment stance.

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.