Nephrocare Health Services Limited (NEPHROPLUS) Financial Results — Revenue ₹998.8 Cr

Investor Takeaways

Revenue grew 32% YoY to ₹998.8 Cr, driven by domestic clinic additions and international expansion.

Adjusted EBITDA rose 37% YoY to ₹238.2 Cr, reflecting improved operational efficiency.

International revenue share increased to 42%, supported by price hikes and favorable forex.

One-time INR10 Cr ECL provision reduced Q4 margin to 20.9%, causing temporary margin pressure.

Capex increased to ₹165 Cr in FY26, aligned with planned clinic expansion in India and Philippines.

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹998.8 Cr	32%
Net Profit	₹128.3 Cr	N/A
Adjusted EBITDA	₹238.2 Cr	37%
OPM (Q4)	20.9%	N/A
Capex (FY26)	₹165 Cr	N/A

What Changed

Nephrocare Health Services reported FY26 revenue of ₹998.8 Cr, up 32% YoY, and adjusted EBITDA of ₹238.2 Cr, up 37% YoY. The company expanded its clinic network by adding 40-50 Indian clinics and entering the Philippines market, while international revenue share rose to 42% due to price increases and forex tailwinds. A one-time INR10 Cr ECL provision in Q4 reduced margin to 20.9%, though full-year margin remained stable. Capex reached ₹165 Cr in FY26, reflecting disciplined investment in expansion. The firm emphasized long-term growth in the Philippines' fragmented dialysis market, targeting 10-15 new clinics in FY27.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Nephrocare Health Services	N/A	N/A	N/A	6,461.44
Sun Pharmaceutical Industries Limited	41.28	15.11%	20.34%	4,50,643.09
Divi's Laboratories Limited	72.41	16.56%	22.09%	1,79,470.03
Torrent Pharmaceuticals Limited	80.06	N/A	N/A	1,49,108.91

Nephrocare's valuation metrics are not directly comparable to peers due to its healthcare services model, but its market cap is significantly lower than large pharmaceutical peers.