Nephrocare Health Services LimitedPharmaceuticals & HealthcareNEPHROPLUS
Q1 FY27 concall · earnings callNephrocare Health Services Limited
NephroPlus delivered strong Q1 growth with revenue up 23.7% and continued strategic expansion into new cities and countries, driven by its scalable platform model focused on quality, accessibility, and affordability of dialysis care.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Revenue | ₹282 Cr | 23.7% | |
| Adjusted EBITDA | ₹65 Cr | 30.7% | |
| Adjusted EBITDA Margin | 23.1% | 120 basis points | |
| Active Guests | 38,262 | 13% | |
| Treatments Delivered | 10.3 lakh | 13.3% | |
| Network Clinics | 550 | — | |
| Revenue Per Treatment (RPT) | INR2,733 | 9.2% | |
| Annualized Adjusted ROCE | 21% | — |
TL;DR
- Revenue grew 23.7% YoY to INR282 crores, with adjusted EBITDA up 30.7%.
- Active guests (patients) grew 13% to 38,262, and treatments delivered grew 13.3% to 10.3 lakh.
- Network expanded by 26 clinics to a total of 550 across 5 countries and 357 cities.
- International operations now contribute around 45% of revenue.
- Adjusted EBITDA margin expanded 120 basis points YoY to 23.1%.
- Management maintains medium-term growth guidance of 15% to 20%.
Said on the call
“Simply, NephroPlus is a dialysis platform built in India for the world.”
From the Q&A
| Topic | What management said |
|---|---|
| Margin Improvement Drivers | Management stated the 125 bps EBITDA margin improvement was largely due to COGS efficiency gains from applying the India procurement platform to international markets with higher price points. |
| Center Growth and Productivity | Explained that capacity utilization is optimized at a clinic-by-clinic level, not macro, and that highly utilized clinics (~85%) have limited room for more guests, necessitating capacity addition for growth. |
| Saudi Arabia Investment Phase | Clarified that losses from the Saudi JV (INR~3 crores) are expected to continue as it's an investment phase for a future tender; breakeven is not based on adding a few clinics but on winning a large, binary tender. |
| Working Capital and AR Days | Noted that working capital is structurally high due to government payments but reported AR days improved from 121 to 101 days YoY due to digitization and AI initiatives. |
| Revenue Per Treatment (RPT) Growth | Attributed the 9.2% YoY RPT growth primarily to a higher mix of international business and a one-time 55-60% price increase in the Philippines in October 2024, cautioning that such CAGR is not expected to continue forever. |
| Depreciation Trends | Attributed a sequential decline in depreciation/amortization to better asset tracking via RFID reducing machine replacements, offset slightly by amortization from recent Philippines acquisitions. |
| Platform vs. Country Reporting | Management emphasized they view NephroPlus as a platform story, not a country-level story, and will not provide same-store-sales or detailed country splits, aligning with how global dialysis players report. |
Guidance
- Medium-term growth guidance of 15% to 20% over the next three to five years.
- Intend to open 40 to 50 clinics in India every year.
- Intend to open 10 to 15 clinics in the Philippines every year.
- Aim to add a new international market every 12 to 18 months.
Source
Summary written from the transcript filed by Nephrocare Health Services Limited for the call held on 12 Aug 2026; published 19 Aug 2026, 20:14 IST.
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