Nephrocare Health Services Limited

Hyderabad, Nov 03: Nephrocare Health Services Limited, Asia’s largest dialysis  network under the brand “NephroPlus” announced its Financial Results for second quarter  and half year ended 30th September 2026. 

EBITDA adjusted for ESOP expenses of Rs. 1.8 crores in Q2FY27, Rs. 2.8 crores in Q2FY26, Rs. 3.1 crores in H1 FY27 and Rs. 5.0 crores in H1 FY26; 

#PAT adjusted for share of loss from JV of Rs. 3.9 crores and ESOP expenses of Rs. 1.8 crores in Q2 FY27, ESOP expenses of Rs. 2.8 crores  and Impact on Finance costs on account of CCPS conversion of Rs. 37.2 crores in Q2 FY26, share of loss from JV of Rs. 7.5 crores and ESOP  expenses of Rs. 3.1 crores in H1 FY27, ESOP expenses of Rs. 5.0 crores and Impact on Finance costs on account of CCPS conversion of Rs.  37.2 crores in H1 FY26. 

Key Q2 & H1 FY2027 Performance Highlights 

▪ H1FY27 revenue of ₹ 585.2 crore, an increase of 23.6% YoY; driven by – o Treatments up 12.6% YoY to 21.01 lakh  and guests up  9.6% YoY to 38,814, alongside a 9.7% YoY increase in revenue per treatment  to ₹2,785

▪ H1FY27 Adjusted EBITDA of ₹ 134.4 crore, an increase of 15.3% YoY o Healthy Adjusted EBITDA margin of 23.0%, while investing in clinical talent  and network expansion; Q2FY27 Adjusted EBITDA up 5.8% QoQ to ₹68.9  crore 

o Adjusted PAT grew 34.7% YoY to ₹76.1 crore; margin  up 107 bps to 13.0% 

▪ Network expanded to 570 clinics across 6 countries with entry into Kazakhstan;  international business now ~47% of revenue 

EBITDA adjusted for ESOP expenses

Commenting on the Q2 & H1FY27 results, Mr. Vikram Vuppala – Chairman & MD said,

“Dialysis market across the World continues to grow due to the increasing burden of Diabetes and  Hypertension as well as improving access due to various interventions. NephroPlus continues to  grow healthily in India and international markets and expect margins to remain in healthy range. 

We are excited to open NephroPlus in Kazakhstan, which will be our 6th market. The two clinics  we acquired are a good starting point for us to better understand the local market nuances before  we start scaling this network in Kazakhstan. 

We have technically qualified in the Saudi Arabia’s Ministry of Health tender. We are one of the 12  Providers who qualified to bid for 4 regions in this tender and hence expect the process to be very  competitive. 

We continue to invest in Strategic initiatives to strengthen our Platform over the long term. One  major initiative is that we recently launched a new NIDA initiative – NephroPlus International  Dialysis Academy. We intend to train lot of nurses from Philippines and India to enable us to expand  in International markets.” 

Mr Rohit Singh, Group Chief Executive Officer said, 

“H1FY27 took NephroPlus into a sixth country, with our network now at 570 clinics across 6  countries. Revenue grew 23.6% year-on-year to ₹585.2 crore and Adjusted EBITDA rose 15.3%  to ₹134.4 crore. We delivered over 21 lakh treatments, up 12.6% YoY, with guest volumes up 9.6%.  Growth came from a combination of new market entries, acquisitions and steady volumes across  our established networks. 

Kazakhstan is our newest market, entered through the acquisition of 2 clinics with 34 machines in  Almaty, giving us a base from which to assess the wider Central Asian opportunity. In the  Philippines, 10 acquisitions during the half took our network there to 55 clinics. In Saudi Arabia,  our Riyadh clinic is now operational and home dialysis has commenced in both Riyadh and  Jeddah. 

Clinically, we are piloting Peritoneal Dialysis in Punjab, with nearly 50 guests onboarded. We have  also begun centre-level analysis of the barriers keeping guests on twice-weekly sessions and of  earlier vascular access, both of which bear directly on guest survival. 

On technology, automated off-hours calling now gathers guest feedback and speeds up query  resolution, while in-house agents are compressing our development and quality assurance cycles  so improvements reach guests sooner. Expansion is only as good as the care it carries.” 

Mr. Prashant Goenka, Chief Financial Officer added,  

“Our India platform keeps delivering, and it continues to carry us across borders into new countries.  International business is now 47% of our revenue. In H1 FY27, revenue grew 23.6% year-on-year,  beating our 15–20% guidance, as we have every single quarter. Adjusted EBITDA grew 15.3%,  and Adjusted PAT grew 34.7%. 

We are investing with discipline. In H1 FY27, we spent ₹102 crore on capex, adding 40 clinics in  India and 11 in the Philippines, and we opened in two new countries, Saudi Arabia and Kazakhstan.  That gives us more ways to grow. We converted 69% of our EBITDA into cash, and with more than  ₹500 crore in liquidity, we have the resources to fund our plans and the confidence to meet our  guidance. 

As we enter new markets, margins and returns will move during the ramp-up. That's the nature of  building something new. But they will stay healthy, because our goal is clear: a scalable global  dialysis platform built for the long term.”