Incorporated in 2010, Nephrocare Health Services Ltd. provides end-to-end dialysis care through a wide network of clinics across India and select international markets. The company offers services including diagnosis, haemodialysis, home and mobile dialysis, and wellness programs, supported by an in-house pharmacy.
As of Sep 30, 2025, Nephrocare operated 519 clinics with 51 across the Philippines, Uzbekistan, and Nepal. This includes the world’s largest dialysis clinic in Uzbekistan. In India, the company had a presence across 288 cities in 21 States and 4 Union Territories. Approximately 77.53% of its clinics were located in tier II and tier III cities, addressing a critical need in underserved regions.
During Fiscal 2025, Nephrocare served 29,281 patients and completed 2,885,450 dialysis treatments, accounting for roughly 10% of the country’s total dialysis patient base. Additionally, by Sep 30, it has served 31,046 patients and completed 1,591,377 treatments in India. As of Sep 30, 2025, the company has 5,562 dialysis machines.
Nephrocare has formed strategic partnerships with established hospital chains such as Max Super Speciality Hospital, Fortis Escorts Hospitals, Care Hospitals, Wockhardt Hospitals, Paras Healthcare, The Calcutta Medical Research Institute, Jehangir Hospital, and Ruby Hall Clinic to operate in-house dialysis centers.
Competitive strengths
Nephrocare Health Services Ltd.’s revenue increased by 34% and profit after tax (PAT) rose by 91% between the financial year ending with March 31, 2025 and March 31, 2024.
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 1,193.68 | 996.46 | 806.02 | 666.23 |
| Total Income | 483.97 | 769.92 | 574.72 | 443.26 |
| Profit After Tax | 14.23 | 67.10 | 35.13 | -11.79 |
| EBITDA | 110.31 | 166.64 | 99.66 | 48.60 |
| NET Worth | 716.06 | 594.21 | 423.55 | 384.73 |
| Reserves and Surplus | 704.14 | 578.68 | 408.57 | 383.50 |
| Total Borrowing | 207.04 | 225.80 | 243.37 | 196.21 |
| Amount in ₹ Crore | ||||
KPI as of Mon, Mar 31, 2025.
| KPI | Values |
|---|---|
| ROE | 13.45% |
| ROCE | 18.67% |
| RoNW | 13.19% |
| PAT Margin | 8.88% |
| EBITDA Margin | 22.05% |
| Price to Book Value | 7.72 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 7.24 | 2.84 |
| P/E (x) | 63.52 | 162.19 |
The Company Nephrocare Health IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:
| S.No. | Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|---|
| 1 | Capital expenditure by the Company for opening new dialysis clinics in India | 129.11 |
| 2 | Pre-payment, or scheduled repayment, in full or part, of certain borrowings availed by the Company | 136.00 |
| 3 | General corporate purposes |
| IPO Date | Wed, Dec 10, 2025 to Fri, Dec 12, 2025 |
| Listing Date | [.] |
| Face Value | ₹2 per share |
| Issue Price Band | ₹438 to ₹460 per share |
| Lot Size | 32 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Employee Discount | ₹41.00 |
| Total Issue Size | 1,89,35,819 shares (aggregating up to ₹871.05 Cr) |
| Fresh Issue | 76,82,717 shares (aggregating up to ₹353.40 Cr) |
| Offer for Sale | 1,12,53,102 shares of ₹2 (aggregating up to ₹517.64 Cr) |
| Share Holding Pre Issue | 9,26,50,799 shares |
| Share Holding Post Issue | 10,03,33,516 shares |
Vikram Vuppala, Bessemer Venture Partners Trust, Edoras Investment Holdings Pte. Ltd., Healthcare Parent Limited, Investcorp Private Equity Fund II and Investcorp Growth Opportunity Fund are the company promoters.
| Share Holding Pre Issue | 78.90% |
| Share Holding Post Issue | 71.49% |
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