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NEPHROPLUS IPO

Nephrocare Health Services Limited

IPO Doc

Start Date10-12-2025

Application Timing10am-5pm

Price Range₹438 - ₹460

Min Qty32

Min. Investment₹14016

Listing Date17-12-2025

Close Date12-12-2025

About Nephrocare Health Services Limited

Nephrocare Health Services Ltd., incorporated in 2010, is one of India’s largest providers of dialysis care, delivering comprehensive renal treatment through a wide network of clinics. The company offers a complete dialysis ecosystem, including diagnosis, haemodialysis, home and mobile dialysis solutions, and wellness programs supported by their in-house pharmacy operations.

As of September 30, 2025, Nephrocare operated 519 clinics, including 51 international centres across the Philippines, Uzbekistan, and Nepal. It also manages the world’s largest dialysis clinic in Uzbekistan. In India, the company is present in 288 cities across 21 States and 4 Union Territories, with nearly 77.53% of centers located in tier II and tier III cities, addressing significant gaps in renal healthcare access.

During FY 2025, Nephrocare served 29,281 patients and completed 28.85 lakh dialysis treatments, representing around 10% of India’s total dialysis patient base. The company continues to expand, supported by 5,562 dialysis machines and strategic partnerships with leading hospital chains such as Max Healthcare, Fortis Escorts, Wockhardt Hospitals, Care Hospitals, Paras Healthcare, and Ruby Hall Clinic.

Why To Invest in Nephrocare Health Services Limited

Nephrocare Health presents a compelling investment opportunity due to its strong market leadership as Asia’s largest dialysis chain and the fifth-largest globally, supported by a widespread presence across India and key international regions. The company has demonstrated robust financial performance, marked by a 34% growth in revenue and a significant 91% rise in profit after tax between FY 2024 and FY 2025, indicating solid operational strength. Its rapid and efficient expansion is driven by an asset-light model that enhances scalability while maintaining cost effectiveness. With rising demand for renal care in India, particularly in underserved tier II and tier III cities, Nephrocare is strategically positioned to benefit from long-term industry tailwinds. Furthermore, the company’s partnerships with leading hospital chains ensure a consistent flow of patients, strengthen brand credibility, and expand its service network, collectively enhancing its growth prospects and investment appeal.

Financial Table

Period Ended	30 Sep 2025	30 Sep 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

Strengths And Risks

Largest Dialysis Network in Asia: Nephrocare is the biggest dialysis chain in Asia, giving it strong market dominance, operational efficiency, and consistent quality of care across its large network of clinics.

Asset-Light and Cost-Efficient Business Model: The company follows an asset-light strategy, allowing it to expand rapidly while keeping capital expenditure low, resulting in better profitability and scalability.

Advanced Technology and Strong Clinical Protocols: Nephrocare uses modern dialysis technology and standardized clinical procedures, ensuring high-quality treatment outcomes and enhanced patient safety.

Proven Expertise in Acquisitions and Integration: The company has a successful track record of acquiring and integrating both domestic and international centers, supporting its inorganic expansion strategy.

Experienced Leadership Backed by Strong Investors: A seasoned management team supported by reputed investors like Bessemer Venture Partners and Investcorp strengthens governance, strategy execution, and long-term growth potential.

Aggressive Valuation: The IPO appears priced on the higher side based on the company’s recent financial performance and the elevated post-issue P/E ratio.

Dependence on Government and Insurance Programs: A considerable portion of revenue relies on government schemes or insurance reimbursements, which are sensitive to pricing changes and policy revisions.

High Competition in the Dialysis Market: Even with strong leadership, Nephrocare faces competition from private hospitals, regional dialysis centers, and emerging specialized healthcare providers.

Pressure from High Finance Costs: Rising borrowing costs have impacted profitability in the latest reporting period, and further financial pressure could affect future margins.

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Company

Astha Credit & Securities Pvt Ltd NSE, BSE & MCX SEBI Reg No:

INZ000187932

Membership ID:

NSE - 12227 BSE-6844 MCX - 40000 NSDL-IN303420 CDSL-94500

CIN:

U65929MP2003PTC016241

SEBI Depository Participant Reg No:

IN-DP-611-2021

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ARN-35911

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We do proprietary trading

Client Bank Account Details:

Sr. No	Name of Bank Account	Bank Account Number	IFSC Code
1	ASTHA CREDIT AND SECURITIES P LTD - USCNBA A/c	00620340000150	HDFC0000062

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NEPHROPLUS IPO

About Nephrocare Health Services Limited

Why To Invest in Nephrocare Health Services Limited