Nephrocare Health Services Ltd

Q4 FY26Healthcare Services

Nephrocare Health Services Q4 FY26 earnings call: Revenue & Margins

Q4 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹694

Market cap₹7.0K Cr

P/E82.3

Updated23 Aug 2026

Read4 min read

What the Q4 FY26 call signalled

2 of 3 strong

RevenueGood growth

MarginMargins steady

CapexCapex planned

The short version

FY26 revenue grew by 32.2% YoY to INR 998.8 crores, driven by higher treatment volumes, clinic utilization, and increased revenue per treatment (RPT). NephroPlus expects a medium-term CAGR growth of 15% to 20% over the next 3-4 years driven by three growth levers: same-clinic growth, new clinic rollout in existing geographies, and new geography/large acquisitions/PPPs.

From Nephrocare Health Services Ltd's Q4 FY26 earnings-call transcript · updated 23 Aug 2026.

Revenue & Sales Performance

Good growth

FY26 revenue grew by 32.2% YoY to INR 998.8 crores, driven by higher treatment volumes, clinic utilization, and increased revenue per treatment (RPT).
Treatment volumes increased 16.6% YoY; active guests up 11.8%.
RPT rose 13.3%, boosted by international market mix increase (32% to 42%), favorable forex, and a 58% price hike in the Philippines.
India plans to add 40-50 new clinics annually; Philippines targeting 12-15 clinics/year.
Clinic expansions focus on treatment volume growth, as per-machine capacity is fixed; new clinics needed for volume increase.
Price hikes are infrequent and stepwise; no significant increases expected next year; growth primarily volume-driven.

2 more points management made on revenue & sales performance

Profitability & Margins

NephroPlus expects a medium-term CAGR growth of 15% to 20% over the next 3-4 years driven by three growth levers: same-clinic growth, new clinic rollout in existing geographies, and new geography/large acquisitions/PPPs.
Revenue growth in FY '26 was strong at 32.2%, with patient volumes and treatment sessions expanding steadily.
Adjusted EBITDA grew 37.6% in FY '26 with margin expansion from 22.8% to 23.8%, indicating improving operational efficiency.
Adjusted PAT grew 74.6% in FY '26 with margin improvement from 9.7% to 12.8%.
Profitability and ROCE are expected to improve as the company scales its platform internationally with higher price points and operational leverage.

2 more points management made on profitability & margins

See what Nephrocare Health Services Ltd said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Capex planned

FY 2026 capex was INR 165 crores, split evenly between India, Philippines, and a bit in Uzbekistan.
Capex per bed: India ~ INR 10-11 lakhs, Philippines ~ INR 40-45 lakhs.
Payback periods: India ~3.5-4 years, Philippines ~1-1.5 years.
Planned clinic additions: India 40-50 new clinics/year, Philippines 12-15 new clinics/year (excluding large PPPs or big acquisitions).
Future investments include expanding Philippines support areas like supply chain management and business development.
Repair and maintenance expenses now flow through operating expenses due to accounting changes.
Exploring Public-Private Partnership (PPP) models in Philippines and India as a strategic growth lever.

2 more points management made on capital expenditure plans

Top-ranked in Healthcare Services

Ranked on what management guided this quarter

5x potential

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2Chandan Healthca₹590 Cr

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3₹66.2K Cr

Rev 2Mar 1

4₹1.8K Cr

Rev 2Mar 2

5₹649 Cr

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Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

The document does not explicitly mention any current or future plans for fundraising through debt or equity. Key relevant points include: - The company is currently in an investment phase in certain geographies like Saudi Arabia, indicating ongoing capital deployment. - Capex guidance includes organic clinic expansions in India (~40-50 clinics) and Philippines (12-15 clinics) without mentioning planned fundraising. - No specific reference to equity issuance or debt raising activities during the Q&A or management commentary.

2 more points management made on fundraising & capital structure

See what Nephrocare Health Services Ltd said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The document does not provide explicit details on the current or expected order book or pending orders for Nephrocare Health Services Limited. However, relevant insights include: - Saudi Arabia tender market: The company is in the investment phase; a new tender was released about a month ago and is at the Expression of Interest (EOI) stage. Final visibility on clinic count or order conversion expected in a few quarters. - PPP contracts: For example, the Uttarakhand PPP contract is under renewal with tendering ongoing; resolution expected in 2-4 months, though delays possible.

2 more points management made on order book & pipeline

Nephrocare Health Services Ltd — Quarterly revenue & net profit

Revenue Net profit Net loss

Dec 2024

Mar 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹266 Cr, net profit ₹30 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What Nephrocare Health Services Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Nephrocare Health Services Ltd Q4 FY26 results?

What is Nephrocare Health Services Ltd share price analysis?

Nephrocare Health Services Ltd currently shows a moderate growth signal based on ranking data. The stock trades at a P/E of 82.3 with a market cap of ₹7,006 Cr. Investors should review the full earnings analysis for detailed insights.

Is Nephrocare Health Services Ltd planning capital expenditure?

FY 2026 capex was INR 165 crores, split evenly between India, Philippines, and a bit in Uzbekistan.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.