Nephrocare Health Services Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹6,183 Cr
- P/E
- 72.66
- ROE
- 8.83%
- PEG
- 0.70
- Price to sales
- 5.87
- Debt to equity
- 0.07
- 52W high / low
- ₹765 / ₹449
- Sales growth (5Y)
- 28.44%
- EBITDA margin
- 22.40%
- Net profit margin
- 7.50%
- Promoter holding
- 58.31%
- Sales (last year)
- ₹1,053 Cr
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.[1]
Guidance scorecard · Q1 FY27 call
What Nephrocare Health Services Ltd's management guided
and where it ranks in Healthcare Services
Healthcare Services
RevenueQ1 FY27 call
20–40%- Focus on platform-level ROCE-accretive investments rather than country-level details; currently in 5 countries, aiming for 10-15 countries in 5-10 years.
- 1. Same center growth (increased utilization)
- 2. Increasing footprint in existing markets (adding new clinics)
- 3. Market expansion via new countries, M&A, and Public-Private Partnerships (PPP).
- Target to open 40-50 clinics annually in India, 10-15 clinics annually in the Philippines, and enter a new international market every 12-18 months.
- Network utilization is key; capacity addition is essential since dialysis machines have fixed treatment cycles limiting volume growth without new centers.
2 more points from Nephrocare Health Services Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Nephrocare Health Services Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Capital expenditure for Q1 FY27 was INR44 crores towards center acquisitions and growth.
- The company intends to open 40 to 50 clinics in India and 10 to 15 clinics in the Philippines every year.
- Plans to enter a new international market every 12 to 18 months.
- Focus on disciplined capital allocation ensuring investments are ROCE accretive at the platform level.
- Current investments include expanding the network, pursuing center acquisitions in both India and international markets, and paying off term loans.
2 more points from Nephrocare Health Services Ltd's call on capex
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FundraisingQ1 FY27 call
See what Nephrocare Health Services Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
- The company anticipates expanding from 5 countries to 10-15 countries over the next 5 to 10 years.
- Growth is driven by three levers: same center growth, footprint expansion in existing markets, and market expansion including M&A and PPP.
- Saudi Arabia market entry depends on winning a nationwide tender, which will determine the number of clinics established.
2 more points from Nephrocare Health Services Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Healthcare Services
on management's own guidance
- Strong growth2
- Strong growth1
- Aster DM Quality Care LtdGood growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Healthcare Services companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 2%+ | ₹903 Cr | — | |
| 2 | 40%+ | Flat | ₹583 Cr | 22.2 | |
| 3 | Aster DM Quality Care Ltd | 20–40% | Up 2%+ | ₹58,782 Cr | 162.9 |
| 4 | 20–40% | Up 0–2% | ₹1,730 Cr | 17.5 | |
| 5 | 20–40% | Up 0–2% | ₹580 Cr | 11.9 | |
| 6 | 20–40% | Flat | ₹1.13L Cr | 53.9 |
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Pro shows every company guiding 40%+ revenue growth →Full Healthcare Services rankingNephrocare Health Services Ltd announcements
All announcements →- Acquisition / mergerNotableNephrocare Health Services Limited's subsidiary acquires dialysis center assets in Philippines
Financials of Nephrocare Health Services Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Nephrocare Health Services Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Dec 2024 | Mar 2025 | Sep 2025 | Dec 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Sales + | 197 | 219 | 246 | 260 | 266 |
| Expenses + | 153 | 168 | 182 | 199 | 215 |
| Operating Profit | 44 | 51 | 64 | 61 | 51 |
| OPM % | 22% | 23% | 26% | 23% | 19% |
| Other Income + | 5 | 4 | 4 | 3 | 12 |
| Interest | 5 | 6 | 45 | 6 | 3 |
| Depreciation | 18 | 19 | 23 | 22 | 26 |
| Profit before tax | 26 | 30 | -1 | 36 | 33 |
| Tax % | 24% | 17% | 1,427% | 11% | 9% |
| Net Profit + | 20 | 25 | -9 | 32 | 30 |
| EPS in Rs | 96.50 | 119.30 | -5.24 | 3.21 | 3.03 |
Financials of Nephrocare Health Services Ltd
Profit & Loss
Annual income statement trend
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Sales + | 286 | 318 | 437 | 566 | 756 | 999 |
| Expenses + | 248 | 302 | 389 | 465 | 589 | 775 |
| Operating Profit | 37 | 16 | 49 | 101 | 167 | 224 |
| OPM % | 13% | 5% | 11% | 18% | 22% | 22% |
| Other Income + | 5 | 10 | 6 | 8 | 14 | 25 |
| Interest | 7 | 10 | 16 | 20 | 21 | 60 |
| Depreciation | 34 | 42 | 47 | 56 | 72 | 91 |
| Profit before tax | 1 | -27 | -9 | 33 | 87 | 97 |
| Tax % | 31% | -21% | 37% | -6% | 23% | 21% |
| Net Profit + | 1 | -21 | -12 | 35 | 67 | 77 |
| EPS in Rs | 3.40 | -106.93 | -58.69 | 169.82 | 321.87 | 7.66 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
Financials of Nephrocare Health Services Ltd
Balance Sheet
Capital structure and asset base
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 2 | 2 | 2 | 2 | 2 | 20 |
| Reserves | 245 | 391 | 384 | 409 | 579 | 1,096 |
| Borrowings + | 140 | 119 | 200 | 271 | 261 | 80 |
| Other Liabilities + | 42 | 59 | 81 | 124 | 153 | 275 |
| Total Liabilities | 428 | 571 | 666 | 806 | 994 | 1,471 |
| Fixed Assets + | 192 | 205 | 239 | 356 | 396 | 517 |
| CWIP | 2 | 43 | 34 | 1 | 6 | 6 |
| Investments | 0 | 0 | 0 | 0 | 51 | 178 |
| Other Assets + | 234 | 322 | 393 | 449 | 542 | 771 |
| Total Assets | 428 | 571 | 666 | 806 | 994 | 1,471 |
Financials of Nephrocare Health Services Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 32 | 14 | 11 | 72 | 135 | 233 |
| Cash from Investing Activity + | -62 | -130 | -76 | -52 | -125 | -410 |
| Cash from Financing Activity + | 36 | 121 | 60 | 27 | 54 | 157 |
| Net Cash Flow | 5 | 6 | -4 | 47 | 65 | -21 |
| Free Cash Flow | -29 | -64 | -62 | -8 | 35 | 113 |
| CFO/OP | 49% | 119% | 14% | 80% | 82% | 116% |
Financials of Nephrocare Health Services Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 101 | 123 | 132 | 131 | 129 | 116 |
| Inventory Days | 65 | 50 | 67 | 53 | ||
| Days Payable | 56 | 70 | 63 | 230 | ||
| Cash Conversion Cycle | 110 | 103 | 137 | 131 | 129 | -61 |
| Working Capital Days | 26 | 55 | 19 | 56 | 27 | 104 |
| ROCE % | -4% | 1% | 8% | 14% | 15% |
Guidance history
How Nephrocare Health Services Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 20–40% | Flat | Planned | — | — |
| Q4 FY26 call → | 20–40% | Flat | Planned | — | — |
| Q3 FY26 call → | 10–20% | Flat | Planned | — | — |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Continue your research
What Nephrocare Health Services Ltd's management said in earlier quarters
Others in Healthcare Services this season
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Consolidated operating revenue for Q2 FY27: ₹28,440 Mn, up 73.0% YoY (Page 15, 16). Key investor presentation takeaways from Narayana Hrudayalaya Ltd's Q2 FY27
- Artemis Medicare Services Ltd (Q2 FY27)
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Q2 FY27 Gross Revenue: ₹3,219 Cr, up 20% YoY (Page 4, 17) . Key investor presentation takeaways from Max Healthcare Institute Ltd's Q2 FY27 investor presentatio