Nephrocare Health Services Ltd

- There is no explicit mention of any current or planned new fundraising through debt or equity in the provided transcript. - The company maintains a healthy surplus cash position with net debt negative at Rs. 283.6 crore as of 9-month FY ‘26. - Strong cash conversion and operating cash flow of Rs. 153 crores with a 65% cash flow to EBITDA conversion ratio indicates good internal liquidity. - Capital expenditures historically range between Rs. 100-125 crores annually, with focus on ROCE-accretive projects. - The company emphasizes disciplined capital allocation and ROCE as a key metric for investment decisions, favoring organic growth and selective acquisitions over new fundraising. - Any future capital requirements are likely to be directed through internal accruals or strategic partnerships rather than immediate debt/equity raises.

- Historically, NephroPlus invests around Rs. 100-125 crores annually in capital expenditure. - The focus remains on ROCE (Return on Capital Employed) accretive projects for all capital allocation decisions. - Expansion strategy involves doubling down on captive clinics and selectively pursuing PPP projects when economically viable. - Open to acquisitions in existing geographies such as India and the Philippines to increase footprint. - New geography entries (e.g., Saudi Arabia) involve initial investments in team building and infrastructure, with revenue expected to start ramping up a few quarters after commencement. - Capital allocation is disciplined, prioritizing sustainable, long-term financial health over short-term gains. - Clinics investment is modeled based on treatment volumes rather than clinic count. - Operating cash flow and EBITDA conversion remain strong, supporting ongoing organic and inorganic growth plans.

- Patient volumes grew at a CAGR of ~20% from FY ‘23 to FY ‘25 and continued to grow 15% YoY in 9-month FY ‘26. - Treatment volumes increased 17% YoY in 9-month FY ‘26, reflecting network expansion and higher utilization. - Revenue per treatment (RPT) rose steadily, driven by penetration into higher-priced international markets; RPT grew 17% YoY in 9-month FY ‘26. - Overall revenue grew 1.8x from Rs. 437 crores in FY ‘23 to Rs. 733 crores in FY ‘25. - Guidance indicates 15%-20% revenue growth expected over the next 2-3 years. - Incremental growth expected to come from a blend of domestic and international markets, with international revenue share increasing (already 41% in 9-month FY ’26, up from 12% in FY ‘23). - Future expansion includes opening new markets like Saudi Arabia and continued scaling in existing geographies. - Growth driven by steady addition of patients, treatment volume enhancement, and improved RPT.

- Revenue growth is expected at a CAGR of 15%-20% over the next 3-4 years. - Adjusted EBITDA showed a 43.1% YoY growth in Q3 FY ’26 and 52% growth in 9-month FY ’26, with margin expansion indicating operating leverage benefits. - Adjusted PAT grew 71% in Q3 and 103% in 9 months FY ’26, showing strong profitability momentum. - ROCE is improving—from 10% in FY ’24 to 18.7% in FY ’25, expected to reach 24.7% in FY ’26—indicating efficient capital use supporting sustained earnings growth. - Operating cash flow conversion to EBITDA stands healthy at 65%, reflecting strong cash generation capacity. - International business contribution, which has higher margins, is increasing (from 12% in FY ’23 to 41% in 9 months FY ’26), likely boosting overall margins and earnings over time. - Capital allocation remains disciplined, focused on ROCE-accretive projects underpinning long-term profitability and EPS growth.

The transcript on page 23 and surrounding pages does not specifically mention the current or expected order book or pending orders information for Nephrocare Health Services Limited. However, the following related points can be noted: - The company is actively expanding in both domestic (India) and international markets, including new geographies like Saudi Arabia. - They have ongoing projects in line with their RHP (Red Herring Prospectus) targets and continue to pursue acquisitions and partnerships. - New PPP contracts and captive units are being signed to grow the treatment network. - Revenue growth and patient volume increases indicate a strong operational pipeline. - No explicit figures or quantitative data regarding order book or pending orders were provided in the Q&A or management comments. If you need detailed or specific order book data, you may need to refer to formal disclosures or investor communications beyond this call transcript.