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Nephrocare Health IPO
Nephrocare Health Services Ltd
₹14,016 /32 sharesMinimum Investment
Nephrocare Health IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 10 Dec ‘25 - 12 Dec ‘25 | ₹14,016 | 32 | ₹438 - ₹460 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 871.05 Cr | RHP PDF | 15 Dec ‘25 | 17 Dec ‘25 |
| Face value |
|---|
| 2 |
About Nephrocare Health
Founded in
2009
MD/CEO
Mr Vikram Vuppala
Parent organisation
Nephrocare Health Services Ltd
Strengths & Risks of Nephrocare Health
Strengths
Risks
Nephrocare Health Services claims to be India’s largest dialysis services provider in FY25 by patients served, clinics, cities covered, treatments performed, revenue, and EBITDA (excluding other income), and states it was 4.4x the next-largest organised provider in India by FY24 operating revenue (F&S report). It also states it was the largest dialysis provider in Asia in 2025 and the fifth largest globally by the number of treatments performed in FY25, and that it led the Indian organised dialysis market in FY25 with over 50 percent share by treatments and about 50 percent share by revenue (F&S report).
Nephrocare Health Services claims to have scaled from one clinic in 2010 to 519 clinics across India, Nepal, the Philippines, and Uzbekistan as of September 30, 2025, with presence in 328 cities, using a mix of greenfield, brownfield, and public-private partnership (PPP) formats (80/259/180 clinics, respectively). It also states it follows an asset-light approach, with 52.41 percent of clinics operating under a revenue-sharing model as of September 30, 2025. The company further claims cost efficiencies through centralised procurement and scale-based supplier negotiations, and reports that consumables as a share of revenue from operations declined from 32.59 percent in FY23 to 29.78 percent in FY24, 25.69 percent in FY25, and 23.05 percent for the period ended September 30, 2025.
Nephrocare Health Services claims it drives clinical quality through its “RenAssure” dialysis protocols, which it states cover each stage of treatment, are updated for new research, and are implemented across its clinic network, with adaptations made for different countries’ dialysis systems. The company also claims it is supported by an advisory team of clinical experts and runs internal training, including its “Enpidia” academy, which it states offers a 24-month diploma and is accredited by the Board of Nephrology Examiners Nursing Technology (BONENT). It further claims to use proprietary technology such as “Renova” (a cloud-enabled dialyzer reprocessing system) and clinic/patient applications, and reports that it has a registered ethics committee and was involved in five clinical trials as of September 30, 2025.
Nephrocare Health Services claims it runs environmental, social, and governance (ESG) initiatives tied to its dialysis operations, including solar panels at its normal saline plant in Uzbekistan and a clinic waste program that it says reduced plastic bin-cover use by 25 percent to 30 percent and eliminates over 18 tonnes of plastic waste per year; it reports this was implemented in over 295 clinics as of September 30, 2025. It also states it provides dialysis through PPPs for below-poverty-line patients, and reports creating jobs and training technicians in tier II and tier III cities, with 45.17 percent of its workforce being female as of September 30, 2025.
The company has witnessed a consistent increase in its revenue from operations. It increased from Rs 437.29 crore in FY23 to Rs 566.15 crore in FY24 and Rs 755.81 crore in FY25.
Nephrocare Health Services derives a significant share of revenue from “captive clinics” (dialysis clinics operated within private hospital premises under contracts). They accounted for Rs 172.87 crore (36.51 percent) of the company’s revenue for the period ended September 30, 2025; Rs 327.24 crore (43.30 percent) in FY25; Rs 294.19 crore (51.96 percent) in FY24; and Rs 272.12 crore (62.23 percent) in FY23. The term of these contracts typically ranges from seven to 15 years. Any adverse change in contract terms, renewals, or the business/reputation of partner hospitals can negatively impact the company’s business, results of operations, and financial condition.
Nephrocare Health Services derives a significant share of revenue from PPP contracts awarded through competitive government tenders. They accounted for Rs 146.58 crore (30.96 percent) of the company’s revenue for the period ended September 30, 2025; Rs 246.56 crore (32.62 percent) in FY25; Rs 165.56 crore (29.24 percent) in FY24; and Rs 97.93 crore (22.39 percent) in FY23. Any inability to win/renew tenders, changes in government policies or reimbursement rates, tender delays/cancellations, or penalties/blacklisting can negatively impact the company’s business, cash flows, and financial condition.
Nephrocare Health Services’ growth is increasingly linked to expanding into new cities and countries, which adds execution and regulatory complexity across India, Nepal, the Philippines, and Uzbekistan. The Philippines, in particular, accounted for Rs 143.70 crore (30.35 percent) of the company’s revenue for the period ended September 30, 2025; Rs 166.54 crore (22.03 percent) in FY25; Rs 68.12 crore (12.03 percent) in FY24; and Rs 34.33 crore (7.85 percent) in FY23. Any adverse political, social, economic, legal, or currency-related developments in overseas markets can negatively impact business results and cash flows.
The company is exposed to interest rate risk because part of its borrowing is at variable rates, and higher rates can increase debt servicing costs and reduce profitability. It also faces foreign exchange risk because revenue from operations outside India accounted for Rs 189.22 crore (39.96 percent) of the company’s total revenue for the period ended September 30, 2025; Rs 240.31 crore (31.79 percent) in FY25; Rs 134.62 crore (23.78 percent) in FY24; and Rs 51.18 crore (11.70 percent) in FY23. A portion of income and expenses is in currencies such as the Uzbekistan som (UZS) and the Philippine peso. Any adverse movement in interest rates or foreign currency exchange rates can negatively impact the company’s results of operations, cash flows, and financial condition.
Nephrocare Health Services Limited has a similar name to a listed company, Nephro Care India Limited, despite having no legal, operational, management, ownership, or business association with it. This similarity can create investor confusion, including the risk that some investors may subscribe to or trade in shares of Nephro Care India Limited under the mistaken belief that they relate to Nephrocare Health Services. Any adverse events linked to Nephro Care India Limited could also be incorrectly attributed to Nephrocare Health Services, which can harm reputation and investor perception.
Nephrocare Health Services faces working-capital risk from delays and denials in collections from insurers, third-party administrators, public sector undertakings, and corporates, which can increase financing needs and lead to write-offs. As of September 30, 2025, the company reported trade receivables of Rs 328.67 crore, up from Rs 266.42 crore in FY25, Rs 202.67 crore in FY24, and Rs 158.50 crore in FY23. Loss allowances stood at Rs 36.11 crore, representing 7.63 percent of the company’s revenue for the period ended September 30, 2025. Persistence of such delays or documentation lapses can negatively impact its cash flows and financial condition.
The cost of materials consumed accounted for Rs 108.64 crore (23.82 percent) of the company’s total expenses for the period ended September 30, 2025; Rs 194.14 crore (28.45 percent) in FY25; Rs 168.61 crore (31.13 percent) in FY24; and Rs 142.51 crore (31.54 percent) in FY23. A portion of inputs is import-linked (including heparin active pharmaceutical ingredient sourced from China and reverse osmosis membranes imported into India), and the company typically procures key equipment on a rolling basis without binding long-term contracts. Any shortages, import restrictions/duty hikes, currency-driven cost increases, or inability to pass on higher costs can negatively impact margins, service continuity, and financial condition.
The company, its subsidiaries, and directors are involved in certain ongoing legal proceedings, including criminal and tax-related disputes. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
Nephrocare Health Services has a high geographic concentration in southern India, with 47.65 percent of its dialysis clinics located across Tamil Nadu, Karnataka, Telangana, Andhra Pradesh, Kerala, and Puducherry as of September 30, 2025. Revenue from the top five states accounted for Rs 162.07 crore (58.31 percent) of the company’s revenue for the period ended September 30, 2025; Rs 286.12 crore (55.95 percent) in FY25; Rs 198.8 crore (49.06 percent) in FY24; and Rs 169.45 crore (46.62 percent) in FY23. Any adverse political, social, or economic developments, civil unrest, regulatory shifts, or natural disasters affecting these regions can negatively impact demand, operations, and the company’s financial condition.
As of September 30, 2025, the company had outstanding financial indebtedness of Rs 241.12 crore. Failure to service or repay these loans can harm the company’s operations and financial position.
Nephrocare Health Financials
*All values are in Rs. Cr
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Application Details of Nephrocare Health IPO
| Apply as | Price band | Apply Range | Lot size |
|---|---|---|---|
| Regular | ₹438 - 460 | Upto ₹2 Lakh | 32 |
| Employee | ₹397 - 419 | Upto ₹2 Lakh | 32 |
| High Networth Individual | ₹438 - 460 | ₹2 - 5 Lakh | 32 |
For Nephrocare Health IPO, eligible investors can apply as Regular & Employee.