Nephrocare Health Services Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Nephrocare Health Services Ltd filed with BSE on 27 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Nephrocare Health Services (NephroPlus) reported FY26 revenue growth of 32% to Rs 998.8 crore and adjusted EBITDA growth of 37% to Rs 238.2 crore, with adjusted PAT up 75%. Management attributed growth to same-clinic ramp-up, new clinic rollouts in India and overseas, and a rising mix of international revenue, while flagging a one-time Rs 10 crore expected credit loss provision that reduced Q4 margins. The company also discussed its expansion plans in the Philippines, Uzbekistan and Saudi Arabia, and reiterated a medium-term revenue growth framework.
Numbers mentioned
Revenue: INR998.8 crores (FY26)
p. 6
“revenue grew 32% to INR998.8 crores”
Rohit Singh, page 6 of the filed PDF · View the filing
Adjusted EBITDA: INR238.2 crores (FY26)
p. 6
“Adjusted EBITDA grew 37% to INR238.2 crores”
Rohit Singh, page 6 of the filed PDF · View the filing
Adjusted PAT growth: 75% (FY26)
p. 6
“Adjusted PAT grew 75% well-ahead of the revenue, reflecting the model's operating leverage.”
Rohit Singh, page 6 of the filed PDF · View the filing
Guests (active patients): 37,000 (FY26)
p. 6
“Guests, our term for active patients, grew by 12% to 37,000.”
Rohit Singh, page 6 of the filed PDF · View the filing
Total treatments: INR38.4 lakhs (FY26)
p. 6
“Total treatments grew by 17% to INR38.4 lakhs.”
Rohit Singh, page 6 of the filed PDF · View the filing
Q4 revenue: INR265.6 crores (Q4 FY26)
p. 6
“revenue was INR265.6 crores, up 21% year-on-year, with treatments up 15%.”
Rohit Singh, page 6 of the filed PDF · View the filing
Active guest count: 36,981 (March 2026)
p. 9
“As of March 2026, our active guest counts stood at 36,981 compared to 33,076, as of March 2025, representing a healthy growth of 11.8%.”
Prashant Goenka, page 9 of the filed PDF · View the filing
Treatment volumes: 38,44,658 sessions (FY26)
p. 9
“For FY '26, treatment volumes reached 38,44,658 sessions compared to 32,97,447 sessions in FY '25, registering a growth of 16.6%.”
Prashant Goenka, page 9 of the filed PDF · View the filing
Revenue per treatment (RPT): INR2,598 (FY26)
p. 9
“For FY '26, RPT stood at INR2,598 compared to INR2,292 in FY '25, registering a growth of 13.3%.”
Prashant Goenka, page 9 of the filed PDF · View the filing
Adjusted EBITDA margin: 23.8% (FY26)
p. 10
“Adjusted EBITDA margins improved by 100 basis points from 22.8% in FY '25 to 23.8% in FY '26, led by platform capabilities in international geographies.”
Prashant Goenka, page 10 of the filed PDF · View the filing
Adjusted PAT: INR128.3 crores (FY26)
p. 10
“Adjusted PAT for the year stood at INR128.3 crores compared to INR73.5 crores in the previous year, reflecting a strong growth of 74.6%.”
Prashant Goenka, page 10 of the filed PDF · View the filing
PAT margin: 12.8% (FY26)
p. 10
“PAT margin also improved by 310 basis points from 9.7% to 12.8%.”
Prashant Goenka, page 10 of the filed PDF · View the filing
Q4 Adjusted EBITDA margin: 20.9% (Q4 FY26)
p. 10
“margins reduced from 24.6% to 20.9%, due to a one-time ECL provision of INR10 crores.”
Prashant Goenka, page 10 of the filed PDF · View the filing
Q4 Adjusted PAT: 35 crores (Q4 FY26)
p. 10
“Adjusted PAT for Q4 FY '26 stood at 35 crores compared to 27.6 crores in Q4 FY '25, registering a growth of 27.4%.”
Prashant Goenka, page 10 of the filed PDF · View the filing
Capital allocation: INR165 crores (FY26)
p. 10
“Our capital allocation was INR165 crores in FY '26 compared to INR113 crores in FY '25.”
Prashant Goenka, page 10 of the filed PDF · View the filing
Pre-tax ROCE: 22.8% (FY26)
p. 10
“our annual pre-tax ROCE improved from 22.8% compared to 19.9% in the previous year”
Prashant Goenka, page 10 of the filed PDF · View the filing
Working capital days: 83 days (FY26)
p. 10
“Working capital days improved from 92 days to 83 days.”
Prashant Goenka, page 10 of the filed PDF · View the filing
AR days: 116 days (FY26)
p. 10
“AR days has come down from 130 to 116 days, a 14-day reduction, with particularly strong improvement in the Philippines.”
Prashant Goenka, page 10 of the filed PDF · View the filing
Operating cash flow: INR233 crores (FY26)
p. 10
“In FY '26, we generated INR233 crores of operating cash flow and despite deploying a capital of INR165 crores in growing the business, we still generated INR68 crores of free cash flow.”
Prashant Goenka, page 10 of the filed PDF · View the filing
Cash balance: INR500 crores
p. 10
“Currently, we hold INR500 crores of cash and we will remain disciplined in deploying capital in a ROCE accretive manner.”
Prashant Goenka, page 10 of the filed PDF · View the filing
Global network of clinics: 524 clinics
p. 5
“Today, we run a global network of 524 dialysis clinics in 335 cities spread across five countries.”
Vikram Vuppala, page 5 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue CAGR — 15% to 20% · three to four years
stated firmly by Vikram Vuppala
p. 5
“We will want to maintain a revenue CAGR guidance of 15% to 20% over a period of three to four years.”
Vikram Vuppala, page 5 of the filed PDF · View the filing
Revenue CAGR — 15% to 20% · next three to four years
stated firmly by Prashant Goenka
p. 10
“we continue to maintain our medium-term guidance of delivering 15% to 20% CAGR growth over the next three to four years”
Prashant Goenka, page 10 of the filed PDF · View the filing
India clinic additions — 40 to 50 clinics per annum · annual
stated firmly by Rohit Singh
p. 20
“we are fairly confident of delivering a 40 to 50 range of gross new clinics and Philippines of 12 to 15 range”
Rohit Singh, page 20 of the filed PDF · View the filing
Philippines clinic roll-ups — 12 to 15 clinics · coming year
stated firmly by Rohit Singh
p. 15
“we would be looking at doing a 10 -- anything between 12 to 15 roll-ups in the Philippines in the coming year as well”
Rohit Singh, page 15 of the filed PDF · View the filing
Saudi Arabia first clinic launch — Riyadh Hospital clinic launch · within two months
stated firmly by Rohit Singh
p. 8
“Our first clinic in Saudi Arabia at Riyadh Hospital is all set to be launched within two months to showcase our clinical excellence.”
Rohit Singh, page 8 of the filed PDF · View the filing
Saudi Arabia tender progression — move from EOI to RFP stage · couple of quarters
stated conditionally by Rohit Singh
p. 8
“Right now, it is on the EOI stage, but it will soon move to the RFP stage in a couple of quarters.”
Rohit Singh, page 8 of the filed PDF · View the filing
India price increase — coming year
stated firmly by Rohit Singh
p. 20
“in this coming year, we are not expecting any large price increase, but RPT change will be a factor of geography mix.”
Rohit Singh, page 20 of the filed PDF · View the filing
CKD prevention platform investment
stated as an aspiration by Vikram Vuppala
p. 13
“Kamal and I are very keen to invest in a CKD prevention platform, which is in the early stage of kidney disease”
Vikram Vuppala, page 13 of the filed PDF · View the filing
Uttarakhand PPP tender resolution — tender conclusion · two to four months
stated conditionally by Rohit Singh
p. 16
“If it goes with the normal pace, we could expect the tender to be kind of reaching a conclusion in a two to four months' time period.”
Rohit Singh, page 16 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said the ECL model, ratified by auditor KPMG, identified two aged accounts where a one-time provision was taken out of abundant caution.
Answered by Prashant Goenka
Asked by Akshay Thakur: What is the nature of the Rs 10 crore expected credit loss provision?
p. 11
“we identified two accounts where we wanted to take a one-time provision out of abundant caution.”
Prashant Goenka, page 11 of the filed PDF · View the filing
Management explained dialysis is a fixed-capacity business limited by machines and real estate, so growth in sessions per location is capped and new clinics are needed to add capacity.
Answered by Vikram Vuppala
Asked by Akshay Thakur: How will per-clinic session volumes be increased over time?
p. 12
“Once the utilization of the clinic is super high, the only way to increase the number of sessions is by adding new machines in that real estate.”
Vikram Vuppala, page 12 of the filed PDF · View the filing
Management said they assess demand depth, reimbursement/policy viability, political and regulatory stability, and cash repatriation clarity, and are not currently pursuing adjacencies outside dialysis and CKD management.
Answered by Rohit Singh
Asked by Payal Shah: What criteria are used to select new geographies, and is the company looking at adjacencies like CKD management?
p. 13
“we look at the depth of the demand, we look at the reimbursement and policy viability, that what are the reimbursement rates, how congenial is the policy is there of healthcare policies, political and regulatory stability, and clarity on cash repatriation.”
Rohit Singh, page 13 of the filed PDF · View the filing
Management said a small Uttarakhand contract is in the renewal process and an Andhra Pradesh phase renewal is expected later in the year.
Answered by Rohit Singh
Asked by Pranav Chawla: Which PPP contracts are up for renewal in calendar 2026?
p. 13
“In this calendar year, we have two contracts that we are expecting to come for renewal. One is a small contract for just two clinics in Uttarakhand.”
Rohit Singh, page 13 of the filed PDF · View the filing
Management said the majority of new clinics added were captive, with five to six standalone greenfield units, and no large PPP project was signed last year.
Answered by Rohit Singh
Asked by Dhvani Shah: How many of the new India clinic additions were captive versus standalone?
p. 14
“we had majority of them captive while there were five to six standalone greenfield units that we started, but majority of them were captive units only and we did not sign any large PPP project last year too.”
Rohit Singh, page 14 of the filed PDF · View the filing
Management said the acquired center does 600-800 sessions per month with about 14-15 beds, and Saudi JV losses will continue at a similar pace during the investment phase.
Answered by Rohit Singh
Asked by Kushal Chovatia: What is the size of the recently acquired Philippines clinic and the expected Saudi JV loss run-rate?
p. 15
“This center was a mid-size center basically in the range of 600 to 800 sessions.”
Rohit Singh, page 15 of the filed PDF · View the filing
Management said GLP-1s are causing only a small drop in new patient additions in developed markets and are not relevant to emerging market TAM in the near term.
Answered by Vikram Vuppala
Asked by Naman Bagrecha: Does GLP-1 drug adoption affect NephroPlus's total addressable market?
p. 17
“So, at a macro level, I do not see any effect on NephroPlus TAM opportunity going forward.”
Vikram Vuppala, page 17 of the filed PDF · View the filing
Management gave capex per bed figures for India, Philippines, and Uzbekistan along with respective payback periods.
Answered by Prashant Goenka
Asked by Devang Patel: What is the capex per clinic/bed across geographies?
p. 19
“The capex per bed in India is about INR10 lakhs to INR11 lakhs with a payback period of about three and a half, four years.”
Prashant Goenka, page 19 of the filed PDF · View the filing
Management said platform-building costs like IT and business development are temporarily sitting in the India entity as new countries ramp up, so the standalone view is noisy and the consolidated level is the right lens.
Answered by Prashant Goenka
Asked by Nilanjan: Why isn't the shift toward higher-margin international revenue showing up more clearly in consolidated EBITDA margins?
p. 22
“the best way to look at NephroPlus will be at a console level. The standalone level will be full of noise in terms of the data.”
Prashant Goenka, page 22 of the filed PDF · View the filing
Management acknowledged competition could rise given higher prices but said the long tail of 550-600 small unorganized clinics still offers a multi-decade opportunity.
Answered by Rohit Singh
Asked by Harsh Shah: With Philippines prices having risen, will competitive intensity increase and affect the acquisition-led strategy?
p. 23
“there is a unorganized small center network of say one or two clinics which will aggregate to anything between 550 to 600 clinics. That presents a huge opportunity for long time to come”
Rohit Singh, page 23 of the filed PDF · View the filing
Risks flagged
Expected credit loss on aged receivables from two accounts
p. 11
“these two accounts still we believe the money will come, but from an ECL model point of view, we took a provision just to prevent the likelihood of a future profit surprise.”
Prashant Goenka, page 11 of the filed PDF · View the filing
PPP contract renewals are uncertain and dependent on government tendering processes
p. 13
“there is no 100% certainty of any contract to be renewed.”
Rohit Singh, page 13 of the filed PDF · View the filing
Saudi Arabia business remains in an uncertain, extended investment phase pending tender progress
p. 21
“it is very hard to right now predict that what would be the center count in Saudi Arabia coming forward.”
Rohit Singh, page 21 of the filed PDF · View the filing
Philippines market has complex, multi-step regulatory licensing requirements
p. 25
“In Philippines, it's a very, very complex licensing mechanism.”
Vikram Vuppala, page 25 of the filed PDF · View the filing
Increasing competitive intensity expected in Philippines as prices have risen
p. 23
“we can expect the competition to increase there, which is absolutely fine.”
Rohit Singh, page 23 of the filed PDF · View the filing
Government tender renewal timelines can be extended or delayed
p. 16
“if it gets postponed due to any reason, then there could be extensions that one can expect.”
Rohit Singh, page 16 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.