Nephrocare Health Services (NEPHROPLUS) Q2 26/27 earnings summary

Executive summary

• H1 FY27 revenue rose 23.6% YoY to INR 585.2 crore; adjusted EBITDA reached INR 134.4 crore, up 15.3%, and adjusted PAT rose 34.7% to INR 76.1 crore.

• The network reached 570 clinics across six countries, with 38,814 guests and 2.10 million treatments in H1.

• International expansion and new-market ramp-ups are creating margin variability; medium-term revenue growth guidance remains 15%–20%.

Financial highlights

• Q2 consolidated revenue was INR 303.398 crore and net profit INR 33.531 crore; H1 revenue was INR 585.152 crore and net profit INR 65.505 crore.

• H1 adjusted EBITDA margin was 23.0%; Q2 adjusted EBITDA was INR 68.9 crore at a 22.7% margin.

• H1 adjusted PAT margin improved 107 bps to 13.0%; reported H1 PAT was INR 65.505 crore versus INR 14.228 crore a year earlier.

• H1 standalone revenue was INR 346.957 crore and net profit INR 26.871 crore, compared with a net loss of INR 27.400 crore in H1 FY25/26.

• H1 adjusted EBITDA-to-cash conversion was 69%; consolidated operating cash flow was INR 89.439 crore.

Outlook and guidance

• Medium-term revenue growth guidance remains 15%–20% over three to four years; no annual guidance is issued.

• India clinic additions target 40–50 annually and Philippines additions 10–15; both are on track for FY27.

• FY27 capital deployment is expected to exceed FY26's INR 165 crore; H1 deployment was INR 102 crore.

• Saudi tender bids are due February 2027; a successful cluster bid could require additional capex in the following financial year.