Nephrocare Health Services (NEPHROPLUS) Q3 25/26 earnings summary

Executive summary

• Achieved strong revenue growth of 32% year-on-year in Q3 FY 2026 and 37% for the nine months, with adjusted PAT up 71% in Q3 and 103% for the nine months, driven by higher treatment volumes and international expansion.

• International revenues now contribute 41% of total revenue for the nine-month period, up from 12% in FY 2023, boosting revenue per treatment and ROCE.

• Completed IPO of 18,943,020 equity shares, with listing on BSE and NSE on 17 December 2025.

• Business model leverages a scalable platform with disciplined capital allocation, focusing on ROCE accretive growth and operational efficiency.

• Consolidated guest count reached 36,550, up 15.5% YoY, with 2.85 million treatments performed in 9M FY26.

Financial highlights

• Q3 FY 2026 revenue rose to INR 2,597.29 million from INR 1,972.57 million in Q3 FY 2025, a 32% increase; nine-month FY 2026 revenue reached INR 7,332 million, up 37%.

• Adjusted EBITDA for Q3 FY 2026 was INR 63 crore (24.3% margin), up 43.1% year-on-year; nine-month adjusted EBITDA was INR 175 crore (23.9% margin), up 52%.

• Adjusted PAT for Q3 FY 2026 was INR 34 crore (13% margin), up from INR 20 crore (10% margin); nine-month adjusted PAT was INR 85 crore (12% margin), up 86%.

• Patient volumes grew 15% year-on-year to 36,055 for nine months FY 2026; treatment volumes up 17% to 2.85 million.

• Basic EPS (consolidated) for Q3 FY26: ₹3.43; for nine months ended 31 Dec 2025: ₹5.32.

Outlook and guidance

• Revenue CAGR guidance of 15%-20% over the next 3-4 years; no annual or short-term guidance provided.

• Margin profile expected to remain stable, with potential short-term dilution from new geographies but offset by operating leverage as volumes grow.

• Focus on consolidating leadership in India and scaling operations in the Philippines, Uzbekistan, and Saudi Arabia.

• Continued disciplined capital allocation and investment in technology to support sustainable growth.

• Labour law changes assessed and incremental impact accounted for; ongoing monitoring for further regulatory updates.