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.

• International revenues now contribute 41% of total revenue for the nine-month period, up from 12% in FY 2023, driven by expansion in the Philippines and Uzbekistan.

• Adjusted EBITDA margin improved to 24.3% in Q3 FY26 and 23.9% in 9M FY26, reflecting operational leverage and cost efficiencies.

• 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.

Financial highlights

• Q3 FY26 revenue: ₹2,597.29 million (↑32% YoY); 9M FY26 revenue: ₹7,332 million (↑37% YoY).

• Adjusted EBITDA for Q3 FY26 was ₹631 million (24.3% margin), up 43% YoY; 9M adjusted EBITDA was ₹1,754 million (23.9% margin), up 52%.

• Adjusted PAT for Q3 FY26 was ₹344 million (13% margin), up from ₹200 million; 9M adjusted PAT was ₹859 million (12% margin), up 103%.

• Patient volumes grew 15% YoY to 36,055 for nine months FY26; treatment volumes up 17% to 2.85 million.

• Revenue per treatment increased 12% in Q3 FY26 to ₹2,642 and 17% YoY for nine months to ₹2,574.

Outlook and guidance

• Revenue CAGR guidance of 15%-20% over the next 3-4 years; margin profile expected to remain stable, with potential short-term dilution from new geographies but offset by operating leverage.

• Focus on consolidating leadership in India and scaling up in the Philippines and Uzbekistan, with disciplined capital allocation and investment in technology.

• Exploring new markets with strong growth potential and leveraging operational synergies.