Nephrocare Health Services (NEPHROPLUS) Q4 25/26 earnings summary

Executive summary

• FY 2026 revenue grew 32% year-over-year to INR 998.8 crore, with adjusted EBITDA up 37% and adjusted PAT up 75%, reflecting strong operating leverage and international expansion.

• Active patient base (guests) increased 12% to 37,000, and total treatments rose 17% to 38.4 lakh sessions, driven by same-clinic growth and new clinic rollouts in India and overseas.

• The network expanded to 524 clinics across 335 cities in five countries, making it Asia's largest and the world's fifth-largest dialysis network by volume.

• Growth strategy is anchored on three levers: ramp-up of existing clinics, roll-ups/acquisitions in current geographies, and entry into new countries or large PPP projects.

• Continued focus on technology, with AI-driven operational tools being rolled out to enhance clinical outcomes and efficiency.

Financial highlights

• FY 2026 revenue: INR 998.8 crore (up 32.2% YoY); Q4 revenue: INR 265.6 crore (up 21.2% YoY).

• Adjusted EBITDA (ex-ESOP and Saudi expenses): INR 238.1 crore (up 37.6% YoY); margin improved to 23.8% from 22.8%.

• Adjusted PAT: INR 128.3 crore (up 74.6% YoY); PAT margin rose to 12.8% from 9.7%.

• Q4 adjusted PAT: INR 35 crore (up 27.4% YoY); Q4 EBITDA margin impacted by a one-time INR 10 crore ECL provision.

• Revenue per treatment (RPT) increased 13.3% to INR 2,598, driven by higher international mix and favorable forex.

• Operating cash flow: INR 233 crore; free cash flow: INR 68 crore; cash balance: INR 500 crore.

Outlook and guidance

• Maintains medium-term guidance of 15%-20% revenue CAGR over the next 3-4 years; no annual guidance provided.

• Growth to be driven by continued expansion in existing and new geographies, with ongoing investments in technology and business development.

• Saudi Arabia remains in investment phase; new tenders expected to provide growth visibility in coming quarters.