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

Executive summary

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

• Active patient base grew 12% to 37,000, with total treatments up 17% to 38.4 lakh sessions, driven by steady same-clinic growth and disciplined rollout of new clinics in India and overseas.

• International operations now contribute 42% of revenue, up from 32%, with significant expansion in the Philippines and Uzbekistan, and ongoing investment in Saudi Arabia.

• Maintains a singular focus on dialysis, with no plans to diversify into adjacencies, but exploring CKD prevention platforms for early-stage kidney disease.

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: 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).

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

Outlook and guidance

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

• Growth to be driven by ramp-up of existing clinics, new clinic rollouts, and selective entry into new geographies.

• Continued investment in technology, including AI-driven operational tools, to enhance clinical outcomes and scalability.