Nephrocare Health Services LimitedQ1 FY27 Results & Financial Update
Nephrocare Health Services Limited: Q1 FY27 consolidated results and company financials – revenue ₹28.18 Cr, PAT ₹3.20 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Nephrocare Health Services Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
During the quarter ended June 30, 2026 (Q1 FY27), Nephrocare Health Services registered a consolidated revenue from operations of ₹28.18 crore, marking a 23.7% year-on-year growth compared to ₹227.78 crore in Q1 FY26.
Profit after tax (PAT) for the quarter reached ₹3.20 crore, representing basic earnings per share of ₹3.19 and diluted EPS of ₹3.11.
Adjusted EBITDA for the quarter (adjusted for Saudi expenses and ESOP expenses) stood at ₹65.1 crore, recording a 30.7% year-on-year increase.
The company's adjusted EBITDA margin expanded by 120 basis points year-on-year to 23.1% and improved sequentially by 220 basis points over Q4 FY26 (20.9%), showcasing strong operating leverage.
Adjusted PAT grew by 41.7% year-on-year to ₹36.8 crore, reflecting scale benefits flowing down the P&L statement.
01 · Business model
What does Nephrocare Health Services do?
Nephrocare Health Services Limited, operating under the brand 'NephroPlus', is Asia's largest dialysis network, owning and operating 550 dialysis centres across five countries.
The company provides standardized, high-quality dialysis and related healthcare products and services through a scalable and asset-light model.
Its geographic footprint spans India, Nepal, the Philippines, Uzbekistan, and Saudi Arabia, addressing the rapidly growing burden of diabetes and hypertension.
The business model thrives on driving efficiency to operate profitably at low price points while expanding into higher-priced international markets.
02 · Historical context
What shaped the business before this quarter
The company completed an initial public offering (IPO) of 18,943,020 equity shares at an issue price of INR 460 per share, with equity shares successfully listed on NSE and BSE on December 17, 2025.
03 · Financial snapshot
Current-quarter financial snapshot
| Metric | Q1 FY27 |
|---|---|
| Revenue from operations | ₹28.18 Cr |
| Total income | ₹29.33 Cr |
| Profit before tax | ₹3.32 Cr |
| Profit after tax | ₹3.20 Cr |
| EPS | ₹3.19 |
Financial interpretation
What the reported numbers mean
Profit after tax represented 11.3% of reported quarterly operating revenue. This is a calculated net-profit-to-sales ratio, not a company-reported operating margin. It measures the outcome after expenses and tax; it does not, by itself, establish how margins changed versus another period.
Profit before tax was equivalent to 11.8% of quarterly operating revenue. The distinction between pre-tax and post-tax profit matters when interpreting earnings; neither ratio identifies an underlying cost driver without a properly matched comparative period.
Total income exceeded operating revenue by ₹1.16 crore. This is the disclosed difference between the two lines, not incremental sales. The distinction matters when assessing how much of the quarter’s reported income came from the operating top line.
Ratios above are calculated from the reported quarterly figures. They are analytical descriptions, not company-reported margin guidance or an investment recommendation.
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Treatments grew 13.3% year-on-year to reach 10,31,084 treatments in Q1 FY27 compared to 9,09,860 treatments in Q1 FY26.
Total guests served grew by 13.0% year-on-year to 38,262 during the quarter from 33,868 in Q1 FY26.
RPT improved by 9.2% year-on-year to ₹2,733 from ₹2,503 in the corresponding previous quarter.
What drove margins
Adjusted EBITDA margin expanded by 120 bps year-on-year to 23.1% and improved 220 bps sequentially over Q4 FY26, driven by platform strength and scaling efficiencies.
05 · Demand, customers & order book
Where demand is coming from
The network reached 550 operating clinics across 5 countries, crossing a major milestone of 50 clinics in the Philippines.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The group's Chief Operating Decision Maker reviews performance and allocates resources at the group level, operating principally in dialysis services and related healthcare products as a single reportable segment.
Geography and market mix
Consolidated Q1 FY27 revenue from operations was distributed across India (₹1,553.79 million), the Philippines (₹906.29 million), Uzbekistan (₹321.34 million), and Others (₹36.12 million).
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The company crossed 1,030,000 treatments in the first quarter of the financial year.
Projects, capex and execution
Out of the IPO proceeds allocated for opening new dialysis clinics in India (INR 1,291.06 million), INR 127.68 million has been utilised up to June 30, 2026.
08 · Strategy & new businesses
How the company is trying to change its growth mix
On May 26, 2026, the Group incorporated NephroPlus Health Services Kazakhstan Limited Liability Partnership as a wholly-owned subsidiary to expand operations in Central Asia.
During the quarter, the Group entered into seven asset transfer arrangements for an aggregate consideration of INR 709.30 million, with purchase consideration allocated provisionally to tangible assets, intangibles, and goodwill.
The board approved transferring the 51% shareholding in Nephrocare Health Services Saudi Arabia Company from NHSI to its step-down subsidiary NPKSC as part of an internal restructuring.
09 · Reported developments
What changed operationally
Launched the NephroPlus International Dialysis Academy (NIDA) in India and the Philippines to build a pipeline of qualified renal nurses.
Launched the NephroPlus Dialysis Index, a composite health score designed to monitor patient-level clinical outcomes.
10 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Capital allocation & funding
The entire IPO proceeds allocated for pre-payment or scheduled repayment of certain borrowings amounting to INR 1,359.99 million have been fully utilised up to June 30, 2026.
11 · Beyond the numbers
What changed beyond the numbers
Reported update
ESOP Allotment
The company received share application money of INR 11.28 million during the quarter under its ESOP scheme, subsequently allotting 144,320 equity shares on July 14, 2026.
12 · Key Q&A
The quarter, answered directly
What does Nephrocare Health Services do?
Nephrocare Health Services Limited, operating under the brand 'NephroPlus', is Asia's largest dialysis network, owning and operating 550 dialysis centres across five countries.
What is the clearest takeaway from Q1 FY27?
During the quarter ended June 30, 2026 (Q1 FY27), Nephrocare Health Services registered a consolidated revenue from operations of ₹28.18 crore, marking a 23.7% year-on-year growth compared to ₹227.78 crore in Q1 FY26.
What drove revenue or demand?
Treatments grew 13.3% year-on-year to reach 10,31,084 treatments in Q1 FY27 compared to 9,09,860 treatments in Q1 FY26.
What mattered most for margins or profitability?
Adjusted EBITDA margin expanded by 120 bps year-on-year to 23.1% and improved 220 bps sequentially over Q4 FY26, driven by platform strength and scaling efficiencies.
What changed operationally beyond the headline numbers?
The company crossed 1,030,000 treatments in the first quarter of the financial year.
What should the next disclosure help confirm?
Monitor the deployment of the remaining unutilised IPO proceeds of INR 1,163.38 million earmarked for new dialysis clinics in India.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
Starting point
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Example: enter 10 for 10% revenue growth. Enter -100 for a 1 percentage-point margin decline.
Scenario output
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The calculator holds the selected margin basis constant except for the basis-point adjustment you enter. It does not estimate tax, finance cost, dilution, working capital, valuation or share price.
14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Clinic Expansion Execution: Monitor the deployment of the remaining unutilised IPO proceeds of INR 1,163.38 million earmarked for new dialysis clinics in India.
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