Nephrocare Health Services Ltd
Incorporated in 2010, Nephrocare Health Services Ltd. provides end-to-end dialysis care through a wide network of clinics across India and select international markets.[1]
- Market Cap ₹ 5,672 Cr.
- Current Price ₹ 562
- High / Low ₹ 619 / 445
- Stock P/E 72.1
- Book Value ₹
- Dividend Yield 0.00 %
- ROCE 14.1 %
- ROE 13.4 %
- Face Value ₹ 2.00
Pros
- Company's working capital requirements have reduced from 33.7 days to 26.7 days
Cons
- Promoter holding has decreased over last quarter: -15.2%
- Company has a low return on equity of 7.01% over last 3 years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Healthcare Healthcare Healthcare Services Healthcare Service Provider
Part of BSE IPO
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 286 | 318 | 437 | 566 | 756 | |
| 248 | 302 | 389 | 465 | 589 | |
| Operating Profit | 37 | 16 | 49 | 101 | 167 |
| OPM % | 13% | 5% | 11% | 18% | 22% |
| 5 | 10 | 6 | 8 | 14 | |
| Interest | 7 | 10 | 16 | 20 | 21 |
| Depreciation | 34 | 42 | 47 | 56 | 72 |
| Profit before tax | 1 | -27 | -9 | 33 | 87 |
| Tax % | 31% | -21% | 37% | -6% | 23% |
| 1 | -21 | -12 | 35 | 67 | |
| EPS in Rs | 3.40 | -106.93 | -58.69 | 169.82 | 321.87 |
| Dividend Payout % | -0% | -0% | -0% | -0% | -0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 34% |
| TTM: | 34% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 72% |
| TTM: | 89% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 4% |
| 3 Years: | 7% |
| Last Year: | 13% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|
| Equity Capital | 2 | 2 | 2 | 2 | 2 | 4 |
| Reserves | 245 | 391 | 384 | 409 | 579 | 713 |
| 140 | 119 | 200 | 271 | 261 | 261 | |
| 42 | 59 | 81 | 124 | 153 | 215 | |
| Total Liabilities | 428 | 571 | 666 | 806 | 994 | 1,194 |
| 192 | 205 | 239 | 356 | 396 | 475 | |
| CWIP | 2 | 43 | 34 | 1 | 6 | 11 |
| Investments | -0 | -0 | -0 | -0 | 51 | 123 |
| 234 | 322 | 393 | 449 | 542 | 585 | |
| Total Assets | 428 | 571 | 666 | 806 | 994 | 1,194 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| 32 | 14 | 11 | 72 | 135 | |
| -62 | -130 | -76 | -52 | -125 | |
| 36 | 121 | 60 | 27 | 54 | |
| Net Cash Flow | 5 | 6 | -4 | 47 | 65 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|
| Debtor Days | 101 | 123 | 132 | 131 | 129 |
| Inventory Days | 65 | 50 | 67 | ||
| Days Payable | 56 | 70 | 63 | ||
| Cash Conversion Cycle | 110 | 103 | 137 | 131 | 129 |
| Working Capital Days | 26 | 55 | 19 | 56 | 27 |
| ROCE % | -4% | 1% | 8% | 14% |
Insights
In beta| Dec 2010 | Dec 2012 | Dec 2015 | Mar 2019 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Total Number of Dialysis Clinics (Global) Number |
|
||||||||
| Dialysis Machine Utilization Rate % |
|||||||||
| Organized Dialysis Market Share (India) % ・Standalone data |
|||||||||
| Average Number of Sessions per Patient (Weekly) Sessions |
|||||||||
| Total Number of Dialysis Machines Number |
|||||||||
| Total Number of Dialysis Treatments Performed Millions |
|||||||||
| Total Number of Patients (Guests) Served Number |
|||||||||
Documents
Announcements
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 19 Feb
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
18 Feb - Attending IIFL investor conference in Mumbai on 24 Feb 2026, 1:00 PM; public information only.
- Announcement under Regulation 30 (LODR)-Earnings Call Transcript 18 Feb
-
Announcement under Regulation 30 (LODR)-Memorandum of Understanding /Agreements
12 Feb - Subsidiary acquired Laurel, Batangas dialysis center assets for PHP 49,400,000 under ATA dated Feb 12, 2026.
-
Announcement under Regulation 30 (LODR)-Monitoring Agency Report
12 Feb - Crisil monitoring report: Rs3,534.05m IPO; Rs904.99m utilized; Rs2,629.06m unutilized as of Dec 31, 2025.
Concalls
-
Feb 2026Transcript PPT REC
Business Profile[1]
Nephrocare Health Services Limited (NHSL) is India’s largest dialysis-care provider offering a full spectrum of renal-care services haemodialysis, peritoneal dialysis, home haemodialysis, dialysis-on-call, dialysis-on-wheels, pharmacy support, diagnostics, and wellness management. It operates through captive hospital-based clinics, standalone centres, and large Public-Private Partnership (PPP) units.