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 ₹ 5,998 Cr.
- Current Price ₹ 599
- High / Low ₹ 664 / 445
- Stock P/E 78.1
- Book Value ₹ 111
- Dividend Yield 0.00 %
- ROCE 15.5 %
- ROE 9.06 %
- Face Value ₹ 2.00
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company has delivered good profit growth of 163% CAGR over last 5 years
Cons
- Stock is trading at 5.38 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 10.2% over last 3 years.
- Company's cost of borrowing seems high
- Working capital days have increased from 62.1 days to 104 days
* 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 Healthcare BSE IPO Nifty 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 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 286 | 318 | 437 | 566 | 756 | 999 | |
| 248 | 302 | 389 | 465 | 589 | 775 | |
| Operating Profit | 37 | 16 | 49 | 101 | 167 | 224 |
| OPM % | 13% | 5% | 11% | 18% | 22% | 22% |
| 5 | 10 | 6 | 8 | 14 | 25 | |
| Interest | 7 | 10 | 16 | 20 | 21 | 60 |
| Depreciation | 34 | 42 | 47 | 56 | 72 | 91 |
| Profit before tax | 1 | -27 | -9 | 33 | 87 | 97 |
| Tax % | 31% | -21% | 37% | -6% | 23% | 21% |
| 1 | -21 | -12 | 35 | 67 | 77 | |
| EPS in Rs | 3.40 | -106.93 | -58.69 | 169.82 | 321.87 | 7.66 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 28% |
| 3 Years: | 32% |
| TTM: | 32% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 163% |
| 3 Years: | 104% |
| TTM: | 16% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | % |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 6% |
| 3 Years: | 10% |
| Last Year: | 9% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Equity Capital | 2 | 2 | 2 | 2 | 2 | 20 |
| Reserves | 245 | 391 | 384 | 409 | 579 | 1,096 |
| 140 | 119 | 200 | 271 | 261 | 80 | |
| 42 | 59 | 81 | 124 | 153 | 275 | |
| Total Liabilities | 428 | 571 | 666 | 806 | 994 | 1,471 |
| 192 | 205 | 239 | 356 | 396 | 517 | |
| CWIP | 2 | 43 | 34 | 1 | 6 | 6 |
| Investments | 0 | 0 | 0 | 0 | 51 | 178 |
| 234 | 322 | 393 | 449 | 542 | 771 | |
| Total Assets | 428 | 571 | 666 | 806 | 994 | 1,471 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| 32 | 14 | 11 | 72 | 135 | 233 | |
| -62 | -130 | -76 | -52 | -125 | -410 | |
| 36 | 121 | 60 | 27 | 54 | 157 | |
| Net Cash Flow | 5 | 6 | -4 | 47 | 65 | -21 |
| Free Cash Flow | -29 | -64 | -62 | -8 | 35 | 113 |
| CFO/OP | 49% | 119% | 14% | 80% | 82% | 116% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Debtor Days | 101 | 123 | 132 | 131 | 129 | 116 |
| Inventory Days | 65 | 50 | 67 | 53 | ||
| Days Payable | 56 | 70 | 63 | 230 | ||
| Cash Conversion Cycle | 110 | 103 | 137 | 131 | 129 | -61 |
| Working Capital Days | 26 | 55 | 19 | 56 | 27 | 104 |
| ROCE % | -4% | 1% | 8% | 14% | 15% |
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 |
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| Dialysis Machine Utilization Rate % |
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| Organized Dialysis Market Share (India) % ・Standalone data |
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| Average Number of Sessions per Patient (Weekly) Sessions |
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| Total Number of Dialysis Machines Number |
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| Total Number of Dialysis Treatments Performed Millions |
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| Total Number of Patients (Guests) Served Number |
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Extracted by Screener AI
Documents
Announcements
- Announcement under Regulation 30 (LODR)-Earnings Call Transcript 2d
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
2d - Company will attend BoFA Healthcare Tour investor meeting in Hyderabad on June 4, 2026 at 8:00 A.M. IST.
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2d
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Announcement under Regulation 30 (LODR)-Acquisition
2d - Nephrocare incorporated Kazakhstan step-down subsidiary NPHSK LLP on May 26, 2026 for dialysis network expansion.
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2d
Annual reports
Concalls
-
May 2026Transcript PPT REC
-
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.