Nephrocare Health Services Ltd
₹ 630
1.67%
11 Nov
- close price
About
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]
Key Points
- Market Cap ₹ 6,324 Cr.
- Current Price ₹ 630
- High / Low ₹ 782 / 445
- Stock P/E 49.4
- Book Value ₹ 118
- Dividend Yield 0.00 %
- ROCE 15.3 %
- ROE 8.83 %
- Face Value ₹ 2.00
Pros
- Company has reduced debt.
- Company has delivered good profit growth of 162% CAGR over last 5 years
Cons
- Stock is trading at 5.33 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Promoter holding has decreased over last quarter: -5.53%
- Company has a low return on equity of 10.2% 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.
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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 | TTM | |
|---|---|---|---|---|---|---|---|
| 286 | 318 | 437 | 566 | 756 | 999 | 1,110 | |
| Sales growth | +11% | +38% | +29% | +34% | +32% | +25% | |
| 248 | 302 | 389 | 465 | 589 | 774 | 875 | |
| Operating Profit | 37 | 16 | 49 | 101 | 167 | 225 | 235 |
| OPM % | 13% | 5% | 11% | 18% | 22% | 23% | 21% |
| 5 | 10 | 6 | 8 | 14 | 23 | 30 | |
| Interest | 7 | 10 | 16 | 20 | 21 | 60 | 14 |
| Depreciation | 34 | 42 | 47 | 56 | 72 | 91 | 100 |
| Profit before tax | 1 | -27 | -9 | 33 | 87 | 97 | 151 |
| Tax % | 31% | -21% | 37% | -6% | 23% | 21% | |
| 1 | -21 | -12 | 35 | 67 | 77 | 128 | |
| EPS in Rs | 0.68 | -21.33 | -11.79 | 34.11 | 64.52 | 7.66 | 12.76 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 28% |
| 3 Years: | 32% |
| TTM: | 25% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 162% |
| 3 Years: | 103% |
| TTM: | 116% |
| 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 | Sep 2026 | |
|---|---|---|---|---|---|---|---|
| Equity Capital | 2 | 2 | 2 | 2 | 2 | 20 | 20 |
| Reserves | 245 | 391 | 384 | 409 | 579 | 1,096 | 1,169 |
| 140 | 119 | 200 | 271 | 261 | 80 | 149 | |
| 42 | 59 | 81 | 124 | 153 | 271 | 295 | |
| Total Liabilities | 428 | 571 | 666 | 806 | 994 | 1,467 | 1,633 |
| 192 | 205 | 239 | 356 | 396 | 517 | 634 | |
| CWIP | 2 | 43 | 34 | 1 | 6 | 6 | 7 |
| Investments | 0 | 0 | 0 | 0 | 51 | 178 | 214 |
| 234 | 322 | 393 | 449 | 542 | 767 | 778 | |
| Total Assets | 428 | 571 | 666 | 806 | 994 | 1,467 | 1,633 |
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 | -392 | |
| 36 | 121 | 60 | 27 | 54 | 157 | |
| Net Cash Flow | 5 | 6 | -4 | 47 | 65 | -2 |
| Free Cash Flow | -29 | -64 | -62 | -8 | 35 | 113 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 49% | 119% | 14% | 80% | 82% | 116% |
Ratios
Consolidated / 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 | |||
| Days Payable | 56 | 70 | 63 | |||
| Cash Conversion Cycle | 110 | 103 | 137 | 131 | 129 | 116 |
| Working Capital Days | 26 | 55 | 19 | 56 | 27 | 42 |
| ROCE % | -4% | 1% | 8% | 14% | 15% |
Insights
In beta| Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|
| Machine Utilization Rate % |
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| International Revenue Share % |
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| Number of Active Guests (Patients) guests |
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| Number of Dialysis Machines machines |
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| Number of Dialysis Treatments (Sessions) sessions |
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| Number of PPP (Public-Private Partnership) Clinics clinics |
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| Revenue per Treatment (RPT) INR |
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| Total Number of Dialysis Clinics clinics |
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Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
- Uploaded audio recording of Q2FY27 investor conference call held on November 4, 2026.
-
Announcement under Regulation 30 (LODR)-Monitoring Agency Report
- Crisil report for Q2 FY27 shows IPO proceeds utilization; Rs 1,144.80 million unutilized and dialysis clinic rollout delayed.
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Announcement under Regulation 30 (LODR)-Investor Presentation
- Please find investor presentation for quarter and half year ended September 30, 2026.
-
Announcement under Regulation 30 (LODR)-Press Release / Media Release
- Q2FY27 revenue rose to ₹303.4 crore; H1 revenue ₹585.2 crore, with entry into Kazakhstan.
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Board Meeting Outcome for Outcome Of The Board Meeting Held On November 3, 2026.
- Board approved Q2 FY26 and H1 FY26 standalone and consolidated results on November 3, 2026.
Annual reports
-
Annual Report 2026
from bse
-
Annual Report 2025
from web
-
Annual Report 2024
from web
-
Annual Report 2023
from web
Concalls
-
Nov 2026PPT REC
-
Aug 2026Transcript PPT REC
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May 2026Transcript PPT REC
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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.