Nephrocare Health Services
December 10, 2025 – December 12, 2025
| Price | ₹438 - ₹460 |
| GMP Rumors * | ₹0 |
|---|---|
| Lot size | 32 |
| Issue size | ₹871.05 cr |
| Allotment | Dec 15, 2025 |
| Listing | Dec 17, 2025 |
Nephrocare Health Services Lot(s) Distribution
| Category | Lot(s) | Qty | Amount | Reserved |
|---|---|---|---|---|
| Retail | 1 | 32 | 14720 | 206197 |
| sHNI | 14 | 448 | 206080 | 2104 |
| bHNI | 68 | 2176 | 1000960 | 4208 |
Nephrocare Health Services Reservation
| Category | Shares Offered | % |
|---|---|---|
| QIB | 9426143 | 49.78% |
| HNI | 2827843 | 14.93% |
| Retail | 6598301 | 34.85% |
| Employee | 83532 | 0.44% |
| Total | 18935819 | 100% |
Nephrocare Health Services About
IPO Details
| Total Issue Size | 18,935,819 shares (aggregating up to ₹871.05 Cr) |
| Fresh Issue | 7,682,717 shares (aggregating up to ₹353.4 Cr) |
| Offer For Sale | 11,253,102 shares (aggregating up to ₹517.64 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 18,089,600 shares |
| Share Holding Post Issue | 92,650,799 shares |
Key Performance Indicators (KPI)
| KPI | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| ROE | 2.19% | 13.45% | 8.76% | -3.00% |
| ROCE | 11.99% | 18.67% | 10.00% | 0.44% |
| EPS (BASIC) | 1.69 | 8.28 | 4.55 | -1.53 |
Company Financial (In ₹Crore)
| Period Ended | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| Assets | 1,193.68 | 996.46 | 806.02 | 666.23 |
| Total Income | 483.97 | 769.92 | 574.72 | 443.26 |
| Profit After Tax | 14.23 | 67.1 | 35.13 | -11.79 |
| EBITDA | 110.31 | 166.64 | 99.66 | 48.6 |
| NET Worth | 716.06 | 594.21 | 423.55 | 384.73 |
| Reserves and Surplus | 704.14 | 578.68 | 408.57 | 383.5 |
| Total Borrowing | 207.04 | 225.8 | 243.37 | 196.21 |
Peer Comparision (Valuation)
| Company | P/E (x) | CMP*(₹) | Face value (₹) |
|---|---|---|---|
| Nephrocare Health Services Limited | 2.00 | ||
| Narayana Health | 45.21 | 1758.80 | 10.00 |
| Jupiter Life Line Hospitals | 51.10 | 1506.00 | 10.00 |
| Rainbow Children Hospital | 56.84 | 1355.10 | 10.00 |
| Dr. Agarwal’s Healthcare | 179.42 | 498.80 | 1.00 |
| Dr. Lal Path Labs | 52.47 | 3064.10 | 10.00 |
| Metropolis Healthcare | 69.48 | 1955.90 | 2.00 |
| Vijaya Diagnostics | 73.14 | 1018.10 | 10.00 |
SOURCE:RHP,Closing Price per share is closing price in NSE as on November 11, 2025. P/E is calculated as closing price / diluted EPS. For Nephrocare Health Services Limited, all the numbers have been taken from Restated Consolidated Financial Information. For others, all the numbers have been sourced from the Industry Report.
Peer Comparision (Financial Performance)
| Company | NAV/Share (₹) | RoNW (%) | EPS (Basic) (₹) |
|---|---|---|---|
| Nephrocare Health Services Limited | 59.56 | 13.19 | 8.28 |
| Narayana Health | 160.35 | 21.77 | 38.9 |
| Jupiter Life Line Hospitals | 192.55 | 14.27 | 29.47 |
| Rainbow Children Hospital | 134.69 | 16.56 | 23.97 |
| Dr. Agarwal’s Healthcare | 55.13 | 5.73 | 2.8 |
| Dr. Lal Path Labs | 245.26 | 22.3 | 58.48 |
| Metropolis Healthcare | 236.34 | 10.9 | 28.29 |
| Vijaya Diagnostics | 70.98 | 17.99 | 13.95 |
About Company
- Nephrocare Health Services Ltd., founded in 2010, delivers comprehensive dialysis care through a wide network of clinics across India and select international locations.
- Service offerings include diagnosis, haemodialysis, home and mobile dialysis, wellness programs, and in-house pharmacy support.
As of March 31, 2025:
- Nephrocare operated 490 clinics, with 447 in India and 43 across the Philippines, Uzbekistan, and Nepal.
- This included the world’s largest dialysis clinic based in Uzbekistan.
- Presence spanned 269 cities in 21 Indian States and 4 Union Territories, with approximately 76.73% of clinics in tier II and tier III cities to support underserved regions.
During Fiscal 2025:
- The company served 29,281 patients and completed over 2.88 million dialysis treatments, accounting for about 10% of India's dialysis patient base.
- Managed 5,068 dialysis machines as of March 2025, up from 4,714 in FY 2024 and 3,662 in FY 2023.
- Nephrocare has cultivated partnerships with major hospital chains, including Max Super Speciality Hospital, Fortis Escorts Hospitals, Care Hospitals, Wockhardt Hospitals, Paras Healthcare, The Calcutta Medical Research Institute, Jehangir Hospital, and Ruby Hall Clinic, to operate in-house dialysis centers.
Strength
Strong scale with efficient, asset-light expansion: Nephrocare has expanded from a single clinic in 2010 to 519 clinics across India, Nepal, the Philippines, and Uzbekistan as of September 30, 2025, present in 328 cities and using a mix of greenfield, brownfield, and PPP models (80, 259, and 180 clinics respectively) to scale efficiently while meeting diverse patient needs.
Protocol-driven clinical excellence and adaptable standards: The company follows RenAssure, a protocol-led system covering all aspects of dialysis, regularly updated with new research and adapted country-wise, which supports better clinical outcomes and helps improve average life expectancy.
Organic growth supported by acquisitions and integration capabilities: Nephrocare’s growth from one clinic in India to 519 clinics, including 288 cities in India, is driven by organic expansion and a proven ability to acquire and integrate operations domestically and internationally, again using greenfield, brownfield, and PPP formats to enhance reach and efficiency.
Protocol-driven clinical excellence and adaptable standards: The company follows RenAssure, a protocol-led system covering all aspects of dialysis, regularly updated with new research and adapted country-wise, which supports better clinical outcomes and helps improve average life expectancy.
Organic growth supported by acquisitions and integration capabilities: Nephrocare’s growth from one clinic in India to 519 clinics, including 288 cities in India, is driven by organic expansion and a proven ability to acquire and integrate operations domestically and internationally, again using greenfield, brownfield, and PPP formats to enhance reach and efficiency.
Weakness
Risks Related to Dialysis Operations: The company faces operational, medical, reputational, and legal risks in its dialysis services. Failure to maintain quality standards could lead to litigation, damage reputation, and negatively impact financial performance. Service quality also depends on external factors such as patient health, doctor expertise, and overall patient experience.
Dependence on Healthcare Professionals: Growth and performance depend heavily on attracting and retaining skilled healthcare professionals. Due to high competition and limited availability, the company may struggle against hospitals and other providers offering better pay, reputation, or career opportunities, which could affect service quality and expansion plans.
Risks from Public-Private Partnership (PPP) Projects: Participation in PPP projects exposes the company to risks like contract termination, blacklisting, and exclusion from future government tenders in case of non-performance. Past debarment incidents highlight this vulnerability, which could harm future growth, cash flows, and overall business performance.
Nephrocare Health Services Lead Manager(s)
Nephrocare Health Services Address
Nephrocare Health Services Ltd.
5 th Floor, D Block, iLabs Centre,
Plot 18, Software Units Layout,
Survey No. 64, Madhapur, Shaikpet,
Hyderabad, Telangana, 500081
Phone: +91 40 4240 8039
Email: cs@nephroplus.com
Website: http://www.nephroplus.com/
5 th Floor, D Block, iLabs Centre,
Plot 18, Software Units Layout,
Survey No. 64, Madhapur, Shaikpet,
Hyderabad, Telangana, 500081
Phone: +91 40 4240 8039
Email: cs@nephroplus.com
Website: http://www.nephroplus.com/
Nephrocare Health Services Registrar
Kfin Technologies Limited
Phone:
+914067162222
Email:
nephrocare.ipo@kfintech.com
Website: https://ipostatus.kfintech.com/
Address: Kfin Technologies Limited KFintech, Tower-B, Plot No 31 & 32, Financial District, Nanakramguda, Gachibowli, Hyderabad, Telangana India - 500 032.
Nephrocare Health Services Reviewers
| Reviewer | Recommendation | File |
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