Nephrocare Health Services Limited, operating under the brand NephroPlus, has announced its financial results for the second quarter and half-year ended September 30, 2026. The company reported a consolidated revenue of ₹303.4 crore for Q2 FY27, marking a significant 23.5% year-on-year increase. For the half-year period (H1 FY27), revenue grew by 23.6% to ₹585.2 crore. Adjusted EBITDA also saw a healthy rise of 15.3% to ₹134.4 crore in H1 FY27, supported by a 12.6% increase in treatments and network expansion into new countries.
Nephroplus Announces Strong Q2 and H1 FY27 Financial Performance
Nephrocare Health Services Limited, Asia’s largest dialysis network, has declared its un-audited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026. The company, renowned for its ‘NephroPlus’ brand, highlighted robust growth across key financial and operational metrics.
Consolidated Financial Highlights
For the second quarter of FY27 (Q2 FY27), NephroPlus reported a consolidated revenue of ₹303.4 crore, representing a substantial increase of 23.5% compared to ₹245.7 crore in Q2 FY26. Adjusted EBITDA for the quarter stood at ₹68.9 crore, up from ₹66.7 crore in the corresponding period last year, with an Adjusted EBITDA margin of 22.7%.
The financial performance for the half-year ended September 30, 2026 (H1 FY27) was equally strong. Consolidated revenue reached ₹585.2 crore, a 23.6% jump from ₹473.5 crore in H1 FY26. Adjusted EBITDA for H1 FY27 was ₹134.4 crore, an increase of 15.3% year-on-year, with the margin improving to 23.0%.
Adjusted Profit After Tax (PAT) demonstrated significant growth, with H1 FY27 PAT rising by 34.7% to ₹76.1 crore from ₹56.5 crore in H1 FY26. The Adjusted PAT margin for H1 FY27 stood at a healthy 13.0%.
Operational Performance and Expansion
Operationally, NephroPlus saw a 12.0% increase in treatments during Q2 FY27, totaling 10,70,105 compared to 9,55,685 in Q2 FY26. For H1 FY27, treatments grew by 12.6% year-on-year to 21,01,189. Guest volumes also increased by 9.6% in H1 FY27 to 38,814.
The company has expanded its network to 570 clinics across 6 countries, including its recent entry into Kazakhstan. The international business now constitutes approximately 47% of the company’s revenue. This expansion is a key driver for the revenue growth, which exceeded the company’s guidance of 15-20%.
Management Commentary
Mr. Vikram Vuppala, Chairman & MD, expressed optimism about the continued growth in the global dialysis market, driven by increasing incidence of Diabetes and Hypertension. He highlighted the excitement surrounding the expansion into Kazakhstan, their 6th market, and the strategic investments in initiatives like the NephroPlus International Dialysis Academy to train nurses for international expansion.
Mr. Rohit Singh, Group Chief Executive Officer, noted that the growth in H1 FY27 was a result of new market entries, acquisitions, and steady volumes in established networks. He specifically mentioned the acquisition of two clinics in Almaty, Kazakhstan, and ten acquisitions in the Philippines, bolstering the network there.
Mr. Prashant Goenka, Chief Financial Officer, reiterated the strong performance of the India platform and its contribution to international growth. He emphasized the company’s disciplined investment strategy, with ₹102 crore invested in capex during H1 FY27 to add clinics and enter new countries. With over ₹500 crore in liquidity, the company is well-positioned to fund its future plans.
Nephrocare Health Services Limited is committed to building a scalable global dialysis platform for the long term, focusing on healthy margins and returns during ramp-up phases of new market development.
Source: BSE
