Nephrocare Health Services Ltd Q3 FY26 Results

Rising NCDs such as Diabetes and Hypertension are causing increasing incidence of Chronic Kidney Disease (CKD) globally. If CKD is not managed well, over time, it leads to Kidney failure requiring Dialysis or Transplant. Even today, vast majority of such patients, especially in emerging markets do not get access to dialysis. Even when they do, clinical quality is questionable. NephroPlus has been working very hard over the last 16 years to bridge this enormous gap by focusing on Patient centric care, Clinical excellence, and improving access in Tier 2/3 cities.

NephroPlus has become Asia’s largest dialysis network because of consistent execution and an unwavering focus on Clinical quality, scale, and efficiency. Our asset-light, capital-efficient operating model, reinforced by standardized clinical protocols and technology-enabled care, ensures consistent patient outcomes while delivering strong cost economics and healthy financial returns. We have combined strong organic growth with a proven ability to work with diverse stakeholders, acquire, and integrate seamlessly across India and international markets. Our India-built and tested, replicable operating playbook instils confidence in our ability to sustain margins as we expand going forward.

At its core, the NephroPlus story remains straightforward: steady patient growth, increasing treatments, and an India platform that scales efficiently while supporting international expansion. Importantly, this growth has been balanced, showing up not only in volumes but also across revenue, profitability, cashflows, and returns. Over the past few years, performance across these metrics has remained healthy, reflecting a business model that scales in a disciplined and sustainable manner. This operating scale is reflected in the financials. Revenue growth has translated into improving margins, indicating gradual operating leverage as fixed costs are absorbed. Profitability at the bottom line has also increased at a faster pace, reflecting better cost absorption and efficiency over time. In parallel, we continue to invest meaningfully in technology and remain disciplined around working capital and capital allocation, which is reflected in improving ROCEs. With meaningful headroom in the global dialysis market, we remain focused on supporting sustainable growth over the long term.