Nephrocare Health Services Ltd.

•

nephroplus.comBSE: 544647NSE: NEPHROPLUS

Market Cap₹ 7,012 Cr.

Current Price

High / Low₹ 770 / 446

Stock P/E91.3

Book Value₹ 113

Price to Book4.62

Dividend Yield0.00 %

ROCE16.2 %

ROE9.2 %

Face Value₹ 2

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ABOUT

AI Sector View

AI GENERATED

Healthcare

Buy

This stance relies on proxies and positioning because no direct pharma-export or healthcare operating series exists in the dataset. The depreciated currency at 95.23 (Sep/26) can support export earnings, inflation at 4.45% (Jul/26) is manageable for a defensive sector, and consumer spending remains large at INR 44743 billion (Jun/26). Strong FPI inflow of INR 10620 crore over 3 months to 2026-08-31 from INR -11381 crore in the prior 3 months adds a real sector-specific tailwind, but confidence stays capped because the fundamental drivers are indirect proxies.

Confidence

50%

View full sector analysis →

PROS

Company is almost debt free
Operating margins have improved to 22.7% from 12.5%
Latest quarter profit grew 28.6% YoY, showing strong momentum
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.46x)
Company generates healthy free cash flow

CONS

A large part of profit comes from other income (25.1% of PBT)
Equity base is being diluted - shares outstanding up 1053.3%
Working capital days have increased from 126 to 197 days
Though reporting repeated profits, the company pays out little dividend (0.0%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

HealthcareHealthcareHospital & Healthcare Services

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	APOLLOHOSP	8670.00	59.66	124661.30	0.23	610.40	38.41	7043.50	20.56	21.73	15.70
2.	MANIPALHOS	729.75	107.57	95989.65	0.00	2434.30	—	30906.30	—	13.93	23.83
3.	MAXHEALTH	985.00	65.80	95867.73	0.20	322.96	4.87	2366.17	16.70	14.97	25.29
4.	FORTIS	910.00	65.56	68701.19	0.11	272.80	2.26	2545.03	17.46	14.07	21.28
5.	ASTERDM	785.80	214.94	68496.02	0.00	29.28	-68.70	1310.68	21.60	11.46	19.53
6.	MEDANTA	1468.85	71.01	39493.23	0.03	157.25	-1.09	1304.05	26.50	19.38	21.99
7.	NH	1859.10	46.55	37992.72	0.24	207.27	5.37	2683.63	78.05	16.20	17.43
8.	KIMS	764.15	157.10	32094.80	0.00	37.40	-56.00	1179.50	35.33	11.51	19.03
9.	LALPATHLAB	1874.90	58.07	31469.98	1.09	1705.00	1172.39	7977.00	1090.95	29.56	31.03
10.	AGARWALEYE	514.15	109.86	16299.90	0.00	55.02	44.56	614.02	25.97	16.14	27.75
11.	VIJAYA	1496.35	82.20	15412.06	0.13	53.10	37.61	230.98	22.83	30.28	42.66
12.	NEPHROPLUS	697.35	91.26	7012.48	0.00	31.97	28.57	281.75	28.54	16.18	21.41

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Dec 2024	Mar 2025	Jun 2025	Dec 2025	Mar 2026	Jun 2026
	197	219	228	260	266	282
	153	168	206	199	212	245
Operating Profit	44	51	22	61	54	37
OPM %	22.36%	23.40%	9.63%	23.44%	20.24%	13.18%
	5	4	7	3	12	7
Interest	5	6	6	6	3	2
Depreciation	18	19	20	22	26	25
Profit before Tax	26	30	29	36	36	41
Tax %	23.94%	16.91%	16.88%	11.33%	7.85%	22.07%
Net Profit	0	0	24	32	30	32
	2.47	3.05	2.82	3.43	3.03	3.19

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	437	566	756	999	1,035
	389	465	589	772	861
Operating Profit	49	101	167	227	174
OPM %	11.11%	17.82%	22.05%	22.72%	16.79%
	6	9	14	25	29
Interest	16	20	21	60	17
Depreciation	47	56	72	91	92
Profit before Tax	-9	33	87	97	142
Tax %	-37.23%	-5.95%	23.26%	21.17%	14.65%
Net Profit	-12	35	67	77	121
EPS	-1.53	200.87	380.15	7.66	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: —
3 Years:: 32%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: —
3 Years:: —

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: —
5 Years:: —
3 Years:: 11%
Last Year:: 9%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2	2	2	20
	375	402	566	1,078
	214	239	223	59
Trade Payables	43	71	113	143
	16	69	72	137
Total Liabilities	650	782	976	1,437
	239	356	396	517
Capital Work in Progress	32	1	6	6
	0	0	51	178
	26	26	27	33
	0	203	266	317
Cash & Bank	14	61	155	255
	338	136	75	132
Total Assets	650	782	976	1,437

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	7	72	135	233
Cash from Investing	-78	-51	-125	-410
Cash from Financing	60	27	54	157
	-7	48	65	-21

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	-67.75	200.87	380.15	7.66
Book Value (₹)	2167.32	2309.53	3217.49	109.48
Dividend per Share (₹)	0.00	0.00	0.00	0.00
Cash EPS (₹)	40.33	104.34	158.15	16.69
PROFITABILITY
Operating Margin %	12.48%	17.82%	22.05%	22.72%
Net Margin %	-2.70%	6.21%	8.88%	7.69%
ROE %	-3.13%	9.00%	13.81%	9.22%
ROCE %	1.31%	8.59%	14.76%	16.18%
	-1.81%	4.91%	7.63%	6.37%
EFFICIENCY
Debtor Days	132	116	113	107
Inventory Days	22	17	13	11
Payable Days	111	123	172	206
	43	10	-46	-88
FINANCIAL HEALTH
Debt to Equity (x)	0.52x	0.60x	0.40x	0.02x
Interest Coverage (x)	0.47x	2.64x	5.20x	2.62x
	1.86x	1.61x	1.92x	2.80x
GROWTH
Revenue Growth %	0.00%	29.47%	33.50%	32.16%
Operating Profit Growth %	0.00%	100.61%	65.13%	39.14%
Net Profit Growth %	0.00%	398.02%	90.98%	14.52%
	0.00%	396.48%	89.25%	-97.99%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	66.02x
P/B (x)	0.00x	0.00x	0.00x	4.62x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%
	0.00x	1.71x	0.42x	19.25x

Shareholding Pattern

Numbers in percentages

	Dec 2025	Mar 2026	Jun 2026
	63.85	63.85	63.85
	3.59	9.94	8.78
	7.75	8.64	9.05
Government	0.00	0.00	0.00
	23.88	17.56	18.32

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-03

Options to purchase securities

2026-09-03 - Nephrocare Health Services Limited has informed the Exchange about Grant of Employee Stock Options under the NephroPlus Employee Stock Option Scheme 2026.

2026-09-01

Agreements

2026-09-01 - Nephrocare Health Services Limited has informed the Exchange about Acquisition of 100% participatory interest in Dialysis Center Almaty LLP, Kazakhstan

2026-08-31

Pendency of Litigation(s)/dispute(s) or the outcome impacting the Company

2026-08-31 - Nephrocare Health Services Limited has informed the Exchange about Tax demand pursuant to tax audit.

2026-08-19

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-19 - Nephrocare Health Services Limited has informed the Exchange about Transcript

2026-08-17

Agreements

2026-08-17 - Nephrocare Health Services Limited has informed the Exchange about Agreements

2026-08-13

Shareholders meeting

2026-08-13 - Nephrocare Health Services Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 12, 2026. Further, the company has informed the Exchange regarding voting results.

2026-08-13

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-13 - Nephrocare Health Services Limited has informed the Exchange about Schedule of meet

2026-08-13

Agreements

2026-08-13 - Nephrocare Health Services Limited has informed the Exchange about Agreements

2026-08-12

Disclosure of material issue

2026-08-12 - Nephrocare Health Services Limited has informed regarding Disclosure of material issue regarding Clarification to disclosure under Reg 30 dated May 26, 2026 regarding incorporation of Nephrocare Services Kazakhstan LLP.

News

Recent coverage and analyst commentary for NEPHROPLUS

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Nephrocare Health Services Ltd.

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Name

APOLLOHOSP

8670.00

59.66

124661.30

0.23

610.40

38.41

7043.50

20.56

21.73

15.70

MANIPALHOS

729.75

107.57

95989.65

0.00

2434.30

—

30906.30

—

13.93

23.83

MAXHEALTH

985.00

65.80

95867.73

0.20

322.96

4.87

2366.17

16.70

14.97

25.29

FORTIS

910.00

65.56

68701.19

0.11

272.80

2.26

2545.03

17.46

14.07

21.28

ASTERDM

785.80

214.94

68496.02

0.00

29.28

-68.70

1310.68

21.60

11.46

19.53

MEDANTA

1468.85

71.01

39493.23

0.03

157.25

-1.09

1304.05

26.50

19.38

21.99

1859.10

46.55

37992.72

0.24

207.27

5.37

2683.63

78.05

16.20

17.43

KIMS

764.15

157.10

32094.80

0.00

37.40

-56.00

1179.50

35.33

11.51

19.03

LALPATHLAB

1874.90

58.07

31469.98

1.09

1705.00

1172.39

7977.00

1090.95

29.56

31.03

AGARWALEYE

514.15

109.86

16299.90

0.00

55.02

44.56

614.02

25.97

16.14

27.75

VIJAYA

1496.35

82.20

15412.06

0.13

53.10

37.61

230.98

22.83

30.28

42.66

NEPHROPLUS

697.35

91.26

7012.48

0.00

31.97

28.57

281.75

28.54

16.18

21.41

Dec 2024

Mar 2025

Jun 2025

Dec 2025

Mar 2026

Jun 2026

197

219

228

260

266

282

153

168

206

199

212

245

Operating Profit

OPM %

22.36%

23.40%

9.63%

23.44%

20.24%

13.18%

Interest

Depreciation

Profit before Tax

Tax %

23.94%

16.91%

16.88%

11.33%

7.85%

22.07%

Net Profit

2.47

3.05

2.82

3.43

3.03

3.19

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

437

566

756

999

1,035

389

465

589

772

861

Operating Profit

101

167

227

174

OPM %

11.11%

17.82%

22.05%

22.72%

16.79%

Interest

Depreciation

Profit before Tax

-9

142

Tax %

-37.23%

-5.95%

23.26%

21.17%

14.65%

Net Profit

-12

121

EPS

-1.53

200.87

380.15

7.66

—

Dividend Payout %

0.00%

—

Mar 2023

Mar 2024

Mar 2025

Mar 2026

375

402

566

1,078

214

239

223

Trade Payables

113

143

137

Total Liabilities

650

782

976

1,437

239

356

396

517

Capital Work in Progress

178

203

266

317

Cash & Bank

155

255

338

136

132

Total Assets

650

782

976

1,437

Mar 2023

Mar 2024

Mar 2025

Mar 2026

135

233

Cash from Investing

-78

-51

-125

-410

Cash from Financing

157

-7

-21

Mar 2023

Mar 2024

Mar 2025

Mar 2026

PER SHARE

EPS (₹)

-67.75

200.87

380.15

7.66

Book Value (₹)

2167.32

2309.53

3217.49

109.48

Dividend per Share (₹)

0.00

Cash EPS (₹)

40.33

104.34

158.15

16.69

PROFITABILITY

Operating Margin %

12.48%

17.82%

22.05%

22.72%

Net Margin %

-2.70%

6.21%

8.88%

7.69%

ROE %

-3.13%

9.00%

13.81%

9.22%

ROCE %

1.31%

8.59%

14.76%

16.18%

-1.81%

4.91%

7.63%

6.37%

EFFICIENCY

Debtor Days

132

116

113

107

Inventory Days

Payable Days

111

123

172

206

-46

-88

FINANCIAL HEALTH

Debt to Equity (x)

0.52x

0.60x

0.40x

0.02x

Interest Coverage (x)

0.47x

2.64x

5.20x

2.62x

1.86x

1.61x

1.92x

2.80x

GROWTH

Revenue Growth %

0.00%

29.47%

33.50%

32.16%

Operating Profit Growth %

0.00%

100.61%

65.13%

39.14%

Net Profit Growth %

0.00%

398.02%

90.98%

14.52%

0.00%

396.48%

89.25%

-97.99%

VALUATION

P/E (x)

0.00x

66.02x

P/B (x)

0.00x

4.62x

Dividend Yield %

0.00%

0.00x

1.71x

0.42x

19.25x

Dec 2025

Mar 2026

Jun 2026

63.85

3.59

9.94

8.78

7.75

8.64

9.05

Government

0.00

23.88

17.56

18.32

Nephrocare Health Services Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Nephrocare Health Services Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI