In , Nephrocare Health Services Ltd (Hospitals/Medical Services) is outperforming Nifty 500 with +16.3% relative strength. Fundamentals: Weak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Apr 18, 2026
What: International Revenue Share: 41%
“International revenues now contribute approximately 41% of the total revenue in the 9-month period of Financial Year ‘26, up from 12% in Financial Year ‘23.”
What: EBITDA Margin: 24.3%
Impact: 190 bps expansion
“The adjusted EBITDA margin also expanded to 24.3% up from 22.4% in the same period last year.”
What: PPP Projects: 4 states in India + Uzbekistan
“In 2022, we won a good dialysis PPP project in Uzbekistan... it has been a good ROCE accretive project for us.”
What: ESRD Patient Gap: 3 lakhs treated vs 42 lakhs diagnosed
“approximately 42 lakhs had ESRD... in 2024. Yet, only 3 lakhs received dialysis, indicating a large underserved market.”
What: Net Debt: -₹283.6 Cr
“net debt remained negative at Rs. 283.6 crore as of 9-month FY ‘26, reflecting a healthy surplus cash position.”
What: Revenue growth of 32% in Q3 and 37% for 9 months.
“We had a few favorable drivers, such as Philippines’ price increase in October 24, and also a few acquisitions we did in the Philippines.”
Earnings deceleration risks from management commentary
Trigger: India operates at the lowest price point globally, making margins sensitive to government pricing controls.
Management view: Management focuses on high-quality, high-volume projects and international diversification to mitigate India-specific pricing risks.
Monitor: regulatory
Trigger: Revenue is earned in PHP, UZS, and soon SAR, while reporting is in INR.
Management view: Not explicitly detailed, but management views international markets as margin-accretive despite exchange risks.
Monitor: fx
Key quotes from recent conference calls
“Saudi to me is a couple of quarters from now. We would see this investment that we have done for the past 2 years will start translating into some revenue. [Initiative: Saudi Arabia JV Expansion]”
“India operates at the lowest price point in the world... dialysis treatment is reimbursed by either insurance or some form of government payment. [Risk (regulatory): MEDIUM]”
“Could you break that down into how much of that comes from price hikes... and how much of that has come because of the exchange? [Risk (fx): LOW]”
“International revenues now contribute approximately 41% of the total revenue in the 9-month period of Financial Year ‘26, up from 12% in Financial Year ‘23. [Catalyst (geographical_expansion): ACTIVE]”
Headline numbers from the latest earnings call
Revenue
₹260 Cr
Why: Growth was driven by international expansion, price increases in the Philippines, and a CGHS price revision in India.
Revenue growth was supported by a 17.7% increase in treatment volumes and a 12% rise in revenue per treatment.
EBITDA
₹63 Cr
Why: Profitability improved due to operating leverage from increased scale and a higher contribution from international markets.
Adjusted EBITDA excludes expenses related to Saudi operations which are currently in the setup phase.
PAT
₹34 Cr
Why: The increase was driven by higher operational margins and the exclusion of one-time non-cash finance costs.
Adjusted PAT excludes a ₹37.2 crore non-cash finance cost related to CCPS conversion before the IPO.
Other Highlights
• International revenue contribution reached 41% in the 9-month period, up from 12% in FY23.
• Operating cash flow for 9 months stood at ₹153 crores, representing a 65% EBITDA conversion.
• Annualized ROCE improved to 24.7% in FY26 from 18.7% in FY25.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Total Patient Count
36,550
Why: Growth driven by network expansion and higher patient acquisition in existing clinics.
Total Dialysis Treatments
2.85 million
Why: Reflects expanding network and higher machine utilization rates.
Revenue Per Treatment (RPT)
₹2,574
Why: Driven by a favorable mix of higher-priced international markets and price hikes in the Philippines.
International Revenue Share
41%
Why: Aggressive expansion in Philippines and Uzbekistan since FY23.
Annualized ROCE
24.7%
Why: Improved operating performance and disciplined capital allocation.
Average Beds Per Clinic
11
Investment Per Bed
₹9-11 Lakhs
Why: Consistent across standalone, captive, and PPP models.
Captive Model Revenue Share
10%-18%
Why: Varies based on hospital partner, location, and scope of services.
Average Contract Tenure
12-14 years
Why: Standard long-term partnership duration for captive models.
Captive Renewal Rate
95%
Why: High stickiness due to hospital inability to generate margins independently in dialysis.
Forward-looking targets from management for 3-4 years
Revenue Growth Target
15%
OPM Guidance
22.8–24.3%
Capex Plan
₹125 Cr
15%-20% CAGR
REAFFIRMED
₹100-₹125 Cr
Organic expansion and clinic setup
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +22% | +32% | Insufficient Data |
| PAT (Net Profit) | +20% | +67% | Insufficient Data |
| OPM | 19.0% | -400 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Nephrocare Health Services Ltd's latest quarterly results (Mar 2026) show
Nephrocare Health Services Ltd's profit is growing with an insufficient_data trend.
Nephrocare Health Services Ltd's revenue growth trend is insufficient_data.
Nephrocare Health Services Ltd's operating margin is volatile.
Nephrocare Health Services Ltd's long-term compounding rates
Nephrocare Health Services Ltd's earnings growth is insufficient_data with mixed signals on a sequential basis.
Nephrocare Health Services Ltd appears overvalued based on our fair value analysis.
Nephrocare Health Services Ltd's current PE ratio is 85.9x.
Nephrocare Health Services Ltd's current PE is 85.9x.
Nephrocare Health Services Ltd's price-to-book ratio is 5.9x.
Nephrocare Health Services Ltd is rated Weak with a fundamental score of 26.22/100. This score is calculated from objective financial metrics
Nephrocare Health Services Ltd has a debt-to-equity ratio of N/A.
Nephrocare Health Services Ltd's return ratios over recent years
Nephrocare Health Services Ltd's operating cash flow is positive (FY2026).
Nephrocare Health Services Ltd currently does not pay a significant dividend (yield 0.00%).
Nephrocare Health Services Ltd's shareholding pattern (Mar 2026)
Nephrocare Health Services Ltd's promoter holding has remained stable recently.
Nephrocare Health Services Ltd has been outperforming Nifty 500 for 3 consecutive weeks, indicating early-stage outperformance.
Nephrocare Health Services Ltd is a re-entry — it briefly dropped off the outperformance list but has now returned. Re-entries can signal renewed strength.
Nephrocare Health Services Ltd has 6 key growth catalysts identified from recent earnings analysis
Nephrocare Health Services Ltd has 2 key risks worth monitoring
In Q3 FY26, Nephrocare Health Services Ltd's management highlighted
Nephrocare Health Services Ltd's management has provided the following forward guidance for 3-4 years
Nephrocare Health Services Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why Nephrocare Health Services Ltd may be worth studying
Nephrocare Health Services Ltd investment thesis summary:
Nephrocare Health Services Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
