Nephrocare Health Services Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Nephrocare Health Services Ltd trades at ₹765, in a confirmed uptrend and 34 weeks into that stage. That is +25.5% against its own 200-day average. It sits at 100% of a 52-week range of ₹449 to ₹765. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 1 straight week.

Today the stock is in a confirmed uptrend — week 34 of stage 2, confirmed. At ₹765 it trades +25.5% versus its 200-day average and sits at 100% of its 52-week range (₹449–₹765).

Against the market, two honest reads. Cumulative: over the last 8 months the stock moved +70% while the NIFTY 500 moved −4% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 1 straight week — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Nephrocare Health Services Ltd trades at 90.4× P/E, at the pricey end of its own range (80th percentile). Its long-run median P/E is 1.8×, measured across 0.7 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 90.4× is at the pricey end of its own range (80th percentile), against a long-run median of 1.8× measured over 0.7 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

The PEG ratio, which only the second data source carries, is not drawn on this page: its two data sources disagree by up to 173% on reported income across 6 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Stage: No read Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Nephrocare Health Services Ltd reads as no read on its fundamental arc. Under eight usable quarters on the growth trio — not enough history for an honest trajectory read. The read is built from 4 quarters across 1 curve, on partial evidence.

Why it matters: with too little history, an honest page says so instead of guessing a trajectory.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

Fewer than eight usable quarters on the growth curves — this page will not guess a trajectory from a stub of history.

4-Factor Sector Score

47.7/100 — rank 7 of 7 in Hospitals/Medical Services · 38% evidence confidence · provisional, ranked below fully-evidenced peers

Nephrocare Health Services Ltd scores 47.7 out of 100 against the 7 companies it is compared with in Hospitals/Medical Services, ranking 7. Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

The four contributions add to the total exactly: 18.4 + 10.3 + 9 + 10 = 47.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Nephrocare Health Services Ltd reported ₹282 Cr of revenue in the Jun 26 quarter, +23.7% year on year. That is the 3rd straight quarter of year-on-year growth. Over 5 years it has compounded at 28.4% a year. The last full year, FY26, came in at ₹999 Cr. The last four reported quarters add to ₹1,054 Cr.

FY26 revenue came in at ₹999 Cr (+32.1% on the year), capping 5 years at 28.4% compound. The latest quarter (Jun 26) printed ₹282 Cr, +23.7% year on year — the 3rd consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +25.7% growth against the decade's 28.4% — the current year is running slower than its own long-run rate.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Nephrocare Health Services Ltd's operating margin is 21.0% in the Jun 26 quarter, +0.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 6 fiscal years the operating margin has ranged 5.0% to 23.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 21.0%, +0.0 pp against the same quarter a year ago. Across 6 fiscal years the operating margin has ranged 5.0%–23.0%, and FY26's 23.0% is the top of that band — a record year.

Why the margin moved: operating margin went +0.5 pp year on year while gross margin went +1.8 pp — the gain came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Nephrocare Health Services Ltd earned ₹32.0 Cr of net profit in the Jun 26 quarter, +33.3% year on year. It is the 3rd consecutive quarter of growth. Full-year FY26 profit was ₹77.0 Cr. The 5-year compound rate is 138.4%. That is 11.3% of the quarter's revenue. The same quarter a year earlier earned ₹24.0 Cr.

Jun 26 profit was ₹32.0 Cr, +33.3% year on year — the 3rd consecutive quarter of growth. On the full year, FY26 printed ₹77.0 Cr (+14.9%), and the 5-year compound rate is 138.4%.

Why profit moved: revenue contributed +23.7% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +37.8% vs revenue +25.7%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 246% of Nephrocare Health Services Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹233 Cr of operating cash against ₹77.0 Cr of profit. After ₹212 Cr of capital spending, ₹21.0 Cr was left as free cash.

FY26: operating cash of ₹233 Cr against reported profit of ₹77.0 Cr, leaving free cash of ₹21.0 Cr after ₹212 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 246% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 246%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle.

Router verdict: the bigger cash user is investment — capital spending ran 2.1× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Nephrocare Health Services Ltd's cash conversion cycle runs 116 days in FY26, up from 110 days in FY21. Capital spending ran ₹469 Cr over the last 3 years. At FY26 sales of ₹999 Cr each day of that cycle holds about ₹2.7 Cr, so roughly ₹317 Cr sits inside the business at any moment.

FY26: debtors at 116 days, inventory at 53 days — roughly 1.7 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 116 days, looser than FY21's 110.

The full loop: cash goes out to suppliers and production on day 0; stock waits 53 days to sell; customers pay about 116 days after that; and suppliers themselves are paid at 230 days — netting out to the 116-day cycle.

In money terms: at FY26 sales of ₹999 Cr, each day of the cycle holds about ₹2.7 Cr — so the 116-day loop keeps roughly ₹317 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹469 Cr over the last 3 fiscal years against ₹219 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹6.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Nephrocare Health Services Ltd earns a ROCE of 15% in FY26. That is up from a trough of −4% in FY22. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 7.7% net margin on 0.68× asset turns.

FY26 ROCE is 15%, recovered from a FY22 trough of −4% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 7.7% net margin × 0.68× asset turns × 1.31× balance-sheet leverage ≈ 6.9% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 173% on reported income across 6 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Nephrocare Health Services Ltd carries ₹80.0 Cr of borrowings against ₹1,116 Cr of equity in FY26, a debt-to-equity of 0.07. Operating profit covers the interest bill 4×. Over 5 years borrowings went from ₹140 Cr to ₹80.0 Cr. Capital spending ran ₹469 Cr across the last 3 of those years.

FY26: borrowings of ₹80.0 Cr against equity of ₹1,116 Cr — a debt-to-equity of 0.07. Operating profit covers the interest bill 4×. Over 5 years borrowings went from ₹140 Cr to ₹80.0 Cr while capital spending ran ₹469 Cr in just the last 3 — the build-out is being paid for out of cash, not debt.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 173% on reported income across 6 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Nephrocare Health Services Ltd moved a full percentage point over the last two years — the register is quiet. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — .

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Nephrocare Health Services Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Frequently asked questions