Nephrocare Health Services Ltd., widely recognized through its brand NephroPlus, is India’s and Asia’s largest organized dialysis service provider. The company delivers end-to-end dialysis care through a diversified, scalable model that includes in-clinic haemodialysis, home dialysis, mobile dialysis, diagnostic services, and patient wellness programs.
This is supported by an integrated in-house pharmacy and standardized clinical protocols that ensure high-quality kidney care across all centers.
As of September 30, 2025, Nephrocare operated 519 clinics, including 51 international centers spread across:
- Philippines
- Uzbekistan
- Nepal
Its global footprint also includes the world’s largest dialysis clinic in Uzbekistan, highlighting the company’s capacity to operate at scale in evolving international healthcare markets.
In India, Nephrocare has an extensive presence across 288 cities, covering 21 States and 4 Union Territories. Notably, 77.53% of its Indian clinics are located in Tier II and Tier III cities, addressing the significant gap in accessible and affordable dialysis care in underserved regions.
Nephrocare delivered strong scale, serving 29,281 patients with 2.88 million treatments in FY 2025 and 31,046 patients with 1.59 million treatments in H1 FY 2026. With 5,562 dialysis machines, the company efficiently handles high treatment volumes across its network.
Nephrocare has established long-term partnerships with major hospital chains to operate in-house dialysis centers, collaborating with leading names such as Max, Fortis Escorts, Care Hospitals, Wockhardt, Paras Healthcare, CMRI, Jehangir Hospital, and Ruby Hall Clinic to strengthen its nationwide hospital-based presence.
Nephrocare Health Services IPO – Details
| IPO Opening Date | 10 December 2025 |
| IPO Closing Date | 12 December 2025 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 1,89,35,819 Shares Worth ₹871.05 Crore Fresh Issue: 76,82,717 Shares Worth ₹353.40 Crore Offer For Sale: 1,12,53,102 Shares Worth ₹517.64 Crore |
| Face Value | ₹2 per equity share |
| IPO Price | ₹438 – ₹460 per share |
| Market Lot | 32 Shares |
| Min Order | 32 Shares [ 1 lot ] |
| Employee Discount | ₹41.00 |
| Listing At | BSE, NSE |
| Register | Kfin Technologies Ltd. |
| QIB Shares Offered | 50% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 35% |
Nephrocare Health Services IPO – Date Schedule
| IPO Open Date | 10 December 2025 |
| IPO Close Date | 12 December 2025 |
| Basis of Allotment | 15 December 2025 |
| Initiation of Refund | 16 December 2025 |
| Credit of Shares to Demat Account | 16 December 2025 |
| IPO Listing Date | 17 December 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on December 12, 2025 |
Nephrocare Health Services IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 32 | ₹14,720 |
| Retail (Max) | 13 | 416 | ₹1,91,360 |
| S-HNI (Min) | 14 | 448 | ₹2,06,080 |
| S-HNI (Max) | 67 | 2,144 | ₹9,86,240 |
| B-HNI (Min) | 68 | 2,176 | ₹10,00,960 |
Competitive Strength
- India’s and Asia’s largest dialysis chain with leadership across our markets.
- Scale coupled with asset-light model driving cost efficiencies and operational excellence.
- Driving clinical excellence and quality through protocols and advanced technology.
- Organic growth augmented by proven track record of acquisitions and integration in India and internationally.
- Patient-centric leadership and seasoned management team backed by marquee investors.
- Driving sustainable dialysis leadership with environmental, social and governance measures.
- Track record of sustainable growth, profitability and return.
Company Promoters
- Vikram Vuppala
- Bessemer Venture Partners Trust
- Edoras Investment Holdings Pte. Ltd.
- Healthcare Parent Limited
- Investcorp Private Equity Fund II
- Investcorp Growth Opportunity Fund
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2023 | ₹443.26 Cr | ₹451.85 Cr | – ₹11.79 Cr | ₹196.21 Cr |
| 31 March 2024 | ₹574.72 Cr | ₹541.56 Cr | ₹35.13 Cr | ₹243.37 Cr |
| 31 March 2025 | ₹769.92 Cr | ₹682.48 Cr | ₹67.10 Cr | ₹225.80 Cr |
| 30 September 2025 | ₹483.97 Cr | ₹456.07 Cr | ₹14.23 Cr | ₹207.04 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 13.45% |
| ROCE | 18.67% |
| RoNW | 13.19% |
| PAT Margin | 8.88% |
| EBITDA Margin | 22.05% |
| Price to Book Value | 7.72 |
| Pre IPO | Post IPO | |
| EPS (₹) | 7.24 | 2.84 |
| P/E (x) | 63.52 | 162.19 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Capital expenditure by the Company for opening new dialysis clinics in India. | ₹129.11 |
| Pre-payment, or scheduled repayment, in full or part, of certain borrowings availed by the Company. | ₹136.00 |
| General corporate purposes. |
Nephrocare Health Services IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 10 | Narayana Health | 45.21 |
| 2 | 10 | Jupiter Life Line Hospitals | 51.10 |
| 3 | 10 | Rainbow Children Hospital | 56.84 |
| 4 | 1 | Dr. Agarwal’s Healthcare | 179.42 |
| 5 | 10 | Dr. Lal Path Labs | 52.47 |
| 6 | 2 | Metropolis Healthcare | 69.48 |
| 7 | 10 | Vijaya Diagnostics | 73.14 |
✅Strengths
- Largest dialysis network in India & Asia with broad clinic presence.
- High patient scale, performing ~10% of India’s total dialysis treatments.
- Strong international footprint, including the world’s largest dialysis clinic in Uzbekistan.
- Proven PPP leadership with 180+ PPP clinics in India & abroad.
- Deep presence in Tier II & III cities, addressing underserved regions.
- Top hospital partnerships strengthening in-hospital dialysis coverage.
- Successful acquisitions driving rapid expansion in India & overseas.
- Proprietary RENASSURE SOP and Enpidia training academy ensuring quality & skilled workforce.
⚠️Risks
- New technologies (artificial kidneys, home dialysis kits) may reduce dialysis demand.
- Government pricing controls or PPP reimbursement limits may impact margins.
- Strong competition from hospitals and other dialysis chains.
- Integration risks from multiple acquisitions, especially in the Philippines.
- High revenue concentration in top states makes business sensitive to regional disruptions.
- Dependence on time-bound PPP contracts; non-renewal may affect operations.
- Limited IP protection could weaken brand or proprietary protocols.
- Growing home dialysis adoption may reduce in-clinic treatment volumes.
Nephrocare Health Services IPO Promoter Holding
| Pre Issue Share Holding | 78.90% |
| Post Issue Share Holding | 66.72% |
Nephrocare Health Services IPO Prospectus
Company Contact Information
| Nephrocare Health Services Ltd. 5th Floor, D Block, iLabs Centre, Plot 18, Software Units Layout, Survey No. 64, Madhapur, Shaikpet, Hyderabad, Telangana, 500081 Phone: +91 40 4240 8039 Email: cs@nephroplus.com Website: http://www.nephroplus.com/ |
Nephrocare Health Services IPO Registrar
| Kfin Technologies Ltd. Phone: 04067162222, 04079611000 Email: nephrocare.ipo@kfintech.com Website: https://ipostatus.kfintech.com/ |
Nephrocare Health Services IPO Lead Manager(s)
| 1. Ambit Private Limited 2. ICICI Securities Limited 3. IIFL Capital Services Limited 4. Nomura Financial Advisory and Securities (India) Private Limited |
Nephrocare Health Services IPO FAQs
| What is Nephrocare Health Services’ IPO? Nephrocare Health Services IPO is a main-board IPO. The issue is priced at ₹438 to ₹460 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will Nephrocare Health Services IPO open? The IPO is to open on 10 December 2025 for QIB, NII, and Retail Investors. |
| What is Nephrocare Health Services IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is Nephrocare Health Services IPO Size? Nephrocare Health Services IPO size is ₹871.05 Crore. |
| What is the Nephrocare Health Services IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 32 Shares with ₹14,720, while the maximum bid is 416 Shares with ₹1,91,360. |
| What is the Nephrocare Health Services IPO Allotment Date? Nephrocare Health Services IPO allotment date is 15 December 2025. |
| What is the Nephrocare Health Services IPO Listing Date? Nephrocare Health Services IPO listing date is 17 December 2025. The IPO is to be listed on BSE and NSE. |
