Financial Performance Highlights
Nephrocare Health Services Limited reported strong financial results for FY 2025-26 with consolidated revenue growing 32.2% to ₹9,988.45 million from ₹7,558.12 million in FY25. Consolidated profit after tax increased 14.52% to ₹768.40 million, while adjusted PAT showed robust 74.6% growth to ₹1,283.00 million. International operations contributed significantly with 41.8% of total revenue, up from 31.8% in FY25, driven by expansion in the Philippines (₹3,112.28 million), Uzbekistan (₹1,004.22 million), and Nepal (₹58.74 million).
Standalone performance showed mixed results with revenue growth of 15.85% to ₹6,297.43 million but a net loss of ₹80.60 million due to increased finance costs of ₹497.61 million and higher depreciation expenses. The company maintained strong operational metrics with 524+ clinics across 5 countries, serving 36,981+ guests and performing over 3.4 million treatments annually.
Capital Markets Activity and Corporate Actions
The company completed its initial public offering on December 17, 2025, raising ₹8,713.79 million through issuance of 18,943,020 equity shares at ₹460 per share. The offering comprised a fresh issue of 7,689,918 shares raising ₹3,251.53 million net proceeds and an offer for sale of 11,253,102 shares by existing shareholders. As of March 31, 2026, the company utilized ₹1,615.90 million of IPO proceeds including full debt repayment of ₹1,359.99 million, with ₹1,635.63 million remaining unutilized for future expansion.
Significant corporate actions included a stock split from ₹10 to ₹2 face value, issuance of 34,640,680 Bonus CCPS in 2:1 ratio, and conversion of all outstanding CCPS into equity shares. The ESOP scheme saw 780,744 equity shares allotted during FY26 with 3,098,295 options outstanding as of year-end.
Business Expansion and Strategic Developments
Nephrocare pursued aggressive international expansion through nine business acquisitions in the Philippines during FY26, generating total goodwill of ₹306.62 million. Key acquisitions included Passion Healthcare Phils Inc. (₹195.21 million consideration), Nephrocare Alliance Ventures Inc. (₹113.12 million), and Santiago City Kidney Centre Inc. (₹67.76 million). The company also restructured its Saudi Arabia operations into a 51% joint venture with Tibbiyah Group effective January 6, 2026.
The company maintained technology leadership as the first global dialysis network implementing AI across clinical workflows, including Pooja Virtual Assistant on WhatsApp, AI-powered CCTV analytics for protocol compliance, and predictive analytics for high-risk guest identification. With over 50% market share in India's organized dialysis segment and 79% clinics in Tier 2/3 cities, Nephrocare continues to address the large unmet need where only 6.8% of ESRD patients receive dialysis treatment in India.
Corporate Governance and AGM Matters
The Board comprises 8 directors including 4 independent directors, with key appointments of Dr. Ajay Bakshi and Ms. Annette Kumlien as Independent Directors and Mr. Rohit Singh as Group CEO during FY26. The company convened its 17th Annual General Meeting on August 12, 2026, seeking approval for financial statements, reappointment of Mr. Gaurav Sharma as Nominee Director, and implementation of the new "NephroPlus Employee Stock Option Scheme, 2026" for 2,006,814 options.
Regulatory compliance remained strong with unmodified audit opinions from B S R and Co. and no qualifications in secretarial audit. The company maintained robust risk management practices addressing geographic disparities, human resource shortages, regulatory compliance across jurisdictions, and cybersecurity obligations while guiding for 15-20% revenue CAGR over the next 3-4 years.