Event Type: Q4 and FY26 Earnings Conference Call hosted by ICICI Securities

Event Date and Time: May 20, 2026 (time not specified in transcript)

Purpose of Event: Discussion of audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026, including business overview, operational highlights, and growth strategy.

Management Participants:

  • Mr. Vikram Vuppala, Chairman and Managing Director
  • Mr. Kamal Shah, Co-founder
  • Mr. Rohit Singh, Group Chief Executive Officer
  • Mr. Prashant Goenka, Group Chief Financial Officer
  • Mr. Abdul from ICICI Securities (Moderator)

Financial Period Discussed: Q4 FY26 and Full Year FY26 (year ended March 31, 2026)

Availability of Materials: The transcript of the conference call has been uploaded on the company's website at www.nephroplus.com

Financial Highlights Disclosed:

Full Year FY26 Performance:

  • Revenue: INR998.8 crores, up 32.2% YoY (FY25: INR755.8 crores)
  • Adjusted EBITDA: INR238.1 crores, up 37.6% YoY (FY25: INR173 crores)
  • Adjusted EBITDA Margin: 23.8% (FY25: 22.8%)
  • Adjusted PAT: INR128.3 crores, up 74.6% YoY (FY25: INR73.5 crores)
  • PAT Margin: 12.8% (FY25: 9.7%)

Q4 FY26 Performance:

  • Revenue: INR265.6 crores, up 21.2% YoY
  • Adjusted EBITDA: INR55.4 crores (Q4 FY25: INR54 crores)
  • Adjusted EBITDA Margin: 20.9% (includes one-time ECL provision of INR10 crores)
  • Adjusted PAT: INR35 crores, up 27.4% YoY (Q4 FY25: INR27.6 crores)

Operational Metrics:

  • Active Guests (Patients): 36,981 as of March 2026, up 11.8% YoY
  • Total Treatments: 38,44,658 sessions in FY26, up 16.6% YoY
  • Revenue Per Treatment (RPT): INR2,598 in FY26, up 13.3% YoY
  • Global Clinic Network: 524 dialysis clinics across 335 cities in 5 countries
  • India Clinic Count: 255 clinics (mentioned during Q&A)

Growth Drivers and Guidance:

  • Three growth levers: 1) Existing clinic ramp-up, 2) Roll-ups in existing countries, 3) New countries/large acquisitions/PPPs
  • Medium-term revenue CAGR guidance of 15-20% over 3-4 years (no annual guidance)
  • Planning 40-50 new clinics in India and 12-15 in Philippines annually
  • International revenue mix increased from 32% to 42% in FY26

Geographic Expansion Update:

  • Philippines: Third largest network with 44 clinics; recently acquired mid-size center (600-800 sessions/month)
  • Uzbekistan: PPP project with Ministry of Health; opened 2 new clinics in Karakalpakstan region
  • Saudi Arabia: JV formed two years ago; investment phase ongoing; first clinic in Riyadh to launch within two months
  • Nepal: 6 centers reclassified from branch to subsidiary

Capital Allocation:

  • Capex: INR165 crores in FY26 (FY25: INR113 crores)
  • Pre-tax ROCE: 22.8% in FY26 (FY25: 19.9%)
  • Working Capital Days: Improved from 92 to 83 days
  • AR Days: Reduced from 130 to 116 days
  • Operating Cash Flow: INR233 crores in FY26
  • Free Cash Flow: INR68 crores in FY26
  • Cash Balance: INR500 crores

One-Time Items:

  • INR10 crores ECL provision in Q4 FY26 for two aged accounts (abundant caution)
  • INR3 crores loss from Saudi JV in the quarter

Business Model Characteristics:

  • Three operating models: captive clinics (private hospitals), standalone clinics, and PPP clinics with government hospitals
  • Fixed capacity business (like airlines) with 3 sessions per day per machine
  • Standardized clinical protocols and guest experience across network
  • Focus on technology and AI implementation in operations

Additional Notes Section

Attachments: The regulatory filing includes the transcript of the investors' conference call held on May 20, 2026.

Financial Data Disclosure: The announcement contains extensive financial data including revenue, EBITDA, PAT, operational metrics, and capital allocation details for both Q4 FY26 and full year FY26.

Compliance Statement: The conference call contained forward-looking statements and the company indicated they are based on beliefs, opinions, and expectations as of the call date, not guarantees of future performance.