Financial Performance Summary (Consolidated)

Q1 FY27 Key Metrics (INR Crore):

  • Revenue: ₹281.8 crore, up 23.7% YoY (Q1FY26: ₹227.8 crore) and 6.1% QoQ (Q4FY26: ₹265.6 crore)
  • Adjusted EBITDA*: ₹65.1 crore, up 30.7% YoY (Q1FY26: ₹49.8 crore) and 17.5% QoQ (Q4FY26: ₹55.4 crore)
  • Adjusted EBITDA Margin*: 23.1% (Q1FY26: 21.9%, Q4FY26: 20.9%)
  • Adjusted PAT#: ₹36.8 crore, up 41.7% YoY (Q1FY26: ₹26.0 crore) and 4.7% QoQ (Q4FY26: ₹35.1 crore)
  • Adjusted PAT Margin#: 13.1% (Q1FY26: 11.4%, Q4FY26: 13.2%)

*EBITDA adjusted for ESOP expenses of ₹1.3 crores in Q1FY27, ₹2.3 crores in Q1FY26, and ₹1.7 crores in Q4FY26

#PAT adjusted for share of loss from JV of ₹3.6 crores and ESOP expenses of ₹1.3 crores in Q1FY27; share of loss from JV of ₹3.1 crores and ESOP expenses of ₹2.3 crores in Q1FY26; and ESOP expenses of ₹1.7 crores in Q4FY26

Operational Highlights

Treatment Volume Growth:

  • Total treatments: 10.31 lakh in Q1FY27, up 13.3% YoY (Q1FY26: 9.10 lakh)
  • Guest count: 38,262, up 13.0% YoY
  • Revenue per treatment: ₹2,733, up 9.2% YoY (Q1FY26: ₹2,503)

Network Expansion:

  • Operating clinics: 550 across 5 countries
  • Philippines milestone: 50 operating clinics

Management Commentary

Mr. Vikram Vuppala, Chairman & MD:

  • Highlighted market shift from unorganized to organized dialysis services, with organized networks now representing 21% of Indian market vs. 0% 16 years ago
  • Emphasized focus on clinical quality, service excellence, and patient centricity as competitive advantages
  • Noted growth drivers include increasing diabetes/hypertension burden and market structure shift
  • Exploring entry into new countries via strategic acquisitions or long-term partnerships with payors
  • Committed to investing in new geographies to impact dialysis patients' lives and create shareholder value

Mr. Rohit Singh, Group CEO:

  • Characterized Q1 as "strong financial performance and continued strategic expansion"
  • Launched NephroPlus International Dialysis Academy (NIDA) for training renal nurses to address staffing challenges in international markets
  • Undertaken initiatives to increase fistula creation and reduce cross-infections
  • Introduced NephroPlus Dialysis Index to monitor clinical outcomes at patient, clinic, cluster, zone, and country levels
  • Expressed confidence in ability to grow profitably while delivering superior clinical quality

Mr. Prashant Goenka, CFO:

  • Highlighted efficiency of India platform operating profitably at low price points
  • Noted operating leverage with revenue growth (23.7%) < EBITDA growth (30.7%) < PAT growth (41.7%)
  • Emphasized capital deployment discipline for durable long-term value creation
  • Confident in scaling into higher price-point international markets while preserving margin discipline