Financial Performance Summary

Consolidated Q2FY27 Results (YoY):

  • Revenue: ₹303.4 crore (vs ₹245.7 crore in Q2FY26), +23.5%
  • Adjusted EBITDA*: ₹68.9 crore (vs ₹66.7 crore in Q2FY26), +3.3%
  • Adjusted EBITDA Margin*: 22.7% (vs 27.1% in Q2FY26), -443 bps
  • Adjusted PAT#: ₹39.3 crore (vs ₹30.5 crore in Q2FY26), +28.7%
  • Adjusted PAT Margin#: 12.9% (vs 12.4% in Q2FY26), +52 bps

Consolidated H1FY27 Results (YoY):

  • Revenue: ₹585.2 crore (vs ₹473.5 crore in H1FY26), +23.6%
  • Adjusted EBITDA*: ₹134.4 crore (vs ₹116.5 crore in H1FY26), +15.3%
  • Adjusted EBITDA Margin*: 23.0% (vs 24.6% in H1FY26), -165 bps
  • Adjusted PAT#: ₹76.1 crore (vs ₹56.5 crore in H1FY26), +34.7%
  • Adjusted PAT Margin#: 13.0% (vs 11.9% in H1FY26), +107 bps

*EBITDA adjusted for ESOP expenses: ₹1.8 crores in Q2FY27, ₹2.8 crores in Q2FY26, ₹3.1 crores in H1FY27, ₹5.0 crores in H1FY26

#PAT adjusted for share of loss from JV: ₹3.9 crores in Q2FY27, ₹7.5 crores in H1FY27; and impact on finance costs on account of CCPS conversion: ₹37.2 crores in Q2FY26 and H1FY26

Operational Metrics

Q2FY27 Operational Highlights (YoY):

  • Treatments: 10,70,105 (vs 9,55,685), +12.0%
  • Revenue Per Treatment (RPT): ₹2,835 (vs ₹2,571), +10.3%
  • Guests: 38,814 (vs 35,425), +9.6%

H1FY27 Operational Highlights (YoY):

  • Treatments: 21,01,189 (vs 18,65,545), +12.6%
  • Revenue Per Treatment (RPT): ₹2,785 (vs ₹2,538), +9.7%
  • Guests: 38,814 (vs 35,425), +9.6%

Management Commentary

Vikram Vuppala, Chairman & MD:

  • Dialysis market continues to grow globally due to increasing burden of Diabetes and Hypertension
  • Excited about entry into Kazakhstan (6th market) through acquisition of 2 clinics
  • Technically qualified in Saudi Arabia's Ministry of Health tender as one of 12 providers for 4 regions
  • Launched NephroPlus International Dialysis Academy (NIDA) to train nurses from Philippines and India for international expansion

Rohit Singh, Group CEO:

  • Network expanded to 570 clinics across 6 countries
  • Kazakhstan entry: 2 clinics with 34 machines in Almaty
  • Philippines: 10 acquisitions during H1, network now at 55 clinics
  • Saudi Arabia: Riyadh clinic operational, home dialysis commenced in Riyadh and Jeddah
  • Clinical initiatives: Piloting Peritoneal Dialysis in Punjab with nearly 50 guests onboarded
  • Technology improvements: Automated off-hours calling for guest feedback, in-house agents for faster development cycles

Prashant Goenka, CFO:

  • International business now represents ~47% of revenue
  • Revenue growth of 23.6% exceeded 15-20% guidance
  • Invested ₹102 crore on capex in H1FY27, adding 40 clinics in India and 11 in Philippines
  • Converted 69% of EBITDA into cash
  • Maintains ₹500+ crore liquidity for funding expansion plans
  • Confident in meeting guidance despite margin movements during new market ramp-up

Strategic Initiatives and Expansion

  • Network: 570 clinics across 6 countries (India, Nepal, Philippines, Uzbekistan, Saudi Arabia, Kazakhstan)
  • New market entry: Kazakhstan through acquisition of 2 clinics in Almaty
  • Philippines expansion: 10 acquisitions during H1, total 55 clinics
  • Saudi Arabia: Operational presence in Riyadh, home dialysis services
  • Clinical innovation: Peritoneal Dialysis pilot in Punjab
  • Training initiative: NephroPlus International Dialysis Academy launched

Capital Allocation

  • H1FY27 Capex: ₹102 crore
  • Liquidity position: ₹500+ crore
  • Cash conversion: 69% of EBITDA converted to cash

Guidance and Outlook

  • Management maintains confidence in achieving guidance
  • Expects margins to remain in healthy range despite expansion investments
  • Focus on building scalable global dialysis platform for long-term growth