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10 Yrs X-Ray 
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Analyst Note 
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About
Nephrocare Health Services Ltd (NEPHROPLUS)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544647 NSE: NEPHROPLUS Hospital & Healthcare Services | Small Cap | Nephrocare Health Share Price
₹674.20 -22.40 (-3.22%)
As on 28-Sep'26 16:59
Nephrocare Health Services Ltd (NEPHROPLUS)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 544647 NSE: NEPHROPLUS Hospital & Healthcare Services | Small Cap | Nephrocare Health Share Price
₹674.20 -22.40 (-3.22%)
As on 28-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹6,780 Cr.
Current Price
₹674.2
52-Week Low / High
₹445 / 781
TTM EPS
₹7.6
TTM Sales
₹999 Cr.
Book Value per Share
₹112.8
P/E Ratio
88.23
Lower than its 5-year historical median
Industry PE
98.6
Price to Book (P/B)
5.98
Lower than its 5-year historical median
Price to Sales (P/S)
6.79
Lower than its 5-year historical median
EV/EBITDA
26.04
Lower than its 5-year historical median
Dividend Yield
0%
Profitability Efficiency
Return on Equity (ROE)
9.22%
Return on Capital Employed (ROCE)
16.18%
Return on Assets (ROA)
6.37%
Operating Profit Margin
22.9%
Net Profit Margin
7.69%
Gross Profit Margin
19.2%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
15.85%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
36.2%
Net Profit Growth (1 Year)
-
14.52%
Asset Quality
Promoter Holding
63.85%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,114 Cr.
Equity
₹20.1 Cr.
Face Value
₹2
All Time Low / High
₹445.00 / 781.00
Check Before You Invest
Quality
Not GoodValuation
OvervaluedCheck Valuation charts
Price Trend
Semi Strong
Is Nephrocare Health Services Ltd a good quality company?
Nephrocare Health Services Ltd is a weak quality company, based on a inconsistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Nephrocare Health Services Ltd performance compare with that of its Peers?
Revenue growth of Nephrocare Health Services Ltd vs industry peers?
Nephrocare Health Services Ltd revenue CAGR is 31.70%, compared to the industry median CAGR of 0%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Nephrocare Health Services Ltd?
Promoters hold 63.85% of the Nephrocare Health Services Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Nephrocare Health Services Ltd over the last decade?
Over the last - year(s), the stock has delivered a CAGR of N/A% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Nephrocare Health Services Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|
| ROCE % ⓘ | 0.4% | 2.9% | 9.6% | 5.6% | - |
| Value Creation Index ⓘ | -1.0 | -0.8 | -0.3 | -0.6 | - |
Growth Parameters ⓘ |
|||||
| Sales ⓘ | 386 | 436 | 544 | 630 | 630 |
| Sales YoY Gr. | - | 13% | 24.6% | 15.9% | - |
| Adj EPS ⓘ | -15.6 | 4.7 | 32.4 | -0.9 | -0.8 |
| YoY Gr. | - | NA | 587.1% | -102.7% | - |
| BVPS (₹) ⓘ | 442.7 | 451.1 | 595.8 | 95 | 96 |
| Adj Net Profit ⓘ | -15.7 | 4.9 | 33.8 | -8.9 | -8 |
| Cash Flow from Ops. ⓘ | 11.1 | 56.8 | 79.7 | 133 | - |
| Debt/CF from Ops. ⓘ | 17.6 | 3.1 | 1.5 | 0 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | NA | NA | 17.7% | 15.9% | ||||
| Adj EPS ⓘ | NA | NA | NA | -102.7% | ||||
| BVPSⓘ | NA | NA | -40.1% | -84.1% | ||||
| Share Price | - | - | - | - | ||||
Key Financial Parameters ⓘ
| Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|
| Return on Equity % ⓘ | -4 | 1.2 | 7.2 | -1.2 | -0.8 |
| Op. Profit Mgn % ⓘ | 9.8 | 12.2 | 17.5 | 14.1 | 13.8 |
| Net Profit Mgn % ⓘ | -4.1 | 1.1 | 6.2 | -1.4 | -1.3 |
| Debt to Equity ⓘ | 0.5 | 0.5 | 0.2 | 0 | - |
| Working Cap Days ⓘ | 0 | 243 | 178 | 160 | 88 |
| Cash Conv. Cycle ⓘ | 0 | 103 | 84 | 81 | 67 |
Valuation of Nephrocare Health - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|
| Sales | 437 | 566 | 756 | 999 |
| Operating Expenses ⓘ + | 389 | 465 | 589 | 772 |
| Operating Profit ⓘ | 49 | 101 | 167 | 227 |
| Operating Profit Margin (%) | 11.1% | 17.8% | 22.0% | 22.7% |
| Other Income ⓘ + | 6 | 9 | 14 | 25 |
| Interest ⓘ | 16 | 20 | 21 | 60 |
| Depreciation ⓘ | 47 | 56 | 72 | 91 |
| Profit Before Tax ⓘ | -9 | 33 | 87 | 97 |
| Tax ⓘ | 3 | -2 | 20 | 21 |
| Profit After Tax | -12 | 35 | 67 | 77 |
| PAT Margin (%) | -2.7% | 6.2% | 8.9% | 7.7% |
| Adjusted EPS (₹) | -13.6 | 40.2 | 76.0 | 7.7 |
| Dividend Payout Ratio (%) | 0% | 0% | 0% | 0% |
| PARTICULARS | Mar'23 | Mar'24 | Mar'25 | Mar'26 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 381 | 407 | 572 | 1,098 | |||||||
| Debt + | 173 | 216 | 197 | 13 | |||||||
| Minority Interest | 0 | 0 | 0 | 0 | |||||||
| Trade Payables | 43 | 71 | 113 | 143 | |||||||
| Others Liabilities ⓘ | 53 | 88 | 94 | 182 | |||||||
| Total Liabilities ⓘ | 650 | 782 | 976 | 1,437 | |||||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 239 | 356 | 396 | 518 | |||||||
| CWIP ⓘ | 34 | 1 | 6 | 6 | |||||||
| Investments ⓘ | 0 | 0 | 51 | 178 | |||||||
| Inventories | 26 | 26 | 27 | 33 | |||||||
| Trade Receivables | 159 | 203 | 266 | 317 | |||||||
| Cash Equivalents | 14 | 61 | 155 | 255 | |||||||
| Others Assets ⓘ | 177 | 136 | 75 | 130 | |||||||
| Total Assets ⓘ | 650 | 782 | 976 | 1,437 | |||||||
| PARTICULARS | Mar'23 | Mar'24 | Mar'25 | Mar'26 |
|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 11 | 72 | 135 | 233 |
| Cash Flow From Investing Activity ⓘ + | -78 | -51 | -125 | -410 |
| Cash Flow From Financing Activity ⓘ + | 60 | 27 | 54 | 157 |
| Net Cash Flow ⓘ | -7 | 48 | 65 | -21 |
| PARTICULARS | Mar'23 | Mar'24 | Mar'25 | Mar'26 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | -3.13 | 9 | 13.81 | 9.22 | ||||||
| ROCE (%) | 1.31 | 8.59 | 14.76 | 16.18 | ||||||
| Asset Turnover Ratio | 0.67 | 0.79 | 0.86 | 0.83 | ||||||
| PAT to CFO Conversion(x) | N/A | 2.06 | 2.01 | 3.03 | ||||||
| Working Capital Days | ||||||||||
| Receivable Days | 132.30 | 116.40 | 113.30 | 106.60 | ||||||
| Inventory Days | 21.90 | 16.80 | 12.70 | 10.90 | ||||||
| Payable Days | 110.80 | 123.20 | 172.40 | 205.90 | ||||||
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Announcements
Nephrocare Health Services Ltd FAQs
The current trading price of Nephrocare Health on 28-Sep-2026 16:59 is ₹674.2.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 27-Sep-2026 the market cap of Nephrocare Health stood at ₹6,779.7 Cr
The latest P/E ratio of Nephrocare Health as of 27-Sep-2026 is 0.00.
The latest P/B ratio of Nephrocare Health as of 27-Sep-2026 is 7.02.
The 52-week high of Nephrocare Health is ₹781.0 and the 52-week low is ₹445.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Nephrocare Health is ₹630 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Nephrocare Health Services Ltd is a below average quality company.
The key valuation ratios of Nephrocare Health Services Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Nephrocare Health Services Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
About Nephrocare Health Services Ltd
Nephrocare Health Services was incorporated as ‘Nephrocare Health Services Private Limited’ on December 18, 2009. Pursuant to resolutions dated April 11, 2025 and June 2, 2025 passed by its Board and Shareholders, respectively, the company was converted into a public limited company and consequently, the name of the company was changed to ‘Nephrocare Health Services Limited’ on June 18, 2025.
It offers comprehensive dialysis care through its network of clinics - from diagnosis to treatment and wellness programs including haemodialysis, home and mobile dialysis, supported by pharmacy. It has a global network of over hundreds of clinics and has the most widely distributed dialysis network in India with an extensive pan-India network of clinics across hundreds of cities and many States and several Union Territories. Its widespread presence ensures patients have easy accessibility to dialysis services.
It enhances patient accessibility by operating its network of clinics across various formats including in-hospital captive clinics, standalone clinics, and government-backed public private partnerships (PPPs) - enabling it to serve patients in private hospitals and government facilities. It operates a scalable, asset-light and capital efficient business model, which helps ensure quick clinic additions and ramp-ups with low capital expenditure, as well as a high return on capital employed, economies of scale and strong unit economics.
Business area of the company
Nephrocare Health Services is engaged in offering comprehensive dialysis care through its network of clinics - from diagnosis to treatment and wellness programs including haemodialysis, home and mobile dialysis, supported by pharmacy. Its widespread presence ensures patients have easy accessibility to dialysis services.
Services of the company
Dialysis Services
- Haemodialysis
- Peritoneal dialysis
In-Clinic Dialysis Services
- Captive Model through Arrangements with Hospitals
- Standalone clinics
- Public-Private Partnership (PPP) clinics
Off-Clinic Dialysis Services
- Home haemodialysis (HHD)
- Dialysis on call (DoC)
- Dialysis on wheel (DoW)
Awards and recognitions
- 2017: Awarded the Business Models Innovation Awards for the Best Medical Services Outsourcer at HBI Business Model Innovation Awards by Healthcare Business International in association with KPMG
- 2019: Awarded the Indian Dialysis Service Provider Company of the Year Award 2019 by Frost and Sullivan
- 2022: Awarded the Single Specialty Hospital of the Year award by the grand jury of the 12th MT India Healthcare Awards 2022 and Medgate Today magazine
- 2024: Awarded the “Innovation in Health” award at the 14th edition of Aegis Graham Bell Awards
- 2025: Received the Guinness World Records for the most people to sign-up for a kidney screening online in one week
- 2025: Received the India Book of Records for maximum people screened for serum creatinine test held at multiple venues
- 2025: Awarded the “Dialysis Chain of the Year - National” award at the Economic Times Healthcare Awards 2025
History and millstones
- 2010: Launched its first standalone clinic in Banjara Hills, Hyderabad, India.
- 2012: Launched its first Public Private Partnership (PPP) clinic in Sananth Nagar, Hyderabad, India
- 2015: Launched 50th dialysis clinic and crossed 10,000 plus treatments per month
- 2018: Acquired DaVita Care (India) Private Limited, the Indian arm of DaVita Care Pte Ltd.
- 2020: Launched operations in Philippines by acquiring Royal Care Dialysis Center, Inc
- 2022: Launched operations in Uzbekistan after the award of PPP tender.
- 2024: Acquired a network of six clinics in Philippines pursuant to the acquisition of Renal Therapy Solutions Inc.
- 2025: Acquired and a chain of seven clinics (AIZ Hemodialysis Center Inc., Bioregen Hemo Center Inc., Carmona Dialysis System Inc., Infini Care Health Systems Inc., and Kolff Dialysis Inc.)
- 2025: Crossed 500 plus clinic globally.
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