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Nephrocare Health Services Ltd, incorporated in the year 2010, is an end-to-end dialysis care provider through its wide network of clinics across India and select international markets. It offers services such as diagnosis, haemodialysis, home and mobile dialysis, and wellness programs, supported by an in-house pharmacy.As of March 31, 2025, Nephrocare operated 490 clinics—447 in India and 43 across the Philippines, Uzbekistan, and Nepal. This includes the world’s largest dialysis clinic in Uzbekistan. In India, the company had a presence across 269 cities in 21 States and four Union Territories. Approximately 76.73% of its clinics were located in tier II and tier III cities, addressing a critical need in underserved regions.In Fiscal 2025, Nephrocare treated 29,281 patients and performed more than 2.88 million dialysis treatments, amounting to approximately 10% of the country's total dialysis patient base. The number of dialysis machines operated by the company increased to 5,068 as of March 2025 from 4,714 in Fiscal 2024 and 3,662 in Fiscal 2023.Nephrocare has formulated strategic alliances with leading hospital chains like Max Super Speciality Hospital, Fortis Escorts Hospitals, Care Hospitals, Wockhardt Hospitals, Paras Healthcare, The Calcutta Medical Research Institute, Jehangir Hospital, and Ruby Hall Clinic to operate in-house dialysis centers.As of March 2025, the workforce consisted of 3,230 employees, including both medical and administrative staff working across its clinics and corporate office.
Sotefin Bharat
| Companies Name | Open - Close | Issue Size | Min. Qty | Issue Price | Apply |
|---|---|---|---|---|---|
Sotefin Bharat SME | 16th Jul 2026 - 20th Jul 2026 | 89.76 Cr | 600 Shares | ₹ 178.00 | |
Caliber Mining & Logistics Mainboard | 17th Jul 2026 - 21st Jul 2026 | 450.00 Cr | 35 Shares | ₹ 402.00 |

Open Date
10 Dec 2025
Close Date
12 Dec 2025
Min Investment
₹14720
Lot Size
32 Shares
Issue Size
₹871.05 Cr
Price Range
₹438 - ₹460
Listing Date
Dec 17, 2025
IPO Doc
RHP PDFRevenue Growth
Company Valuation
Earning Expansion
The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.
The company will use ₹129.11 crore towards opening new dialysis clinics in India. The company will use ₹ 135.99 crore for pre-payment / scheduled repayment of certain borrowings. Amount for general corporate purposes will not exceed 25% of the gross IPO proceeds.
Capital expenditure
36.5%
Repayment of borrowings
38.4%
General corporate purposes
24.9%
The company will use ₹129.11 crore towards opening new dialysis clinics in India.
The company will use ₹ 135.99 crore for pre-payment / scheduled repayment of certain borrowings.
Amount for general corporate purposes will not exceed 25% of the gross IPO proceeds.
Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).
In Cr.
| Key Performance Indicator | 30-Sep-25 (In Cr.) | 31-Mar-25 (In Cr.) | 31-Mar-24 (In Cr.) | 31-Mar-23 (In Cr.) |
|---|---|---|---|---|
| Revenue | 483.97 | 769.92 | 574.72 | 443.26 |
| EBITDA | 110.31 | 166.64 | 99.66 | 48.60 |
| Expenses | ||||
| Profit After Tax | 14.23 | 67.10 | 35.13 | -11.79 |
| Assets | 1193.68 | 996.46 | 806.02 | 666.23 |
| Net Worth | 716.06 | 594.21 | 423.55 | 384.73 |
| Reserves | 704.14 | 578.68 | 408.57 | 383.50 |
| Borrowing | 207.04 | 225.80 | 243.37 | 196.21 |
Vikram Vuppala
Bessemer Venture Partners Trust
Edoras Investment Holdings Pte. Ltd
Healthcare Parent Limited
Investcorp Private Equity Fund II
Investcorp Growth Opportunity Fund
78.90%
71.49%
Nephrocare Health Services
5th Floor, D Block, iLabs Centre, Plot 18, Software Units Layout, Survey No. 64, Madhapur, Shaikpet, Hyderabad, Telangana, 500081
The company’s standardised RenAssure protocols and a strong advisory team ensure quality and patient safety, complemented by a registered ethics committee and involvement in 5 clinical trials as of September 2025. Proprietary technology such as Renova cloud-enabled dialyser reprocessing and mobile/clinical apps improves patient engagement and monitoring. The Enpidia academy (BONENT-accredited) has built a skilled workforce with 357 trained technicians deployed across clinics.
Talent retention remains a material concern, with nephrologist attrition significantly elevated at 27.68% in H1FY26, 53.05% in FY25 and 61.23% in FY24, partly due to structural challenges in markets like the Philippines. Healthcare professional fees as a proportion of total expenses have risen from 6.87% in FY23 to 13.24% in FY25, putting upward pressure on operating costs.
The company has expanded its operations in Nepal, the Philippines and the Republic of Uzbekistan in the H1FY26 and the last 3 years. Revenue from outside India surged from 11.70% in FY23 to 39.96% in H1FY26, creating heightened exposure to foreign regulatory, operational and demand risks as the company enters new markets with limited brand familiarity.