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Nephrocare Health Services Limited, operating as NephroPlus, is India's largest dialysis service provider, distinguished by its extensive network of 519 clinics across 288 cities in India and internationally as of September 30, 2025. The company offers comprehensive dialysis care, including in-clinic haemodialysis, home dialysis, and mobile services. In Fiscal 2025, NephroPlus served 29,281 patients and performed over 2.88 million treatments in India. It is also recognized as Asia's largest dialysis provider, with a significant international presence in the Philippines, Uzbekistan, and Nepal.
Dec 10, 2025
Dec 12, 2025
Dec 17, 2025
Mainboard
Closed
871.05 Cr
353.4 Cr
517.64 Cr
₹438 - ₹460
32
The main objectives of the issue are to utilize the Net Proceeds for the following purposes:
Funding capital expenditure for the establishment of 167 new dialysis clinics across India, amounting to ₹129.11 crores, to be deployed over Fiscals 2026, 2027, and 2028.
Pre-payment or scheduled repayment, in full or in part, of certain outstanding borrowings availed by the company, with an estimated amount of ₹136.00 crores.
Financing general corporate purposes, which may include strategic initiatives, strengthening the brand, meeting ongoing operational requirements, and other purposes as approved by the board.
63.52
7.24
13.45%
18.67%
13.19%
—
8.88%
22.05%
7.72
India's and Asia's largest dialysis chain with a dominant market leadership position across its operating regions.
Scalable, asset-light, and capital-efficient business model driving cost efficiencies and strong unit economics.
A strong focus on clinical excellence and quality, driven by proprietary protocols like RenAssure and advanced technology.
Proven track record of successful strategic acquisitions and integrations, both domestically and internationally.
Significant revenue reliance on captive clinics within private hospitals, making the business vulnerable to contract cancellations or non-renewals.
Dependence on securing public-private partnership (PPP) contracts through competitive bidding, with no guarantee of winning future tenders.
High dependency on attracting and retaining skilled healthcare professionals, including nephrologists and technicians.
Potential challenges and risks associated with expanding operations into new international markets.
Expansion into high-potential markets in South East Asia, the Commonwealth of Independent States (CIS), and the Middle East.
Increasing government focus on healthcare, leading to growing demand for Public-Private Partnerships in specialized services like dialysis.
Consolidating leadership in the under-penetrated and fast-growing Indian dialysis market, driven by rising chronic kidney disease prevalence.
Capitalizing on the growth of the single-specialty healthcare services sector through focused, asset-light business models.
High treatment costs creating a significant financial burden on patients, potentially limiting access and adherence to dialysis.
Geographic disparities in service availability, with most dialysis centers concentrated in urban areas, leaving rural populations underserved.
A severe shortage of trained nephrologists, dialysis technicians, and specialized nurses, which can impact service quality and expansion capacity.
Complex regulatory hurdles, delays in empanelment under government schemes, and market barriers that can hamper growth and affordability.