Nephrocare Health Services Q2 revenue rises 23.5% to INR 303 crore

Nephrocare Health Services Limited reported consolidated revenue from operations of INR 303.398 crore for the quarter ended 30 September 2026, up 23.5% year-on-year, while profit after tax attributable to owners rose to INR 33.531 crore from a loss of INR 9.474 crore a year earlier.

How did NephroPlus perform in Q2 FY27?

NephroPlus delivered revenue growth in the September quarter, with consolidated revenue from operations increasing to INR 303.398 crore from INR 245.718 crore in the corresponding quarter a year earlier. Revenue was also higher than INR 281.754 crore recorded in the preceding June quarter, representing sequential growth of 7.7%.

Total consolidated income stood at INR 311.395 crore, compared with INR 289.213 crore in Q1 FY27 and INR 249.607 crore in the year-ago comparable period reported in the results data. For the first half of FY27, revenue reached INR 585.152 crore, up 23.6% year-on-year, according to management.

The company reported consolidated profit after tax attributable to owners of INR 33.531 crore in Q2 FY27. This compared with a net loss of INR 9.474 crore in the year-ago quarter and a profit of INR 31.974 crore in the June quarter. First-half net profit was INR 65.505 crore.

What drove NephroPlus revenue growth across markets?

NephroPlus reported contributions from India, the Philippines and Uzbekistan as the main geographic sources of quarterly revenue. India generated INR 160.881 crore, the Philippines contributed INR 104.717 crore, Uzbekistan added INR 33.367 crore, and other regions accounted for INR 4.433 crore.

India remained the largest individual market, but the reported mix also showed the significance of operations outside India. Management said the international business contributes about 47% of revenue. The company operates in six countries and ended September with 500 clinics in India and 70 clinics internationally.

Operating indicators also increased during the period. The company ended September with 38,814 guests, up 10% year-on-year, while treatments grew 12% in Q2. Revenue per treatment rose 10% to INR 2,785, supporting revenue growth alongside a larger number of treatments.

For the first half, treatments increased 12.6% year-on-year to 21.01 lakh. Management reported that revenue per treatment for the half year improved 9.7% to INR 2,785. These metrics indicate that the revenue increase reflected both higher treatment volumes and better realisation per treatment.

How did profitability and utilisation change during the quarter?

NephroPlus reported Q2 adjusted EBITDA of INR 68.9 crore, up 3.3% year-on-year and 5.8% sequentially. The adjusted EBITDA margin was 22.7% for the quarter, while first-half adjusted EBITDA was INR 134.4 crore, up 15.3% year-on-year, at a 23% margin.

The slower growth in quarterly adjusted EBITDA than revenue reflects the figures reported by management, while the company maintained a margin above 22%. Adjusted PAT for the first half rose 34.7% year-on-year to INR 76.1 crore. These adjusted metrics are separate from the reported consolidated profit after tax attributable to owners.

Group Chief Executive Officer Rohit Singh said India network capacity utilisation was about 75%. He added that dialysis operations have a theoretical maximum utilisation of around 90%, indicating available capacity for organic growth within the existing Indian clinic network.

Capacity utilisation is relevant because dialysis providers need staffed clinical infrastructure before treatment volumes can rise. NephroPlus's reported 75% utilisation suggests its India network has room to accommodate more patients, subject to demand, staffing and operating conditions, without requiring every increment of growth to come from new clinics.

What is NephroPlus expanding beyond its existing network?

NephroPlus expanded its network to 570 clinics across six countries during the first half of FY27. The company added clinics in India and the Philippines, entered Kazakhstan through the acquisition of two clinics in Almaty, and started a clinic in Saudi Arabia.

Chairman and Managing Director Vikram Vuppala said the two Kazakhstan clinics offer a starting point to understand local market conditions before scaling the network. This acquisition adds a sixth market for NephroPlus and broadens its operating footprint beyond India, the Philippines and Uzbekistan.

In Saudi Arabia, the company said it had technically qualified in a Ministry of Health tender. NephroPlus is one of 12 providers qualified to bid for four regions in that tender. Management described the process as competitive, and did not disclose a contract award or financial contribution from the tender.

The expansion comes as the company cites growing dialysis demand linked to diabetes, hypertension and broader access to treatment. Its strategy combines additions to the established India network with overseas clinic expansion, though the pace and financial effect of further growth in new markets were not specified in the earnings call.

What do the results mean for investors and the dialysis sector?

The Q2 result showed a return to reported profitability against a loss in the year-ago quarter, alongside double-digit revenue growth and higher treatment activity. Revenue growth was supported by India and overseas markets, while the company retained an adjusted EBITDA margin of 22.7% in the quarter.

For investors, the reported figures provide operating measures beyond revenue, including guest growth, treatment volume, revenue per treatment and capacity utilisation. The international footprint is also material because the Philippines and Uzbekistan together contributed INR 138.084 crore in quarterly revenue, excluding other regions.

The figures also underline the operational nature of dialysis delivery. Clinic utilisation, treatment volumes and revenue per treatment affect financial performance, while new-country expansion involves acquisitions, clinic launches and participation in tenders. NephroPlus has disclosed technical qualification in Saudi Arabia, but no award outcome has been announced.

Conclusion

NephroPlus reported INR 303.398 crore of Q2 FY27 revenue, 23.5% higher than a year earlier, and returned to a reported profit after a loss in the comparable quarter. Growth came from higher treatment volumes, improved revenue per treatment and contributions from India, the Philippines, Uzbekistan and other markets.

The next disclosed developments to watch are the company's approach to scaling the two acquired Kazakhstan clinics and the outcome of the Saudi Arabia Ministry of Health tender, where it is among 12 technically qualified providers bidding for four regions. Investors can also track whether utilisation of the India network moves higher from the reported 75% level.