Nephrocare Health Services reports 23.6% H1 FY27 revenue growth

Nephrocare Health Services Limited, operating under the NephroPlus brand, reported H1 FY27 revenue of ₹585.2 crore, up 23.6% year-on-year, supported by 12.6% growth in treatments and a 9.7% increase in revenue per treatment. Adjusted PAT rose 34.7% to ₹76.1 crore for the half year ended September 30, 2026.

What did NephroPlus report for H1 FY27?

NephroPlus reported consolidated revenue of ₹585.2 crore for H1 FY27, compared with ₹473.5 crore in H1 FY26. The company said the increase was supported by higher treatment volumes, higher revenue per treatment and continued network expansion.

Adjusted EBITDA for the six months rose 15.3% year-on-year to ₹134.4 crore. The adjusted EBITDA margin was 23.0%. Adjusted PAT increased to ₹76.1 crore from ₹56.5 crore a year earlier, and the adjusted PAT margin improved by 107 basis points to 13.0%.

For Q2 FY27, NephroPlus reported consolidated revenue of ₹303.4 crore, a 23.5% increase from ₹245.7 crore in Q2 FY26. Quarterly adjusted EBITDA was ₹68.9 crore, compared with ₹66.7 crore in the corresponding quarter last year, while the adjusted EBITDA margin was 22.7%.

How did treatments and the clinic network support growth?

Treatment volumes supported NephroPlus' reported revenue growth, with treatments rising 12.6% year-on-year to 21,01,189 in H1 FY27. Guest volumes increased 9.6% to 38,814 during the half year, according to the company.

In Q2 FY27, treatments rose 12.0% to 10,70,105 from 9,55,685 in Q2 FY26. Revenue per treatment increased 9.7% in H1 FY27, indicating that revenue growth was driven by both the number of treatments and the average revenue earned from each treatment.

The network reached 570 clinics across six countries by the end of the reported period. The company entered Kazakhstan during H1 FY27 and continued its expansion in Saudi Arabia. In the preceding Q1 FY27, it added 26 clinics, including 19 in India and seven in the Philippines, taking its network then to 550 clinics across five countries.

What were the key Q2 FY27 financial figures?

NephroPlus reported higher consolidated revenue and adjusted profitability in Q2 FY27, although the adjusted EBITDA margin was lower sequentially at 22.7%. The company said it expects margins to remain in a healthy range while continuing investments in strategic initiatives and international expansion.

The reported financial data also includes unaudited standalone results for the quarter ended September 30, 2026. These figures are presented on a different reporting basis from the adjusted consolidated operating metrics and should not be treated as directly comparable.

What do the standalone results show?

The unaudited standalone results showed revenue from operations of ₹1,765.79 crore for the quarter ended September 30, 2026, compared with ₹1,703.78 crore in the June 2026 quarter and ₹1,559.20 crore in the September 2025 quarter. Standalone profit for the period was ₹143.08 crore, versus ₹125.63 crore in the preceding quarter.

Standalone profit before tax was ₹169.11 crore in Q2 FY27. Total comprehensive income on a standalone basis was ₹140.61 crore, while consolidated total comprehensive income for the quarter was ₹342.74 crore. The Board of Directors approved the unaudited standalone and consolidated results along with the limited review report from B S R and Co.

Why do these results matter for investors?

NephroPlus delivered revenue growth above 23% in both the quarter and the first half, while adjusted PAT grew faster than revenue in H1 FY27. The improvement in adjusted PAT margin to 13.0% shows that the company reported stronger adjusted profit conversion over the half year despite continued expansion spending.

Management said it invested ₹102 crore in capital expenditure during H1 FY27 to add clinics and enter new countries. It reiterated that guidance on capital expenditure and liquidity remains unchanged. This makes the pace of clinic additions, treatment growth and margin movement relevant measures for investors following the company’s expansion strategy.

The company has scheduled an unaudited Q2 FY27 earnings conference call for November 4, 2026, at 11:00 a.m. IST. It said the discussion will cover publicly available information and will not include unpublished price-sensitive information.

Conclusion

NephroPlus' H1 FY27 results showed higher treatment volumes, improved revenue per treatment and a wider international clinic footprint. Revenue rose to ₹585.2 crore, while adjusted EBITDA reached ₹134.4 crore and adjusted PAT increased to ₹76.1 crore, with the adjusted PAT margin improving to 13.0%.

The next disclosures to watch are management's commentary during the November 4 earnings call, progress in Kazakhstan and Saudi Arabia, and the effect of the stated ₹102 crore H1 capital expenditure on clinic additions, treatment volumes and margins.