NephroPlus expands into Kazakhstan and starts Riyadh sessions

NephroPlus entered its sixth country in H1FY27 by acquiring two Almaty clinics with 34 machines in Kazakhstan, while its Philippine network reached 55 clinics and dialysis sessions began at its Riyadh clinic. The company reported 570 clinics across six countries and Rs 585.2 crore of H1FY27 revenue from operations.

How did NephroPlus enter Kazakhstan?

NephroPlus entered Kazakhstan by acquiring two standalone dialysis clinics in Almaty, providing 34 machines and more than 1,200 monthly sessions. Management described the acquisition as a starting point to understand local-market nuances before scaling the Kazakhstan network. The entry makes Kazakhstan the company’s sixth market, alongside India, Nepal, the Philippines, Uzbekistan and Saudi Arabia.

The Kazakhstan entry is smaller than NephroPlus’s established overseas footprint, which stood at 70 clinics across the Philippines, Uzbekistan, Kazakhstan, Saudi Arabia and Nepal in H1FY27. Those international operations served more than 5,400 guests and performed about 3.5 lakh treatments, while the India network had 500 clinics in 314 cities. Kazakhstan therefore adds a new geography through an acquired base rather than a large initial rollout.

Management’s stated next step is assessment before expansion, rather than a disclosed clinic-count target or timetable for Kazakhstan. The presentation does not provide the two Almaty sites’ revenue, acquisition cost, guest count or planned number of additional clinics. The disclosed operating base is 34 machines and more than 1,200 monthly sessions.

What changed in the Philippines during H1FY27?

NephroPlus added 11 clinics in the Philippines during the year, taking the network to 55 clinics, after executing 10 acquisitions during H1FY27. The presentation also says H1FY27 capital expenditure of Rs 102 crore added 40 clinics in India and 11 in the Philippines, linking the Philippine expansion to the group’s investment programme.

The 55-clinic Philippine footprint is a substantial part of the overseas business: the Philippines accounted for 34.5% of total Q2FY27 revenue from operations, compared with 11% for Uzbekistan and 1.5% for other international operations. International markets in total contributed 47% of Q2FY27 revenue, versus 53% from India. The Philippines was therefore the largest disclosed individual overseas revenue component in the period.

The latest acquisitions build on prior Philippine expansion. NephroPlus disclosed acquiring six clinics with 49,000 annual treatments in 2024, followed by seven clinics with 30,000 annual treatments in 2025. The company said it was the Philippines’ third-largest dialysis service provider by annual treatments in FY2025, while the current presentation identifies 55 clinics but does not provide a new Philippine treatment total.

What has NephroPlus started in Saudi Arabia?

NephroPlus has made its Riyadh clinic operational and commenced dialysis sessions there, while beginning home dialysis in both Riyadh and Jeddah. The Saudi operations slide identifies a 51:49 joint venture with Arabian International Healthcare Holding Company, known as Tibbiyah, a publicly listed company.

The presentation separately records NephroPlus’s 2023 entry into the Middle East through a joint venture with Al Faisaliah Group. Its Saudi operations slide identifies the 51:49 Tibbiyah venture, but does not explain the relationship between the two disclosures. H1FY27 marks the disclosed start of patient-service activity at the Riyadh clinic and home-dialysis provision in two Saudi cities.

Saudi Arabia also has a potential public-sector opportunity, but no awarded contract was disclosed. Chairman and Managing Director Vikram Vuppala said NephroPlus had technically qualified for the Saudi Ministry of Health tender and was among 12 providers qualified to bid for four regions; the company had submitted the tender’s request for information. Management said the tender process was expected to be highly competitive, so qualification is not an award.

How does NephroPlus’s overseas build-out compare with its wider network?

NephroPlus’s international build-out has grown its network to 570 clinics across six countries, of which 500 are in India and 70 are outside India. The company reported about 17.5 lakh treatments in India and about 3.5 lakh internationally in H1FY27, showing that India remained the larger treatment base even as overseas revenue reached 47% in Q2FY27.

Group revenue from operations increased from Rs 756 crore in FY25 to Rs 999 crore in FY26, then reached Rs 585.2 crore in H1FY27. Management said H1FY27 revenue rose 23.6% year on year and adjusted earnings before interest, tax, depreciation and amortisation, or EBITDA, rose 15.3% to Rs 134.4 crore. Adjusted EBITDA margin was 23.0% in H1FY27, compared with 23.8% in FY26.

The differing formats across markets show the operating approach disclosed by NephroPlus. Kazakhstan was entered through two acquired standalone clinics, the Philippines expanded through 10 acquisitions in H1FY27, and Saudi Arabia began patient services through a joint-venture structure and an operational Riyadh site. NephroPlus also lists home haemodialysis, greenfield and brownfield clinics, hospital-based clinics, and government-backed public-private partnerships as formats in its dialysis platform.

Conclusion

NephroPlus’s H1FY27 disclosures show international expansion moving through concrete operating steps rather than only geographic ambition. Two acquired Almaty clinics established a Kazakhstan base, Philippine additions lifted that network to 55 clinics, and the Riyadh clinic began dialysis sessions. Together, these actions helped bring the network to 570 clinics in six countries, with international operations generating 47% of Q2FY27 revenue.

The next items to watch are management’s assessment and planned scaling of the two-clinic Kazakhstan base, the operating progression of Riyadh and home dialysis in Riyadh and Jeddah, and the Saudi Ministry of Health tender. NephroPlus has disclosed technical qualification to bid for four regions alongside 12 providers, but not an award. Management has also said margins and returns can move during new-market ramp-ups, while H1FY27 capex was Rs 102 crore.