Nephrocare Health Services (NEPHROPLUS) Q1 26/27 earnings summary

Executive summary

• Q1 FY 2027 revenue grew 23.7% year-on-year to ₹282 crore, driven by strong platform execution, volume growth, and international expansion across India, the Philippines, and Uzbekistan.

• Adjusted EBITDA rose 31% to ₹65.1 crore, with margin improving to 23.1% from 21.9% year-on-year.

• Adjusted PAT increased 41.7% to ₹37 crore, with PAT margin up to 13.1% from 11.4% year-on-year.

• Network expanded to 550 clinics across 357 cities in five countries, including 51 clinics in the Philippines and the world's largest dialysis clinic in Uzbekistan.

• Business model focuses on quality, accessibility, affordability, clinical excellence, and disciplined capital allocation.

Financial highlights

• Revenue for Q1 FY 2027 rose 23.7% year-on-year to ₹281.8 crore, with sequential growth of 6.1% from Q4 FY26.

• Adjusted EBITDA margin improved to 23.1% (up 120 bps YoY and 220 bps sequentially).

• Adjusted PAT margin reached 13.1% in Q1 FY27.

• Revenue per treatment increased 9.2% year-on-year to ₹2,733, mainly due to higher international contribution.

• Annualized Adjusted ROCE stood at 21% for Q1 FY 2027.

Outlook and guidance

• Medium-term growth guidance maintained at 15%-20% CAGR over the next three to five years.

• Management expects continued profitable growth, leveraging operating efficiency and international expansion, with ongoing investments in technology, clinical quality, and talent pipeline.

• Focus on scaling in India, Philippines, Uzbekistan, and Saudi Arabia, with further market entries planned.