- POSITIVE
Annual Revenue Nephrocare Health Services Mar-2026 Annual Revenue is Rs 645 Cr which is growth of 15.4% YoY.
- NEGATIVE
Annual Net Profit Nephrocare Health Services Mar-2026 Annual Net Profit is Rs -8 Cr which is growth of -123.5% YoY.
Nephrocare Health Services was incorporated on December 18, 2009. The company provides dialysis treatment across India and Asia, offering services like haemodialysis, home dialysis, and mobile dialysis. It operates 490 clinics, including international ones, and serves over 29,000 patients annually
| Bidding Dates |
|---|
| 10 Dec 2025 - 12 Dec 2025 |
| Subscription |
|---|
| 13.96x Oversubscribed |
| Minimum Investment | Minimum Lot | Maximum Lot | Lot Size | Number of Shares | Issue Price Band | Post Issue Promoter Holding % | Issue Size | IPO Document |
|---|---|---|---|---|---|---|---|---|
| ₹14,016 | 1 | 13 | 32 | 18.9 M | ₹438 - ₹460 | 66.72 % | ₹8,293.9 M - ₹8,710.5 M | RHP DOC |
Nephrocare Health Services IPO SUBSCRIPTION STATUS
12 Dec '25Total13.96x
Retail Individual Investor2.31x
HNI (NII) Investors24.27x
Qualified Institutional Buyers27.47x
Employees2.67x
Nephrocare Health Services IPO overall subscription rate was 13.96 times the total available shares
Nephrocare Health Services IPO retail subscription rate was 2.31 times in the retail segment
Nephrocare Health Services IPO non-institutional investor subscription rate was 24.27 times in the non-institutional investor category
Nephrocare Health Services IPO Qualified Institutional Bidder subscription rate was 27.47 times the available shares for Qualified Institutional Bidder
| Day | Retail Individual Investor | HNI (NII) Investors | Qualified Institutional Buyers | Employees |
|---|---|---|---|---|
| Category Reservation | 35% | 15% | 50% | - |
12 Dec 2025 (Day 3) | 2.31x | 24.27x | 27.47x | 2.67x |
11 Dec 2025 (Day 2) | 0.45x | 0.22x | 0.3x | 1.17x |
10 Dec 2025 (Day 1) | 0.2x | 0.09x | - | 0.53x |
Nephrocare Health Services FINANCIALS
| Period | Revenue from Operations (Rs in crore) | Net Profit (Rs in crore) | Cash Flow from Operations (Rs in crore) | Free Cash Flow (Rs in crore) | Margins |
| H1FY26 | 473.5 | 14.2 | 38.1 | -23.2 | 23.3% |
| FY25 | 755.8 | 67.1 | 135.3 | 34.6 | 22.1% |
| FY24 | 566.2 | 35.1 | 72.3 | -7.7 | 17.6% |
| FY23 | 437.3 | -11.8 | 11.3 | -62.5 | 11.1% |
Nephrocare Health Services IPO SUBSCRIPTION STATUS DETAILS
Nephrocare Health Services had 18.9 M shares on offer
Nephrocare Health Services IPO offer price was in the range ₹438 - ₹460
Nephrocare Health Services IPO minimum Investment was ₹14016
Nephrocare Health Services IPO issue size was ₹ 8,293.9 M - ₹ 8,710.5 M
Nephrocare Health Services had a minimum lot size of 32 Shares per application
Nephrocare Health Services NUMBER OF SHARES ON OFFER
Total18.9 M
Fresh Issue7.7 M
Offer for Sale11.3 M
Post Issue Promoter Holding %66.72 %
Nephrocare Health Services IPO IMPORTANT DATES
| Issue Open Date | 10 Dec 2025 |
| Issue close Date | 12 Dec 2025 |
| Allotment Date | 15 Dec 2025 |
| Refund Date | 16 Dec 2025 |
| Demat Account Credit Date | 16 Dec 2025 |
| Listing Date | 17 Dec 2025 |
| Listing on Exchange(s) | NSE and BSE |
| Nephrocare Health Services Allotment Status | Exchange/ Registrar |
Nephrocare Health Services IPO subscription opened on 10 Dec 2025, and closed on 12 Dec 2025
IPO allotment for Nephrocare Health Services was finalized on Monday, 15 Dec 2025
IPO listing for Nephrocare Health Services was on NSE and BSE on Wednesday, 17 Dec 2025
Nephrocare Health Services IPO LISTING GAINS
| Issue Price (adjusted) | 460.0 |
| Listing Open Price | 490.0 |
| Listing Close Price | 471.3 |
| Listing Gain% | 6.5% |
| Current Gain% | 41.5% |
Nephrocare Health Services Peer
| Stock | Stock Price | Market Cap (Rs crore) | PE TTM | PEG TTM | PS TTM | ROE% | ROA% | Annual Revenue (Rs crore) | Annual Revenue Growth % | Annual Net Profit (Rs crore) | Annual Net Profit Growth % | EPS TTM | EPS TTM Growth % |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Nephrocare Health Services Ltd. | 651 | 6532.2 | 51 | 0.6 | 5.9 | 6.9 | 5.2 | 1023.4 | 32.9 | 76.8 | 14.5 | 12.8 | 90.9 |
| Dr. Lal Pathlabs Ltd. | 1993 | 33452.3 | 57.3 | 6.3 | 11 | 20.1 | 16 | 2864.2 | 12.1 | 504.8 | 3.6 | 34.8 | 9.2 |
| Inventurus Knowledge Solutions Ltd. | 1634.1 | 28036.8 | 35 | 1.1 | 6.7 | 25.8 | 16.9 | 3209.5 | 18.7 | 721.6 | 48.4 | 46.7 | 31.3 |
| Sagility Ltd. | 43.9 | 20537 | 20 | 0.7 | 2.6 | 9.6 | 7.3 | 7290.8 | 29.6 | 924.8 | 71.5 | 2.2 | 28.5 |
| Molbio Diagnostics Ltd. | 1493.2 | 17207.6 | 111.5 | 12 | 14.2 | 7.8 | 1455.2 | 41.6 | 166.6 | 14.8 | 13.4 | ||
| Indegene Ltd. | 666.2 | 16050.7 | 39 | -5 | 3.9 | 12.8 | 8.7 | 3582.5 | 21.6 | 401.1 | -1.4 | 17.1 | -7.8 |
Quarterly
Annual
Balance Sheet
Ratios
Cash Flow
Nephrocare Health Services annual results: revenue, profit, P&L, and margins as of Mar 2026 – 11 year history
Nested row level
Base Level
Reporting Type
Standalone
Cell Data
Actual
Table Settings
YoY & New to Old
CAGR Columns
Select...
Nested row level
Base Level
Export
*All financials are in INR Cr and price data in INR
Add metric to table
Search...
Total Rev. Ann.
1Y CHG
15.4%
2Y CAGR
20.5%
3Y CAGR
18.1%
Operating Exp. Ann.
1Y CHG
20.7%
2Y CAGR
18.7%
3Y CAGR
15.9%
Nephrocare Health Services INFORMATION ON IPO ISSUE
About Nephrocare Health Services
Nephrocare Health Services was incorporated on December 18, 2009. The company provides dialysis treatment across India and Asia, offering services like haemodialysis, home dialysis, and mobile dialysis. It operates 490 clinics, including international ones, and serves over 29,000 patients annually
Object of the Issue
- Capital expenditure by the company for opening new dialysis clinics in India
- Pre-payment, or scheduled repayment, in full or part, of certain borrowings availed by the company
- General corporate purposes
Nephrocare Health Services - PROMOTERS
| Name |
|---|
| Vikram Vuppala |
| Bessemer Venture Partners Trust |
| Edoras Investment Holdings Pte. Ltd |
| Healthcare Parent Limited |
| Investcorp Private Equity Fund II |
| Investcorp Growth Opportunity Fund |
Nephrocare Health Services - MANAGEMENT & LEADERSHIP
| Name | Designation |
|---|---|
| Vikram Vuppala | Chairman & Managing Director |
| Vishal Vijay Gupta | Non-Executive Nominee Director |
| Gaurav Sharma | Non-Executive Nominee Director |
| Sunil Kumar Thakur | Non-Executive Nominee Director |
| Om Prakash Manchanda | Independent Director |
| Hemant Sultania | Independent Director |
| Annette Berit Ingrid Kumlien | Independent Director |
| Ajay Bakshi | Independent Director |
Nephrocare Health Services Book Running Lead Manager
ICICI Securities Limited
nephroplus.ipo@icicisecurities.com
Ambit Private Limited
nephroplus.ipo@ambit.co
IIFL Capital Services Limited
nephroplus.ipo@iiflcap.com
Nomura Financial Advisory and Securities (India) Private Limited
nephroplusipo@nomura.com
Nephrocare Health Services Registrar to the Offer
KFin Technologies Limited
nephrocare.ipo@kfintech.com
Nephrocare Health Services Strengths
Dialysis market leadership
The company is India’s largest dialysis service provider in terms of patients served, number of clinics, cities covered, treatments performed, revenue, and EBITDA in FY25. It is 4.4 times the size of the next largest organized dialysis provider in India by revenue and also ranks as Asia’s largest and the fifth-largest globally by number of treatments
Strength
Quality focus
The company maintains a protocol-driven clinical model to ensure quality and consistency across its clinics. Its proprietary RenAssure protocols, which guide all aspects of dialysis treatment, are continuously updated with new medical research and adapted for international clinics based on local regulations
Strength
Sustainable operations
The company integrates environmental, social, and governance (ESG) initiatives into its core operations. Environmentally, it has implemented a bin optimization programme across 250+ clinics, reducing plastic bin cover usage by 25%–30% and eliminating over 10 tonnes of plastic waste annually
Strength
Nephrocare Health Services Risks
Talent retention
The company’s growth depends on attracting and retaining experienced healthcare professionals. The limited availability of qualified personnel, high competition from other healthcare providers, and the non-exclusive nature of many consultant contracts create potential challenges
Risk
Expansion uncertainty
Geographic expansion into new Indian and international cities exposes the company to unfamiliar regulatory environments, cultural differences, staffing difficulties, and brand recognition issues. These challenges could affect the pace and profitability of new clinic operations and may hinder the company’s long-term financial performance
Risk
Pricing constraints
Service pricing is largely governed by contracts with public and private healthcare providers, limiting the company’s flexibility to adjust fees. Government price regulations or inadequate escalation clauses may result in pricing that fails to cover rising operational costs, thereby affecting margins and profitability
Risk
IPO FAQs
This IPO consists of an offer for sale of up to Rs 517.6 crore, of 11,253,102 shares. It also consists of a fresh issue of Rs 353.4 crore.
The promoters of the company are Vikram Vuppala, Bessemer Venture Partners Trust, Edoras Investment Holdings Pte. Ltd, Healthcare Parent Limited, Investcorp Private Equity Fund II and Investcorp Growth Opportunity Fund.
The category allocation of qualified institutional buyers is 50.0%, the category allocation of non individual investors or high networth individuals is 15.0% and for retail investors it is 35.0%.
The price band of the IPO is Rs 438.0 - 460.0.
The IPO application opens on Dec 10, 2025 and closes on Dec 12, 2025.
The minimum lot size for the IPO is 32. The maximum lot size for the IPO is 416.
For all category investors, the minimum application amount for this IPO is Rs. 14,016.0, the maximum value for this IPO is Rs 191,360.0.
This IPO will be allotted on Dec 15, 2025.
The refund will be credited to your account on Dec 16, 2025.
The allotted shares will be credited to your demat on Dec 16, 2025.
Nephrocare Health Services Ltd.’s shares listed on the stock exchanges on Dec 17, 2025.