Nephrocare Health Services Ltd IPO

Pros

• • Nephrocare Health Services claims to be India’s largest dialysis services provider in FY25 by patients served, clinics, cities covered, treatments performed, revenue, and EBITDA (excluding other income), and states it was 4.4x the next-largest organised provider in India by FY24 operating revenue (F&S report). It also states it was the largest dialysis provider in Asia in 2025 and the fifth largest globally by the number of treatments performed in FY25, and that it led the Indian organised dialysis market in FY25 with over 50 percent share by treatments and about 50 percent share by revenue (F&S report).
• • Nephrocare Health Services claims to have scaled from one clinic in 2010 to 519 clinics across India, Nepal, the Philippines, and Uzbekistan as of September 30, 2025, with presence in 328 cities, using a mix of greenfield, brownfield, and public-private partnership (PPP) formats (80/259/180 clinics, respectively). It also states it follows an asset-light approach, with 52.41 percent of clinics operating under a revenue-sharing model as of September 30, 2025. The company further claims cost efficiencies through centralised procurement and scale-based supplier negotiations, and reports that consumables as a share of revenue from operations declined from 32.59 percent in FY23 to 29.78 percent in FY24, 25.69 percent in FY25, and 23.05 percent for the period ended September 30, 2025.
• • Nephrocare Health Services claims it drives clinical quality through its “RenAssure” dialysis protocols, which it states cover each stage of treatment, are updated for new research, and are implemented across its clinic network, with adaptations made for different countries’ dialysis systems. The company also claims it is supported by an advisory team of clinical experts and runs internal training, including its “Enpidia” academy, which it states offers a 24-month diploma and is accredited by the Board of Nephrology Examiners Nursing Technology (BONENT). It further claims to use proprietary technology such as “Renova” (a cloud-enabled dialyzer reprocessing system) and clinic/patient applications, and reports that it has a registered ethics committee and was involved in five clinical trials as of September 30, 2025.