Nephrocare Health Services Limited, which operates India's largest dialysis network under the NephroPlus brand, reported a strong start to fiscal year 2027, with first-quarter revenue climbing 23.7% year-on-year to Rs. 282 crore.

As per the company, this performace was driven by rising treatment volumes and growing contribution from its international operations.

The company disclosed the results in a transcript of its August 12 investor conference call, filed with BSE and NSE on August 19 under SEBI's listing disclosure norms.

Adjusted EBITDA for the quarter grew 30.7% to Rs. 65 crore, with margins expanding to 23.1% from 21.9% a year earlier. Adjusted profit after tax rose 41.7% to Rs. 37 crore. 

Management attributed the margin gains to procurement efficiencies extended across international markets and a growing share of higher-realization international revenue, which now makes up around 45% of the total, up from 30% roughly eighteen months ago.

Active patient volumes grew 13% to 38,262, while total dialysis treatments performed rose 13.3% to over 1 million for the quarter. Revenue per treatment increased 9.2% to Rs. 2,733, aided by the international mix shift and a periodic, one-time-in-a-decade-style price revision in the Philippines market.

NephroPlus added 26 clinics during the quarter — 19 in India and 7 in the Philippines — bringing its total footprint to 550 clinics across 357 cities in five countries. The company's India operations alone now span over 300 cities. Management described NephroPlus as India's and Asia's largest dialysis network by treatment volume.

Vikram Vuppala reiterated the company's three-pillar strategy of quality, accessibility and affordability, noting that roughly 80% of India's dialysis capacity still sits with hospitals running in-house operations rather than outsourcing to specialized providers — a trend he expects to shift gradually in NephroPlus's favor.

The company confirmed it has incorporated a new subsidiary in Kazakhstan during the quarter, intended as a platform to evaluate opportunities across Central Asia, alongside continued investment in Saudi Arabia. 

Its first Saudi clinic, based at a hospital in Riyadh, became operational in July, and the company has begun home dialysis services there as well. 

The Philippines business, meanwhile, crossed 50 clinics across 39 cities within six years of entry, which management called one of the strongest validations of the company's operating model outside India.