By: IPP Bureau
Last updated : August 13, 2026 9:00 am
Adjusted EBITDA climbs 30.7% to Rs. 65.1 crore as treatments cross 10.3 lakh; network expands to 550 clinics across five countries
Nephrocare Health Services Limited, which operates the NephroPlus dialysis network, reported a strong financial and operational performance for the first quarter ended June 30, 2026, with consolidated revenue rising 23.7% year-on-year to Rs. 281.8 crore.
The company's adjusted EBITDA increased 30.7% YoY to Rs. 65.1 crore, compared with Rs. 49.8 crore in Q1FY26. Adjusted EBITDA margin expanded to 23.1% from 21.9% a year earlier and improved by 220 basis points sequentially from 20.9% in Q4FY26.
Adjusted PAT grew 41.7% YoY to Rs. 36.8 crore, compared with Rs. 26 crore in the corresponding quarter last year.
The revenue growth was supported by higher treatment volumes and an increase in revenue per treatment. NephroPlus delivered 10.31 lakh treatments during Q1FY27, up 13.3% from 9.10 lakh treatments in Q1FY26.
The number of guests increased 13% YoY to 38,262, while revenue per treatment rose 9.2% to Rs. 2,733 from Rs. 2,503.
On a sequential basis, revenue increased 6.1% from Rs. 265.6 crore in Q4FY26, while adjusted EBITDA rose 17.5% from Rs. 55.4 crore. Adjusted PAT increased 4.7% from Rs. 35.1 crore in the previous quarter.
Vikram Vuppala, Chairman and Managing Director, NephroPlus, said India's dialysis market is undergoing a shift from unorganised providers towards organised, pure-play dialysis networks.
According to Vuppala, pure-play dialysis networks currently account for around 21% of India's dialysis services market, compared with virtually zero 16 years ago.
He added that the growing burden of diabetes and hypertension is supporting demand for dialysis services, while the shift towards organised care could create additional opportunities for expansion into Tier 2 and Tier 3 cities.
Rohit Singh, Group Chief Executive Officer, said the company reached 550 operating clinics across five countries during the quarter, including a milestone of 50 clinics in the Philippines.
Prashant Goenka, Chief Financial Officer, said the Q1 performance demonstrated the efficiency of NephroPlus' India platform, which operates at relatively low price points while maintaining profitability.