On 6 Nov 2026, Nephrocare Health Services was priced at ₹601.75, or 47.5× trailing earnings, against an industry P/E of 47.7×, and the shares are 23% below their 52-week high. It earns ROCE of 13% and ROE of 9.0%, and sales grew 34% a year over 3 years. The company has almost no debt. It is a small-cap company with a market cap of ₹6,051 Cr, ranked 15th of 40 Medical Care Facilities companies by market cap; the shares rose 28% over the past year.
- ₹606.40
- ₹609.25
- ₹590.00
- ₹603.10
- 1.1 L
Health check
- ReturnsAhead
+28.0% over a year, better than 7 of 7 peers.
- Price tagIn line
P/E 47.5 vs industry 47.7.
- GrowthStrong
Sales +33.9% a year over 3 years.
- ProfitabilityAverage
ROCE 13.3% vs peer median 11.9%.
- Balance sheetFair
Debt 0.07× equity, interest covered 2.7×, Piotroski 5 of 9.
- Red flags1 to check
Promoter stake down from 63.9% to 58.3%.
Small cap
Market sensitivity
Key metrics
- Market cap
- ₹6,051 Cr
- Small cap
- P/E
- 47.5
- Industry 47.7
- Price to book
- 5.41
- Peers 8.03
- Dividend yield
- 0.00%
- ROE
- 9.0%
- Peers 12.8%
- ROCE
- 13.3%
- Peers 11.9%
- Debt to equity
- 0.07
- Debt ₹80 Cr
- EPS (TTM)
- ₹12.68
- Face value ₹2
- OPM (TTM)
- 23.1%
- Net margin 8.1%
- Sales growth
- +23.7%
- Latest quarter vs a year ago
- Profit growth
- +34.9%
- Latest quarter vs a year ago
- Price to sales
- 5.75
- EV/EBITDA 25.9
Strengths and risks
Strengths
- Practically debt-free.
- Quarterly profit up 34.9% on a year ago.
- Quarterly sales up 23.7% on a year ago.
- Positive operating cash flow in each of the last 4 years.
Risks to check
- Promoter stake down from 63.9% to 58.3%.
About Nephrocare Health Services
Nephrocare Health Services Limited provides dialysis healthcare services through a chain of kidney care clinics and dialysis centers in India, Uzbekistan, Nepal, and the Philippines. It provides In-clinic dialysis, dialysis on call, home hemodialysis, holiday dialysis, and dialysis on wheels services. The company was incorporated in 2009 and is based in Hyderabad, India.
- Headquarters
- Hyderabad
- Employees
- 2,294
- Sector
- Healthcare
- ISIN
- INE428V01029
- Website
- nephroplus.com
Price range
- Avg volume (3M)
- 3.5 L
- 1-year return
- plus 28.0%
- From 52-week high
- minus 23.0%
Analyst consensus
Peers · Medical Care Facilities
| Company | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| APOLLOHOSPApollo Hospitals Enterprise | 8,446.00 | plus 0.90% | 1,21,441 | 54.0 | 11.45 | 19.2% | 22.5% | 15.1% | 14.8% | 33.3% | 0.24% | plus 7.2% |
| MAXHEALTHMax Healthcare Institute | 934.00 | plus 0.21% | 90,909 | 66.1 | 8.03 | 12.6% | 12.8% | 26.8% | 22.4% | 9.3% | 0.21% | minus 18.1% |
| MANIPALHOSManipal Health Enterprises | 646.70 | minus 1.61% | 85,065 | 133.6 | 9.05 | 9.8% | 9.2% | 17.8% | – | – | 0.00% | minus 1.5% |
| ASTERDMAster DM Quality Care | 713.15 | minus 0.89% | 62,092 | 115.6 | 8.03 | 9.4% | 9.7% | 19.2% | 15.7% | −3.0% | 0.42% | plus 4.5% |
| FORTISFortis Healthcare | 766.90 | minus 6.45% | 57,898 | 55.3 | 5.52 | 11.9% | 11.1% | 22.4% | 13.3% | 20.9% | 0.12% | minus 19.6% |
| NHNarayana Hrudayalaya | 1,903.00 | minus 0.65% | 38,650 | 44.7 | 7.73 | 11.4% | 19.1% | 18.5% | 20.5% | 9.9% | 0.23% | plus 4.7% |
| MEDANTAGlobal Health | 1,387.60 | minus 0.15% | 37,264 | 60.4 | 8.63 | 15.0% | 15.2% | 20.9% | 17.2% | 19.5% | 0.04% | plus 11.2% |
| NEPHROPLUSNephrocare Health Services | 601.75 | minus 0.22% | 6,051 | 47.5 | 5.41 | 13.3% | 9.0% | 14.0% | 33.9% | – | 0.00% | plus 28.0% |
| Median of 7 peers | – | −0.65% | 62,092 | 60.4 | 8.03 | 11.9% | 12.8% | 19.2% | 16.5% | 14.7% | 0.21% | 4.5% |
Quarterly results
| ₹ Cr | Jun 25 | Sep 25 | Dec 25 | Mar 26 | Jun 26 |
|---|---|---|---|---|---|
| 228 | 244 | 260 | 266 | 282 | |
| 180 | 180 | 199 | 212 | 218 | |
| 47.6 | 64.2 | 60.9 | 53.8 | 63.9 | |
| 20.9% | 26.3% | 23.4% | 20.2% | 22.7% | |
| 6.6 | 1.6 | 3.3 | 8.5 | 3.9 | |
| 6.1 | 44.2 | 6 | 3.2 | 2.2 | |
| 19.5 | 22.3 | 21.9 | 25.8 | 24.5 | |
| 28.5 | −0.6 | 36.4 | 33.2 | 41 | |
| 16.9% | −1413.7% | 11.3% | 8.6% | 22.1% | |
| 23.7 | −9.5 | 32.2 | 30.4 | 32 | |
| 2.36 | – | 3.35 | 2.96 | 3.11 |
Profit & loss
- Sales CAGR 3Y
- +33.9%
- ROE
- 9.0%
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 415 | 540 | 748 | 994 | |
| – | +30.2% | +38.7% | +32.9% | |
| 364 | 431 | 577 | 766 | |
| 50.5 | 108 | 171 | 228 | |
| 12.2% | 20.1% | 22.9% | 23.0% | |
| 4.3 | 4.6 | 10.4 | 10 | |
| 14.6 | 19 | 18.9 | 58 | |
| 46.9 | 54.9 | 72.5 | 89.5 | |
| −1.9 | −5.9 | −3.1 | 6.5 | |
| −8.6 | 33.2 | 87.4 | 97.5 | |
| −37.2% | −5.9% | 23.3% | 21.2% | |
| −11.8 | 35.1 | 67.1 | 76.8 | |
| – | – | +91.0% | +14.5% | |
| -1.17 | 3.50 | 6.69 | 8.10 |
Forecast
Balance sheet
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 1.7 | 1.7 | 1.8 | 20.1 | |
| 387 | 412 | 582 | 1,096 | |
| 214 | 268 | 258 | 79.7 | |
| 63.9 | 124 | 155 | 275 | |
| 666 | 806 | 996 | 1,471 | |
| 253 | 306 | 334 | 415 | |
| 33 | 1.9 | 10.4 | 18.5 | |
| 22.4 | – | 0.4 | 35.2 | |
| 65.2 | 79.6 | 189 | 457 | |
| 293 | 419 | 462 | 546 | |
| 666 | 806 | 996 | 1,471 |
Cash flow
| ₹ Cr | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| 11.3 | 72.3 | 135 | 233 | |
| −78.2 | −50.7 | −125 | −410 | |
| 60 | 26.7 | 54.4 | 157 | |
| −7 | 48.4 | 64.6 | −20.7 | |
| −73.7 | −80 | −101 | −119 | |
| −62.5 | −7.7 | 34.6 | 113 |
Shareholding pattern
- Promoters58.31%
- Public41.69%
| Quarter | Split | Promoters | Public | Promoter change |
|---|---|---|---|---|
| 30 Sep 2026 | 58.31% | 41.69% | minus 5.54 | |
| 30 Jun 2026 | 63.85% | 36.15% | 0.00 | |
| 31 Mar 2026 | 63.85% | 36.15% | 0.00 | |
| 31 Dec 2025 | 63.85% | 36.15% | 0.00 | |
| 16 Dec 2025 | 63.85% | 36.15% | – |
Major shareholders
Filings & events
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