| Revenue growth | Q2 revenue +23.5% YoY to ₹303 Cr; 97% non-forex, per CFO. |
|---|---|
| Margins | Adj EBITDA margin 22.7% Q2, 23.0% H1 vs 23.8% FY26; ~80bps down. |
| Demand visibility | Treatments +12% YoY; guests 38,814 (+10%); no forward demand figures. |
| Management confidence | Overall upbeat; margin and pricing questions deflected to 'healthy range' language. |
Growth
Q2 revenue +23.5% YoY; adj EBITDA only +3.3% at 22.7% margin. Adj PAT +34.7% helped by finance cost cut.
Outlook
Reiterates 15-20% revenue growth over 3-4 years; no annual guidance. FY27 capex to exceed ₹165 Cr.
Risks
Margin dilution from new-country investment, listed-company costs and rising ECL; Saudi tender binary; Philippines competition building.
Last quarter's promises, checked
Delivered
- 15-20% rev growth → Q1 +23.7%, Q2 +23.5% (= BEAT)
- New intl market per 12-18mo → Kazakhstan entered, 2 clinics (= BEAT)
Partly delivered
- India 40-50 clinics/yr → 19 Q1 + 13 Q2 net (= PARTIAL)
- Philippines 10-15 clinics/yr → +7 Q1, +5 Q2 (= PARTIAL)
- NIDA first batch Q3 → launched; batch start unreported (= PARTIAL)
Missed
- Margin expansion via op leverage (Q1 23.1%) → Q2 22.7%, H1 23.0% vs FY26 23.8%; adj EBITDA +3.3% vs rev +23.5% (= MISS)
Earnings Call Transcript filed with BSE, NSE: NEPHROPLUS. Summary written with AI assistance from the document.
Nephrocare Health Services Ltd: key numbers
- Share price
- ₹620.00
- Market cap
- ₹6,221 Cr
- Revenue (annual)
- ₹998.8 Cr
- Net profit (annual)
- ₹76.84 Cr
- P/E (TTM)
- 48.6×Sector 53.8×
- Promoter holding
- 58.31%-5.54% QoQ
- FII holding
- 11.73%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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