For investors, deciding whether the Nephrocare Health IPO is a good investment can be quite challenging. If you are unsure and still thinking about whether to apply or skip this IPO, don’t worry. In this article, we present the top key factors and a detailed review of the Nephrocare Health IPO. This will help you analyze the strengths, risks, and financial details of the Nephrocare Health IPO, making your investment decision better.
About Company
Nephrocare Health Services Ltd. has been in the business of complete dialysis care through its clinics since 2010, with a large network of clinics across India and international markets. Its services consist of haemodialysis, home dialysis, mobile dialysis, and access to pharmacy support.
The company runs a total of 490 clinics, 447 in India and 43 across the Philippines, Uzbekistan, and Nepal as of March 31, 2025. Currently, the business is present in 269 towns in 21 Indian states and four union territories.
As of March 2025, the company had 5068 dialysis machines serving 29,281 patients and performing over 2.88 million dialysis sessions. Max, Fortis Escorts, Care Hospitals, Wockhardt, Paras, CMRI, Jehangir Hospital, and Ruby Hall Clinic are some of the major hospitals the company partnered with to run an in-house dialysis center.
Strengths
- Nephrocare Health is India’s and Asia’s largest dialysis service provider with a 50% market share.
- The company provides high-quality care through established clinical protocols and advanced technology.
- The company has shown a strong focus on internal & inorganic growth.
- Proven history of steady growth, strong profitability, and consistent returns.
- The dialysis sector is low-risk because people need these treatments regularly, so demand stays steady.
Weaknesses
- The company runs on healthcare professionals. Unable to retain or attract the new professionals could harm the business.
- In the last few years, some of the subsidiaries have made losses. And they do not guarantee that they will make a profit in the future or continue to make losses.
- The business depends on its brand and reputation, if it fails to maintain them or faces negative publicity, it could harm the business and negatively affect its performance.
- The company faces a high attrition rate, meaning a lot of its employees are leaving the company within a year.
Nephrocare Health IPO Review
| Reviewer | Recommendation |
| IPO Watch | May Apply |
| Kunvarji Finstock Pvt Ltd | Apply |
| Lakshmishree Investment & Securities Ltd | Apply |
| Axis Capital | Not Rated |
| Capital Market | May Apply |
| SBICAP Securities Limited | Apply |
| SMIFS Limited | Apply |
| Swastika Investmart Ltd | Apply |
Nephrocare Health IPO Details
| IPO Open Date: | December 10, 2025 |
| IPO Close Date: | December 12, 2025 |
| Face Value: | ₹2 Per Equity Share |
| IPO Price Band: | ₹438 to ₹460 Per Share |
| Issue Size: | ₹871.05 Crores |
| Fresh Issue | ₹353.40 crores |
| Offer-for-Sale | Up to 1,12,53,102 equity shares |
| Registrar | Kfin Technologies Ltd. |
| IPO Lead Managers | ICICI Securities Ltd. Ambit Pvt.Ltd. IIFL Capital Services Ltd. Nomura Financial Advisory & Securities (India) Pvt.Ltd. |
| Basis of Allotment | December 15, 2025 |
| IPO Listing Date: | December 17, 2025 |
| Listing | BSE, NSE |
Financial Performance Trend Details
| Particulars (in ₹ Cr) | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 |
| Total Income | 483.97 | 769.92 | 574.72 |
| EBITDA | 110.31 | 166.64 | 99.66 |
| EBITDA Margin | 23.30% | 22.05% | 17.60% |
| PAT | 14.23 | 67.10 | 35.13 |
| PAT Margin | 3.00% | 8.88% | 6.21% |
| Net Worth | 716.06 | 594.21 | 423.55 |
| Reserves & Surplus | 704.14 | 578.68 | 408.57 |
| Borrowings | 207.04 | 225.80 | 243.37 |
Key Performance Indicator
| KPI | Values |
| RoNW | 13.19% |
| ROE | 13.45% |
| ROCE | 18.67% |
| Price to Book Value | 7.72 |
| EBITDA Margin | 22.05% |
Peer Comparison with the Company
| Name of the Company | Face Value (₹) | Basic EPS (₹) | Diluted EPS(₹) | RONW (%) | P/E Ratio | NAV(₹) |
| Nephrocare Health | 2 | 8.28 | 8.01 | 13.19% | [●] | 59.56 |
| Listed Peers | ||||||
| Narayana Health | 10 | 38.90 | 38.90 | 21.77% | 45.21 | 160.35 |
| Jupiter Life Line Hospitals | 10 | 29.47 | 29.47 | 14.27% | 51.10 | 192.55 |
| Rainbow Children Hospital | 10 | 23.97 | 23.84 | 16.56% | 56.84 | 134.69 |
| Dr. Agarwal’s Healthcare | 1 | 2.80 | 2.78 | 5.73% | 179.42 | 55.13 |
| Dr. Lal Path Labs | 10 | 58.48 | 58.40 | 22.30% | 52.47 | 245.26 |
| Metropolis Healthcare | 2 | 28.29 | 28.15 | 10.90% | 69.48 | 236.34 |
| Vijaya Diagnostics | 10 | 13.95 | 13.92 | 17.99% | 73.14 | 70.98 |
Promoters & Track Records, if any
- Vikram Vuppala, born on December 14, 1976, aged 48 years, is one of the Promoters and the Chairman and Managing Director of the Company. He holds 10,533,523 Equity shares, representing 11.14% of the equity share capital in the company.
- Bessemer Venture Partners Trust (“BVP Trust”) is a contributory irrevocable trust established under the Trust Act, 2001, that holds 9,366,870 shares, representing 9.90% of the company’s equity share capital.
- Edoras Investment Holdings Pte. Ltd. was incorporated as Edoras Investment Holdings Pte. Ltd. on October 21, 2022, and holds 32,415,615 Equity shares, representing 34.28% of the equity share capital in the company.
- Healthcare Parent Limited (“HPL”) holds 7,637,400 Equity shares, representing 8.08% of equity share capital.
- Investcorp Private Equity Fund II (“IPEF II”) holds 6,993,870 Equity shares, representing 7.40% of equity share capital.
- Investcorp Growth Opportunity Fund (“IGOF”) holds 622,395 Equity shares, representing 0.66% of equity share capital.
Industry Peer Group P/E ratio
In the Healthcare services sector, the P/E ratio ranges from a low of 45.21 to a high of 179.42, with an average of 75.38.
Expansion
- The proceeds raised from the fresh issue will be used towards opening new dialysis clinics in India
- A portion of the funds will be used towards Pre-payment, or scheduled repayment, of existing borrowings taken by the company.
- Lastly, the remaining funds will be used for the company’s general corporate purposes.
Nephrocare Health IPO – Should You Apply or Not?
Nephrocare Health IPO offers a large dialysis clinic presence, great demand from chronic kidney patients, improving financial performance, and plans to use IPO proceeds for expansion and debt reduction to promote future growth. However, dependence on healthcare professionals, high attrition rate, and higher valuation are some of the major risks around the company.
As of December 8th, the GMP of the Nephrocare Health IPO is ₹0. Short-term investors can apply for the IPO for listing gain, given the positive market sentiment and attractive GMP. Investors who believe in the long-term growth of organised dialysis demand in India and have an interest in the healthcare sector can apply for the IPO on a long-term basis.
Please note:
Investors are advised to make their own decisions and apply entirely at risk. This article uses information from the company’s RHP (Red Herring Prospectus) data and online sources. If you have any queries, kindly contact the IPO Watch Team.
