Nephrocare Health Services Ltd IPO
IPO Timeline
Category-wise Subscription
| Category | Sub (x) | Offered | Bid For | Amt (Cr)* |
|---|---|---|---|---|
| QIB | — | 9,426,143 (50%) | — | ₹43,360 Cr |
| NII (HNI) | — | 2,827,843 (15%) | — | ₹13,008 Cr |
| Retail | — | 6,598,301 (35%) | — | ₹30,352 Cr |
| Employee | — | 83,532 (0%) | — | ₹38 Cr |
| Σ Total | — | 18,935,819 (100%) | — | ₹871,048 Cr |
Only available investor categories are shown. Amount is auto-calculated when shares offered and issue price are available.
Issue Details
Minimum Investment (Lot-wise)
| Category | Lots | Shares | Amount (₹) |
|---|---|---|---|
| Retail (Min) | 1 | 32 | ₹14,720 |
| Retail (Max) | 13 | 416 | ₹191,360 |
| S-HNI (Min) | 14 | 448 | ₹206,080 |
| B-HNI (Min) | 67 | 2,144 | ₹986,240 |
Financial Statements Amount in ₹ Crore
| Metric | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Revenue | 484 | 770 | 575 |
| EBITDA | 110 | 167 | 100 |
| Profit After Tax | 14 | 67 | 35 |
| Net Worth | 716 | 594 | 424 |
| Total Assets | 1,194 | 996 | 806 |
| Reserves & Surplus | 704 | 579 | 409 |
| Total Borrowing | 207 | 226 | 243 |
Valuation & Key Ratios
Grey Market Premium (GMP)
GMP is an unofficial grey market indicator and does not guarantee actual listing price. Invest at your own risk.
Objects of the Issue
- Capital expenditure by the Company for opening new dialysis clinics in India – 129.11
- Pre-payment, or scheduled repayment, in full or part, of certain borrowings availed by the Company – 136.00
- General corporate purposes –
Company Overview
Incorporated in 2010, Nephrocare Health Services Ltd. provides end-to-end dialysis care through a wide network of clinics across India and select international markets. The company offers services including diagnosis, haemodialysis, home and mobile dialysis, and wellness programs, supported by an in-house pharmacy.
As of Sep 30, 2025, Nephrocare operated 519 clinics with 51 across the Philippines, Uzbekistan, and Nepal. This includes the world’s largest dialysis clinic in Uzbekistan. In India, the company had a presence across 288 cities in 21 States and 4 Union Territories. Approximately 77.53% of its clinics were located in tier II and tier III cities, addressing a critical need in underserved regions.
During Fiscal 2025, Nephrocare served 29,281 patients and completed 2,885,450 dialysis treatments, accounting for roughly 10% of the country's total dialysis patient base. Additionally, by Sep 30, it has served 31,046 patients and completed 1,591,377 treatments in India. As of Sep 30, 2025, the company has 5,562 dialysis machines.
Nephrocare has formed strategic partnerships with established hospital chains such as Max Super Speciality Hospital, Fortis Escorts Hospitals, Care Hospitals, Wockhardt Hospitals, Paras Healthcare, The Calcutta Medical Research Institute, Jehangir Hospital, and Ruby Hall Clinic to operate in-house dialysis centers.
Competitive strengths
- India’s and Asia’s largest dialysis chain with leadership across our markets
- Scale coupled with asset-light model driving cost efficiencies and operational excellence
- Driving clinical excellence and quality through protocols and advanced technology
- Organic growth augmented by proven track record of acquisitions and integration in India and internationally
- Patient-centric leadership and seasoned management team backed by marquee investors
- Driving sustainable dialysis leadership with environmental, social and governance measures
- Track record of sustainable growth, profitability and return