Nephrocare Health Services Ltd. provides end-to-end dialysis care across India and select international markets. As of Sep 30, 2025, the company operated 519 clinics (including 51 outside India) and delivered ~2.89 million dialysis treatments in FY25. The company focuses on an asset-light, scalable model serving largely tier-II/III markets and partners with major hospital chains for in-house clinics.
Nephrocare Health IPO
| Face Value | ₹2 per share |
|---|---|
| Issue Type | Book-building (Fresh Issue + Offer for Sale) |
| Total Shares Offered | 1,89,35,819 shares (aggregating up to ₹871.05 Cr) |
| Fresh Issue | 76,82,717 shares (≈₹353.40 Cr) |
| Offer for Sale | 1,12,53,102 shares (≈₹517.64 Cr) |
| Employee Discount | ₹41 per share |
| Registrar | KFin Technologies Ltd. |
| IPO Open Date | Wed, Dec 10, 2025 |
|---|---|
| IPO Close Date | Fri, Dec 12, 2025 |
| Tentative Allotment | Mon, Dec 15, 2025 |
| Initiation of Refunds | Tue, Dec 16, 2025 |
| Credit to Demat | Tue, Dec 16, 2025 |
| Tentative Listing Date | Wed, Dec 17, 2025 |
| UPI Mandate Cut-off | 5 PM on Fri, Dec 12, 2025 |
| Application Type | Lots | Shares | Amount (₹) — at ₹460 |
|---|---|---|---|
| Retail (Min) | 1 | 32 | ₹14,720 |
| Retail (Max) | 13 | 416 | ₹1,91,360 |
| S-HNI (Min) | 14 | 448 | ₹2,06,080 |
| S-HNI (Max) | 67 | 2,144 | ₹9,86,240 |
| B-HNI (Min) | 68 | 2,176 | ₹10,00,960 |
Retail bidding limit = ₹2 Lakh per application (cut-offs & category rules apply). See RHP for details on employee allocation and bidding rules.
Nephrocare Health Services Ltd. provides end-to-end dialysis care across India and select international markets. As of Sep 30, 2025, the company operated 519 clinics (including 51 outside India) and delivered ~2.89 million dialysis treatments in FY25. The company focuses on an asset-light, scalable model serving largely tier-II/III markets and partners with major hospital chains for in-house clinics.
| Period | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 1,193.68 | 996.46 | 806.02 |
| Total Income | 483.97 | 769.92 | 574.72 |
| Profit After Tax | 14.23 | 67.10 | 35.13 |
| EBITDA | 110.31 | 166.64 | 99.66 |
| Net Worth | 716.06 | 594.21 | 423.55 |
| Total Borrowing | 207.04 | 225.80 | 243.37 |
| ROE | 13.45% |
|---|---|
| ROCE | 18.67% |
| PAT Margin | 8.88% |
| EBITDA Margin | 22.05% |
| Price to Book | 7.72x |
Figures restated as per RHP. Read the full RHP for accounting notes, client concentration and other risks.
| S.No | Purpose | Amount (₹ Crore) |
|---|---|---|
| 1 | Capex to open new dialysis clinics in India | 129.11 |
| 2 | Pre-payment / scheduled repayment of borrowings | 136.00 |
| 3 | General corporate purposes | – |
Nephrocare Health Services Ltd.
(Refer to RHP / company site for registered office details)
Website: https://www.nephrocare.com/ | Email: (check RHP)
Registrar: KFin Technologies Ltd.
Phone: 04067162222 / 04079611000 | Email: nephrocare.ipo@kfintech.com
Observations: Nephrocare is a market leader in dialysis with strong scale and good margins. Financials show healthy revenue and PAT growth, but the issue is priced aggressively (high P/E and P/B). Major objects are expansion capex and debt repayment. Suitable for long-term investors who back healthcare infrastructure play — verify valuation, client/market risks, and promoter/PE exits in the RHP before applying.
This is informational only — not investment advice. Consult a financial advisor before investing.