| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹438 to ₹460 | 32 | 10th Dec, 2025 –12th Dec, 2025 | ₹871.00 Cr |
Nephrocare Health Ltd
Nephrocare Health Services offers comprehensive dialysis care through its network of clinics, from diagnosis and treatment to wellness programs, including haemodialysis, home and mobile dialysis, and a pharmacy. The company also provides holiday dialysis, on-call dialysis, and dialysis-on-wheels services to its patients in India. The company is India’s largest dialysis service provider, based on the number of patients served, clinics, cities covered, treatments performed, revenue, and EBITDA in FY25. Further, the company is 4.4 times the size of the next-largest organized dialysis provider in India, based on operating revenue in FY24. In FY25, the company served 29,281 patients and completed 2,885,450 treatments in India, which represented ~10% of the total dialysis patients in India. The company operates 519 clinics, forming India’s most extensive dialysis network, with a presence across 288 cities in 21 States and 4 Union Territories as of September 30, 2025. 77.4% of its clinics are located in tier II and tier III cities and towns. As of September 30, 2025, 80 clinics operated through greenfield, 259 through brownfield, and 180 via PPP collaborations. The company has partnered with leading hospital chains in India, including Max Super Specialty Hospital, Fortis Escorts Hospitals, Care Hospitals, Wockhardt Hospitals, Paras Healthcare, The Calcutta Medical Research Institute, Jehangir Hospital and Grand Medical Foundation (Ruby Hall) to operate specific dialysis clinics. The company is the leader in dialysis services in FY25, with a market share of over 50% in the organised market (by number of treatments) and ~50% in revenue generated by organiZed dialysis service providers. The company’s clinics are accredited by leading bodies in India, with 145 of its dialysis clinics accredited by NABH and three by JCI as of September 30, 2025. The company also complies with ISO standards ISO 9001:2015 for quality management systems.
Objective of the Nephrocare Health Ltd IPO
Out of the total issue size of Rs. 871 crores, Rs. 518 crores comprises OFS.
The company proposes to utilize net proceeds from the issue towards the following objects:
- Capital expenditure by company for opening new dialysis clinics in India and;
- Pre-payment, or scheduled repayment, in full or part, of certain borrowings availed by company; and
- General corporate purposes.
Rationale To Nephrocare Health Ltd IPO
Strong market presence as India and Asia’s largest dialysis provider
The company is India’s largest dialysis service provider in terms of the number of patients served, clinics, cities covered, treatments performed, revenue, and EBITDA (excluding other income) in FY25, and it is 4.4 times the size of the next largest organized dialysis provider in India in terms of operating revenue in FY24. The company was also the largest dialysis service provider in Asia in 2025 and the fifth-largest globally based on the number of treatments performed in FY25. In India, the company is the leader in dialysis services in FY25, with a market share of over 50% in the organized dialysis market (by number of treatments) and ~50% in revenue generated by organized dialysis service providers. As of September 30, 2025, the company has performed over 1.87 million treatments, with the number of treatments growing at a CAGR of 20.1% between FY23 and FY25. Additionally, as of September 30, 2025, the company had 5,562 dialysis machines, up from 5,068, 4,714, and 3,662 as of March 31, 2025, March 31, 2024, and March 31, 2023, respectively. As of September 30, 2025, the company operated clinics in 3 countries other than India. The company commenced international operations in 2018 with its entry into Nepal, an extension of its cluster-based approach in India. The company entered the Philippine market in October 2020, following its acquisition of a majority stake in Royal Care Dialysis Centre Inc. (RCDC) and Asialife Healthcare Corp (Asialife). Through these acquisitions, the company gained access to RCDC’s and Asialife’s network of six clinics across the Philippines. Over the next 2 years, the company subsequently acquired 100% ownership of RCDC and expanded its footprint to 10 clinics. As of September 30, 2025, the company operated 51 clinics in the Philippines. The company was the 3rd-largest dialysis service provider in the Philippines by the number of clinics in 2024. The company won a USD 75+ million PPP tender issued by the Ministry of Health, Republic of Uzbekistan, to establish four clinics, including a 165-bed dialysis clinic in Tashkent, the largest dialysis clinic globally.
Scale, coupled with an asset-light model, drives cost efficiencies and operational excellence
The company has expanded from a single clinic in India in 2010 to 519 clinics across India, Nepal, the Philippines, and Uzbekistan as of September 30, 2025, with a presence in 328 cities. Its growth strategy combines greenfield and brownfield operations with PPP collaborations, enabling efficient scaling and diverse patient coverage. As of September 30, 2025, 80 clinics operated through greenfield, 259 through brownfield, and 180 via PPP collaborations. The company follows an asset-light model, enabling lower establishment and operating costs compared to tertiary care and other single-speciality services. As of September 30, 2025, 52.4% of its 519 clinics operate on a revenue-sharing model with limited space investment, reflecting its commitment to lean operations. Initiatives such as standardized clinic formats, an in-house projects team, and an efficient supply chain have helped reduce capital expenditure and keep establishment costs low. In the 6 months ended September 30, 2025, and FY25, FY24, and FY23, capital expenditure per clinic was Rs. 1.0 crores, Rs. 1.4 crores, Rs. 1.7 crores, and Rs. 1.1 crores, respectively. The company uses a cluster-based approach to expand its network, starting with clinics in densely populated areas and then growing within cities and nearby towns. Expansion is guided by catchment demographics, market dynamics, and backend infrastructure, with clinic selection based on demand-supply gaps, nephrologist availability, dialysis volumes, government schemes, and due diligence. This approach has enabled operations in non-metro, tier II, and tier III locations, improving accessibility. As of September 30, 2025, the company had 128 clinics in tier II and 234 in tier III cities.
Valuation of Nephrocare Health Ltd IPO
The company is India’s largest dialysis service provider, with market leadership across key metrics including patients served, clinics, cities covered, treatments performed, revenue, and EBITDA in FY25. Its scale advantage is significant, being 4.4 times larger than the next-largest organized player in terms of operating revenue in FY24. With operations spanning India and international markets, including Nepal, the Philippines (51 clinics), Uzbekistan, and KSA, the company has established itself as the largest dialysis chain in Asia and the fifth-largest globally, based on treatments performed in FY25. The company has also built a highly scalable hub-and-spoke model, anchored in an asset-light approach, in which it partners with hospitals and public health authorities to expand its clinic footprint without significant upfront capital. This allows rapid market entry, superior cost efficiency, and substantial operating leverage as patient volumes scale. Its international acquisitions have enabled the company to diversify revenue streams, deepen regional penetration, and replicate its successful cluster-based India strategy across Asia. India’s dialysis market is structurally expanding due to rising CKD prevalence, increasing prevalence of lifestyle diseases, limited access to renal care in Tier-II/III cities, and low penetration of organized dialysis networks. The organized dialysis segment is rapidly gaining share as government programs, insurance coverage, and PPP-driven models expand patient access to affordable, reliable services. On the financial front, the company has demonstrated CAGR growth of 31.5%/85.2% in Revenue/EBITDA between FY23 and FY25, driven by rapid network expansion, rising treatment volumes, and improving revenue per treatment, supported by acquisitions, new clinic openings, and scale benefits. Overall, the company is well-positioned to sustain its growth trajectory, driven by continued clinic additions, further penetration into underserved regions, and scaling of international operations. At the upper end of the price band at Rs. 460, the company is valued at a P/E multiple of 57.4x FY25 earnings. We, thus, recommend a “SUBSCRIBE” rating for this issue.
What is the Nephrocare Health Ltd IPO?
The initial public offer (IPO) of Nephrocare Health Ltd offers an early investment opportunity in Nephrocare Health Ltd . A stock market investor can buy Nephrocare Health Ltd IPO shares by applying in IPO before All Nephrocare Health Ltd shares get listed at the stock exchanges. An investor could invest inNephrocare Health Ltd IPO for short term listing gain or a long term.
How to apply for the Nephrocare Health Ltd IPO through StoxBox?
To apply for the Nephrocare Health Ltd IPO through StoxBox one can apply from the website and also from the app. Click here
When will the Nephrocare Health Ltd IPO open?
Nephrocare Health Ltd IPO is opening on 10th Dec 2025. Apply Now
What is the lot size of the Nephrocare Health Ltd IPO?
The Lot Size of Nephrocare Health Ltd IPO is 32 equity shares. Login to your account now.
When is the Nephrocare Health Ltd allotment date?
The allotment Date for Nephrocare Health Ltd IPO is 15th Dec 2025. Login to your account now.
When is the Nephrocare Health Ltd IPO listing date?
The listing Date for Nephrocare Health Ltd IPO is 17th Dec 2025. Login to your account now
What is the minimum investment required for the Nephrocare Health Ltd IPO?
In the Retail segment the minimum investment required is Rs. 14,720. Login to your account now
What is the maximum investment allowed for the Nephrocare Health Ltd IPO?
In the Retail segment the maximum investment requirement is Rs. 1,91,360. Login to your account now
What are the risks associated with investing in the Nephrocare Health Ltd IPO?
- A significant share of company’s revenue comes from captive clinics within private hospitals. Any cancellation or non-renewal of these contracts could materially disrupt operations and adversely impact our revenue and financial performance.
- A meaningful portion of company’s revenue is derived from PPP contracts awarded through competitive government bidding. Any inability to qualify for, win, or renew such tenders could reduce revenue visibility and adversely affect our business prospects, financial performance, and cash flows.
- The company exposed to operational, medical, legal, and reputational risks inherent in delivering dialysis services. Any failure to maintain required quality standards could lead to patient harm, litigation, and reputational damage, materially impacting operations and financial performance.
When will the Nephrocare Health Ltd IPO shares be credited to my Demat account?
The Nephrocare Health Ltd IPO be credited to the account on allotment date which is 15th Dec 2025. Login to your account now
Where can I find the Nephrocare Health Ltd IPO prospectus?
The prospectus of Nephrocare Health Ltd IPO prospectus can be find on the website of SEBI, NSE and BSE
