NephroPlus Q3 FY26 Earnings Call Transcript Released; Company Highlights Growth Drivers
NephroPlus released its Q3 & 9-month FY26 earnings call transcript. Revenue grew 32% YoY in Q3 and 37% in 9 months. Adjusted PAT increased 71% in Q3 and 103% in 9 months. The company targets 15%-20% revenue CAGR over 3-4 years, driven by domestic and international expansion. International revenues now form 41% of the total.
The release of an earnings call transcript with detailed financial performance, growth drivers, and future guidance for a publicly listed company is a significant event for investors and stakeholders.
The company reported strong year-on-year growth in revenue and profit, highlighted positive operational metrics, and provided a positive outlook with a revenue CAGR guidance of 15%-20%.
Nephrocare Health Services Limited (NEPHROPLUS) has released the transcript of its Investors’ Conference Call held on February 11, 2026, discussing the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. The call featured insights from Chairman and Managing Director Mr. Vikram Vuppala, Co-Founder Mr. Kamal Shah, Group CEO Mr. Rohit Singh, and Group CFO Mr. Prashant Goenka, along with moderator Mr. Gaurav Tinani from Ambit Capital.
Mr. Vuppala provided an overview of the Indian Healthcare industry, emphasizing the growth in specialized healthcare and the unique characteristics of the dialysis business, including its fixed capacity, patient proximity needs, reimbursement nature, monoline treatment, and the requirement for massive scale and operational focus for sustainable margins. He highlighted NephroPlus's patient-centric approach, which began 16 years ago, focusing on eliminating cross-infections and providing empathetic care. The company initially started as a standalone network but pivoted to a captive or shop-in-shop model in partnership with hospitals, a model now implemented across approximately 300 private hospitals in India. NephroPlus has also expanded into public-private partnership projects in four states and ventured internationally into markets like the Philippines, Uzbekistan, and Saudi Arabia. The company projects a revenue CAGR of 15%-20% over the next 3-4 years, driven by existing clinic ramp-ups, roll-ups of clinics, and entry into new countries or large acquisitions.
Mr. Kamal Shah shared his personal experience as a dialysis patient for over 28 years, underscoring the company's commitment to redefining dialysis care and treating patients as 'guests' to foster a positive experience. He reiterated that NephroPlus aims to enable patients to lead normal, productive lives despite their condition.
Mr. Rohit Singh reported strong year-on-year growth, with revenue increasing by 32% in Q3 FY26 and 37% in the 9-month FY26 period. Adjusted profit after tax saw a significant rise of 71% in Q3 and 103% in the 9-month period. He detailed the growth drivers: ramping up existing clinics, expanding through brownfield and greenfield projects in India, and strengthening international presence in the Philippines and Uzbekistan. International revenues now constitute approximately 41% of total revenue for the 9-month period of FY26, up from 12% in FY23.
Mr. Prashant Goenka presented the financial performance, noting that revenues grew from ₹437 crore in FY23 to ₹733 crore in FY25, with EBITDA growing 3.5 times and a shift from a loss of ₹12 crore in FY23 to a profit of ₹67 crore in FY25. For Q3 FY26, revenue increased to ₹260 crore (32% YoY growth), and for the 9-month period, revenue grew to ₹733 crore (37% YoY growth). Adjusted EBITDA for Q3 FY26 stood at ₹63 crore (43.1% YoY growth), and for the 9-month period, it was ₹175 crore (52% growth). Adjusted PAT for Q3 FY26 was ₹34 crore (70% YoY growth), and for the 9-month period, it was ₹86 crore (103.3% YoY growth). The Return on Capital Employed (ROCE) improved to 18.7% in FY25 and is projected to reach 24.7% in FY26. The company maintained a negative net debt of ₹283.6 crore as of 9-month FY26.
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