NephroPlus Q3 FY26 Revenue Surges 31.7% YoY to ₹259.7 Cr; Adj. EBITDA up 43%
NephroPlus reported Q3 FY26 revenue of ₹259.7 crore, up 31.7% YoY. Nine-month FY26 revenue was ₹733.2 crore, up 36.6% YoY. Adjusted EBITDA grew 43.0% YoY to ₹63.1 crore in Q3 FY26. Adjusted PAT increased 71.3% YoY to ₹34.4 crore in Q3 FY26. The company is Asia's largest dialysis network.
The announcement details significant financial performance improvements and positive operational metrics, indicating strong business growth and market position. This is likely to positively influence investor sentiment and the company's valuation.
The company has reported strong year-on-year growth in revenue, EBITDA, PAT, and ROCE, along with operational highlights like increased treatment volumes and revenue per treatment. Management commentary is optimistic about future growth and market leadership.
Nephrocare Health Services Limited, operating under the brand "NephroPlus", has announced its unaudited financial results for the third quarter and nine months ended December 31, 2025. The company reported a revenue of ₹259.7 crore in Q3 FY26, marking a significant year-on-year growth of 31.7%. For the nine-month period of FY26, revenue reached ₹733.2 crore, an increase of 36.6% YoY. This growth was primarily driven by a 17.7% increase in treatment volumes and a favorable mix shift towards international markets, where revenue per treatment is higher. International revenue contribution rose from 29.5% to 41.1%, leading to a 17% uplift in revenue per treatment.
Adjusted EBITDA for Q3 FY26 stood at ₹63.1 crore, a 43.0% YoY increase, while for 9M FY26, it was ₹175.4 crore, up 52.1% YoY. The company also saw a substantial increase in Adjusted PAT, which grew by 71.3% YoY to ₹34.4 crore in Q3 FY26 and by 103.3% YoY to ₹85.9 crore in 9M FY26. Annualised ROCE (Pre-Tax) for FY26 is reported at 24.7%, a significant increase from 18.7% in FY25.
Operationally, the number of guests served grew by 15.5% YoY to 36,550 as of December 31, 2025. Treatments increased by 17.7% YoY to 9,83,039 in Q3 FY26. Revenue per treatment (RPT) saw an 11.8% YoY increase in Q3 FY26 to ₹2,642.
Mr. Vikram Vuppala, Chairman & MD, highlighted the growing incidence of Chronic Kidney Disease (CKD) and NephroPlus's commitment to bridging the access gap in dialysis care, particularly in emerging markets. He expressed gratitude for the trust placed in the company's vision. Mr. Rohit Singh, Group Chief Executive Officer, emphasized the company's asset-light, capital-efficient operating model and its focus on consistent clinical quality, scale, and efficiency. He stated the company's commitment to consolidating its leadership in India, scaling up in existing international geographies, and exploring new markets.
Mr. Prashant Goenka, Chief Financial Officer, elaborated on the straightforward growth story driven by steady patient growth, increasing treatments, and an efficiently scaling India platform that supports international expansion. He noted that revenue growth has translated into improving margins and profitability, with continued investment in technology and disciplined capital allocation leading to improving ROCEs.
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