IPO ChampIPO Insights
IPO Champ LogoIPO Champ Logo

IPOs

IPO Calendar
GMP Tracker
Subscription Status
Allotment Status
Stock Broker
  • Follow us on Instagram
  • Follow us on Facebook
  • Follow us on Threads
  • Follow us on YouTube
  • Follow us on Telegram
  • Follow us on WhatsApp
HomeIPONephrocare Health Services

About Nephrocare Health Services

Nephrocare Health Services Ltd, incorporated in the year 2010, is an end-to-end dialysis care provider through its wide network of clinics across India and select international markets. It offers services such as diagnosis, haemodialysis, home and mobile dialysis, and wellness programs, supported by an in-house pharmacy.As of March 31, 2025, Nephrocare operated 490 clinics—447 in India and 43 across the Philippines, Uzbekistan, and Nepal. This includes the world’s largest dialysis clinic in Uzbekistan. In India, the company had a presence across 269 cities in 21 States and four Union Territories. Approximately 76.73% of its clinics were located in tier II and tier III cities, addressing a critical need in underserved regions.In Fiscal 2025, Nephrocare treated 29,281 patients and performed more than 2.88 million dialysis treatments, amounting to approximately 10% of the country's total dialysis patient base. The number of dialysis machines operated by the company increased to 5,068 as of March 2025 from 4,714 in Fiscal 2024 and 3,662 in Fiscal 2023.Nephrocare has formulated strategic alliances with leading hospital chains like 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.As of March 2025, the workforce consisted of 3,230 employees, including both medical and administrative staff working across its clinics and corporate office.

Checklist Quality Analysis

Live IPOs

National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
Open  Close17th Sep 2026 - 21st Sep 2026
Issue Size22561.57 Cr
Min. Qty8 Shares
Issue Price₹ 1700.00
Live IPO
Antala Industries logo

Antala Industries

SME
Open  Close29th Oct 2026 - 5th Nov 2026
Issue Size22.98 Cr
Min. Qty2000 Shares
Issue Price₹ 62.00
Live IPO
Companies NameOpen - CloseIssue SizeMin. QtyIssue PriceApply
National Stock Exchange of India logo

National Stock Exchange of India

Mainboard
17th Sep 2026 - 21st Sep 202622561.57 Cr8 Shares₹ 1700.00
Antala Industries logo

Antala Industries

SME
29th Oct 2026 - 5th Nov 202622.98 Cr2000 Shares₹ 62.00
See All Live IPOs
IPO Champ LogoIPO Champ Logo

IPO Champ helps investors track upcoming, live and past IPOs in one place with GMP, subscription, allotment status and listing performance insights.

Tools

IPO CalendarGMP TrackerSubscription StatusAllotment Status

IPOs

All IPOsLive IPOsUpcoming IPOsClosed IPOsListed IPOs

Resources

NewseBooks

Company

HomeAbout UsPrivacy PolicyTerms of Service

About IPO Champ

IPO Champ is built for investors who want a clear view of every IPO opportunity in one place. From upcoming issues to live subscription data, allotment updates and listing performance, we bring together the key details you need to track the primary market.

Our tools are designed to be simple, fast and investor-friendly so you can focus on evaluating businesses instead of opening multiple tabs and websites for basic information.

Details of client bank account
For any query / feedback / clarifications, email at
help@ipochamp.com.

Please read all offer documents and risk disclosures carefully before investing. IPO Champ does not provide investment advice and information on this site should not be treated as a recommendation to apply for any IPO.

© 2026 IPO Champ. All rights reserved.

Want to stay updated?Subscribe to our newsletter

Nephrocare Health Services

Nephrocare Health Services

Open Date

10 Dec 2025

Close Date

12 Dec 2025

listed

Min Investment

₹14720

Lot Size

32 Shares

Issue Size

₹871.05 Cr

Price Range

₹438 - ₹460

Listing Date

Dec 17, 2025

IPO Doc

RHP PDF

Revenue Growth

Company Valuation

Earning Expansion

The investment checklist helps you understand a company's financial health at a glance and identify quality investment opportunities easily.

₹32.5(+7.00%)GMP
7.07%Prediction Listing Gain

Grey Market Premium (GMP) Trend

Nephrocare Health Services IPO - Issue Objectives

The company will use ₹129.11 crore towards opening new dialysis clinics in India. The company will use ₹ 135.99 crore for pre-payment / scheduled repayment of certain borrowings. Amount for general corporate purposes will not exceed 25% of the gross IPO proceeds.

Capital expenditure

36.5%

Repayment of borrowings

38.4%

General corporate purposes

24.9%

1

Capital expenditure

The company will use ₹129.11 crore towards opening new dialysis clinics in India.

36.50%
2

Repayment of borrowings

The company will use ₹ 135.99 crore for pre-payment / scheduled repayment of certain borrowings.

38.40%
3

General corporate purposes

Amount for general corporate purposes will not exceed 25% of the gross IPO proceeds.

24.90%

IPO Subscription Status

QIB
26.82x
NII
24.77x
Individual
2.35x
Total
14.08x

Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).

Financials of Nephrocare Health Services

In Cr.

Key Performance Indicator30-Sep-25 (In Cr.)31-Mar-25 (In Cr.)31-Mar-24 (In Cr.)31-Mar-23 (In Cr.)
Revenue483.97769.92574.72443.26
EBITDA110.31166.6499.6648.60
Expenses
Profit After Tax14.2367.1035.13-11.79
Assets1193.68996.46806.02666.23
Net Worth716.06594.21423.55384.73
Reserves704.14578.68408.57383.50
Borrowing207.04225.80243.37196.21

Nephrocare Health Services - Promoter(s)

Vikram Vuppala

Bessemer Venture Partners Trust

Edoras Investment Holdings Pte. Ltd

Healthcare Parent Limited

Investcorp Private Equity Fund II

Investcorp Growth Opportunity Fund

Pre Issue Share Holding

78.90%

Post Issue Share Holding

71.49%

About Strength & Risks

Why this IPO looks interesting

Key positives investors may want to consider before applying.

01

Largest dialysis chain with market leadership

The company is the largest dialysis service provider in India and Asia in FY25, with its scale being 4.4x bigger than the next largest Indian organised provider by operating revenue in FY24. It holds over 50% market share of the organised dialysis market in India in terms of both treatments and revenue, and ranks 5th globally by treatments in FY25. Its network delivered 18.7 lakhs treatments as of September 30, 2025 and spans 21 States + 4 UTs with 77.35% of clinics in Tier II/III cities.

02

Asset-light model delivering operational efficiency

The company has scaled from one clinic (2010) to 519 clinics across 328 cities by Sept 30, 2025, through greenfield, brownfield and PPP modes, with 52.41% clinics under revenue-sharing, reducing capital intensity. Its initiatives towards reducing capital expenditure include standardised clinic formats, an in-house projects team, and an efficient supply chain.

03

Proven track record of international expansion

It is the only Indian dialysis chain with international scale, generating 31.79% of revenue from overseas markets in FY25 versus 11.70% in FY23. In the Philippines, the company acquired 18 entities and expanded to 41 clinics serving 2,276 patients by September 30, 2025, while it also operates in Uzbekistan and Nepal. A USD 75+ million PPP tender in Uzbekistan includes the world’s largest 165-bed dialysis clinic, anchoring a long-term contracted business stream.

What investors should watch closely

Risk factors and possible pressure points around the offer.

01

High dependence on captive clinic model

The company’s revenue is significantly concentrated in captive clinics located within partner hospital premises, exposing it to contract renewal and partner dependency risks. These clinics contributed 36.51% of revenue for H1FY26, 43.30% in FY25, 51.96% in FY24 and 62.23% in FY23. Non-renewal incidents are rising, with 4 cases in H1FY26, 1 in FY25 and 3 in FY24, highlighting increased risk of revenue loss as partner hospitals shift to operating their own in-house dialysis clinics.

02

Revenue dependence on PPP contracts

Public-private partnership (PPP) clinics are awarded via competitive tenders with strict compliance requirements, making revenue streams vulnerable. PPP operations accounted for 30.96% in H1FY26, 32.62% in FY25, increasing from 22.39% in FY23, with risks of non-renewals and price-driven margin pressures. 4 PPP tenders were not renewed in recent years, demonstrating vulnerability to contract-based disruptions.

Contact Details

Nephrocare Health Services

5th Floor, D Block, iLabs Centre, Plot 18, Software Units Layout, Survey No. 64, Madhapur, Shaikpet, Hyderabad, Telangana, 500081

+914042408039
cs@nephroplus.com
http://www.nephroplus.com/

Registrar Contact Details

Kfin Technologies Limited

04067162222
nephrocare.ipo@kfintech.com
https://ipostatus.kfintech.com/

Nephrocare Health Services IPO - FAQs

Nephrocare Health Services IPO is a Mainboard Listed IPO. The issue is priced at ₹438-460 per equity share. The minimum order quantity is 32 Shares. The IPO opens on 10 Dec, and closes on 12 Dec. Kfin Technologies Limited is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.









IPO Timeline

  • Pre Apply2025-12-08
  • Bidding Starts2025-12-10
  • Bidding Ends2025-12-12
  • Allotment Finalisation2025-12-15
  • Release of Funds2025-12-16
  • Demat Transfer2025-12-16
  • Listing2025-12-17
04

Clinical excellence driven by proprietary protocols

The company’s standardised RenAssure protocols and a strong advisory team ensure quality and patient safety, complemented by a registered ethics committee and involvement in 5 clinical trials as of September 2025. Proprietary technology such as Renova cloud-enabled dialyser reprocessing and mobile/clinical apps improves patient engagement and monitoring. The Enpidia academy (BONENT-accredited) has built a skilled workforce with 357 trained technicians deployed across clinics.

03

Dependence on healthcare professionals

Talent retention remains a material concern, with nephrologist attrition significantly elevated at 27.68% in H1FY26, 53.05% in FY25 and 61.23% in FY24, partly due to structural challenges in markets like the Philippines. Healthcare professional fees as a proportion of total expenses have risen from 6.87% in FY23 to 13.24% in FY25, putting upward pressure on operating costs.

04

The company has expanded its operations in Nepal, the Philippines and the Republic of Uzbekistan in the H1FY26 and the last 3 years. Revenue from outside India surged from 11.70% in FY23 to 39.96% in H1FY26, creating heightened exposure to foreign regulatory, operational and demand risks as the company enters new markets with limited brand familiarity.