Subscribe for Nephrocare Health Services Ltd IPO; Anand Rathi

IPO

Anand Rathi, Nephrocare Health Services Ltd

Nephrocare Health Services Ltd offer comprehensive dialysis care through their network of clinics – from diagnosis to treatment and wellness programs including haemodialysis, home and mobile dialysis, supported by pharmacy. Company is India’s largest dialysis service provider in terms of number of patients served, clinics, cities covered, treatments performed, revenue, and EBITDA (excluding other income) in Fiscal 2025, and are 4.4 times the size of the next largest organized dialysis provider in India in terms of operating revenue in Fiscal 2024. In Fiscal 2025, company served 29,281 patients and completed 2,885,450 treatments in India which represented approximately 10% of the total dialysis patients in India. Additionally, by September 30, 2025, the company served 31,046 patients and completed 1,591,377 treatments in India. They are also the largest dialysis service provider in Asia in 2025 and the fifth largest globally based on the number of treatments performed in Fiscal 2025. Company is the only Indian dialysis services provider that has scaled internationally with a global network of 519 clinics, including 51 clinics internationally across the Philippines, Uzbekistan and Nepal, as of September 30, 2025.

Valuation and Outlook

At the upper price band company is valuing at P/E of 60.2x with EV/EBITDA of 26x to its FY25 earnings and market cap of ₹ 46,153 million post issue of equity shares. We believe that the IPO is fully priced and recommend a “Subscribe Long Term” rating to the IPO.

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Nephrocare Health Services - 101225 - anand