Nephrocare Health Services Limited, which operates as NephroPlus, reported revenue from operations of ₹585.2 crore for the first half of FY27, up 23.6% year over year. The dialysis provider said international operations accounted for 47% of revenue in Q2, as it continued expanding its network beyond India.

H1 treatment volumes increased 12.6% to 21.01 lakh, while the number of guests rose 9.6% to 38,814. Revenue per treatment was up 9.7% at ₹2,785. Adjusted EBITDA grew 15.3% to ₹134.4 crore, and adjusted profit after tax increased 34.7% to ₹76.1 crore. The adjusted PAT margin widened by 107 basis points to 13%.

For Q2 FY27, revenue rose 23.5% year over year to ₹303.4 crore. Adjusted EBITDA increased 3.3% to ₹68.9 crore, a margin of 22.7%. Management said the H1 adjusted EBITDA margin remained at 23% despite investment in clinical staff and network expansion.

NephroPlus operates 570 clinics across six countries, including 500 clinics in India. Its international markets contributed 47% of Q2 revenue, compared with 12% in FY23. The Philippines represented 34.5% of Q2 revenue, Uzbekistan 11%, and other markets 1.5%.

The company added 11 clinics in the Philippines during H1 through 10 acquisitions, bringing its total there to 55. In Uzbekistan, it operates six clinics across three provinces and recently expanded into Kungrad and Beruniy. NephroPlus also entered Kazakhstan in 2025, its sixth country of operation.

Network utilization stood at 74% as of September 30, 2026, with India at about 75%, according to the presentation. Management said it plans to build on its Indian business while scaling in existing international markets through acquisitions and network development. It is also considering further country expansion, with new entries targeted every 12 to 18 months, subject to return requirements.

NephroPlus reported ₹102 crore in capital expenditure during H1 FY27. At the end of September, cash and investments exceeded ₹500 crore, against borrowings of ₹80 crore. Management said investment in new markets can affect margins and returns during the ramp-up period.

The company is among 12 providers qualified for a Saudi Ministry of Health tender covering four regions. The presentation described the opportunity as a potential source of growth, while noting that competition is expected to be high.

Sources: Investing.com News.