Nephrocare Health Services Limited · NSE:NEPHROPLUS
Nephrocare Health Services — Q3 FY2026 Earnings Presentation
46 slides from Nephrocare Health Services's earnings presentation, Feb 10, 2026
Slide 1: Investor/Analyst Presentation filing letter to exchanges
Ref: NEPHROPLUS/SE/2025-26/17 February 10, 2026 To To BSE Limited National Stock Exchange of India Limited P.J. Towers, Dalal Street, 5th Floor, Exchange Plaza, Bandra (E), Mumbai – 400 001 Mumbai – 400 051 Scrip Code: 544647 Scrip Symbol: NEPHROPLUS Through: BSE Listing Centre Through: NEAPS Sub: I
Slide 2: Nephrocare Health Services Limited Q3 and 9M FY2026 Investor Presentation
Uzbekistan Nephrocare Health Services Limited Nepal Q3 and 9M FY2026 Investor Presentation February 2026 India Philippines 36,000+ Patients 520+ Clinics Kingdom of Saudi Arabia 325+ Cities All Maps used in the presentation are not to scale. All data, information, and maps are provided "as is" withou
Slide 3: Disclaimer
Disclaimer This presentation and the accompanying slides (the “Presentation”), which have been prepared by Nephrocare Health Services Limited (the “Company” or “NephroPlus”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase
Slide 4: Patient Centricity
We understand Dialysis the way no other Company does as our Cofounder Kamal Shah is on dialysis for 28+ years! ▪ Well-structured protocol- Patient- driven ecosystem Clear Mission ▪ Holiday dialysis program Patient’s ▪ Off-Clinic services such as ▪ Clinics designed to create a ialysis Care and E Cent
Slide 5: Only Dialysis Network from Asia to be listed on Stock exchanges
We are the only Dialysis Network from Asia to be listed on Stock exchanges Dec 17th, 2025 Change the pic – Arnab and Avi ▪ Marquee FIIs such as Polar Capital, Fidelity, M&G1, Eastspring, Manulife, Malabar and Think Investments among others ▪ Leading DIIs such as SBI MF, ICICI Prudential MF, Motilal
Slide 6: Received several awards and accolades over the years
Received several awards and accolades over the years Dialysis Chain of the Year Most People Signed Up for a Kidney Maximum People Screened for Innovation Award - Innovation in Health Screening Online in One Week Serum Creatinine Test Category Awarded by ET Health world Healthcare Awards Awarded by G
Slide 7: Agenda
Agenda 1 NephroPlus - Snapshot 2 Dialysis Industry Overview 3 Key Differentiators 4 Operational and Financial Performance – Q3 and 9M FY2026 5
Slide 8: NephroPlus - Snapshot
NephroPlus - Snapshot #DialysisToh NephroPlus 4] #DialysisToh NephroRlus #DialysisTohNephroPlus
Slide 9: We are India's and Asia's Largest Dialysis Network
We are India’s and Asia’s Largest Dialysis Network 521 Largest #5 Largest 4.4x >50% 165 Beds Leadership Indian1 and Asian2 The Size of the Next Market Share in Indian Largest Dialysis Global Global Dialysis Dialysis Network Largest Organized Indian Organized Market2 Clinic Globally Clinics Network2
Slide 10: Only Indian Dialysis Network to have scaled Internationally
We are the only Indian Dialysis Network to have scaled Internationally Phase 1 Phase 2 Established Leadership in India Only Indian Dialysis Network To Have Scaled Internationally Launched Launched Launched Opened Acquired Launched Entered the Acquired Acquired 1st 1st Clinic 50th Clinic 1st Clinic 6
Slide 11: In India, we serve 32,000+ Guests in 470+ clinics
In India, we serve 32,000+ Guests in 470+ clinics across 290+ cities in 25 States 50%+ Market Share in Indian Organized Market and 77% Clinics in Tier 2/3 Cities 6 6 Indicates number of Clinics All Maps used in the presentation are not to scale. All data, information, and maps are provided "as is" w
Slide 12: In Philippines, we serve 2,500+ Guests in 42 clinics
In Philippines, we serve 2,500+ Guests in 42 clinics across 30+ cities Scaled to 3rd Largest1 Dialysis Network within 5 years, 57% Clinics in Tier 2/3 cities 6 Acquisitions (9 Clinics) done in 9M FY26 Note: 1. Ranking based on active dialysis patients 10 All Maps used in the presentation are not to
Slide 13: In Uzbekistan, we serve 1,300+ Guests in 4 clinics
In Uzbekistan, we serve 1,300+ Guests in 4 clinics across 3 Provinces World’s Largest Clinic with 165 Beds in Tashkent Operations commenced in April 2022, having secured the PPP contract over leading global companies All Maps used in the presentation are not to scale. All data, information, and maps
Slide 14: In Saudi Arabia, First Dialysis Clinic with 23 machines in Riyadh
In Saudi Arabia, We Just Established a Dialysis Clinic with 23 machines in Riyadh First Dialysis Clinic is Operations Ready, License Pending A 51:49 JV established with publicly listed Arabian International Healthcare Holding Company (Tibbiyah) 12 All Maps used in the presentation are not to scale.
Slide 15: End-to-End Dialysis Platform with Capabilities Across All Formats
We are an End-to-End Dialysis Platform with Capabilities Across All Formats Adaptable Model – Bringing care closer to guests, wherever they are, and however they need it Largest Dialysis Clinic Globally Large Government- Backed PPPs Large In-Hospital Captive Clinics Brownfield Clinics 165-bedded Gre
Slide 16: Dialysis Industry Overview – Sizeable, Under penetrated and Fast growing
2 Dialysis Industry Overview – Sizeable, Under penetrated and Fast growing 14
Slide 17: Sizeable, Under-Penetrated and Fast-Growing
Sizeable, Under-Penetrated and Fast-Growing CKD Crisis Due to Diabetes and Hypertension Recurring and Life-Sustaining Nature Recurring Life-Sustaining 3 times / week Cannot Survive >2 Weeks Diabetes Standard Requirement for People with ESRD cannot survive 1 in 10 Dialysis without dialysis / transpla
Slide 18: Asia Seeing Major Burden of Chronic Kidney Disease
With Asia Seeing Major Burden of Chronic Kidney Disease (“CKD”) A B C D $1.9bn 17-23%1 (vs ~7%) 3.3x – 13.6x 7-35% Combined Market Size (IN, PH, Market CAGR (24-29E) Range Premium vs India Price Points2 Extent of Under penetration3 UZ) (~7% for Global Market) Replicated India Model to Other Sizable
Slide 19: Attractiveness of Dialysis Model vs. Other Single-Specialty Models
Attractiveness of Dialysis Model (vs. Other Single-Specialty Models1) A Recurring + Chronic Ongoing Guest Care vs. Episodic for ✓ Predictable Recurring Revenue Stability Other Single Specialities1 ✓ High Patient Lifetime Value B ✓ Projected India growth rate (24-29E) of 20-22% (vs 9-11% for Mother &
Slide 20: Chronic Ongoing Guest Care With Strong Growth Profile
Chronic Ongoing Guest Care With Strong Growth Profile A Recurring + Stability: Chronic Ongoing Guest Care B Strong Growth Profile Industry CAGR (FY24-29) Dialysis 20-22% Chronic Ongoing Care Eye Care 14-16% Dialysis Orthopedics 14-16% Acute Episodic Care Diagnostics 12-14% Eye Care Oncology Orthopae
Slide 21: Key Differentiators
e9nephroplus ~ ss Te Riyadh, Saudi Arabia Key Differentiators Boracay, Philippines Agra, India Dialysis on the Move: Tashkent, Uzbekistan f . Holiday Dialysis 19
Slide 22: What Differentiates
What Differentiates India’s and Asia’s Largest Dialysis Chain With Leadership Across Markets 1 Scale Coupled with Asset-light Model Driving Cost Efficiencies and Operational Excellence 2 Drive Clinical Excellence and Quality Through Protocols and Advanced Technology 3 Organic Growth Augmented by Pro
Slide 23: Leadership Anchored To Our Ethos
1 Leadership Anchored To Our Ethos ~78% ~73% 290 # of Clinics in Tier II / Tier III Revenue Salience Acquired 521 Indian Cities1 Cities and Towns1 of Tier II / III Cities and Towns2 DaVita India and 18 Clinics subsidiaries Globally1 in PH1 Certified with ISO Price Range of Standards Scalable, Asset-
Slide 24: Multiple Tailwinds in India to Support Future Growth
1 Multiple Tailwinds in India to Support Future Growth Rising Burden of Diabetes & Significant Under penetration leading to Shift from Unorganized to Organized Hypertension market growth Share of Dialysis Guest Volumes for Organized Diabetes 15% 19% 14% Adults with Diabetes1 1.4bn Diabetic Populatio
Slide 25: Only Indian Dialysis Network that has Scaled Internationally
1 Only Indian Dialysis Network that has Scaled Internationally Ability to Leverage Operating Expertise and India-based Support Systems to Replicate Model in Geographies Replicating India Model in High Growth International with High Growth Potential Geographies Share of International Revenues 41% Nep
Slide 26: Most Widely Distributed Network Powered by an Asset-Light Model
2 The Most Widely Distributed Network Powered by an Asset-Light Model ~52% Clinics Under Revenue-sharing Model1 – Limited Upfront Investment Type of Clinic Captive PPP Standalone Model Inside Private Hospitals Inside Government Hospitals Outside Hospitals # of Clinics1 272 180 67 5 – 10 Years Tenor
Slide 27: Driving Clinical Excellence and Quality Through Protocols and Advanced Technology
Driving Clinical Excellence and Quality Through Protocols and Advanced 3 Technology Identification of Best Practices: RenAssure Enabled by Structured Outcome-based Monitoring framework ▪ Standardised, evidence-based protocol ▪ Comprises comprehensive clinical checklist, encompassing Guest admission,
Slide 28: Organic Growth Augmented by Proven Track Record of Acquisitions and Integration
Organic Growth Augmented by Proven Track Record of Acquisitions 4 and Integration Faster Operational Breakeven in 3-4 Months vs Dedicated Business Development Team of 21 People 12 Months for Greenfield Clinics to Source Acquisitions / Strategic Partnerships Acquired DaVita’s India Strategically Expa
Slide 29: India Cost Leadership Playbook - Built to Replicate Globally
5 India Cost Leadership Playbook - Built to Replicate Globally ✓ Scale-led global procurement with direct manufacturer relationships Lowest Consumables Consumables Optimization ✓ Protocol-driven consumables tailored to Guest profiles to drive efficiency cost Per treatment ✓ Private-label & Contract
Slide 30: Guest-Centric Leadership and Seasoned Management Team Backed by Marquee Investors
Guest-Centric Leadership and Seasoned Management Team Backed by 6 Marquee Investors Guest-Centric Share ofLeadership and Seasoned organized dialysis Management networks across regions Team Board Share of organized of Directors dialysis networks across regions Vikram Vuppala Kamal D. Shah Vikram Vupp
Slide 31: Marquee Foreign and Domestic Institutions as Shareholders
7 Marquee Foreign and Domestic Institutions as Shareholders Shareholding Pattern as on 31st December 2025 Marquee Investors Public Shareholding Breakup Funds Holding >1% ✓ SBI Mutual Fund IFC 3.1% ✓ Polar Capital Funds 9.4% Other Public ✓ 360 One AIF 6.3% Investcorp ✓ Axis Max Life Insurance ✓ The P
Slide 32: NephroPlus Growth Strategy – Key Pillars
NephroPlus Growth Strategy – Key Pillars 1 2 3 4 5 Continue to Consolidate Scale Operations in PH, Further Expand into New Leveraging Scale to Innovation-led Digital India Leadership UZ and KSA Markets Drive Profitability Healthcare Position ✓ Expansion into micro- Philippines ✓ Phased expansion ✓ C
Slide 33: Operational and Financial Performance – Q3 and 9M FY2026
4 Operational and Financial Performance – Q3 and 9M FY2026 31
Slide 34: Q3 FY26 (YoY) Performance Overview
Q3 FY26 (YoY) Performance Overview Q3 FY26 Q3 FY25 YoY Revenue ₹ 259.7 Cr. ₹ 197.3 Cr. 31.7% Adjusted EBITDA1 ₹ 63.1 Cr. ₹ 44.1 Cr. 43.0% Adjusted PAT2 ₹ 34.4 Cr. ₹ 20.1 Cr. 71.3% Guests3 36,550 31,657 15.5% Treatments 9,83,039 8,35,224 17.7% 600 Ann. ROCE (Pre-tax)4 24.7% 18.7% bps 1. EBITDA adjust
Slide 35: 9M FY26 (YoY) Performance Overview
9M FY26 (YoY) Performance Overview 9M FY26 9M FY25 YoY Revenue ₹ 733.2 Cr. ₹ 536.6 Cr. 36.6% Adjusted EBITDA1 ₹ 175.4 Cr. ₹ 115.3 Cr. 52.1% Adjusted PAT2 ₹ 85.9 Cr. ₹ 42.2 Cr. 103.3% Guests3 36,550 31,657 15.5% Treatments 28,48,584 24,32,957 17.1% 18.7% 600 Ann. ROCE (Pre-tax)4 24.7% bps 1. EBITDA a
Slide 36: Key Q3 FY2026 Performance Highlights
Key Q3 FY2026 Performance Highlights ▪ Revenue of ₹ 259.7 crore in Q3 FY26, a growth of 31.7% YoY; 9M FY26 revenue of ₹ 733.2 crore, an increase of 36.6% YoY • Mainly driven by a 17.7% increase in treatment volumes • Favorable mix shift towards international markets where revenue per treatment is hi
Slide 37: Key Operational Metrics
Key Operational Metrics Translating into Increasing Increasing Guests Treatment Count # of Guests # of Treatments (Mn) ~19.8% CAGR • Consistent growth ~20.2% CAGR 3.30 in volume 36,550 2.70 2.85 33,076 Volume 28,947 2.30 • 9MFY26 volume is 22,890 more than FY24 full year volume FY23 FY24 FY25 9MFY26
Slide 38: Q3 & 9MFY26 Consolidated Profit & Loss Account
Q3 & 9MFY26 Consolidated Profit & Loss Account1 Particulars Q3 FY26 Q3 FY25 YoY 9MFY26 9MFY25 YoY Guests 36,550 31,657 15.5% 36,550 31,657 15.5% Treatments 9,83,039 8,35,224 17.7% 28,48,584 24,32,957 17.1% RPT 2,642 2,362 11.8% 2,574 2,206 16.7% Particulars (₹ Cr.) Q3FY26 Q3FY25 YoY 9MFY26 9MFY25 Yo
Slide 39: Robust Financial Performance
Robust Financial Performance (₹ Cr.) (₹ Cr.) Revenue from Operations Revenue Split Adjusted EBITDA & Adjusted PAT 31% CAGR EBITDA PAT 166.7 175.4 99.7 85.9 67.1 48.6 35.1 41.1% -11.8 9M FY26 FY23 FY24 FY25 9MFY26 755.8 733.2 58.9% 566.2 437.3 Adj. EBITDA 11.1% 17.8% 22.0% 23.9% Margin Adj. PAT Margi
Slide 40: Management Commentary
Management Commentary Vikram Vuppala Rohit Singh Prashant Goenka Chairman and MD Group CEO Group CFO “Rising NCDs such as Diabetes and Hypertension are “NephroPlus has become Asia’s largest dialysis network “At its core, the NephroPlus story remains causing increasing incidence of Chronic Kidney Dis
Slide 41: Appendices
&9nephroplus Appendices
Slide 42: Historical Financial Performance
Historical Financial Performance Revenue from Operations EBITDA Profit after Tax (PAT) ₹ Cr. ₹ Cr. ₹ Cr. 31.5% CAGR 85.1% CAGR +91.2% 755.8 166.6 67.1 566.2 35.1 437.3 100.9 48.6 -11.8 FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 EBIDTA Margin (%) PAT Margin (%) +1,100 bps +270 bps 22.1% 8.9% 17.8%
Slide 43: Consolidated Profit and Loss
Consolidated Profit and Loss ₹ in crores unless otherwise specified Particulars FY23 FY24 FY25 Revenue from Operations 437.3 566.2 755.8 Cost of Goods Sold 142.5 168.6 194.1 Gross Profit 294.8 397.6 561.7 Gross Margin (%) 67.4% 70.2% 74.3% Employee benefit expense 96.7 91.4 122.7 Healthcare professi
Slide 44: Consolidated Balance Sheet
Consolidated Balance Sheet ₹ in crores unless otherwise specified Assets Mar-24 Mar-25 Sep-25 Liabilities Mar-24 Mar-25 Sep-25 Non - Current Assets 416.0 451.1 542.2 Total Equity 413.7 584.1 717.0 Property, plant and equipment 262.8 277.7 304.4 Equity share capital 1.7 1.8 3.6 Capital work-in-progre
Slide 45: Consolidated Cash Flow
Consolidated Cash Flow ₹ in crores unless otherwise specified Particulars Mar-23 Mar-24 Mar-25 Net Profit Before Tax -8.6 33.2 87.4 Adjustments for: Non -Cash Items / Other Investment or Financial 68.6 80.2 93.0 Items Operating profit before working capital changes 60.0 113.3 180.5 Changes in workin
Slide 46: Thank you!
“Guest Care Comes First” Thank you ! Nephrocare Health Services Limited (NephroPlus) Strategic Growth Advisors Private Limited (SGA) CIN: L85100TG2009PLC066359 CIN: U74140MH2010PTC204285 Mr. Naga Sumedh Desu Mr. Sagar Shroff / Mr. Ayush Haria investor.relations@nephroplus.com sagar.shroff@sgapl.net
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