Nephrocare Health Services Limited · NSE:NEPHROPLUS
Nephrocare Health Services — Q4 FY2026 Earnings Presentation
46 slides from Nephrocare Health Services's earnings presentation, May 19, 2026
Slide 1: Regulation 30 filing cover letter to stock exchanges
Ref: NEPHROPLUS/SE/036 May 19, 2026 To To BSE Limited NaƟonal 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 LisƟng Centre Through: NEAPS Sub: Investor Presen
Slide 2: Q4 and FY2026 Investor Presentation
Uzbekistan Nephrocare Health Services Limited Nepal Q4 and FY2026 Investor Presentation May 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" without warran
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: 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 6: Agenda
Agenda 1 Operational and Financial Performance – Q4 and FY2026 2 NephroPlus - Snapshot 3 Dialysis Industry Overview 4 Key Differentiators 4
Slide 7: Operational and Financial Performance – FY2026 & Q4
1 Operational and Financial Performance – FY2026 & Q4 5
Slide 8: FY26 (YoY) Performance Overview
FY26 (YoY) Performance Overview Metrics FY26 FY25 YoY Revenue ₹ 998.8 Cr. ₹ 755.8 Cr. 32.2% Adjusted EBITDA1 ₹ 238.1 Cr. ₹ 173.0 Cr. 37.6% Adjusted PAT2 ₹ 128.3 Cr. ₹ 73.5 Cr. 74.6% Guests3 36,981 33,076 11.8% Treatments 38,44,658 32,97,447 16.6% 19.9% 290 Adjusted ROCE4 22.8% bps 1. EBITDA adjusted
Slide 9: Q4 FY26 (YoY) Performance Overview
Q4 FY26 (YoY) Performance Overview Metrics Q4 FY26 Q4 FY25 YoY Revenue ₹ 265.6 Cr. ₹ 219.2 Cr. 21.2% Adjusted EBITDA1 ₹ 55.4 Cr. ₹ 54.0 Cr. 2.6% Adjusted PAT2 ₹ 35.1 Cr. ₹ 27.6 Cr. 27.4% Guests3 36,981 33,076 11.8% Treatments 9,96,074 8,64,490 15.2% 290 Ann. Adjusted ROCE4 22.8% 19.9% bps 1. EBITDA
Slide 10: Q4 & FY26 Consolidated Profit & Loss Account
Q4 & FY26 Consolidated Profit & Loss Account Particulars Q4 FY26 Q4 FY25 YoY FY26 FY25 YoY Guests 36,981 33,076 11.8% 36,981 33,076 11.8% Treatments 9,96,074 8,64,490 15.2% 38,44,658 32,97,447 16.6% RPT 2,667 2,536 5.2% 2,598 2,292 13.3% Profit and Loss (₹ Crores) Q4 FY26 Q4 FY25 YoY FY26 FY25 YoY R
Slide 11: Key Performance Highlights
Key Performance Highlights ▪ FY26 revenue of ₹ 998.8 crore, an increase of 32.2% YoY; Revenue of ₹ 265.6 crore in Q4 FY26, a growth of 21.2% YoY • Mainly driven by a 16.6% YoY increase in treatment volumes in FY26 (15.2% up YoY for Q4 FY26) • Favorable mix shift towards international markets where r
Slide 12: Key Operational Metrics
Key Operational Metrics Translating into Increasing Increasing Guests Treatment Count # of Guests # of Treatments (Mn) ~18.9% CAGR ~17.4% CAGR 3.84 3.30 36,981 2.70 33,076 Consistent growth Volume 28,947 2.30 22,890 in volume FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 Rising Revenue Per Treatment (RPT)
Slide 13: Robust Financial Performance
Robust Financial Performance (₹ Crores) (₹ Crores) Revenue from Operations Revenue Split Adjusted EBITDA* & Adjusted PAT# EBITDA PAT 31.8% CAGR 238.1 173.0 128.3 99.7 48.6 73.5 35.1 41.8% -11.8 FY26 FY23 FY24 FY25 FY26 998.8 58.2% 755.8 566.2 Year FY23 FY24 FY25 FY26 437.3 Adj. EBITDA 11.1% 17.8% 22
Slide 14: Management Commentary
Management Commentary Vikram Vuppala Rohit Singh Prashant Goenka Chairman and MD Group CEO Group CFO “Across the World, Diabetes and Hypertension disease “FY26 was an important year for NephroPlus as we “The NephroPlus story has always been about balanced burdens are increasing significantly. These
Slide 15: NephroPlus - Snapshot
&Y9nephroplus 4] #DialysisToh NephroRlus NephroPlus - Snapshot #DialysisToh NephroPlus #DialysisTohNephroPlus 13
Slide 16: We are India’s and Asia’s Largest Dialysis Network
We are India’s and Asia’s Largest Dialysis Network 524 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 17: We are the 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 18: In India, we serve 33,000+ Guests in 465+ clinics across 290+ cities
In India, we serve 33,000+ Guests in 465+ clinics across 290+ cities in 25 States 50%+ Market Share in Indian Organized Market and 79% 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 19: In the Philippines, clinics were added this quarter taking the total to 44
In the Philippines, 2 clinics were added this quarter taking the total to 44 clinics Executed 8 acquisitions (11 clinics) during FY26 17 All Maps used in the presentation are not to scale. All data, information, and maps are provided "as is" without warranty or any representation of accuracy, timeli
Slide 20: In Uzbekistan, We now serve 1400+ Guests across clinics in 3 Provinces
In Uzbekistan, We now serve 1400+ Guests across 6 clinics in 3 Provinces – Two New centers added in Q4 FY26 Expanded footprint in Kungrad and Beruniy to address increasing guest volumes All Maps used in the presentation are not to scale. All data, information, and maps are provided "as is" without w
Slide 21: In Saudi Arabia, obtained home dialysis license and commenced treatments
In Saudi Arabia, obtained home dialysis license and commenced treatments Clinic ready with license expected shortly; Insurer empanelment underway A 51:49 JV established with publicly listed Arabian International Healthcare Holding Company (Tibbiyah) 19 All Maps used in the presentation are not to sc
Slide 22: We are an 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 23: Dialysis Industry Overview – Sizeable, Under penetrated and Fast growing
3 Dialysis Industry Overview – Sizeable, Under penetrated and Fast growing 21
Slide 24: 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 25: With 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 26: 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 27: 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 28: Key Differentiators
e9nephroplus ~ ss Te Riyadh, Saudi Arabia Key Differentiators Boracay, Philippines Agra, India Dialysis on the Move: Tashkent, Uzbekistan f . Holiday Dialysis 26
Slide 29: 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 30: Leadership Anchored To Our Ethos
1 Leadership Anchored To Our Ethos ~79% ~73% 290 # of Clinics in Tier II / Tier III Revenue Salience Acquired 524 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 31: 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 32: 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 42% Nep
Slide 33: The 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 272 182 70 5 – 10 Years Tenor
Slide 34: 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 35: 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 36: 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 37: 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 38: Marquee Foreign and Domestic Institutions as Shareholders
7 Marquee Foreign and Domestic Institutions as Shareholders Shareholding Pattern as on 31st March 2026 Marquee Investors Public Shareholding Breakup Funds Holding >1% ✓ SBI Mutual Fund IFC 3.1% ✓ Polar Capital Funds 8.2% Other Public ✓ 360 One AIF 6.3% Investcorp ✓ Axis Max Life Insurance ✓ The Prud
Slide 39: 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 40: Appendices
&9nephroplus Appendices
Slide 41: Historical Financial Performance
Historical Financial Performance Revenue from Operations EBITDA Profit after Tax (PAT) ₹ Cr. ₹ Cr. ₹ Cr. 32.8% CAGR 50.0% CAGR 47.9% CAGR 998.8 227.0 76.8 755.8 166.6 67.1 566.2 100.9 35.1 FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 EBITDA Margin (%) PAT Margin (%) 22.7% 8.9% 22.0% 7.7% 17.8% 6.2%
Slide 42: Consolidated Profit and Loss
Consolidated Profit and Loss ₹ in Crores unless otherwise specified Particulars FY26 FY25 FY24 Revenue from Operations 998.8 755.8 566.2 Cost of Goods Sold 226.8 194.1 168.6 Gross Profit 772.1 561.7 397.6 Gross Margin (%) 77.3% 74.3% 70.2% Employee benefit expense 171.8 122.7 91.4 Healthcare profess
Slide 43: Consolidated Balance Sheet
Consolidated Balance Sheet ₹ in Crores unless otherwise specified Assets (₹ Crores) Mar-26 Mar-25 Mar-24 Liabilities (₹ Crores) Mar-26 Mar-25 Mar-24 Total Equity 1,116.5 584.1 413.7 Non - Current Assets 631.7 451.1 416.0 Equity Share capital 20.1 1.8 1.7 Property, Plant and Equipment 330.2 277.7 262
Slide 44: Consolidated Cash Flow
Consolidated Cash Flow ₹ in Crores unless otherwise specified Particulars (₹ Crores) Mar-26 Mar-25 Mar-24 Net Profit Before Tax 97.5 87.4 33.2 Adjustments for: Non -Cash Items / Other Investment or Financial Items 168.2 93.0 80.2 Operating profit before working capital changes 265.7 180.5 113.3 Chan
Slide 45: Key Impact & ESG Metrics
Key Impact & ESG Metrics Impact Metrics Q4 FY26 Number of centers (at network level) 524 Guests served (at network level) 36,981 % Male and Female guests served 68.9% & 31.1% % Patients using public insurance for treatment (at network level) 76.2% ESG Metrics Q4 FY26 Number of people trained in Q4 F
Slide 46: Guest Care Comes First
“Guest Care Comes First” Thank you ! Nephrocare Health Services Limited (NephroPlus) Strategic Growth Advisors Private Limited (SGA) CIN: L85100TG2009PLC066359 CIN: U74140MH2010PTC204285 Mr. Rohit Aidasani Mr. Sagar Shroff / Mr. Ayush Haria investor.relations@nephroplus.com sagar.shroff@sgapl.net /
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