Table of content
Nephrocare Health IPO: Issue date, LOT, price, review everything you need to know
Nephrocare Health Services Ltd is a leading provider of end-to-end dialysis care services across India and select international markets. Incorporated in 2010, the company operates 490 clinics (447 in India, 43 abroad) serving 29,281 patients with over 2.88 million dialysis treatments in FY25. It partners with major hospital chains like Max Super Speciality, Fortis Escorts, and Care Hospitals, focusing 77% of its clinics in tier 2 and tier 3 cities.
The Nephrocare Health IPO, approved by SEBI on 4 November 2025, is a book-built issue of fresh issue ₹353.41 crore + offer for sale up to 1.28 crore equity shares. Kfin Technologies Ltd serves as registrar. The IPO will list on NSE and BSE. Proceeds will fund new dialysis clinics (₹129 crore), debt repayment (₹136 crore), and general corporate purposes.Here’s everything you need to know about this IPO.
Nephrocare Health IPO Dates & Launch Details
- IPO opening date: 10 December 2025
- IPO closing date: 12 December 2025
- Basis of allotment: 15 December 2025
- Refund initiation: 16 December 2025
- Expected listing date: 17 December 2025
Lead Book Running Managers: ICICI Securities Ltd.
Registrar: Kfin Technologies Ltd.
Nephrocare Health Price Band & Investment Details
- Price band: ₹438 - ₹460 per share (Face value: ₹2 per share)
- Minimum lot size: 32 shares
- Minimum investment: ₹14,720 (at upper band)
- Maximum retail investment: ₹1,91,360 (13 lots, total 416 shares)
Nephrocare Health IPO Structure
Detail | Information |
|---|---|
Issue Type | Fresh Capital + Offer for Sale (OFS) |
Total Issue Size | Approx ₹871.05 crore |
Fresh Issue Value | Approx ₹353.40 crore |
OFS Shares | 1,12,53,102 shares (₹2 face value) |
Reservations | QIB: up to 50%, NII: 15%, Retail: 35% |
Listing Exchanges | |
Registrar | Kfin Technologies Ltd. |
Lead Manager | ICICI Securities Ltd. |
About Nephrocare Health
Nephrocare provides comprehensive dialysis services including diagnosis, haemodialysis, home/mobile dialysis, and wellness programmes with in-house pharmacy support. It operates across 269 Indian cities in 21 states + 4 UTs, plus Philippines, Uzbekistan, and Nepal. Key partnerships include Max Super Speciality, Fortis Escorts, Wockhardt, and Paras Healthcare.
Key Highlights:
- Operates 490 clinics (world's largest dialysis clinic in Uzbekistan) managing 5,068 machines
- Serves 10% of India's dialysis patients (29,281 patients, 2.88 million treatments in FY25)
- 76.73% clinics in tier 2/3 cities addressing underserved markets
- Strategic hospital partnerships for in-house dialysis centres
- Workforce of 3,230 employees across medical/administrative functions
Nephrocare Health Financials
Revenue and Profit Table
Period | Revenue from Operations (₹ Crore) | Net Profit (₹ Crore) |
|---|---|---|
H1 FY ‘26 | 473.5 | 14.2 |
FY ‘25 | 755.8 | 67.1 |
FY ‘24 | 566.2 | 35.1 |
FY ‘23 | 437.3 | -11.8 |
Cash Flow Table
Period | Cash Flow from Operations (₹ Crore) | Free Cash Flow (₹ Crore) |
|---|---|---|
H1 FY ‘26 | 38.1 | -23.2 |
FY ‘25 | 135.3 | 34.6 |
FY ‘24 | 72.3 | -7.7 |
FY ‘23 | 11.3 | -62.5 |
Key Highlights:
- Nephrocare achieved strong revenue growth from ₹437 crore in FY23 to ₹756 crore in FY25 (+73%), driven by clinic expansion from 447 to 490 centres and 34% revenue increase in FY25 alone.
- Net profit turned positive from FY24 (₹35 crore) and almost doubled to ₹67 crore in FY25 (+91% growth), reflecting scale benefits, better patient utilisation, and operational efficiencies.
- EBITDA margins improved steadily from 11.1% (FY23) to 22.1% (FY25), showing healthy profitability as fixed costs get leveraged across more clinics and treatments.
- Operating cash flow rose from ₹11 crore (FY23) to ₹135 crore (FY25), while FY25 free cash flow turned positive at ₹35 crore after heavy expansion capex in prior years.
- Assets grew to ₹996 crore with net worth ₹594 crore; debt controlled at ₹226 crore supports balanced growth funding post-IPO debt repayment.
Sector & Market Context
India's dialysis market grows rapidly due to rising chronic kidney disease cases and improving healthcare access. Nephrocare captures 10% market share with focus on tier 2/3 cities where organised care is limited. Government schemes and insurance expansion boost affordability.
Key Considerations for Investors
Strengths
- Clear market leader in organised dialysis with 490 clinics network
- Strong profitability trajectory and positive cash flows established
- Strategic hospital partnerships ensure steady patient referrals
- Tier 2/3 city focus taps underserved high-growth markets
Risks
- Regulatory changes in healthcare reimbursements/tariffs
- Competition from unorganised local centres and hospital chains
- Execution risks in rapid clinic expansion plans
Opportunities
- Rising CKD (Chronic Kidney Disease) prevalence and insurance penetration
- International expansion (Philippines, Uzbekistan, Nepal)
- Home dialysis and digital health services growth
IPO Structure
- The Nephrocare Health IPO is a mix of fresh issue worth ₹353 crore and an offer for sale of 1.28 crore shares by existing shareholders
- Funds from the fresh issue will be utilised for opening new dialysis clinics (₹129 crore), debt repayment (₹136 crore), and general corporate purposes
- Promoters and management will continue to retain significant stake and lead the company's growth in kidney care services
- The IPO follows book-building process with price band ₹438 - ₹460, offering retail investors minimum 35% quota
- Shares will list on NSE and BSE on 17 December 2025, providing liquidity and broad market access
- Kfin Technologies Ltd serves as registrar handling applications, allotment, and demat credit processes
- Employee reservation included at discount, ensuring participation across all investor categories
About the Company
Founded in 2009 and headquartered in Hyderabad, Nephrocare Health Services Ltd leads organised dialysis care with 490 clinics across India and abroad. It serves chronic kidney patients through comprehensive services backed by hospital partnerships and technology-enabled operations.
Nephrocare Health Final Review
Nephrocare Health IPO offers investors exposure to India's fast-growing organised dialysis market. Strong revenue/profit growth, expanding clinic network, and clear use of proceeds make it attractive. Investors should consider regulatory risks and competition while monitoring execution of expansion plans.
Always consider personal investment objectives and consult trusted sources before making any decisions.
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FAQ
When does the Nephrocare Health IPO open and close?
The Nephrocare Health IPO opens on 10 December 2025 and closes on 12 December 2025. Basis of allotment will be finalised on 15 December, refunds initiated on 16 December, and listing occurs on 17 December 2025 on both NSE and BSE.
What is the size and structure of the Nephrocare Health IPO?
The Nephrocare IPO totals approximately ₹871 crore, comprising a fresh issue of ₹353 crore for business expansion and an offer for sale of 1.13 crore shares. The price band is ₹438 - ₹460 per share with minimum lot size of 32 shares (₹14,720 investment).
What is Nephrocare Health's price band and lot size?
Nephrocare Health shares are offered at a price band of ₹438 to ₹460 per share with a face value of ₹2. Retail investors need to apply for a minimum lot size of 32 shares, requiring an investment of ₹14,720 at the upper price band.
How has Nephrocare Health performed financially recently?
Nephrocare Health showed impressive growth with FY25 revenue at ₹756 crore (up 34% YoY) and profit after tax at ₹67 crore (up 91%). H1FY26 revenue reached ₹474 crore with ₹14 crore profit, and EBITDA margin improved to 22.1%.
How many clinics does Nephrocare operate across India and abroad?
Nephrocare operates 490 clinics in total, including 447 clinics across 269 cities in 21 states and 4 union territories in India, plus 43 clinics abroad in Philippines, Uzbekistan, and Nepal. It serves 29,281 patients and runs the world's largest clinic in Uzbekistan.
What hospital partners does Nephrocare work with?
Nephrocare has strategic partnerships with leading hospital chains including Max Super Speciality Hospital, Fortis Escorts Hospitals, Care Hospitals, Wockhardt Hospitals, Paras Healthcare, Calcutta Medical Research Institute, Jehangir Hospital, and Ruby Hall Clinic.
How will Nephrocare use IPO proceeds?
The company plans to allocate ₹129 crore towards opening new dialysis clinics, ₹136 crore for debt repayment (reducing total debt of ₹226 crore), with the balance utilised for general corporate purposes including technology upgrades and working capital requirements.
Who is the registrar and how to track allotment status?
Kfin Technologies Ltd serves as the registrar for the Nephrocare IPO. Investors can track live subscription status on NSE/BSE websites during 10-12 December and check allotment status on the Kfin portal after 15 December 2025.
What makes Nephrocare unique in the dialysis market?
Nephrocare holds approximately 10% market share in India with a network of 490 clinics, 77% focused on tier 2/3 cities. Its unique strengths include hospital partnerships, international presence in 3 countries, and technology-driven patient management systems.
How to apply for the Nephrocare IPO?
You can apply for the Nephrocare IPO online using UPI or ASBA through your demat and trading account. On a platform like m.Stock, you simply log in, select the Nephrocare IPO from the IPO section, choose the number of lots, enter your UPI ID, and approve the payment mandate in your UPI app.