Nephrocare Health Services Limited · NSE:NEPHROPLUS
Nephrocare Health Services — H1FY27 Earnings Presentation
46 slides from Nephrocare Health Services's earnings presentation, Nov 3, 2026
Slide 1: Regulation 30 filing cover letter to stock exchanges
Ref: NEPHROPLUS/SE/97 November 3, 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: Investor P
Slide 2: Nephrocare Health Services Limited Q2 & H1FY27 Investor Presentation
Uzbekistan Kazakhstan Nephrocare Health Services Limited Nepal Q2 & H1FY27 Investor Presentation November 2026 India Philippines 38,000+ Patients 550+ Clinics Kingdom of Saudi Arabia 350+ Cities All Maps used in the presentation are not to scale. All data, information, and maps are provided "as is"
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 Most People Signed Up for a Kidney Screening Online in Dialysis Chain of the Year Maximum People Screened for Serum Creatinine Test One Week Awarded by ET Health world Healthcare Awards Awarded by Guinness World Records Recognized by India Book of
Slide 6: Agenda
Agenda 1 Operational and Financial Performance – Q2 & H1FY27 2 NephroPlus - Snapshot 3 Dialysis Industry Overview 4 Key Differentiators 4
Slide 7: Operational and Financial Performance – Q2 & H1FY27
1 Operational and Financial Performance – Q2 & H1FY27 5
Slide 8: H1 FY27 (YoY) Performance Overview
H1 FY27 (YoY) Performance Overview Metrics H1FY27 H1FY26 YoY Guests1 38,814 35,425 9.6% Treatments 21,01,189 18,65,545 12.6% RPT2 ₹ 2,785 ₹ 2,538 9.7% Revenue ₹ 585.2 Cr. ₹ 473.5 Cr. 23.6% Adjusted EBITDA3 ₹ 134.4 Cr. ₹ 116.5 Cr. 15.3% Adjusted PAT4 ₹ 76.1 Cr. ₹ 56.5 Cr. 34.7% 1. Guests at the end o
Slide 9: Q2FY27 Consolidated Profit & Loss Account
Q2FY27 Consolidated Profit & Loss Account Particulars Q2 FY27 Q2 FY26 YoY H1 FY27 H1 FY26 YoY Guests 38,814 35,425 9.6% 38,814 35,425 9.6% Treatments 10,70,105 9,55,685 12.0% 21,01,189 18,65,545 12.6% RPT 2,835 2,571 10.3% 2,785 2,538 9.7% Particulars (₹ Cr.) Q2 FY27 Q2 FY26 YoY H1 FY27 H1 FY26 YoY
Slide 10: Key Performance Highlights
Key Performance Highlights ▪ H1FY27 revenue of ₹ 585.2 crore, an increase of 23.6% YoY; driven by - • Treatments up 12.6% YoY to 21.01 lakh (H1FY26: 18.66 lakh) and guests up 9.6% YoY to 38,814, alongside a 9.7% YoY increase in revenue per treatment to ₹2,785 (H1FY26: ₹2,538) ▪ H1FY27 Adjusted EBITD
Slide 11: Key Operational Metrics
Key Operational Metrics Volume Price Translating into Increasing Rising Revenue Per Increasing Guests Treatment Count Treatment (RPT) # of Guests # of Treatments (Mn) Revenue per Treatment (₹) ~10.8% CAGR ~17.3% CAGR ~18.9% CAGR 38,814 2,785 36,981 3.84 2,598 33,076 3.30 2,292 28,947 2,084 2.67 1,91
Slide 12: Robust Financial Performance
Robust Financial Performance (₹ Crores) (₹ Crores) Revenue from Operations Revenue Split Adjusted EBITDA* & Adjusted PAT# EBITDA PAT 238 32% CAGR 173 999 128 134 100 74 76 756 49 47% 35 585 Q2FY27 53% -12 566 437 FY23 FY24 FY25 FY26 H1FY27 Year FY23 FY24 FY25 FY26 H1FY27 Adj. EBITDA 11.1% 17.8% 22.9
Slide 13: Management Commentary
Management Commentary Vikram Vuppala Rohit Singh Prashant Goenka Chairman and MD Group CEO Group CFO “Dialysis market across the World continues to grow “H1FY27 took NephroPlus into a sixth country, with “Our India platform keeps delivering, and it continues due to the increasing burden of Diabetes
Slide 14: NephroPlus - Snapshot
NephroPlus - Snapshot #DialysisToh NephroPlus 4] #DialysisToh NephroRlus #DialysisTohNephroPlus
Slide 15: We are India's and Asia's Largest Dialysis Network
We are India’s and Asia’s Largest Dialysis Network 570 Largest #4 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 16: 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 17: In Kazakhstan, we entered with 2 clinics in Almaty
In Kazakhstan, we entered with 2 clinics in Almaty, operating 34 beds and 1,200+ monthly sessions Haemodialysis Centre, Almaty Dialysis Unit, Almaty 34 Machines across 2 Clinics In-Clinic Dialysis, Almaty Entered Kazakhstan by acquiring 2 standalone clinics in Almaty 15 All Maps used in the presenta
Slide 18: In India, we serve 33,000+ Guests in 500 clinics across 314 cities
In India, we serve 33,000+ Guests in 500 clinics across 314 cities in 25 States 50%+ Market Share in Indian Organized Market and 80% Clinics in Tier 2/3 Cities 6 6 All Maps used in the presentation are not to scale. All data, information, and maps are provided "as is" without warranty or any represe
Slide 19: In the Philippines, 11 clinics were added this year
In the Philippines,11 clinics were added this year taking the total to 55 clinics Executed 10 acquisitions during H1FY27 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, timeliness or compl
Slide 20: In Uzbekistan, we now serve 1,450+ guests across 6 clinics
In Uzbekistan, we now serve 1,450+ guests across 6 clinics in 3 provinces Delivering Care to 1,450+ Patients in Uzbekistan 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 "a
Slide 21: Saudi Arabia: Riyadh Clinic Operational and Dialysis Sessions Commenced
Saudi Arabia: Riyadh Clinic Operational and Dialysis Sessions Commenced; MoH Tender RFI Submitted; Home Dialysis commenced in Riyadh and Jeddah Riyadh clinic, Saudi Arabia Dialysis sessions underway at the Riyadh Riyadh clinic Jeddah Delivering dialysis care in Riyadh A 51:49 JV established with pub
Slide 22: 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: 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
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 ~80% ~77% 314 # of Clinics in Tier II / Tier III Revenue Salience Acquired 570 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: Most Widely Distributed Network Powered by an Asset-Light Model
2 The Most Widely Distributed Network Powered by an Asset-Light Model ~51% 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 291 199 80 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
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 25 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 30th September 2026 Marquee Investors Public Shareholding Breakup Funds Holding >1% IFC ✓ SBI Mutual Fund 3.1% ✓ Polar Capital Funds Other Public 6.3% 12.5% Investcorp ✓ 360 One AIF ✓ The Prudential Assurance Comp
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 33
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) Sep-26 Mar-26 Mar-25 Liabilities (₹ Crores) Sep-26 Mar-26 Mar-25 Non - Current Assets 716.2 631.7 451.1 Total Equity 1,189.0 1,116.5 584.1 Property, Plant and Equipment 347.7 330.2 277.7 Equity Share capital 20.1 20.
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 H1 FY27 Number of centers (at network level) 570 Guests served (at network level) 38,814 % Male and Female guests served 68.9% & 31.1% % Patients using public insurance for treatment (at network level) 80% ESG Metrics H1 FY27 Number of people trained 5,064 Num
Slide 46: Guest Care Comes First – Thank you
“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 [email protected] [email protected] /
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