Nephrocare Health Services Ltd. is India’s and Asia’s largest provider of comprehensive dialysis services, offering essential, recurring care for patients with End Stage Renal Disorder (ESRD). The company provides a full spectrum of services, including hemodialysis, home, and mobile dialysis, supported by a specialized pharmacy network. As of Fiscal 2025, NHS was the dominant player in the Indian market, serving approximately 10% of the total dialysis patients by completing over 2.88 million treatments and was significantly larger than its next closest competitor. Globally, the company ranks as the fifth-largest provider based on treatment volume.

NHS operates a widespread network of 519 clinics, making it the only scaled Indian dialysis provider with a significant international presence across the Philippines, Uzbekistan, and Nepal. In India, its extensive footprint covers 288 cities, with over 77% of its clinics strategically located in underserved Tier II and Tier III cities. The company’s focus on Accessibility, Quality, and Value is underpinned by an asset-light, capital-efficient operating model, which includes partnerships with leading hospital chains and Public-Private Partnerships (PPPs) to deliver high-quality, standardized care across diverse geographies.

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• India’s and Asia’s largest dialysis chain with leadership across our markets
• Scale coupled with asset-light model driving cost efficiencies and operational excellence
• Driving clinical excellence and quality through protocols and advanced technology
• Organic growth augmented by proven track record of acquisitions and integration in India and internationally
• Patient-centric leadership and seasoned management team backed by marquee investors
• Driving sustainable dialysis leadership with environmental, social and governance measures
• Track record of sustainable growth, profitability and return

The Company NEPHROCARE HEALTH SERVICES LIMITED IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:

• Capital expenditure by the Company for opening new dialysis clinics in India (Rs. 129.11 Cr.)
• Pre-payment, or scheduled repayment, in full or part, of certain borrowings availed by the Company (Rs. 136 Cr.)
• General Corporate Purposes

At the upper band of IPO Rs. 460, the stock is valued at 162.19 P/E multiple. Hence, well-informed investors would wait to subscribe for medium to long term perspective.