Nephro Care India reports FY26 profit of ₹336.89 lakh

Nephro Care India Limited reported a net profit of ₹336.89 lakh for the financial year ended 31 March 2026, compared to ₹363.89 lakh in the previous year. Revenue from operations for FY26 stood at ₹8,873.48 lakh, a significant increase from ₹4,603.11 lakh in FY25. The Board of Directors approved the audited standalone and consolidated financial results at a meeting held on 27 May 2026.

The statutory auditor, K. K. Chanani & Associates, issued an unmodified opinion on the financial results. The report highlighted an emphasis of matter regarding the write-off of Goods and Service Tax receivable amounting to ₹86.88 lakh of prior years and GST credit of ₹247.87 lakh standing in the books as of 31 March 2026, which is subject to reconciliation as the balance in the GST portal is nil.

Financial Performance

For the quarter ended 31 March 2026, the company recorded a net profit of ₹100.43 lakh on revenue from operations of ₹2,674.63 lakh. Total income for the quarter was ₹2,757.74 lakh, with total expenses at ₹2,627.94 lakh. Earnings per equity share (not annualised) for the quarter was ₹0.61.

Metric	FY26 (₹ lakh)	FY25 (₹ lakh)
Revenue from operations	8,873.48	4,603.11
Total Income	9,028.23	4,755.80
Total Expenses	8,564.41	4,272.87
Profit for the period	336.89	363.89
Earnings per share (₹)	2.04	2.38

Segment Reporting

Income from IPD Services was the primary revenue driver, contributing ₹4,330.48 lakh for the year, followed by OPD Services at ₹2,519.18 lakh and pharmacy sales at ₹2,036.30 lakh. The company also noted the incorporation of a subsidiary, Vivacity Multiple Ventures Private Limited, on 18 December 2025, though it is yet to commence operations.

The Board also approved the appointment of M/s M. Dutta & Associates as the Internal Auditor for the financial year 2026-27 and noted the internal audit report provided by the firm.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-4.98%	-3.42%	-11.65%	-45.26%	-45.30%	-57.53%

Nephro care has received positive coverage from Nomura, with the brokerage firm initiating a Buy rating and setting a target price of Rs 605 for the dialysis services provider.

Investment Rationale

Nomura's bullish stance on Nephrocare India is built on several key factors that position the company favorably in the healthcare sector. The brokerage highlights the sticky nature of dialysis services, which creates a reliable and recurring revenue model for the company.

Investment Highlights:	Details
Rating:	Buy (Initiated)
Target Price:	Rs 605
Expected EBITDA CAGR:	18.3%
Revenue Growth:	Mid-to-high-teen

Market Positioning and Growth Prospects

The analysis emphasizes NephroPlus's strong positioning within concentrated markets, which provides the company with competitive advantages and market share stability. This strategic positioning is expected to support sustained business growth and profitability.

Nomura projects robust financial performance for the company, with expectations of mid-to-high-teen revenue growth. The brokerage anticipates that this revenue expansion, combined with stable margin maintenance, will drive significant EBITDA growth.

Financial Outlook

The 18.3% EBITDA CAGR projection reflects Nomura's confidence in the company's operational efficiency and growth strategy. The stable margins expectation suggests that Nephrocare can scale its operations while maintaining profitability levels, indicating strong operational management and cost control measures.

The recurring revenue nature of dialysis services provides predictable cash flows, which supports the company's financial stability and growth investment capabilities. This business model characteristic is particularly valued by investors seeking consistent returns in the healthcare sector.