Nephrocare Health Services has entered into an Asset Transfer Agreement to acquire dialysis center assets in the Philippines from Renal One Dialysis Corp for ₹10.25 crore. The transaction, executed on September 14, 2026, involves Nephrocare Health Care Services, Philippines Inc., an overseas step-down wholly owned subsidiary of the listed entity.

The acquisition targets identified assets of a dialysis center located at Unit 6, Rockca Commercial Complex, Brgy. Tabang, Plaridel, Bulacan. The total consideration is PHP 67,200,000, converted at an exchange rate of 1 PHP = INR 1.5248. The deal is not a related party transaction, as the seller is unrelated to the promoter group or group companies.

Transaction Details

The agreement was disclosed pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and SEBI Master Circular No. HO/49/14/14(7)2025-CFD-POD2/1/3762/2026 dated January 30, 2026. Kishore Kathri, Company Secretary and Head Legal, signed the disclosure on behalf of the company.

Strategic Context

This asset purchase marks Nephrocare’s continued expansion into international markets through its Philippine subsidiary. The acquisition of operational dialysis infrastructure allows the company to integrate existing facilities into its network without building from scratch. No special rights, such as board appointments or share subscription preferences, were attached to the agreement.

Nephrocare Health Services has acquired a 100% stake in Dialysis Center Almaty LLP, a Kazakhstan-based provider, for approx ₹116.35 million. The deal expands its international network.

The transaction was signed on September 1, 2026. Nephroplus Health Services Kazakhstan LLP, an overseas step-down subsidiary of Nephrocare, executed the acquisition. The consideration is payable in cash and subject to downward adjustments as per the agreement terms.

Target Entity Profile

Dialysis Center Almaty LLP operates 34 dialysis machines across its centers in Kazakhstan. Incorporated on February 22, 2019, the entity is engaged solely in providing dialysis services. The acquisition does not constitute a related party transaction, with no interest held by Nephrocare’s promoters or group companies in the target or the seller.

Financial Performance

The target entity has shown consistent revenue growth over the last three fiscal years. The following table details the turnover figures:

The last audited turnover for calendar year 2025 stands at KZT 527.44 million (approx ₹10.93 crore).

What the Numbers Show

The acquisition valuation implies a significant premium over the target’s recent earnings. With a purchase price of approx ₹116.35 million against a last audited turnover of approx ₹10.93 crore, the deal values the business at roughly 10.6 times its annual revenue. This multiple suggests Nephrocare is paying for strategic market entry and asset consolidation rather than immediate cash flow generation from the acquired units.

Regulatory Approvals

Completion of the acquisition is subject to the fulfillment or waiver of conditions precedent outlined in the SPA. The transaction requires statutory and regulatory formalities under Kazakh law, including the state re-registration of the target entity to reflect the transfer of participatory interest to NPHSK LLP. Upon completion, Dialysis Center Almaty LLP will become an overseas step-down subsidiary of Nephrocare.