Nephro Care India Ltd. (NEPHROCARE)
SME CapPharma stocks · SME cap · NSE
Nephro Care India Limited, founded in 2014, specializes exclusively in kidney-related healthcare. It delivers comprehensive, patient-centric renal care through an integrated hub-and-spoke network across Eastern India, combining diagnostics, dialysis, telemedicine, and lifestyle support. The company operates 5+ clinics and a flagship 100-bed hospital.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Average · 30/100YoY data unavailable — classification deferred
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹29.2 Cr | NDF | +9.1% |
| EBITDA | ₹3.6 Cr | +503.3% | +79.2% |
| Operating margin | 12.4% | +894 bps | +485 bps |
| PAT | ₹1.6 Cr | NDF | +61.0% |
| PAT margin | 5.5% | +927 bps | +178 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Nephro Care India reported strong financial growth in FY25, with revenue increasing to ₹46.03 crore from ₹27.23 crore in FY24, and EBITDA improving to ₹7.40 crore from ₹6.84 crore, driven by operational performance and market expansion.
The company demonstrates robust top-line growth and improved EBITDA, indicating effective market penetration in Eastern India's renal care segment. Strategic expansion into kidney transplants and hospital bed capacity, coupled with a partnership model, suggests a clear path for continued growth, leveraging significant unmet demand in the sector.
Income by Service Segment
Latest issuer-disclosed distribution across 3 reported categories.
Partnerships with Nephrology Clinics
Exploring profit-sharing partnerships with local nephrology doctors and their clinics, providing machines and research capabilities under the NephroCare brand.
Commencement of Kidney Transplant Operations
Government permission granted for kidney transplant operations at Vivacity Hospital, commencing in Q3 FY26 with a plan for at least 25 transplants by end of FY26.
Expansion of Vivacity Multispecialty Hospital
Planned expansion of Vivacity Hospital from 150 to 250 beds within the next Financial Year, increasing normal and nephrology-focused ICUs.
Vivacity Hospital Bed Expansion
Planned expansion of Vivacity Multispecialty Hospital from 150 to 250 inpatient beds within the next Financial Year.
Kidney Transplant Unit Commissioning
Kidney transplant operations at Vivacity Hospital will commence in Q3 FY26.
High Demand for Kidney Transplants
India faces an annual demand of ~200,000 kidney transplants, significantly exceeding the current supply of 13,642 in 2023.
Large Undiagnosed CKD Population
Over 50% of advanced Chronic Kidney Disease (CKD) patients remain undiagnosed or untreated, indicating a vast addressable market.
Growing Dialysis Market
The dialysis market size was US$5 billion in 2024, projected to grow to US$11.3 billion by 2033 (CAGR 8.83%).
Increasing Diabetes Prevalence
Diabetes prevalence is a major driver of CKD, with 100 million diabetic patients expected by 2030.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The financial performance data is presented on an annual basis (FY24 vs FY25), making year-over-year comparison the most appropriate metric to assess growth and operational trends.
Revenue Growth
FY25 revenue increased to ₹46.03 crore from ₹27.23 crore in FY24.
EBITDA Growth
EBITDA improved from ₹6.84 crore in FY24 to ₹7.40 crore in FY25.
Hospital Occupancy (Vivacity)
In FY25, Vivacity Multispecialty Hospital achieved 40% occupancy.
Patients Treated (Vivacity)
Vivacity Multispecialty Hospital treated over 3,400 patients in FY25.
Focus on Integrated Renal Care
Management's vision integrates medical science with holistic care, including yoga and nutrition, driving growth and innovation.
Commitment to Clinical Excellence
The promoter and board are committed to clinical excellence and innovative healthcare solutions.
Strategic Expansion for Revenue & Profit Growth
Commencement of kidney transplants is expected to significantly increase revenue and profits due to excess demand and margins.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Kidney Transplant Volume | 0 (commencing Q3 FY26) | Achievement of target 25 transplants by end of FY26 and subsequent ramp-up. |
| Vivacity Hospital Bed Capacity | 150 beds | Progress and completion of expansion to 250 beds within the next financial year. |
| New Clinic Partnerships | Exploring | Number of new profit-sharing partnerships established and their contribution to revenue. |
| Vivacity Hospital Occupancy | 40% (FY25) | Improvement in occupancy rates post-expansion and new service introductions. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
61BullishSMA20 +39.0% / mo · MACD − · sector +2.2pp vs Nifty (3M)
Technical chart
NEPHROCAREdaily · 1Y · AUTO+27.1%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 59. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~28.0% over last month) — short-term momentum positive.
- RSI(14) at 59 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 45% off 52W high · 87% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 13 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 13 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Balance sheet contributes 12/15 to the score.
- Cash flow contributes 2/10 to the score.
- Valuation contributes 3/30 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Fair-value margin of safety is negative at -520.6%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 56th percentile of the scored universe and 43rd percentile within Pharma. Main check: financial discipline is weak at 52/100.
Healthy Trust Lite: Promoter holding is 61.7%. Key concern: Only 1 years of positive FCF.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Pharma: 43rd pctile, median 70 · SME: 70th pctile, median 64
1 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 61.7%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.2%.
- ▸Debt/equity is 0.00.
Trust risks
- ▸Only 1 years of positive FCF.
- ▸ROE is low at 5.9%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 27.40
- P/B
- 2.71
- EV/EBITDA
- 11.50
- Market Cap
- 154.00Cr
Profitability
- ROE
- 5.93%
- ROCE
- —
- ROA
- 4.63%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- —
- EPS 5Y
- —
- Revenue 3Y
- —
- EPS 3Y
- —
Balance Sheet
- Debt/Equity
- 0.00
- Interest Coverage
- 52.00×
- Altman Z
- 8.48
- Book Value
- 34.50
Cash Flow
- FCF Yield
- 1.16%
- FCF Positive Y
- 1/5
- OCF
- 2.21 Cr
- EPS TTM
- 2.04
Shareholding
- Promoter Hold
- 61.71%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 36%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.