Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
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.
Data qualityFresh enough for analysisQuote updated 19 Oct, 05:50 pm ISTDetails
Quote19 Oct, 05:50 pm IST
Base fundamentals20 Oct 2026 · screener
Latest result16 Aug, 12:45 am IST
Score20 Oct, 05:22 pm IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage11/14 · 79%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
66BullishSMA20 -5.4% / mo · MACD − · sector +3.8pp vs Nifty 500 (3M)
Stock trend: 44
Sector RS: 98
Sector 3M: -1.8% vs Nifty 500 -5.6%
Pharma FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
NEPHROCARED candles · FIT view-1.2%Latest close ₹85.00 on 2026-10-19
Bar
-3.4%
RSI
44
MACD hist
-0.46
52W pos
33%
2026-10-19O ₹88.00H ₹88.00L ₹85.00C ₹85.00Vol 8,800 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
NEPHROCARENifty PharmaNifty 500
- NEPHROCARE
- +30.3%
- Nifty 500
- -5.6%
- Nifty Pharma
- -1.5%
- Vs Nifty 500
- +35.8 pp
Chart stats
19 Oct 2026- From 52W high
- -45.6%
- 52W range position
- 33%
- ATR (14)
- 6.0%
- Volume vs 20D
- 0.45x
- Avg traded value
- ₹0.2 Cr
- 20D price channel
- ₹80 - ₹101
₹156.4
₹50.1 - ₹156.4
₹5.1
Latest completed session
20-session average
39.0% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Momentum only
Trend is strong but fundamentals do not support a clean investment thesis.
U-Score
Legacy · OVERVALUED14
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Bullish66
Price trend and sector-relative-strength timing.
Valuation
Legacy model-463.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence68
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 30 Jun 2026
Open results browser →| 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.
Fundamentals
Valuation
- P/E
- 27.70
- P/B
- 2.46
- EV/EBITDA
- 10.46
- Market Cap
- 140.00Cr
Profitability
- ROE
- 4.92%
- 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
- 7.95
- Book Value
- 34.50
Cash Flow
- FCF Yield
- 1.27%
- FCF Positive Y
- 1/5
- OCF
- 2.21 Cr
- EPS TTM
- 2.04
Shareholding
- Promoter Hold
- 61.71%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 33%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 88.7
Net Profit
₹ CrLatest: 3.4
Return on Equity
%Latest: 5.9
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 44. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~5.7% over last month) — short-term momentum negative.
- RSI(14) at 44 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 46% off 52W high · 70% 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.
Nifty 500 leadership
Relative Strength & Trend Stage
42
RS percentile
Stage 2 UptrendRecent S2
1M return
-9.3%
3M return
+30.3%
6M return
-0.4%
1Y return
-38.5%
RS 1D
+2
RS 20D
-22
Sector rank
#1
Industry rank
#17
Stage evidence
- Price is 9.1% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +3.2%.
50-DMA
price below
200-DMA
price above
S2 entered
25 Sept 2026
S2 age
16 trading sessions
Sector
leading
Industry
leading
Relative-strength line vs Nifty 500 (base 100)
261 observations
19 Oct 2026Value 62.34-0.14%
RS vs Nifty 50062
Valuation & peers
U-Score 14 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 14 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation4/30
Growth1/25
Quality0/20
Balance Sheet12/15
Cash Flow2/10
Piotroski
6/9 (+3)
Penalties
-8
Raw sum
14
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
14/100 · legacy band OVERVALUED
Positive drivers
- Balance sheet contributes 12/15 to the score.
- Cash flow contributes 2/10 to the score.
- Valuation contributes 4/30 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Fair-value margin of safety is negative at -463.9%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
27.7
PB
2.5
EV/EBITDA
10.5
ROE
4.9%
ROCE
—
FCF Yield
1.3%
Debt/Equity
0.0
MoS
-463.9%
Score movement
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.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
14
Previous: 14
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-463.9%
Previous: -463.9%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
14
14
14
14
14
14
14
14
14
14
14
14
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹39.79
-113.6% MoS
Growth-justified P/E
7.4
Growth-justified Value
₹15.08
-463.9% MoS
PEG
—
Comparable companies
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.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
NEPHROPLUS
Small
Nephrocare Health Services Limited
Healthcare Services
match 142
40
75.6
8.8%
-224%
WATCHLIST
MAITREYA
SME
Maitreya Medicare Ltd.
Healthcare Services
match 136
12
—
-9.3%
—
OVERVALUED
MADHAVBAUG
SME
Vaidya Sane Ayurved Laboratories Ltd.
Healthcare Services
match 135
51
18.8
12.0%
+59%
FAIR VALUE
SANGANI
SME
Sangani Hospitals Ltd.
Healthcare Services
match 134
29
26.2
7.8%
-20%
OVERVALUED
DHTL
SME
Docmode Health Technologies Ltd.
Healthcare Services
match 130
13
—
-1.6%
—
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-08-20T08:15:10.708Z
Management commentary snapshot
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.
Current business mix
Income by Service Segment
Latest issuer-disclosed distribution across 3 reported categories.
OPD Services52.0%
Sale of Medicine from Pharmacy25.0%
IPD Services23.0%
Growth engines
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.
Capacity and execution
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.
Tailwinds
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
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
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.
Sector KPIs management disclosed
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.
Management forward view
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.
Thesis monitor
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.
Trust Score
68Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: 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.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
1 docs text-extracted · 0 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
56th percentile
overall median 67 · Pharma: 43rd pctile, median 70 · SME: 70th pctile, median 64
Evidence depth
Financial-only
1 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read 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.
Promoter
86
strong · holding, pledge, alignment
Cash flow
53
watch · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
52
watch · capital discipline
Results
55
watch · quarterly consistency
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.
Continue researching Nephro Care India Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Investor presentationAug 2025
Aug 2025 · PPT
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.