Nephrocare Health Services Limited

Nephrocare Health Services Limited, which operates under the NephroPlus brand, is an end to end dialysis care provider. Incorporated in 2010, it runs a large network of dialysis clinics across India and in select international markets, and describes itself as the largest dialysis provider in Asia and among the largest in the world by treatment volumes. Its services span diagnosis, in centre haemodialysis, home and mobile dialysis, and related wellness programmes. As of 31 March 2025 the company operated around 490 clinics, of which about 447 were in India and the rest across the Philippines, Uzbekistan and Nepal, spread over roughly 269 cities in 21 states and 4 union territories; by 30 September 2025 the network had grown further. A large share of its centres sit in tier II and tier III cities. In FY25 it treated close to 29,000 patients and carried out about 2.9 million dialysis sessions, serving an estimated tenth of India's dialysis patient base, supported by more than 5,000 dialysis machines and a workforce of over 3,000 people. The business is backed by prominent private equity investors and is led by its founder. Dialysis is a recurring, treatment intensive service, which gives the company a steady demand base, though the model is capital intensive and depends on continued investment to open and equip new centres. Its financial record shows a swing from a loss in FY23 to growing profits in FY24 and FY25.

Nephrocare Health raised about Rs 260.26 crore from 14 anchor investors ahead of the issue, allotting 56,57,919 shares at Rs 460 each. The anchor book was taken up by domestic mutual funds, including schemes of SBI, ICICI Prudential, DSP, Baroda BNP Paribas and Bandhan, alongside insurers such as SBI Life and HDFC Life and global investors including Fidelity, Eastspring, Polar Capital, Manulife and Prudential Assurance.