Nephrocare provides comprehensive dialysis care through a nationwide network of clinics, offering diagnosis, treatment, wellness programs, haemodialysis, and home and mobile dialysis supported by pharmacy services. It is India’s largest dialysis service provider in Fiscal 2025 by patients served, clinics, cities covered, treatments performed, revenue and EBITDA (Source: F&S Report). In Fiscal 2025, it served 29,281 patients and performed 2.89 million treatments, representing about 10% of India’s dialysis patients. As of September 30, 2025, it operated a global network of 519 clinics across 288 cities in 21 States and four Union Territories, making it the most widely distributed dialysis provider in the country.
Price Band₹438 - ₹460 |
Dates10 Dec - 12 Dec |
GMP₹0 (0.00%) |
Subscriptions- |
Issue Size₹871.05 Crs |
Nephrocare IPO Objects
- Capital expenditure by the Company for opening new dialysis clinics in India
- Payment in full or part, of certain borrowings availed by the Company
- General corporate purposes
Nephrocare IPO Details
Price Band₹438 - ₹460 |
Listing AtNSE & BSE |
IPO Issue Type100% Book Built Offer |
Fresh Issue₹353.41 Cr (0.77 Cr Shares) |
Offer For Sale₹517.64 Cr (1.13 Cr Shares) |
Total Issue₹871.05 Cr (1.89 Cr Shares) |
Face Value₹2 per equity share |
Nephrocare IPO Lot Information
| Investor Category | Lot | Shares | Amount | |
|---|---|---|---|---|
| Retail |
Minimum
1
32
14,720
Maximum
13
416
1,91,360
|
|||
| Small HNI |
Minimum
14
448
2,06,080
Maximum
67
2,144
9,86,240
|
|||
| Big HNI |
Minimum
68
2,176
10,00,960
|
|||
Nephrocare IPO GMP
The estimated Grey Market Premium of Nephrocare IPO is ₹0 per share (0.00%)
Category Allocation
| Particulars | Allocation |
|---|---|
| QIBs | Not more than 50% of Net Offer |
| Big HNIs (NII) | Not less than 10% of Net Offer |
| Small HNIs (NII) | Not less than 5% of Net Offer |
| Retail | Not less than 35% of Net Offer |
Nephrocare IPO Financials
| Particulars | Sep-25 | Mar-25 | Mar-24 | Mar-23 |
|---|---|---|---|---|
| Revenue | 473.50 | 755.81 | 566.16 | 437.30 |
| PAT | 14.23 | 67.10 | 35.13 | -11.79 |
| Net Worth | 716.06 | 594.21 | 423.55 | 384.73 |
| Borrowings | 207.04 | 225.80 | 243.37 | 196.21 |
| Assets | 1,193.68 | 996.46 | 806.02 | 666.23 |
| NAV (₹) | 71.62 | 59.56 | 50.20 | 49.23 |
| EPS (₹) | 1.69 | 8.28 | 4.55 | -1.53 |
The financial information presented is on a consolidated basis.
Key Performance Indicators
| KPI | VALUES |
|---|---|
| EBITDA | 22.05% |
| PAT | 8.88% |
| ROE | 13.45% |
| ROCE | 18.67% |
| PE Ratio | 55.56 |
| PB Ratio | 7.72 |
| Mkt Cap (in Crs.) | 1,185.53 |
- All the data pertains to FY 2024-25.
- PE, PB, and market capitalization are calculated based on the Upper Price Band.
Nephrocare IPO Peer Comparision
| Particulars | Nephrocare | Narayana Health | Jupiter Life Line | Rainbow Children | Dr. Agarwal’s | Dr. Lal Path | Metropolis | Vijaya Diagnostics |
|---|---|---|---|---|---|---|---|---|
| Revenue from Ops (in Crs.) | 473.50 | 3,151.06 | 393.63 | 797.73 | 986.11 | 389.61 | 1,400.40 | 815.25 |
| PAT (In Crs.) | 14.23 | 454.34 | 57.48 | 129.43 | 74.55 | 81.87 | 286.20 | 98.14 |
| EPS - Basic | 8.01 | 38.90 | 29.47 | 23.97 | 2.80 | 58.48 | 28.15 | 13.92 |
| NAV per share | 59.56 | 160.35 | 192.55 | 134.69 | 55.13 | 245.26 | 236.34 | 70.98 |
| RONW | 13.19% | 21.77% | 14.27% | 16.56% | 5.73% | 22.30% | 10.90% | 17.99% |
| EBITDA | 23.30% | 23.47% | 23.44% | 31.65% | 26.77% | 39.88% | 29.73% | 24.28% |
| PAT Margin | 3.00% | 14.42% | 14.60% | 16.22% | 7.56% | 21.01% | 20.44% | 12.04% |
| Price to earning (PE) | 55.56 | 45.21 | 51.10 | 56.84 | 179.42 | 52.47 | 69.48 | 73.14 |
All information pertains to FY 2024-25.The PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of November 11, 2025. for Peers
Nephrocare IPO Peer Comparision
| Particulars | Nephrocare |
|---|---|
| Revenue from Ops (in Crs.) | 473.50 |
| PAT (In Crs.) | 14.23 |
| EPS - Basic | 8.01 |
| NAV per share | 59.56 |
| RONW | 13.19% |
| EBITDA | 23.30% |
| PAT Margin | 3.00% |
| Price to earning (PE) | 55.56 |
| Narayana Health | Jupiter Life Line | Rainbow Children | Dr. Agarwal’s | Dr. Lal Path | Metropolis | Vijaya Diagnostics |
|---|---|---|---|---|---|---|
| 3,151.06 | 393.63 | 797.73 | 986.11 | 389.61 | 1,400.40 | 815.25 |
| 454.34 | 57.48 | 129.43 | 74.55 | 81.87 | 286.20 | 98.14 |
| 38.90 | 29.47 | 23.97 | 2.80 | 58.48 | 28.15 | 13.92 |
| 160.35 | 192.55 | 134.69 | 55.13 | 245.26 | 236.34 | 70.98 |
| 21.77% | 14.27% | 16.56% | 5.73% | 22.30% | 10.90% | 17.99% |
| 23.47% | 23.44% | 31.65% | 26.77% | 39.88% | 29.73% | 24.28% |
| 14.42% | 14.60% | 16.22% | 7.56% | 21.01% | 20.44% | 12.04% |
| 45.21 | 51.10 | 56.84 | 179.42 | 52.47 | 69.48 | 73.14 |
All information pertains to FY 2024-25.The PE ratio is calculated using the Upper Price Band for the Issuer and the closing price as of November 11, 2025. for Peers
Promoter Details
| Name | Shareholding |
|---|---|
| Edoras Investment Holdings Pte | 34.28% |
| Vikram Vuppala | 11.14% |
| BVP Trust | 9.90% |
| HPL | 8.08% |
| PEF II | 7.40% |
| Others | 7% |
| Total | 77% |
Management Details
| Name | Designation |
|---|---|
| Vikram Vuppala | Chairman & MD |
| Prashant Goenka | CFO |
Company Details
Name: Nephrocare Health Services Limited
Address: CORPORATE OFFICE CONTACT PERSON E-MAIL AND TELEPHONE WEBSITE 5th Floor, D Block, iLabs Centre, Plot 18, Software Units Layout, Survey No. 64, Madhapur, Shaikpet, Hyderabad 500 081, Telangana, India
Number: +91 40 4240 8039
Email: cs@nephroplus.com
Website: www.nephroplus.com
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Visit WebsiteFrequently Asked questions?
Find answers to common questions that come in your mind related to IPO.
Nephrocare IPO is a Mainboard IPO having an issue size of Rs. ₹871.05 Crs. Nephrocare IPO is priced at ₹438 - ₹460 per share. The issue opens on 10 Dec 25 and closes on 12 Dec 25.
Nephrocare IPO opens on 10 Dec 25 and closes on 12 Dec 25.
The estimated Grey Market Premium of Nephrocare IPO is ₹0 per share (0.00%).
The minimum lot size of Nephrocare IPO is 32 shares & the minimum application amount is Rs. 14720.
The allotment date of Nephrocare IPO is 15 Dec 25.
The listing date of Nephrocare IPO is 17 Dec 25.
Nephrocare IPO is subscribed -.
Nephrocare IPO is priced at ₹438 - ₹460 per share.
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