Nephrocare Health Services Limited offers comprehensive dialysis care through the network of clinics – from diagnosis to treatment and wellness programs including haemodialysis, home and mobile dialysis, supported by pharmacy. They are India's largest dialysis service provider in terms of number of patients served, clinics, cities covered, treatments performed, revenue, and EBITDA (excluding other income) in Fiscal 2025, and it is 4.4 times the size of the next largest organized dialysis provider in India in terms of operating revenue in Fiscal 2024. (as per F&S Report) In FY25, they served 29,281 patients and completed 28,85,450 treatments in India which represented approximately 10% of the total dialysis patients in India. Additionally, by September 30, 2025, the Company served 31,046 patients and completed 15,91,377 treatments in India. They are also the largest dialysis service provider in Asia in 2025 and the fifth largest globally based on the number of treatments performed in FY 2025. (as per F&S Report) Company has a global network of 519 clinics, with 51 clinics internationally across the Philippines, Uzbekistan and Nepal, as of 30.09.25. They have an extensive pan-India network of clinics across 288 cities, as of 30.09.25 and 21 States and four UnionTerritories and in particular 77.35% of their clinics spread across tier II and tier III cities and towns, as of 30.09.25. Company enhances patient accessibility by operating the network of clinics across various formats including in-hospital captive clinics, standalone clinics, and government-backed public private partnerships ('PPPs'). They have partnered with leading hospital chains in India including Max Super Speciality Hospital, Fortis Escorts Hospitals (a unit of Fortis Hospitals Limited), Care Hospitals, Wockhardt Hospitals Limited, Paras Healthcare Private Limited, The Calcutta Medical Research Institute, Jehangir Hospital and Grand Medical Foundation (Ruby Hall) to operate certain dialysis clinics. They also provide holiday dialysis, dialysis on call, and dialysis on wheels services to the patients in India further ensuring easy accessibility to dialysis services. As per financial performance, Nephrocare Health Services Limited has posted total income / net profits of Rs 443.25 Cr / Rs (11.78) Cr (FY23), Rs 574.72 Cr / Rs 35.13 Cr (FY24), Rs 769.91 Cr / 67.09 Cr (FY25) and Rs 483.96 Cr / 14.22 Cr (upto Q2 FY26). So as per previous financials data, company has shown good growth. Company has an average EPS of Rs 5.22 and average RoNW of 8.99% for last three fiscals. Issue is priced at a P/BV of 6.42 as per NAV of Rs 71.62/- as on 30.09.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 131.37, 68.79 and 89.58 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, ICICI Securities Limited, Ambit Private Limited, IIFL Capital Services Limited, Nomura Financial Advisory and Securities (India) Private Limited IPO are associated with this IPO, and has handled 136 IPOs in last three fiscal years. ( As on 04.12.25 ) As per financials, Nephrocare Health Services Limited has shown good growth, RoNW is 13.2% and P/E is 131.37, 68.79 and 89.58 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks aggressively priced, and higher finance cost impacted bottom line in Q2 FY26. Company provides comprehensive dialysis care through the network of clinics – from diagnosis to treatment and wellness programs including haemodialysis, home and mobile dialysis, supported by pharmacy. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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