Nephrocare Health Services Ltd, which operates the NephroPlus dialysis network, reported a 41.7% year-on-year jump in adjusted profit after tax (PAT) to ₹36.8 crore in Q1FY27, compared with ₹26 crore in the year-ago quarter, as strong treatment volumes and operating leverage boosted profitability.
Revenue rose 23.7% year-on-year to ₹281.8 crore, from ₹227.8 crore in Q1FY26. Adjusted EBITDA grew faster than revenue, rising 30.7% to ₹65.1 crore, compared with ₹49.8 crore a year earlier.
The company said the quarter reflected continued financial and operational momentum, with growth in treatment volumes, revenue per treatment and network expansion supporting performance.
Margins improve
Nephrocare’s adjusted EBITDA margin expanded to 23.1% in Q1FY27, from 21.9% in the corresponding quarter last year and 20.9% in Q4FY26. Adjusted PAT margin stood at 13.1%, compared with 11.4% in Q1FY26.
The faster growth in EBITDA and PAT compared with revenue indicates continued operating leverage as the company scales its dialysis platform.
Treatments cross 10 lakh
Treatment volumes increased 13.3% year-on-year to 10.31 lakh during the quarter, compared with 9.10 lakh in Q1FY26. The number of guests treated also increased 13% to 38,262, from 33,868 in the year-ago period.
Revenue per treatment rose 9.2% to ₹2,733, compared with ₹2,503 a year earlier.
On a sequential basis, treatments increased 3.5%, while revenue per treatment rose 5.2%.
Nephrocare Health Services Ltd, Group Chief Executive Officer, Rohit Singh, said Q1FY27 was a quarter of strong financial performance and continued strategic expansion.
He said revenue grew 23.7% while EBITDA increased 30.7%, with guest volumes rising 13% as the company crossed 10.30 lakh treatments during the first quarter.
The company’s network reached 550 operating clinics across five countries, including a milestone of 50 clinics in the Philippines, Singh said.
India platform drives efficiency
Nephrocare Health Services Ltd, Chief Financial Officer, Prashant Goenka, said the quarter demonstrated the strength of the company’s India platform, which operates profitably at relatively low price points globally.
He said the combination of operating efficiency and high barriers to entry in dialysis care provides the company with confidence to scale into higher price-point international markets while maintaining margin discipline.
According to Goenka, revenue grew 23.7%, adjusted EBITDA 30.7% and adjusted PAT 41.7%, with each profitability metric growing faster than the preceding line.
The company said this reflects operating leverage as scale translates into higher profitability and returns.
Expanding organised dialysis network
Nephrocare said the organised dialysis market in India still accounts for only around 21% of the overall dialysis services market, compared with virtually no organised pure-play network presence 16 years ago.
The company expects the continuing shift from unorganised to organised dialysis services to create additional growth opportunities, particularly in Tier 2 and Tier 3 cities and beyond.
The rising burden of diabetes and hypertension is also expected to support long-term demand for dialysis services.
The company is additionally exploring expansion into new international markets through strategic acquisitions and long-term partnerships with payors.
Building international capabilities
During the quarter, NephroPlus launched the NephroPlus International Dialysis Academy (NIDA), an in-house training programme based in India and the Philippines aimed at developing a pipeline of renal nurses qualified to work across international markets.
The initiative is intended to address the shortage of trained renal nurses, particularly as the company expands its international dialysis operations.
NephroPlus has also undertaken initiatives to increase fistula creation and reduce cross-infections and launched the NephroPlus Dialysis Index, a composite health score designed to monitor clinical outcomes at the patient level.
The company said the index can eventually be aggregated across clinics, clusters, zones and countries.
Nephrocare Health Services operates 550 dialysis centres under the NephroPlus brand across India, Nepal, the Philippines, Uzbekistan and Saudi Arabia.
The company said it remains focused on profitable and efficient expansion while maintaining clinical quality across its markets.