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Nephrocare Health IPO
Price Band
₹438.0–460.0
Issue Size
₹871.05 Cr
Lot Size
32 shares
Min Investment
₹14,720
GMP
+₹40.0 (8.7%)
Issue Price
₹460.0
Subject to Sauda
₹1000
Paid only if allotted
Nephrocare Health IPO AI Summary
- Nephrocare Health IPO is listed on BSE, NSE in the Healthcare Service Provider sector.
- Price band: ₹438.0–₹460.0 per share, lot size 32 shares (min. investment ₹14,720).
- Subscription window: 10 Dec–12 Dec 2025, listing on 17 Dec 2025.
- Current GMP is +₹40.0 (8.7%), an estimated listing price of ₹500 — unofficial and can change daily.
Nephrocare Health Services Ltd. is set to launch its IPO with an issue price of ₹460.0, targeting a total issue size of ₹871.05 Cr. The company operates the largest dialysis chain in India and Asia, focusing on underserved markets. Investors should consider the company's growth potential and market dynamics when evaluating this IPO.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Nephrocare Health IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 12 Dec 2025 — not a current signal.
Reviewers are split — see individual calls below.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Nephrocare Health IPO Grey Market Premium (GMP) Today
GMP
+₹40.0
GMP %
+8.7%
Est. Listing
₹500.0
Updated: 25 Jul 2026 14:15
About the Company
Incorporated in 2010, Nephrocare Health Services Ltd. provides end-to-end dialysis care through a wide network of clinics across India and select international markets. The company offers services including diagnosis, haemodialysis, home and mobile dialysis, and wellness programs, supported by an in-house pharmacy. As of Sep 30, 2025, Nephrocare operated 519 clinics with 51 across the Philippines, Uzbekistan, and Nepal. This includes the world’s largest dialysis clinic in Uzbekistan. In India, the company had a presence across 288 cities in 21 States and 4 Union Territories. Approximately 77.53% of its clinics were located in tier II and tier III cities, addressing a critical need in underserved regions. During Fiscal 2025, Nephrocare served 29,281 patients and completed 2,885,450 dialysis treatments, accounting for roughly 10% of the country's total dialysis patient base. Additionally, by Sep 30, it has served 31,046 patients and completed 1,591,377 treatments in India. As of Sep 30, 2025, the company has 5,562 dialysis machines. Nephrocare has formed strategic partnerships with established hospital chains such as Max Super Speciality Hospital, Fortis Escorts Hospitals, Care Hospitals, Wockhardt Hospitals, Paras Healthcare, The Calcutta Medical Research Institute, Jehangir Hospital, and Ruby Hall Clinic to operate in-house dialysis centers. Competitive strengths India’s and Asia’s largest dialysis chain with leadership across our markets Scale coupled with asset-light model driving cost efficiencies and operational excellence Driving clinical excellence and quality through protocols and advanced technology Organic growth augmented by proven track record of acquisitions and integration in India and internationally Patient-centric leadership and seasoned management team backed by marquee investors Driving sustainable dialysis leadership with environmental, social and governance measures Track record of sustainable growth, profitability and return
Company Financials (₹ Cr)
As of 2025-09-30
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
|---|---|---|---|---|
| Assets | 1,193.68 | 996.46 | 806.02 | 666.23 |
| Total Income | 483.97 | 769.92 | 574.72 | 443.26 |
| Profit After Tax | 14.23 | 67.10 | 35.13 | -11.79 |
| EBITDA | 110.31 | 166.64 | 99.66 | 48.60 |
| NET Worth | 716.06 | 594.21 | 423.55 | 384.73 |
| Reserves and Surplus | 704.14 | 578.68 | 408.57 | 383.50 |
| Total Borrowing | 207.04 | 225.80 | 243.37 | 196.21 |
Key Ratios
EPS
₹7.24
NAV
₹59.56
ROE
13.45%
ROCE
18.67%
RoNW
13.19%
P/B Value
7.72
P/E Ratio
63.52
Market Cap
₹4615.34 Cr
PAT Margin
8.88%
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic | EPS Diluted |
|---|---|---|---|---|---|
| Vijaya Diagnostics | 70.98 | 17.99% | 73.14 | 13.95 | 13.92 |
| Metropolis Healthcare | 236.34 | 10.9% | 69.48 | 28.29 | 28.15 |
| Dr. Lal Path Labs | 245.26 | 22.3% | 52.47 | 58.48 | 58.4 |
| Dr. Agarwal's Healthcare | 55.13 | 5.73% | 179.42 | 2.8 | 2.78 |
| Rainbow Children Hospital | 134.69 | 16.56% | 56.84 | 23.97 | 23.84 |
| Jupiter Life Line Hospitals | 192.55 | 14.27% | 51.1 | 29.47 | 29.47 |
| Narayana Health | 160.35 | 21.77% | 45.21 | 38.9 | 38.9 |
| Nephrocare Health Services Ltd. This IPO | 59.56 | 13.19% | — | 8.28 | 8.01 |
Promoters
Vikram Vuppala, Bessemer Venture Partners Trust, Edoras Investment Holdings Pte.Ltd., Healthcare Parent Ltd., Investcorp Pvt.Equity Fund II and Investcorp Growth Opportunity Fund
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Capital expenditure by the Company for opening new dialysis clinics in India 129.11 2 Pre-payment, or scheduled repayment, in full or part, of certain borrowings availed by the Company 136.00 3 General Corporate Purposes 60.05 4 Issue Expenses 70.58 Total 395.73
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹443.26 Cr in the year ended 31 Mar 2023, increasing to ₹574.72 Cr by 31 Mar 2024. This growth continued, with total income rising to ₹769.92 Cr by 31 Mar 2025, but then it decreased to ₹483.97 Cr by 30 Sep 2025, though this is a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
Profit After Tax was a loss of ₹11.79 Cr in the year ended 31 Mar 2023, which improved to a profit of ₹35.13 Cr by 31 Mar 2024. The profit further increased to ₹67.10 Cr by 31 Mar 2025, but then decreased to ₹14.23 Cr by 30 Sep 2025, though this is a 9-month figure, not a full year, so isn't directly comparable.
Valuation
At the issue price of ₹460.0, Nephrocare's implied P/E ratio is approximately 63.52, compared to peers trading at P/E ratios ranging from 45.21 to 179.42.
Grey Market Premium, Explained
The Grey Market Premium (GMP) is an indicator of the expected listing price of an IPO. It reflects the demand for shares in the grey market, where shares are traded unofficially before they are listed on the stock exchange. A positive GMP suggests that investors expect the stock to list at a higher price than the issue price.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against their risk tolerance and investment goals. It's important to consider the company's growth potential and market position.
Who May Want to Wait
Investors who are risk-averse or prefer stable, established companies may want to avoid this IPO, as it operates in a competitive and evolving healthcare market.
IPO Timeline, Explained
The IPO process includes several key dates: the issue opens on December 10, 2025, and closes on December 12, 2025. Allotment of shares will occur on December 15, 2025, with the listing date set for December 17, 2025.
Listing Gains — The Risk
Listing-day gains can be unpredictable and depend on various factors, including market conditions and investor sentiment. While some IPOs may experience significant gains on their first day, others may not perform as well, leading to potential losses.
This evaluation is generated from Nephrocare Health's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is Nephrocare Health IPO GMP today?
Nephrocare Health IPO GMP today is +₹40.0 (8.7%), indicating an estimated listing price of ₹500. GMP is an unofficial grey-market indicator and can change daily.
What is the price band of Nephrocare Health IPO?
The price band of Nephrocare Health IPO is ₹438.0–₹460.0 per share.
When does Nephrocare Health IPO open and close?
Nephrocare Health IPO opens on 10 December 2025 and closes on 12 December 2025.
When does Nephrocare Health IPO list on the stock exchange?
Nephrocare Health IPO listed on 17 December 2025 at ₹500.0.
What is the lot size for Nephrocare Health IPO?
The lot size for Nephrocare Health IPO is 32 shares, requiring a minimum investment of ₹14,720.
What is the price band for the Nephrocare Health IPO?
The price band for the Nephrocare Health IPO is ₹438.0 to ₹460.0.
What is the minimum investment required?
The minimum investment required is ₹14,720.0.
What is the lot size for this IPO?
The lot size for the Nephrocare Health IPO is 32 shares.
When is the listing date for the IPO?
The listing date for the Nephrocare Health IPO is December 17, 2025.
What does GMP mean?
GMP stands for Grey Market Premium, indicating the expected listing price of the IPO based on unofficial trading.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
10 Dec 2025
Close
12 Dec 2025
Allotment
15 Dec 2025
Listing
17 Dec 2025
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