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Earnings Call Transcript

Nephrocare Health Services Earnings Call Transcript: Key Takeaways

Revenue grew a healthy 23.5%, but adjusted EBITDA lagged and H1 margin fell about 80bps to 23%. Management deflected on pricing, FX and margin detail, relying on 'healthy range' language and long-term guidance.

Nephrocare Health Services Q2 FY27 concall: date, live audio and summaryConcall page →
Highlights
Revenue growthQ2 revenue +23.5% YoY to ₹303 Cr; 97% non-forex, per CFO.
MarginsAdj EBITDA margin 22.7% Q2, 23.0% H1 vs 23.8% FY26; ~80bps down.
Demand visibilityTreatments +12% YoY; guests 38,814 (+10%); no forward demand figures.
Management confidenceOverall upbeat; margin and pricing questions deflected to 'healthy range' language.

Growth

Q2 revenue +23.5% YoY; adj EBITDA only +3.3% at 22.7% margin. Adj PAT +34.7% helped by finance cost cut.

Outlook

Reiterates 15-20% revenue growth over 3-4 years; no annual guidance. FY27 capex to exceed ₹165 Cr.

Risks

Margin dilution from new-country investment, listed-company costs and rising ECL; Saudi tender binary; Philippines competition building.

Last quarter's promises, checked

Delivered

  • 15-20% rev growth → Q1 +23.7%, Q2 +23.5% (= BEAT)
  • New intl market per 12-18mo → Kazakhstan entered, 2 clinics (= BEAT)

Partly delivered

  • India 40-50 clinics/yr → 19 Q1 + 13 Q2 net (= PARTIAL)
  • Philippines 10-15 clinics/yr → +7 Q1, +5 Q2 (= PARTIAL)
  • NIDA first batch Q3 → launched; batch start unreported (= PARTIAL)

Missed

  • Margin expansion via op leverage (Q1 23.1%) → Q2 22.7%, H1 23.0% vs FY26 23.8%; adj EBITDA +3.3% vs rev +23.5% (= MISS)
Source

Earnings Call Transcript filed with BSE, NSE: NEPHROPLUS. Summary written with AI assistance from the document.

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Nephrocare Health Services Ltd: key numbers

Share price
₹620.00
Market cap
₹6,221 Cr
Revenue (annual)
₹998.8 Cr
Net profit (annual)
₹76.84 Cr
P/E (TTM)
48.6×Sector 53.8×
Promoter holding
58.31%-5.54% QoQ
FII holding
11.73%Current quarter

Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.

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