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Nephrocare Health Services Valuation Multiples

Nephrocare Health Services is valued at $643M as of November 2026, a 5.0x revenue multiple. In the last 12 months, Nephrocare Health Services revenue was $121M and Nephrocare Health Services EBITDA was $28M.

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Nephrocare Health Services Overview

About Nephrocare Health Services

Nephrocare Health Services Ltd is a dialysis services provider company. It offers comprehensive dialysis care through its network of clinics - from diagnosis to treatment and wellness programs including haemodialysis, home and mobile dialysis, supported by pharmacy. The company operates in a single segment, namely the provision of dialysis services and the sale of related healthcare products. It generates revenue by providing its dialysis and related services.

Founded

2009

HQ

India

Employees

5.8K

Financials (LTM)

Revenue: $121M
EBITDA: $28M

EV

$605M

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Nephrocare Health Services Financials

Nephrocare Health Services reported last 12-month revenue of $121M and EBITDA of $28M.

In the same LTM period, Nephrocare Health Services generated $94M in gross profit, $28M in EBITDA, and $14M in net income.

Revenue (LTM)

Nephrocare Health Services P&L

In the most recent fiscal year, Nephrocare Health Services reported revenue of $106M and EBITDA of $25M.

Nephrocare Health Services is profitable as of last fiscal year, with gross margin of 58%, EBITDA margin of 24%, and net margin of 8%.

See analyst estimates for Nephrocare Health Services
LTMLast FY202320242025202620272028
Revenue$121M$106M$53M$73M$98M
Gross Profit$94M$61M$25M$38M$56M
Gross Margin78%58%47%52%57%
EBITDA$28M$25M$9M$16M$23M
EBITDA Margin23%24%17%22%23%
EBIT Margin14%14%8%13%14%
Net Profit$14M$8M$2M$6M$8M
Net Margin12%8%5%8%8%
Net Debt-($9M)---

Financial data powered by Morningstar, Inc.

Nephrocare Health Services Stock Performance

Nephrocare Health Services has current market cap of $643M, and enterprise value of $605M.

Market Cap Evolution

Nephrocare Health Services' stock price is $6.39.

Nephrocare Health Services share price decreased by 1.1% in the last 30 days.

Nephrocare Health Services has an EPS (earnings per share) of $0.08.

See more trading valuation data for Nephrocare Health Services
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$605M$643M0.0%-1.1%-10.7%-$0.08

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Nephrocare Health Services Valuation Multiples

Nephrocare Health Services trades at 5.0x EV/Revenue multiple, and 21.6x EV/EBITDA.

See NTM and 2027E valuation multiples for Nephrocare Health Services

EV / Revenue (LTM)

Nephrocare Health Services Financial Valuation Multiples

As of November 8, 2026, Nephrocare Health Services has market cap of $643M and EV of $605M.

Nephrocare Health Services has a P/E ratio of 45.5x.

LTMLast FY202320242025202620272028
EV/Revenue5.0x5.7x11.4x8.3x6.2x
EV/EBITDA21.6x24.2x67.0x38.5x26.5x
EV/EBIT34.9x40.9x140.7x65.9x44.8x
EV/Gross Profit6.4x9.9x24.0x16.0x10.9x
P/E45.5x78.7xn/m103.9x82.5x
EV/FCF168.7x60.1xn/mn/m77.0x

Multiples above and below 250x are considered non-meaningful (n/m). Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.

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Nephrocare Health Services Margins & Growth Rates

Nephrocare Health Services grew revenue by 24% and EBITDA by 22% in the last fiscal year.

In the most recent fiscal year, Nephrocare Health Services reported gross margin of 58%, EBITDA margin of 24%, and net margin of 8%.

See estimated margins and future growth rates for Nephrocare Health Services

Nephrocare Health Services Margins

Last FY202420252026202720282029
Gross Margin58%52%57%74%
EBITDA Margin24%22%23%23%
EBIT Margin14%13%14%14%
Net Margin8%8%8%12%
FCF Margin10%2%8%6%

Nephrocare Health Services Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth24%37%34%28%
Gross Profit Growth68%50%47%66%
EBITDA Growth22%74%46%28%
EBIT Growth30%114%47%34%
Net Profit Growth107%153%26%89%
FCF Growth(30%)(156%)612%(1%)

Data powered by FactSet, Inc. and Morningstar, Inc.

Nephrocare Health Services Operational KPIs

Nephrocare Health Services' revenue per employee in the last FY averaged $0.0M, while opex per employee averaged $0.0M for the same period.

Nephrocare Health Services' Rule of 40 is 51% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Nephrocare Health Services' Rule of X is 93% (created by Bessemer, Rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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LTMLast FY202320242025202620272028
Rule of 4045%51%---
Bessemer Rule of X78%93%---
Revenue per Employee-$0.0M---
Opex per Employee-$0.0M---
S&M Expenses to Revenue-1%0%1%1%
G&A Expenses to Revenue-3%3%2%3%
Opex to Revenue-44%39%39%43%

Data powered by FactSet, Inc. and Morningstar, Inc.

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Nephrocare Health Services Competitors

EV/RevenueEV/EBITDA
Last FYLTM2027ELast FYLTM2027E

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Nephrocare Health Services VC Funding History

Before going public, Nephrocare Health Services raised $211M in total equity funding, across 8 rounds.

Last private valuation of Nephrocare Health Services was $214M, after raising $12M in May 2024 from Quadria Capital.

Nephrocare Health Services Funding Rounds

DateStageInvestorsRaisedValuationRev. MultipleDeal Summary
May-24Secondary-$91M--
May-24Series FQuadria Capital$12M$214MNephrocare Health Services Pvt Ltd, operating as NephroPlus, is India's largest dialysis services provider, founded in 2010 and headquartered in Hyderabad. It operates an asset-light, patient-centric dialysis model with approximately 450 centers across India, the Philippines, and Uzbekistan as of the funding round. The company delivers high-quality renal care, focusing on tier II and III markets in India. Quadria Capital invested Rs 850 crore ($102 million) in May 2024, securing a significant minority stake through primary and secondary transactions, valuing NephroPlus at Rs 2,000 crore (approximately $240 million). The investment supported expansion across Asia, including new markets like the GCC, with the company adding over 110 centers post-investment. Existing investors like Investcorp, Bessemer Venture Partners, IFC, and IIFL partially exited. NephroPlus reported consolidated net sales of Rs 437 crore in FY23, up from Rs 317 crore in FY22. For FY24, it generated estimated revenue of Rs 520-530 crore and EBITDA of Rs 95-100 crore, indicating an EBITDA multiple of around 20x on the valuation. The firm commands a leading position in the shifting renal care sector toward organized delivery. Post-investment, NephroPlus grew to 519 clinics across 328 cities globally by September 2025, serving over 35,000 patients annually and delivering more than 3.3 million treatments in FY25. Quadria later secured a partial exit via the company's IPO, retaining a 30% stake while achieving strong returns within 1.5 years.
Dec-21Series EInvestcorp; Bessemer Venture Partners; 360 ONE Asset$24M-Nephrocare Health Services operates dialysis clinics in India using a hub-and-spoke model, serving CKD patients with around 900 patients per month as of recent data. Investors including 360 One Special Opportunities Funds, Investcorp, Bessemer (BVP Trust), and International Finance Corporation have provided capital infusions historically, as noted in IPO documents. The company went public in late 2025 with an IPO raising ₹871.05 crore (fresh issue ₹353.40 crore, OFS ₹517.64 crore) at ₹438-460 per share, involving OFS from these investors among others; anchor raise was ₹260 crore. Recent financials show revenue from operations growing to ₹755.81 crore in FY2025 from ₹437.29 crore in FY2023, with EBITDA margins improving to 22.05% in FY2025. Post-IPO market cap reached ₹5,558.37 crore by Dec 2025, with plans to expand to 167 new clinics.
Nov-19Series DInvestcorp; Bessemer Venture Partners; International Finance Corporation$45M-Nephrocare Health Services Private Limited, operating as NephroPlus, is India's leading dialysis service provider, founded in 2010 by Vikram Vuppala and Kamal D Shah. The company manages a network of dialysis centers focused on high-quality, cost-effective care. On November 25, 2019, Investcorp closed an INR 316 crore (approximately $45 million) capital investment in NephroPlus, with earlier investors Bessemer Venture Partners and IFC remaining invested, while SeaLink Capital exited. Investcorp led the round, matching the specified investors. The funds were earmarked for organic growth in India and international expansion, starting with Southeast Asia, aiming to build a regional network across India, Asia, and the GCC. At the time of Investcorp's investment, NephroPlus operated around 180 centers in India. The investment highlighted the company's strong clinical quality, market leadership, and scalability in a growing addressable market for affordable dialysis services. Subsequent developments included a $24 million Series E round in 2021 led by IIFL Asset Management with participation from Investcorp and Bessemer Venture Partners. By May 2024, NephroPlus had grown to 404 centers, including over 20 in the Philippines and Uzbekistan, and raised a $102 million round led by Quadria Capital, featuring Investcorp's partial exit while retaining a significant stake. NephroPlus later pursued an IPO in December 2025, raising Rs 871.05 crore at Rs 460 per share, implying a market cap of around Rs 4,900 crore at listing, with proceeds for new clinics and debt repayment.
Aug-18Series DSeaLink Capital Partners; International Finance Corporation$14M--
Aug-16Series CSeaLink Capital Partners; International Finance Corporation$15M-Nephrocare Health Services Private Limited, operating as NephroPlus, is India’s largest dialysis-focused network. In September 2016, SeaLink Capital Partners invested $12 million for a significant minority stake when NephroPlus had 68 dialysis centers across 15 cities. The company expanded through organic growth and acquiring DaVita India’s centers, reaching 200 centers across 110 cities by 2019, administering 140,000 sessions monthly to over 16,000 patients. In November 2019, SeaLink exited by selling its stake to Investcorp in a $45 million transaction that included primary capital for international expansion.
Dec-15Series BTrifecta Capital Advisors$100K--
Mar-14Series BBessemer Venture Partners; International Finance Corporation$10M-Nephrocare Health Services, operating as NephroPlus, is India's largest dialysis chain, founded in 2009 by Vikram Vuppala, Sandeep Gudibanda, and Kamal Shah. The company provides affordable dialysis services at prices 30-40% below market rates, partnering with hospitals or operating standalone centers across multiple states. In 2014, it secured $10 million in Series B funding, with IFC investing $7 million and Bessemer Venture Partners $3 million for a minority stake. This followed a Series A round of about $4-4.25 million from Bessemer in 2011. The funds supported expansion from 19-26 centers in nine-ten states to 150 centers over 3-4 years, alongside hiring, training, and potential public-private partnerships in India and neighboring countries.

Acquisitions by Nephrocare Health Services

Nephrocare Health Services has acquired 3 companies to date.

Last acquisition by Nephrocare Health Services was on February 28th 2024. Nephrocare Health Services acquired Renal Therapy Solutions for undisclosed valuation.

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Latest Acquisitions by Nephrocare Health Services

Renal Therapy Solutions
Royal Care Dialysis Centers
DaVita Care
Description
Renal Therapy Solutions is a network of dialysis centers delivering in-center and home-based renal care across the United States. With clinics in Texas and surrounding states, it provides hemodialysis, peritoneal dialysis, and vascular access management to chronic kidney disease patients. The organization partners with nephrologists to offer personalized treatment plans, nutritional counseling, and social work services in compliance with CMS standards.
Royal Care Dialysis Centers is a network of hemodialysis facilities across the Philippines, treating patients with chronic kidney failure in regions including Metro Manila, Central Luzon, Calabarzon, Visayas, and Mindanao. The centers equip Fresenius and Nipro dialysis machines, deliver high-flux treatments, and provide fistula care alongside lab monitoring for electrolytes and hemoglobin. Staffed by nephrologists and renal nurses, Royal Care operates outpatient clinics emphasizing infection control and patient education on renal diets.
DaVita Care manages dialysis centers and nephrology clinics across 10 states in India, treating patients with acute renal failure, chronic kidney disease, and end-stage renal disease. Services encompass in-center hemodialysis, home peritoneal dialysis, vascular access surgeries, and pediatric nephrology. Headquartered in Bangalore, the network partners with hospitals like Apollo and Fortis for renal transplants and integrated care programs.
HQ CountryPhilippinesPhilippinesIndia
HQ City
Quezon City
Manila
Bangalore
Deal Date28 Feb 202413 Oct 20205 Nov 2018
Valuationundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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About Nephrocare Health Services

When was Nephrocare Health Services founded?Nephrocare Health Services was founded in 2009.
Where is Nephrocare Health Services headquartered?Nephrocare Health Services is headquartered in India.
How many employees does Nephrocare Health Services have?As of today, Nephrocare Health Services has over 5K employees.
Is Nephrocare Health Services publicly listed?Yes, Nephrocare Health Services is a public company listed on National Stock Exchange of India.
What is the stock symbol of Nephrocare Health Services?Nephrocare Health Services trades under NEPHROPLUS ticker.
When did Nephrocare Health Services go public?Nephrocare Health Services went public in 2025.
Who are competitors of Nephrocare Health Services?Nephrocare Health Services main competitors include
What is the current market cap of Nephrocare Health Services?Nephrocare Health Services' current market cap is $643M.
What is the current revenue of Nephrocare Health Services?Nephrocare Health Services' last 12 months revenue is $121M.
What is the current revenue growth of Nephrocare Health Services?Nephrocare Health Services revenue growth (NTM/LTM) is 22%.
What is the current EV/Revenue multiple of Nephrocare Health Services?Current revenue multiple of Nephrocare Health Services is 5.0x.
What is the current EBITDA of Nephrocare Health Services?Nephrocare Health Services' last 12 months EBITDA is $28M.
What is Nephrocare Health Services' EBITDA margin?Nephrocare Health Services' last 12 months EBITDA margin is 23%.
What is the current EV/EBITDA multiple of Nephrocare Health Services?Current EBITDA multiple of Nephrocare Health Services is 21.6x.
What is the current FCF of Nephrocare Health Services?Nephrocare Health Services' last 12 months FCF is $4M.
What is Nephrocare Health Services' FCF margin?Nephrocare Health Services' last 12 months FCF margin is 3%.
What is the current EV/FCF multiple of Nephrocare Health Services?Current FCF multiple of Nephrocare Health Services is 168.7x.
How many companies Nephrocare Health Services has acquired to date?As of November 2026, Nephrocare Health Services has acquired 3 companies.
What was the largest acquisition by Nephrocare Health Services?None of the M&A deals Nephrocare Health Services has completed have disclosed valuations.
What companies Nephrocare Health Services acquired?Nephrocare Health Services acquired Royal Care Dialysis Centers, DaVita Care, and Renal Therapy Solutions.
In how many companies Nephrocare Health Services has invested to date?Nephrocare Health Services hasn't invested in any companies yet (or none have been disclosed publicly).

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