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Nephrocare Health Servs Valuation Multiples

Discover Nephrocare Health Servs' revenue and EBITDA valuation multiples and M&A history.

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Nephrocare Health Servs Overview

About Nephrocare Health Servs

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: $112M
EBITDA: $26M

EV

$673M

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Nephrocare Health Servs Financials

Nephrocare Health Servs reported last 12-month revenue of $112M and EBITDA of $26M.

In the same LTM period, Nephrocare Health Servs generated $87M in gross profit, $26M in EBITDA, and $12M in net income.

Nephrocare Health Servs P&L

In the most recent fiscal year, Nephrocare Health Servs reported revenue of $104M and EBITDA of $26M.

Nephrocare Health Servs is profitable as of last fiscal year, with gross margin of 58%, EBITDA margin of 25%, and net margin of 8%.

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LTMLast FY202320242025202620272028
Revenue$112M$104M$53M$73M$98M
Gross Profit$87M$60M$25M$38M$56M
Gross Margin78%58%47%52%57%
EBITDA$26M$26M$10M$17M$24M
EBITDA Margin24%25%18%23%24%
EBIT Margin15%14%8%13%14%
Net Profit$12M$8M$2M$6M$8M
Net Margin11%8%5%8%8%

Financial data powered by Morningstar, Inc.

Nephrocare Health Servs Stock Performance

Nephrocare Health Servs has current market cap of $713M, and enterprise value of $673M.

Nephrocare Health Servs' stock price is $7.09.

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

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EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$673M$713M-0.4%---$0.08

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Nephrocare Health Servs Valuation Multiples

Nephrocare Health Servs trades at 6.0x EV/Revenue multiple, and 25.5x EV/EBITDA.

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Nephrocare Health Servs Financial Valuation Multiples

As of August 14, 2026, Nephrocare Health Servs has market cap of $713M and EV of $673M.

Nephrocare Health Servs has a P/E ratio of 59.6x.

LTMLast FY202320242025202620272028
EV/Revenue6.0x6.5x12.6x9.2x6.9x
EV/EBITDA25.5x26.2x68.7x39.9x28.1x
EV/EBIT41.0x46.2x156.5x73.3x49.8x
EV/Gross Profit7.7x11.2x26.7x17.8x12.1x
P/E59.6x88.5xn/m115.0x91.3x
EV/FCF166.1x56.7xn/mn/m68.6x

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

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Nephrocare Health Servs Margins & Growth Rates

Nephrocare Health Servs grew revenue by 21% and EBITDA by 19% in the last fiscal year.

In the most recent fiscal year, Nephrocare Health Servs reported gross margin of 58%, EBITDA margin of 25%, and net margin of 8%.

See estimated margins and future growth rates for Nephrocare Health Servs

Nephrocare Health Servs Margins

Last FY202420252026202720282029
Gross Margin58%52%57%74%
EBITDA Margin25%23%24%24%
EBIT Margin14%13%14%15%
Net Margin8%8%8%12%
FCF Margin11%3%10%8%

Nephrocare Health Servs Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth21%37%34%23%
Gross Profit Growth63%50%47%60%
EBITDA Growth19%72%42%23%
EBIT Growth35%114%47%36%
Net Profit Growth100%153%26%81%
FCF Growth(31%)(212%)290%(7%)

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

Nephrocare Health Servs Operational KPIs

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

Nephrocare Health Servs' Rule of 40 is 48% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Nephrocare Health Servs' Rule of X is 83% (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 4043%48%---
Bessemer Rule of X73%83%---
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 Servs Competitors

EV/RevenueEV/EBITDA
Last FYLTM2027ELast FYLTM2027E

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Nephrocare Health Servs VC Funding History

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

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

Nephrocare Health Servs Funding Rounds

DateStageInvestorsRaisedValuationRev. MultipleDeal Summary
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.
May-24Secondary-$91M--
Dec-21Series EInvestcorp Capital; 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 Capital; Bessemer Venture Partners; IFC Venture Capital Group$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; IFC Venture Capital Group$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; IFC Venture Capital Group$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 Servs

Nephrocare Health Servs has acquired 3 companies to date.

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

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Latest Acquisitions by Nephrocare Health Servs

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 Servs

When was Nephrocare Health Servs founded?Nephrocare Health Servs was founded in 2009.
Where is Nephrocare Health Servs headquartered?Nephrocare Health Servs is headquartered in India.
How many employees does Nephrocare Health Servs have?As of today, Nephrocare Health Servs has over 5K employees.
Is Nephrocare Health Servs publicly listed?Yes, Nephrocare Health Servs is a public company listed on National Stock Exchange of India.
What is the stock symbol of Nephrocare Health Servs?Nephrocare Health Servs trades under NEPHROPLUS ticker.
When did Nephrocare Health Servs go public?Nephrocare Health Servs went public in 2025.
Who are competitors of Nephrocare Health Servs?Nephrocare Health Servs main competitors include
What is the current market cap of Nephrocare Health Servs?Nephrocare Health Servs' current market cap is $713M.
What is the current revenue of Nephrocare Health Servs?Nephrocare Health Servs' last 12 months revenue is $112M.
What is the current revenue growth of Nephrocare Health Servs?Nephrocare Health Servs revenue growth (NTM/LTM) is 20%.
What is the current EV/Revenue multiple of Nephrocare Health Servs?Current revenue multiple of Nephrocare Health Servs is 6.0x.
What is the current EBITDA of Nephrocare Health Servs?Nephrocare Health Servs' last 12 months EBITDA is $26M.
What is Nephrocare Health Servs' EBITDA margin?Nephrocare Health Servs' last 12 months EBITDA margin is 24%.
What is the current EV/EBITDA multiple of Nephrocare Health Servs?Current EBITDA multiple of Nephrocare Health Servs is 25.5x.
What is the current FCF of Nephrocare Health Servs?Nephrocare Health Servs' last 12 months FCF is $4M.
What is Nephrocare Health Servs' FCF margin?Nephrocare Health Servs' last 12 months FCF margin is 4%.
What is the current EV/FCF multiple of Nephrocare Health Servs?Current FCF multiple of Nephrocare Health Servs is 166.1x.
How many companies Nephrocare Health Servs has acquired to date?As of August 2026, Nephrocare Health Servs has acquired 3 companies.
What was the largest acquisition by Nephrocare Health Servs?None of the M&A deals Nephrocare Health Servs has completed have disclosed valuations.
What companies Nephrocare Health Servs acquired?Nephrocare Health Servs acquired Royal Care Dialysis Centers, DaVita Care, and Renal Therapy Solutions.
In how many companies Nephrocare Health Servs has invested to date?Nephrocare Health Servs hasn't invested in any companies yet (or none have been disclosed publicly).

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