NEPHROPLUS Q3 FY26 earnings call.
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Revenue
₹260 Cr
verified against source
Revenue YoY
32%
reported change
EBITDA
₹63 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
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What the record says.
Nephroplus delivered a strong Q3 FY26 with 32% revenue growth to ₹258 crore and 43% EBITDA growth to ₹63 crore, with margins expanding 190bps to 24.3%. The beat was driven by Philippines price increase in October 2024, recent CDHS price increase in India, and acquisitions in Philippines. Adjusted PAT grew 70% to ₹34 crore with margin at 13%. The company listed on December 17, 2025, making this its maiden earnings call. International revenue now contributes 41% of total revenue (up from 12% in FY23), driven by Philippines (~$110 RPT) and Uzbekistan (~$55 RPT) operations. Management guided for 15-20% revenue CAGR over 3-4 years but declined annual guidance, citing unpredictable acquisition timing as the primary variable. Saudi Arabia JV is in investment phase with revenue expected in a few quarters. The main risk is that this quarter's growth was explicitly called out as exceptional and not representative of future quarters, with the 15-20% guide being the normalized trajectory.
Colored figures show movement against the previous available record.
Guidance to track
- Management explicitly declined annual guidance, stating the third growth driver (acquisitions, large PPPs, new country entries) is unpredictable. They cautioned investors not to extrapolate Q3's exceptional results (32% growth) as representative of future quarters.
- Margins expected to remain around current levels. New geographic entries may initially pull margins down by 1-1.5% (100-150bps), but operating leverage in existing geographies offsets this. Management declined specific annual margin guidance.
- JV with publicly listed Tibia is in license acquisition stage for captive unit at Riyad Hospital. Revenue expected to start in 'a few quarters' as the company demonstrates capabilities before scaling.
- Historical annual capital expenditure ranges from 100-125 crore, though management noted difficulty predicting future numbers. All investments evaluated on Return on Sales (ROSI) criteria.
Risks flagged
- Management repeatedly deflected questions about annual growth breakdown between organic vs acquisition-driven growth, citing inability to predict timing of large acquisitions, PPPs, or new country entries—key revenue drivers.
- Despite repeated direct questions, management refused to break out margin contribution from international business (41% of revenue) vs India, stating they don't view the business by geography internally. This limits investor ability to assess geographic profitability.
- CFO explicitly warned: 'Please do not expect such kind of growth in future results too'—the 32% revenue growth was driven by one-time factors (Philippines price increase, CDHS increase, acquisitions) that won't repeat.
- Saudi Arabia is still in investment phase with no revenue after 2 years. Management provided limited visibility on timeline to profitability or target patient volumes, indicating execution uncertainty.
Key quotes
- Please do not expect such kind of growth in future results too. Expect 15 to 20% revenue CAGR over 3 to 4 years time period. That's the right way to look at our business.
- We don't look at countries separately. The right way to look at our business is to look at the entire platform and understand the entire platform play. The margins that are happening in respective countries has a lot of element of India platform basically driving synergies.
- International revenues now contribute approximately 41% of the total revenue in the 9-month period of financial year 26 up from 12% in financial year 23. This growth underscores our ability to leverage India platform in higher priced geographies.
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