Nephrocare's Q1 operating margin matches the healthcare peer median
The company added 32 clinics in Q1FY27 and said it plans phased expansion in the Philippines and acquisitions in other international markets.
Filed 11 Aug 2026, 17:42 IST · after market close · Nephrocare Health Services Ltd (NEPHROPLUS)
Key takeaways
- Nephrocare reported consolidated net profit of Rs 31.97 cr in Q1FY27 at an operating margin of 22.67%.
- Depreciation of Rs 24.54 cr and interest of Rs 2.21 cr reduced operating profit of Rs 63.88 cr to pre-tax profit of Rs 41.03 cr.
- The company added 6 captive, 18 PPP and 8 standalone clinics during Q1FY27, according to its presentation.
Price around the results
Q1FY27 converted 22.67% margin into Rs 63.88 cr operating profit
Nephrocare's consolidated operating margin of 22.67% converted Q1FY27 revenue of Rs 281.75 cr into operating profit of Rs 63.88 cr. Depreciation of Rs 24.54 cr and interest of Rs 2.21 cr reduced this to pre-tax profit of Rs 41.03 cr, while other income was Rs 3.89 cr. The company filed the results after market close on 11 Aug 2026.
Depreciation was the main below-operating deduction
The gap between operating profit and pre-tax profit reflects depreciation of Rs 24.54 cr and interest of Rs 2.21 cr, partly offset by other income of Rs 3.89 cr. Tax at a 22.07% rate brought net profit to Rs 31.97 cr, with EPS at Rs 3.19.
Margin matched 61-reporting-peer healthcare median
Nephrocare's 22.67% operating margin was in line with the healthcare-sector median across 61 peers that had reported the same quarter, ranking 31st from the bottom. The company presentation said NephroPlus is India's and Asia's largest dialysis network. It also said the company plans phased expansion in the Philippines and strategic acquisitions in other international markets.
Clinic additions provide the quarter's clearest operating signal
The company added 6 captive, 18 PPP and 8 standalone clinics in Q1FY27, according to its presentation. That clinic mix gives context to the reported operating footprint, while the stated international expansion plans extend beyond the current quarter.
Q1FY27 at a glance
Consolidated figures as filed with NSE — cross-checked against an independent source.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹282 cr |
| Other income | ₹4 cr |
| Expenses | ₹218 cr |
| Operating profit | ₹64 cr |
| Operating margin (%) | 22.67% |
| Interest | ₹2 cr |
| Depreciation | ₹25 cr |
| Profit before tax | ₹41 cr |
| Tax | ₹9 cr |
| Net profit | ₹32 cr |
| EPS (₹) | ₹3.19 |
Operating margin of 22.67% compares with a Healthcare sector median of 22.67% across 61 peers that have reported Q1FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
Expansion
- NephroPlus plans phased expansion in the Philippines and strategic acquisitions in other international markets.
- The company added 6 captive, 18 PPP and 8 standalone clinics in Q1FY27.
Competition
- NephroPlus is described as India's and Asia's largest dialysis network.
What to watch
- Whether operating margin holds above 22.67% in the next reported quarter.
- Whether clinic additions follow Q1FY27's 6 captive, 18 PPP and 8 standalone split.
- Progress on the phased Philippines expansion and strategic acquisitions described by management.