Nephrocare Health Services IPO: Should you apply?

Summary: Nephrocare Health Services, India’s largest chain of dialysis clinics, is set to go public on December 10, 2025. We breakdown its pros, cons and financial performance to help you understand if its IPO is worth subscribing to. Nephrocare Health Services, a dialysis services provider, will open its IPO (initial public offering) on December 10, 2025 and close on December 12, 2025. The issue size, totalling Rs 871 crore, comprises a fresh issue of Rs 353 crore while the remaining Rs 518 crore will be raised through an offer for sale (OFS). Below is a detailed analysis of the company’s strengths, weaknesses, financials and past valuations to help you make an informed investment decision. What the company does Nephrocare Health Services is India’s largest dialysis provider, far ahead of its nearest competitor, with the highest number of patients, clinics, cities served, treatments performed, revenue and EBITDA. In FY25, it treated over 29,000 patients and performed nearly 2.9 million dialysis sessions, or about 10 per cent of all dialysis treatments in the country. The company is also the largest dialysis provider in Asia and the fifth largest globally by treatments performed. Nephrocare is the only Indian dialysis chain to scale internationally, operating 519 clinics across India and overseas markets such as the Philippines, Uzbekistan and Nepal. Its network spans 288 cities and 21 states, with more than three-fourths of its clinics located in tier II and III towns, giving it deep regional reach. Track record and valuation When it comes to financials, Nephrocare Health Services seems to have fared impressively for the most part. During FY23-25, its revenue surged by nearly 32 per cent every year, while EBIT (earnings before interest and taxes) leapt by 641 per cent. At the upper end of the price band (Rs 460), Nephrocare Health Services’ stock is expected to be valued at over 69 times its FY25 earnings and 4.3 times its book value. By contrast, its peers trade at a P/E and P/B of 54 times and 12.3 times, respectively. Nephrocare Health Services IPO details Total IPO size (Rs cr) 871 Offer for sale (Rs cr) 518 Fresh issue (Rs cr) 353 Price band (Rs) 438-460 Subscription dates December 10-12, 2025 Purpose of issue Capex for setting up new dialysis clinics across India and repayment of debt Post-IPO M-cap (Rs cr) 4,615 Net worth (Rs cr) 1,070 Promoter holding (%) 66.7 Price/earnings ratio (P/E) 68.8 Price/book ratio (P/B) 4.3 Financial history Key financial