NephroPlus sharpens global dialysis push as overseas business grows

NephroPlus said overseas markets now contribute nearly 42 per cent of revenue as the dialysis provider expands globally through acquisitions, PPP projects and clinic additions

NephroPlus, currently the only listed dialysis company in Asia and among just three listed dialysis companies globally, is accelerating its transformation from an India-focused renal care provider into a global dialysis network, with overseas markets emerging as a key growth and profitability driver.

 

“Five years from now, we would want to be seen as a global dialysis network, not merely an emerging-market or Asia-focused player,” Rohit Singh, group chief executive officer of NephroPlus, told Business Standard following the company’s FY26 results announcement.

 

The Hyderabad-headquartered company, already the world’s fifth-largest dialysis network by scale, operates more than 520 clinics across India, the Philippines, Saudi Arabia, Uzbekistan and Nepal. It plans to add 40–50 clinics annually in India and another 15–16 clinics in the Philippines while evaluating additional overseas markets.

 

 

The share of international business has expanded sharply, rising from about 12 per cent of revenue in FY23 to nearly 42 per cent in FY26, aided by acquisitions, government PPP projects and expansion into higher-realisation overseas markets.

 

Future international expansion could happen through acquisitions, partnerships or government contracts depending on the healthcare structure and reimbursement systems in each country, the company said.

 

“We have become very good at dialysis and wanted to double down on it globally,” Singh said, adding that NephroPlus evaluates markets based on treatment pricing, reimbursement structures, scalability, stability, government participation and repatriation risks.

 

NephroPlus reported FY26 revenue of ₹998.8 crore, up 32.2 per cent year-on-year, while adjusted EBITDA rose 37.6 per cent to ₹238.1 crore. Treatment volumes increased 16.6 per cent to 3.84 million sessions during the year.

 

Executives said the company expects revenue to grow at a 15–20 per cent compounded annual growth rate over the next three to four years while maintaining healthy EBITDA margins.

 

NephroPlus entered the Philippines around six years ago through the acquisition of six clinics and has since expanded to 43 clinics, becoming one of the country’s largest dialysis networks. In Uzbekistan, it entered through Ministry of Health tenders and PPP-led contracts, while Saudi Arabia was entered through a joint venture with a local partner.

 

Executives said overseas markets significantly improve profitability because dialysis treatment pricing outside India is far higher. Dialysis treatment pricing in India ranges around $22–25 per session, while markets such as the Philippines operate at roughly $110 per treatment.

 

This has lifted NephroPlus’ blended revenue per treatment (RPT), which rose 13.3 per cent in FY26 to ₹2,598. Executives said the increase was also aided by favourable foreign exchange movements and a nearly 58 per cent reimbursement increase in the Philippines dialysis market in late 2024.

 

Chief financial officer Prashant Goenka said the company’s international business is no longer “an add-on” but “a key strategic pillar”.

 

Saudi Arabia, however, remains in an investment phase and may take a few more quarters before contributing meaningfully to profits.

 

NephroPlus said its growth strategy rests on three levers — organic growth from existing centres through higher patient volumes and periodic pricing revisions; expansion within existing geographies through continuous clinic additions; and episodic opportunities such as acquisitions, large government PPP projects and entry into new international markets.

 

Despite the aggressive overseas push, NephroPlus said India remains its largest strategic platform and growth opportunity.

 

The company operates across roughly 290 Indian cities, with more than 75 per cent of its Indian clinics located in tier-2 and tier-3 cities. Singh said future dialysis growth in India would increasingly come from smaller towns and rural regions because dialysis is a four-hour treatment required multiple times a week, making proximity critical for patients.

 

Industry estimates suggest India adds nearly 220,000 new end-stage renal disease (ESRD) patients every year, generating demand for roughly 34 million dialysis sessions annually. Yet the country continues to face shortages of dialysis infrastructure, including machines, centres and trained manpower.

 

An EY-NATHEALTH report estimates India requires another 65,000 dialysis machines, 5,000 centres and around 20,000 healthcare professionals to bridge the gap.