As Asia’s largest dialysis care provider, is sharpening its focus on scale and digital innovation to transform dialysis delivery. The Hyderabad-based company operates across India, Nepal, the Philippines, Uzbekistan and Saudi Arabia through a scalable, asset-light model that delivers standardised care. FY26 marked a milestone as NephroPlus became a listed company. Revenue rose 32 per cent to ₹998.8 crore, while adjusted EBITDA grew 37.6 per cent to ₹238 crore. In an interaction with businessline, Group CEO Rohit Singh spoke about the company’s growth plans and industry trends.
Edited excerpts:
How do you assess the dialysis market opportunity in India and where does NephroPlus stand today?
Chronic Kidney Disease (CKD) is rising rapidly due to the growing prevalence of diabetes and hypertension, which affects 14-15 per cent of the population. Currently, India has around 3 lakh active dialysis patients, but this represents only 10-12 per cent of the actual need. The real prevalence is estimated to be 7-10 times higher, indicating a significant unmet demand. Dialysis accessibility remains constrained by affordability and lack of early diagnosis. However, government initiatives such as Ayushman Bharat and various state-sponsored health schemes are improving access. NephroPlus, which started with a single centre in Hyderabad 16 years ago, now operates 445 centres in India, with 72-74 per cent located in Tier-2 and Tier-3 cities, bringing treatment closer to patients.
What is driving NephroPlus’ international expansion strategy?
International operations are a major growth engine for us. NephroPlus currently operates in five countries — India, Philippines, Uzbekistan, Nepal and Saudi Arabia. The company follows a three-pronged growth strategy: expanding patient volumes in existing centres, increasing centre count in current markets, and entering new geographies through acquisitions, partnerships or government contracts. The Philippines has grown from six centres (at acquisition) to 44 clinics, while Uzbekistan now has six centres. The company is actively evaluating opportunities in Southeast Asia, CIS countries and, over time, select European markets.
Beyond dialysis, do you see opportunities in adjacent healthcare segments?
NephroPlus remains firmly focused on renal care and dialysis services, a global market estimated at about $80 billion. However, the company is evaluating technology-led preventive care solutions aimed at slowing the progression of CKD from early stages to end-stage renal disease, thereby improving patient outcomes and reducing the long-term burden on healthcare systems.
What are your growth plans and outlook over the next few years?
International operations currently contribute about 40 per cent of revenues, up from 32 per cent earlier, reflecting higher treatment realisations in overseas markets. Dialysis treatment costs around $110 in the Philippines and $64 in Uzbekistan, compared with roughly $22 in India. The company expects to sustain 15-20 per cent revenue CAGR over the next three to four years. It continues to add 40-50 centres annually in India and is well-funded, with approximately ₹500 crore in cash following its IPO. Over the next five years, the management expects greater industry consolidation, wider insurance and government coverage, stronger quality standards and accreditation systems, and increased adoption of home dialysis. NephroPlus already serves nearly 100 home-dialysis patients and sees this segment gaining traction as affordability improves.
What is the typical cost of dialysis treatment and how is it financed? Has insurance coverage has taken off?
Dialysis in India generally costs ₹1,800-2,000 per session. A patient typically requires multiple sessions every week, resulting in a monthly dialysis cost of ₹20,000-25,000, excluding medicines, diagnostics and hospitalisation expenses. Retail health insurances usually does not cover chronic dialysis treatments because it involves predictable and recurring payouts. However, dialysis is covered under group insurance schemes, government employee health programmes such as CGHS, and several central and state-sponsored healthcare schemes.
How important are government-backed schemes to NephroPlus’ business model?
Government-sponsored programmes form a significant part of the revenue mix. About 30 per cent of our revenue come from public-private partnership (PPP) projects, while another 30 per cent comes through government-funded healthcare schemes such as Ayushman Bharat and state programmes including Aarogyasri, Mukhyamantri Amrutam and Himcare. The remaining 35-40 per cent comes from private insurance and direct patient payments. Overall, around 55-65 per cent of NephroPlus’ business is linked to government-supported healthcare funding.