IPO-Bound NephroPlus Expands Operations in Philippines; Acquires 5 More Dialysis Clinics

IPO-bound NephroCare Health Services Ltd on Friday announced the acquisition of five new dialysis clinics in the Philippines, bringing its total footprint in the country to 39.

The newly acquired clinics include Santiago, Isabela Dialysis Center, Cabuyao, Laguna Dialysis Center, Binondo, Manila Dialysis Center, CP Garcia Ave, Diliman, Quezon City Dialysis Center and E Rodriguez, Quezon City Dialysis Center.

The Hyderabad-based company entered the Philippines market in fiscal 2020 and has since expanded rapidly, growing from 3,614 treatments per month in fiscal 2021 to 22,073 treatments per month in fiscal 2025.

"This expansion marks a milestone in our journey in the Philippines, which has now become one of our key countries of operations after India," Rohit Singh, Group CEO of NephroCare Health Services, said in a statement.

NephroCare Health Services, known for its NephroPlus brand, initially expanded into the Philippines by acquiring a majority stake in Royal Care Dialysis Clinics, with the aim of becoming the dominant dialysis network in the country by 2025.

Despite the presence of several dialysis facilities, demand in the Philippines continues to outpace supply. According to the country's renal disease registry, there is a deficit of 8,000 dialysis stations, with over 1 lakh patients urgently needing treatment.

The dialysis service market in the Philippines was valued at USD 492.2 million in 2024 and is projected to reach USD 1,361.4 million by 2029, growing at a CAGR of 22.6 per cent, according to a F&S Report.

Beyond the Philippines, NephroPlus has built a strong global presence. It is the only Indian dialysis services provider to scale internationally, with a worldwide network of 490 clinics, including 43 international centres across the Philippines, Uzbekistan and Nepal, as of March 31, 2025.

Also, it remains the most widely distributed dialysis network in India, operating across 269 cities in 21 states and four Union Territories.

The company reported total revenue of Rs 755.81 crore in FY25, up from Rs 566.16 crore in FY24, with Rs 515.50 crore contributed by India and Rs 240.31 crore from international markets. Its net profit stood at Rs 67.1 crore in FY25, compared to Rs 35.13 crore in the previous fiscal.

In July, the company filed draft papers with markets regulator Sebi seeking its clearance to mobilise funds through an initial public offering (IPO) comprising a fresh issue of equity shares valued Rs 353.4 crore and an offer for sale (OFS) of 1.27 crore shares by promoters and existing shareholders.

Of the fresh capital, approximately Rs 129 crore will be utilised to open around 167 new dialysis centres in India by FY28.