IPO-bound NephroPlus Strengthens its Presence in the Philippines with 5 New Clinic Acquisitions

NephroCare Health Services Ltd, which operates under the NephroPlus brand, has added 5 new dialysis clinics in the Philippines, as per news reports. The centres are located in Santiago (Isabela), Cabuyao (Laguna), Binondo (Manila), CP Garcia Avenue (Quezon City), and E Rodriguez (Quezon City). With these additions, the company’s total network in the country has reached 39 clinics.

Entry and Growth

The Hyderabad-based firm entered the Philippines in FY20 by acquiring a majority stake in Royal Care Dialysis Clinics. Since then, the company’s patient services have grown steadily, with monthly treatments increasing from 3,614 in FY21 to 22,073 in FY25. Reports suggest that the Philippines has become one of its larger international markets outside India.

Demand-Supply Gap

Dialysis care continues to face shortages in the Philippines. Data from the national renal disease registry shows a deficit of nearly 8,000 dialysis stations, while more than 1 lakh patients require treatment. As per F&S reports, the dialysis services market in the Philippines is valued at $492.2 million in 2024, with projections indicating growth to $1,361.4 million by 2029 at a compound annual growth rate of 22.6 per cent.

Global and Domestic Network

NephroCare has expanded operations beyond India to maintain an international footprint. As of March 31, 2025, the company managed 490 clinics worldwide, including 43 centres in the Philippines, Uzbekistan, and Nepal. Within India, it remains the largest dialysis service provider with operations across 269 cities in 21 states and four Union Territories.

NephroCare Financial Results and IPO Filing

In FY25, NephroCare reported revenue of ₹755.81 crore, an increase from ₹566.16 crore in FY24. Domestic operations contributed ₹515.50 crore, while international operations added ₹240.31 crore. Net profit rose to ₹67.1 crore in FY25, compared to ₹35.13 crore the year before. 

NephroCare has filed draft papers with SEBI for an Initial Public Offering(IPO), which includes a fresh issue of ₹353.4 crore and an offer for sale of 1.27 crore shares. Around ₹129 crore of the proceeds is planned for setting up 167 new dialysis centres in India by FY28.

Read more: Nephrocare Health Services and Sahajanand Medical Technologies Files DRHP to Float IPO!

Conclusion

The addition of new clinics in the Philippines, combined with rising treatment volumes and planned IPO funding, points to continued network expansion in both domestic and international markets.

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