Whalesbook
Valuation ka khel kya hai?
NephroPlus private se public market mein December 2025 mein aaya aur FY26 mein jabardast performance dikhaya hai. Ab market cap ₹6,429 crore ke aas-paas hai aur P/E ratio 83.7 ke kareeb hai. Revenue 32.2% badhkar ₹998.8 crore ho gaya, lekin valuation high expectations dikha raha hai. Adjusted profit after tax 74.6% jump karke ₹128.3 crore hua, par abhi tak dividend nahi diya, matlab management expansion par zyada focus kar raha hai.
International shift!
Company ne India ke crowded market se hatkar international business ko boost kiya hai. International revenue ab total ka 41.8% ho gaya hai, pichhle saal yeh sirf 31.8% tha. Philippines, Uzbekistan, aur Saudi Arabia jaise markets mein treatment ka rate zyada hai. Is wajah se EBITDA margin 23.8% tak pahunch gaya hai.
Bear case kya hai? (Risks)
Growth story ke saath kuch risks bhi hain. Working capital cycle extend ho gaya hai, inventory aur receivable days 62.1 se 104 din ho gaye hain, jo cash flow par pressure daal sakta hai. Health sector mein regulatory changes, jaise Ayushman Bharat ke dialysis reimbursement rates, bhi profit ko affect kar sakte hain. Stock book value se 5.7 guna zyada par trade kar raha hai, isliye agar growth slow hui ya international integration mein dikkat aayi toh price gir sakta hai.
Future outlook
Management ka target hai ki revenue 15-20% CAGR se badhega, old age population aur diabetes/hypertension ki badhti hui bimariyon ke karan. Unka Reformmed.AI platform clinics mein efficiency badhane mein help karega. Brokers ko umeed hai ki margin badhta rahega, par long term success debt manage karne aur international regulations ko handle karne par depend karega.