NephroPlus IPO Opens, Saudi Entry Fuels Global Growth and Margin Expansion

• NephroPlus, India's largest dialysis network, is expanding globally, including Saudi Arabia, with its IPO now open.
• International operations contribute 40% of revenue; Saudi Arabia offers higher margins ($240/treatment vs. India's $22) by deploying a lean operating model.
• The company anticipates margin expansion driven by scale, with audited margins at 23.2% in H1 FY26, and strong operating leverage.
• NephroPlus plans to add 50-60 clinics in India, primarily through captive partnerships, and expand in the Philippines and Uzbekistan.
• Rising demand for dialysis in India due to diabetes/hypertension and increasing billing per treatment (inflation, international business) drive growth.

Why It Matters: NephroPlus's global expansion promises higher returns for investors.