Anand Rathi: Subscribe Long Term to Nephrocare Health Services IPO

• Nephrocare Health Services Ltd offers comprehensive dialysis care, including haemodialysis, home, and mobile dialysis, supported by pharmacy services.
• The company is India’s largest dialysis service provider in terms of patients, clinics, treatments, and revenue in Fiscal 2025.
• Nephrocare is also the largest dialysis service provider in Asia and the fifth largest globally based on treatments performed in Fiscal 2025.
• With a global network of 519 clinics, it has an international presence in the Philippines, Uzbekistan, and Nepal.
• Anand Rathi recommends a "Subscribe Long Term" rating for the IPO, valuing the company at a P/E of 60.2x to its FY25 earnings.

Why It Matters: It signals a potential investment in a dominant dialysis healthcare company.