Nephrocare Health Services Ltd IPO

The company derive a portion of its revenue from operations from the company captive clinics, which are defined as the company dialysis clinics operated within private hospital premises under contractual arrangement, and such captive clinics accounted for 36.51%, 43.30%, 51.96% and 62.23% of its revenue from operations in the six months period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, respectively. If the company contracts for operating captive clinics are cancelled or if its unable to renew or retain similar revenue and operational arrangements, the company business may be materially and adversely affected.

The company operate a number of its dialysis clinics under public private partnership ("PPP") contracts awarded by government agencies through a competitive bidding process. Such contracts accounted for 30.96%, 32.62%, 29.24% and 22.39% of the company revenue from operations in the six months period ended September 30, 2025 and Fiscals 2025, 2024 and 2023, respectively. There can be no assurance that the company will qualify for, or that the company will successfully compete and win such tenders, which could have an adverse impact on the company business prospects, results of operations, financial condition and cash flows.

Its subject to various operational, reputational, medical and legal risks associated with the operations of the company dialysis services. Failure to establish and comply with appropriate quality standards when performing dialysis services could result in litigation and liability for it and could materially and adversely affect the company reputation and results of operations.

The company dependent on healthcare professionals and its business will be impacted significantly if the company unable to attract or retain such professionals.

Its may face continuing challenges in further expanding the company operations in cities its currently operate in or in other cities internationally that the company strategically intend to commence operations, which could has an adverse effect on its business prospects and future financial performance.

Business interruption at the company dialysis clinics, either standalone, captive or PPP clinics, could result in significant losses and reputational damage to its business.

Its subject to operational, reputational, and legal risks associated with the company participation in public private partnership projects. Any failure to perform the company contractual obligations may result in contract termination, blacklisting by public authorities, and exclusion from future government tenders, which could materially and adversely affect its business, results of operations, financial condition and cash flows.

Compliance with applicable safety, health and environmental regulations may be costly and adversely affect the company competitive position and results of operations. Regulatory reforms in the healthcare industry in general and associated uncertainty may adversely affect the company business, results of operations and financial condition.

The determination of the Price Band is based on various factors and assumptions and the Offer Price, enterprise value to EBITDA, price to earnings ratio and market capitalization to revenue multiple based on the Offer Price of the Company, may not be indicative of the market price of the Company on listing or thereafter.

Its subject to risks arising from interest rate and foreign currency exchange rate fluctuations, which could adversely affect the company business, financial condition and results of operations.