“Bullish on Nephrocare Health Services, upgrading to 'buy' from 'add' with a raised target price of ₹825 (from ₹725), valuing the company at 33 times FY28E earnings. This outlook is driven by expected revenue, EBITDA, and PAT CAGRs of 21.7%, 27.6%, and 43.4% respectively over FY26–29E, fueled by an asset-light model, operating leverage from overseas business, and successful expansion into new markets like the Philippines and Saudi Arabia.”