Paras Healthcare IPO review covering issue details, price band, company overview, financial performance, key strengths, risks, use of proceeds and listing dates.
Paras Healthcare IPO is a book-built issue worth ₹1,450 crore, comprising a fresh issue of 72.15 lakh shares worth ₹500 crore and an offer for sale (OFS) of 1.37 crore shares valued at ₹950 crore.
The IPO opens for subscription on October 21, 2026, and closes on October 23, 2026. The allotment is expected to be finalised on October 26, 2026, while the shares are tentatively scheduled to list on the NSE and BSE on October 28, 2026.
The price band is set at ₹660 to ₹693 per share, with a lot size of 21 shares. Retail investors must apply for at least 21 shares, requiring a minimum investment of ₹14,553 at the upper price band. JM Financial Ltd. is the book-running lead manager, and MUFG Intime India Pvt. Ltd. is the registrar. For detailed information, refer to the Paras Healthcare IPO RHP.
Company Overview
Paras Healthcare Ltd. is a hospital network operating under the “Paras Health” brand, providing tertiary and quaternary healthcare services across North India, Bihar and Jharkhand. Established in 2006 with its first hospital in Gurugram, the company has expanded to eight hospitals across five states and one union territory, with a combined capacity of 2,211 beds as of June 30, 2026.
The company specialises in six key clinical areas: cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics and sports injury, and renal sciences. These specialties contributed approximately 74.70% of its revenue from operations in FY26. Its healthcare network was supported by 1,084 doctors and 1,937 nurses as of June 30, 2026.
Paras Healthcare has reported growth in both revenue and operating earnings. Revenue from operations increased from ₹1,129.04 crore in FY24 to ₹1,605.95 crore in FY26, while EBITDA rose from ₹154.41 crore to ₹335.58 crore during the same period. The company plans to expand its network with new hospitals in Gurugram and Ludhiana, targeting a total capacity of 3,011 beds by March 31, 2028. Its hospitals span different stages of operational maturity, contributing to its existing operations and planned expansion.
IPO Details
| Particulars | Details |
|---|---|
| IPO Date | 21 to 23 Oct, 2026 |
| Allotment | Monday, Oct 26, 2026 |
| Listing Date | Wednesday, Oct 28, 2026 |
| Face Value | ₹1 per share |
| Price Band | ₹660 to ₹693 per share |
| Lot Size | 21 Shares |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh capital cum OFS |
| Total Issue Size | 2,09,23,520 shares (agg. up to ₹1,450 Cr) |
| Fresh Issue | 72,15,007 shares (agg. up to ₹500 Cr) |
| Offer for Sale | 1,37,08,513 shares of ₹1 (agg. up to ₹950 Cr) |
| Shareholding Pre-Issue | 10,09,86,187 shares |
| Shareholding Post-Issue | 10,82,01,194 shares |
| Listing Exchange | BSE, NSE |
(Compiled from RHP and market updates)
Industry Context
- India’s healthcare delivery market was valued at approximately ₹7 trillion in FY25 and is estimated to reach ₹7.6 trillion to ₹7.8 trillion in FY26. Growing medical needs and healthcare utilisation are supporting sector expansion.
- The Indian healthcare delivery market is projected to grow at a CAGR of 10% to 12% between FY25 and FY30, potentially reaching ₹11.2 trillion to ₹12.2 trillion, supported by structural demand drivers and government initiatives.
- Rising non-communicable diseases, lifestyle-related ailments and demand for specialised treatments are contributing to healthcare needs. Cardiac care, oncology, neurology and orthopaedics are among the segments expected to maintain growth momentum.
- India’s ageing population is expected to increase demand for geriatric care and chronic disease management. By 2030, approximately 12.6% of the population is projected to be aged 60 or above, creating additional healthcare service requirements.
- Greater health awareness, rising incomes and urbanisation are encouraging preventive healthcare and improving access to medical services. These developments may support demand for outpatient consultations, inpatient treatments and advanced healthcare facilities across India.
Business Strengths
- Paras Healthcare Ltd. operates eight hospitals with 2,211 beds across five states and one union territory as of June 30, 2026. Its regional presence, established brand and operating history since 2006 support its position in North India.
- The company specialises in tertiary and quaternary healthcare, with expertise across cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics and renal sciences. Its critical care infrastructure includes dedicated ICUs, with 559 ICU beds as of June 30, 2026.
- Paras Healthcare follows a flexible operating model combining owned, leased, revenue-sharing and public-private partnership arrangements. This approach allows it to adapt capital deployment to local market conditions while supporting expansion and operational control across its hospital network.
- The company employs 1,084 doctors and 1,937 nurses as of June 30, 2026, supported by advanced medical equipment and specialised clinical programmes. Its capabilities include robotic surgery, radiation therapy, interventional procedures and organ transplantation.
- Paras Healthcare uses digital systems, including electronic health records and hospital information platforms, to support clinical processes and operational efficiency. Its newer hospitals in Srinagar and Kanpur, alongside facilities in Ranchi and Udaipur, provide scope for further operational expansion.
Business Risks
- Paras Healthcare Ltd. reported consolidated losses in FY24, FY25 and Q1 FY26, although it returned to profitability in FY26 and Q1 FY27. Sustaining profitability remains uncertain, and future financial performance may be affected by operating challenges.
- Two subsidiaries, Paras Healthcare (Ranchi) Private Limited and Plus Medicare Hospitals Private Limited, have reported recurring losses. Continued losses at these entities could affect the company’s overall financial performance and ability to achieve profitable growth.
- The company depends heavily on experienced doctors, nurses and support staff to deliver healthcare services. High employee attrition, particularly among specialised medical professionals, may increase recruitment challenges, disrupt operations and affect service delivery as the hospital network expands.
- Five of the company’s eight hospitals are located in North India, contributing approximately 66.07% of revenue in FY26. Adverse regional developments or operational disruptions affecting these facilities could have a significant impact on its financial performance.
- The company derives a substantial share of revenue from its CONGOR specialties, which contributed 74.70% in FY26. Any decline in demand for these services could affect revenue and operating performance.
Financial Performance
Paras Healthcare Ltd. – Financials (₹ in Million)
| Particulars | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|
| Total Income | 16,287.84 | 13,142.07 | 11,510.23 |
| EBITDA | 3,355.77 | 1,564.61 | 1,544.11 |
| EBITDA Margin (%) | 20.60% | 11.91% | 13.42% |
| Profit / (Loss) After Tax (PAT) | 438.34 | (579.83) | (153.31) |
| Debt to Equity Ratio (x) | 3.53 | 4.39 | 2.73 |
| Return on Capital Employed (%) | 10.76% | 2.71% | 5.86% |
| Return on Equity (%) | 12.98% | (18.73%) | (8.32%) |
(Source: RHP)
Key Ratios & Metrics
| KPI | June 30, 2026 | March 31, 2026 |
|---|---|---|
| Return on Equity (ROE) | 11.83% | 12.98% |
| Return on Capital Employed (ROCE) | 4.23% | 10.76% |
| Debt-to-Equity Ratio | 3.21 | 3.53 |
| Return on Net Worth (RoNW) | 11.83% | 12.98% |
| PAT Margin | 10.38% | 2.69% |
| EBITDA Margin | 23.70% | 20.60% |
| Net Asset Value (NAV per share) | ₹44.06 | ₹39.11 |
(Source: RHP)
Objects of the Issue
The Paras Healthcare Ltd. plans to utilise the proceeds for the following purposes:
- Repayment of borrowings: ₹320.90 crore will be used to prepay or repay, fully or partially, certain outstanding borrowings of Paras Healthcare Ltd.
- Investment in subsidiary: ₹54.10 crore will be invested in its wholly owned subsidiary, Plus Medicare Hospitals Private Limited (PMHPL), to support the repayment or prepayment of its outstanding borrowings.
- General corporate purposes: A portion of the net proceeds will be allocated towards general corporate purposes, subject to the applicable regulatory limits.
Conclusion
Paras Healthcare IPO offers an overview of a hospital network with an established presence in North India and plans to expand its bed capacity. The company has reported revenue growth and improved profitability in FY26, although recurring losses at certain subsidiaries, regional concentration and dependence on specialised clinical services remain important considerations.
The IPO also includes an offer for sale alongside a fresh issue. Readers may review the RHP, financial performance, valuation and associated risks to understand the offering before making any investment decision.
Disclaimer: Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. This content is purely for informational purposes only and should not be considered as investment advice or a recommendation. Securities quoted are for illustration purposes only and not recommendatory. Investors are requested to do their own due diligence before investing.
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