About the Business
Incorporated in 1987, Paras Healthcare Limited is a leading clinical specialty-led hospital chain delivering tertiary and quaternary healthcare services under the well-established “Paras Health” brand across North India, Bihar, and Jharkhand. As of June 30, 2026, the company operates an integrated network of 8 hospitals with an aggregate bed capacity of 2,211 beds across Gurugram, Panchkula, Patna, Darbhanga, Kanpur, Udaipur, Ranchi, and Srinagar.
The healthcare chain focuses heavily on high-acuity clinical treatments known as CONGOR specialties – comprising Cardiac Sciences, Oncology, Neurosciences, Gastro Sciences, Orthopedics & Sports Injury, and Renal Sciences – which accounted for 75.30% of total revenue in FY26. Paras Healthcare maintains a balanced growth strategy through mature, emerging, and newly commissioned facilities, with an active expansion roadmap to add 800 beds (300 in Gurugram and 500 in Ludhiana) to reach an aggregate capacity of 3,011 beds by March 2028.
- Regional Super-Specialty Leadership: Market leader in tertiary healthcare across underserved, high-demand micro-markets in North India, Bihar, and Jharkhand.
- Established Clinical Scale: 8 multi-specialty hospitals with a combined 2,211-bed infrastructure and over two decades of operating history.
- High-Acuity Specialty Mix: CONGOR specialties generate 75.30% of total operating revenues, driving higher average revenue per occupied bed (ARPOB) and clinical case complexity.
- Near-Term Bed Expansion: Pipeline to expand operational capacity by ~36% to 3,011 beds by FY28 through greenfield/brownfield additions in Gurugram and Ludhiana.
- Specialized Medical Talent Pool: Backed by a dedicated clinical team of 1,011 doctors and 1,665 nurses as of June 30, 2026.
The company’s promoter is Dharminder Kumar Nagar.
Company Financials (Restated Consolidated)
Paras Healthcare Ltd.’s revenue increased by 24% and profit after tax (PAT) rose by 176% between the financial year ending with March 31, 2026 and March 31, 2025. In the first quarter ended June 30, 2026, total income reached ₹478.75 Cr with a net profit of ₹49.68 Cr.
| Period Ended | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 2,202.88 | 2,071.14 | 1,810.45 | 1,477.66 |
| Total Income | 478.75 | 1,628.78 | 1,314.21 | 1,151.02 |
| Profit After Tax | 49.68 | 43.83 | -57.98 | -15.33 |
| EBITDA | 113.48 | 335.58 | 156.46 | 154.41 |
| NET Worth | 444.96 | 394.94 | 280.49 | 338.51 |
| Reserves and Surplus | 434.86 | 384.84 | 270.73 | 328.75 |
| Total Borrowing | 1,429.49 | 1,393.86 | 1,232.12 | 923.92 |
Amount in ₹ Crore
Key Performance Indicators (KPI)
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 4.34 | 18.37 |
| P/E ratio (x) | 159.68 | 37.72 |
| Price to Book Value (P/B) | 17.72 | 15.73 |
| Market Cap at Offer Price | ₹6,998.34 Cr | ₹7,498.34 Cr |
Calculated at the upper price band of ₹693 (Post-IPO annualized based on Q1 FY27 earnings)
IPO Lot Size
Investors can bid for a minimum of 21 shares and in multiples thereof:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 21 | ₹14,553 |
| Retail (Max) | 13 | 273 | ₹1,89,189 |
| S-HNI (Min) | 14 | 294 | ₹2,03,742 |
| S-HNI (Max) | 68 | 1,428 | ₹9,89,604 |
| B-HNI (Min) | 69 | 1,449 | ₹10,04,157 |
Issue Reservation
| Investor Category | Allocation Share |
|---|---|
| QIB Shares Offered | Not more than 75% of the Net Offer |
| NII (HNI) Shares Offered | Not less than 15% of the Offer |
| Retail Shares Offered | Not less than 10% of the Offer |
Shareholding Structure
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter and Promoter Group | 72.80% | 63.94% |
| Public & Corporate Investors | 27.20% | 36.06% |
| Total | 100% | 100% |
Offer For Sale – Selling Shareholders
| Shareholder | Category | Estimated Amount (₹ Cr) |
|---|---|---|
| Commelina Ltd. | Corporate | ₹650.00 Cr |
| Dharminder Kumar Nagar | Promoter | ₹300.00 Cr |
| Total OFS | ₹950.00 Cr |
Total OFS component: 1,37,08,513 equity shares aggregating ₹950.00 Cr
IPO Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Fresh Issue towards the following objects:
- Prepayment or scheduled repayment, in full or part, of certain outstanding borrowings availed by the Company ₹320.90 Cr
- Investment in wholly owned subsidiary (PMHPL, operating the Srinagar hospital) for prepayment/repayment of borrowings ₹54.10 Cr
- General Corporate Purposes Balance
Total planned debt prepayment across parent and subsidiary aggregates to ₹375.00 Cr
Paras Healthcare Limited has carved out a strategic regional leadership moat across North India, Bihar, and Jharkhand, operating 8 multi-specialty hospitals with an aggregate 2,211-bed footprint. The company’s heavy orientation toward high-acuity CONGOR clinical disciplines (generating 75.3% of revenue) shields it from low-complexity competition and ensures superior case mix realization.
Financially, Paras has orchestrated a strong operational turnaround. After posting net losses in FY24 (-₹15.33 Cr) and FY25 (-₹57.98 Cr), the hospital network turned profitable in FY26 with a PAT of ₹43.83 Cr on revenues of ₹1,628.78 Cr. Momentum expanded further in Q1 FY27, recording an impressive PAT of ₹49.68 Cr (10.38% PAT margin) and an EBITDA margin of 23.70%. While total debt stood elevated at ₹1,429.49 Cr (Debt/Equity of 3.21x) as of June 30, 2026, the fresh capital infusion of ₹500 Cr dedicates ₹375 Cr directly to debt reduction, which will significantly de-lever the balance sheet and expand net profit margins. At the upper price band of ₹693, the issue is valued at a post-IPO P/E multiple of 37.72x on annualized Q1 FY27 earnings against a market capitalization of ₹7,498.34 Cr, comparing favorably to recent hospital listings like Manipal Health Enterprises (75.93x P/E) and Gujarat Kidney (61.62x P/E). Given its clear bed expansion pipeline to 3,011 beds by FY28 and high specialty focus, long-term investors may evaluate this issue with interest.
