Paras Healthcare Ltd

Paras Healthcare Ltd IPO

Paras Healthcare Ltd

₹13,860 /21 sharesMinimum investment

IPO listing details

Listed on
28 Oct '26
Issue price
₹693.00
Listing price
₹720.00
Listing gains
₹27.00 (3.90%)
Exchange
BSE

IPO details

Minimum investment
₹13,860
Price range
₹660 - ₹693
Lot size
21
Issue size
1,450 Cr
Face value
1
IPO document

Subscription rate

Qualified Institutional Buyers3.09x
Non-Institutional Investor0.64x
Retail Individual Investor1.96x
Total2.22x
As of 23 Oct'26, 04:55 PM

Schedule

21 Oct 2026
IPO open date
23 Oct 2026
IPO close date
26 Oct 2026
Allotment date
26 Oct 2026
Funds unblock or debit
28 Oct 2026
Tentative listing date

About

Paras Healthcare is a hospital operator providing tertiary and quaternary healthcare services through a network of eight hospitals under the Paras Health brand. As of June 30, 2026, the company was present in five states and one Union Territory. Its hospitals are located in Gurugram and Panchkula in Haryana, Patna and Darbhanga in Bihar, Kanpur in Uttar Pradesh, Udaipur in Rajasthan, Ranchi in Jharkhand, and Srinagar in Jammu and Kashmir. The company provides treatments across several clinical specialities, including cardiac sciences, oncology sciences, neurosciences, gastro sciences, orthopaedics and sports injury, and renal sciences. As of June 30, 2026, its hospital network had 1,084 doctors and 1,937 nurses. Use of proceeds: The IPO consists of both a fresh issue of shares and an offer for sale (OFS).​ Proceeds from the OFS will go to the respective selling shareholders, whereas the net proceeds from the fresh issue will be utilised for the following purposes:​ Prepayment or scheduled repayment, in full or part, of certain outstanding borrowings availed by the company — Rs 320.90 crore Investment in the wholly owned subsidiary, PMHPL, for repayment/prepayment of borrowings, in full or part, of PMHPL — Rs 54.10 crore General corporate purposes;
Founded in
1987
MD/CEO
Dr Dharminder Kumar Nagar
Parent organisation
Paras Healthcare Ltd
Paras Healthcare Ltd IPO
https://www.youtube.com/watch?v=49Q_vezv17k

Paras Healthcare Financials

Revenue
Total Assets
Profit
All values are in ₹ Cr
1,1291,2941,606202420252026

Strengths & Risks

Strengths
Risks
As of June 30, 2026, the company operated eight hospitals with an aggregate bed capacity of 2,211 beds across five states and one Union Territory. It claims to have an early-mover advantage in several markets, including being the first corporate hospital entrant among its listed peers in Gurugram and Patna.
The company focuses on cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics and sports injury, and renal sciences. These specialities contributed 74.70% of its revenue from operations in FY26, compared with 72.34% in FY24.
The company claims to have advanced medical equipment, including surgical robots, LINACs, biplane catheterisation laboratories, PET-CT scanners, and MRI machines. It also offers bone marrow transplant programmes at its Gurugram, Patna, and Panchkula hospitals, along with kidney and liver transplant programmes at Gurugram and Patna.
As of the date of the prospectus, seven of the company’s eight hospitals were accredited by the National Accreditation Board for Hospitals and Healthcare Providers (NABH). The company also reported a patient satisfaction score of 90.60 and a net promoter score of 93.31 as of March 31, 2026.
The company operates its hospitals through a combination of ownership, fixed-rent arrangements, revenue-sharing agreements, and public-private partnerships. This approach allows it to establish hospitals under different financial and operational arrangements, depending on the market and property requirements.
The company claims to have implemented electronic health records, hospital information systems, business intelligence platforms, and digital patient engagement tools across its hospital network. Its digital systems support functions such as patient registration, appointment booking, clinical documentation, discharge summaries, reporting, and hospital administration.
As of June 30, 2026, the company had 1,084 doctors and 1,937 nurses across its hospital network. It also offers Diplomate of National Board (DNB) and Doctorate of National Board (DrNB) postgraduate programmes across 14 specialities at its Gurugram, Patna, Panchkula, and Udaipur hospitals, with the capacity to train up to 60 students annually.
The company incurred losses of Rs 57.98 crore and Rs 15.33 crore in FY25 and FY24, respectively, and Rs 1.02 crore in the three months ended June 30, 2025. These losses were primarily attributable to the ramp-up of its Srinagar and Kanpur hospitals and investments in bed capacity expansion and clinical programmes across its hospital network. Although the company reported a profit of Rs 43.83 crore in FY26, any failure to increase revenue sufficiently to cover expenses and sustain profitability could adversely affect its financial performance.
The company’s subsidiaries, Paras Healthcare (Ranchi) Private Limited and Plus Medicare Hospitals Private Limited, collectively incurred losses of Rs 20.38 crore, Rs 52.09 crore, Rs 82.24 crore, and Rs 87.27 crore in the three months ended June 30, 2025, FY26, FY25, and FY24, respectively. These losses were attributed to the ramp-up of the Ranchi and Srinagar hospitals and increased fixed and operating expenses following the expansion of bed capacity at the Ranchi hospital. Any failure of these subsidiaries to achieve profitability or raise adequate capital to meet their obligations could adversely affect the company’s financial performance.
The company reported employee attrition rates of 12.01%, 16.09%, 60.38%, 66.74%, and 65.27% in the three months ended June 30, 2026, and June 30, 2025, and FY26, FY25, and FY24, respectively. The shortage of skilled healthcare professionals and competition for talent may increase recruitment, training, and staff costs, while high attrition or the premature termination of visiting doctors’ arrangements could affect service quality, patient intake, and hospital utilisation.
Five of the company’s eight hospitals are located in North India, which contributed 68.07%, 66.89%, 66.07%, 68.40%, and 67.33% of revenue from operations in the three months ended June 30, 2026, and June 30, 2025, and FY26, FY25, and FY24, respectively. Any adverse regional economic conditions, changes in healthcare demand, regulatory developments, natural disasters or security disruptions affecting these hospitals could disrupt operations and adversely affect the company’s business and financial performance.
The company generated 74.35%, 75.30%, 74.70%, 71.92%, and 72.34% of its revenue from operations from cardiac sciences, oncology sciences, neurosciences, gastro sciences, orthopaedics and sports injury, and renal sciences in the three months ended June 30, 2026 and June 30, 2025, and FY26, FY25, and FY24, respectively. Any decline in patient demand, loss of key specialists, increased competition, or the need for costly upgrades to medical technology and training could affect revenue from these specialities and adversely impact the company’s financial performance.
As of June 30, 2026, the company had contingent liabilities of Rs 398.44 crore, equivalent to 89.55% of its net worth, primarily comprising corporate guarantees of Rs 376.40 crore and claims against the group not acknowledged as debts of Rs 11.79 crore. These liabilities include claims relating to patient negligence, income tax, and GST, as well as guarantees provided in connection with credit facilities. If a significant portion of these debts materialise, it could hurt the company’s cash flows, financial condition and results of operations.
The company, its subsidiaries, promoter, directors, key managerial personnel and senior management are involved in outstanding litigation, while certain regulatory and statutory proceedings have also been initiated against the promoter and directors in the past. Any adverse decisions in these proceedings or similar future cases could result in penalties and adversely affect the company’s business, cash flows and reputation
The company generated 78.25%, 78.93%, 78.26%, 79.46%, and 81.71% of its revenue from operations through its in-patient department in the three months ended June 30, 2026, and June 30, 2025, and FY26, FY25, and FY24, respectively. Its bed occupancy rate declined from 52.46% in FY24 to 50.78% in FY25 before increasing to 61.75% in FY26. Any inability to sustain occupancy levels or attract patients could affect revenue, the absorption of fixed costs and profitability.
As of August 31, 2026, the company and its subsidiaries had aggregate secured borrowings of Rs 990.33 crore. The company’s reliance on borrowings to finance working capital, hospital facilities and medical equipment exposes it to repayment obligations and financing costs, which could adversely affect its cash flows and financial condition if operating cash flows are insufficient to meet these obligations.

Application details

For Paras Healthcare IPO, eligible investors can apply as Regular.

Apply asPrice bandApply rangeLot size
Regular₹660 - ₹693Upto ₹2 Lakhs21
High Networth Individual₹660 - ₹693₹2 - ₹5 Lakhs21

About

Objectives of Paras Healthcare IPO Proceeds

Particulars

Estimated Amount

(in ₹ Cr.)

Prepayment or scheduled re-payment, in full or part, of certain outstanding borrowings availed by the company

320.90

Investment in its wholly owned Subsidiary, PMHPL (which also operates the hospital in Srinagar), for repayment/prepayment of borrowings, in full or part, of PMHPL

54.10

General corporate purposes

[.]

Total

[.]

Book Running Lead Manager & Registrar of Paras Healthcare IPO

Book Running Lead Manager

JM Financial Limited, BofA Securities India Limited, Nuvama Wealth Management Limited

Registrar to the Issue

MUFG Intime India Private Limited

Key Performance Indicators (KPIs) of Paras Healthcare Ltd.

KPI

Value (for the three-month period ended June 30, 2026)

ROE (%)

11.83

ROCE (%)

4.23

EBITDA Margin (%)

23.70

Debt-to-Equity Ratio

3.21

PAT Margin (%)

10.38

Return on Net Worth (RoNW) (%)

11.83

Net Asset Value (NAV) per Equity Share (₹)

44.06

EPS (Pre-IPO) (₹)

4.34

Paras Healthcare IPO Contact Details

Company Name

Paras Healthcare Limited

Registered Office

1st Floor, Tower B, Paras Twin Towers, Golf Course Road, Sector 54, Gurugram – 122 002, Haryana, India

Phone

+91 124 430 2163

Email

[email protected]

Website

www.parashospitals.com

Paras Healthcare IPO Registrar Contact Details

Company Name

MUFG Intime India Private Limited

Phone

+91 810 811 4949

Email

[email protected]

Website

https://in.mpms.mufg.com/

Frequently Asked Questions