Paras Healthcare Limited IPO

IPO Details

• Open date: TBA
• Close Date: TBA
• Minimum Investment: To be updated
• Lot Size: TBA
• Price Range: TBA
• Listing: BSE, NSE
• Issue Size: ₹1,800 crore (Fresh Issue of ₹500 crore + OFS of ₹1,300 crore)
• Listing Date: TBA

IPO Timeline

• Bidding Start: TBA
• Bidding Ends: TBA
• Allotment Finalisation: TBA
• Refund Initiation: TBA
• Demat Transfer: TBA
• Listing: TBA

About Paras Healthcare Limited

Incorporated in December 1987 as Arbian Frozen Foods Private Limited, Paras Healthcare Limited is a leading clinical specialty-led hospital platform providing tertiary and quaternary healthcare services across North India, Bihar, and Jharkhand under the “Paras Health” brand. The company operates eight hospitals with an aggregate bed capacity of 2,211 beds across Gurugram, Panchkula, Patna, Darbhanga, Kanpur, Udaipur, Ranchi, and Srinagar as of March 31, 2026. It specializes in cardiac sciences, oncology, neurosciences, gastro sciences, orthopedics & sports injury, and renal sciences (CONGOR specialties), which contributed 74.70% of revenue in Fiscal 2026. With over 20 years of operating history, the company plans to expand its network to 3,011 beds by March 2028.

Paras Healthcare Limited IPO Overview

Paras Healthcare Limited’s initial public offering is a book-built issue comprising a fresh issue of equity shares aggregating up to ₹500 crore and an offer for sale of equity shares worth up to ₹1,300 crore by the selling shareholder, with a total issue size of ₹1,800 crore. The initial DRHP was filed with SEBI on July 31, 2024, and received approval on October 18, 2024, but the company subsequently shelved its plans to launch the public issue. The company refiled the DRHP on June 4, 2026. The equity shares are proposed to be listed on BSE and NSE. JM Financial Ltd, BofA Securities India, and Nuvama Wealth Management are the book-running lead managers, while MUFG Intime India Private Limited is the registrar of the issue. The net proceeds from the fresh issue will be utilized towards prepayment or repayment of certain outstanding borrowings (₹3,209 million), investment in wholly owned subsidiary PMHPL for debt repayment (₹541 million), and general corporate purposes. The company’s shareholding pre-issue stands at 10,09,86,187 equity shares.

Paras Healthcare Limited Upcoming IPO Details

Category	Details
Issue Type	Book Built Issue IPO
Total Issue Size	₹1,800 crore (Fresh Issue of ₹500 crore + OFS of ₹1,300 crore)
Fresh Issue	[●] shares (aggregating up to ₹500 crore)
Offer for Sale (OFS)	[●] shares (aggregating up to ₹1,300 crore)
IPO Dates	TBA
Price Bands	TBA
Lot Size	TBA
Face Value	₹1 per share
Listing Exchange	BSE, NSE
Shareholding pre-issue	10,09,86,187 shares
Shareholding post-issue	To be updated

Paras Healthcare Limited IPO Lots

Application	Lots	Shares	Amount
Retail (Min)	TBA	TBA	TBA
Retail (Max)	TBA	TBA	TBA
S-HNI (Min)	TBA	TBA	TBA
S-HNI (Max)	TBA	TBA	TBA
B-HNI (Min)	TBA	TBA	TBA

 

Paras Healthcare Limited IPO Reservation

Investor Category	Shares Offered
QIB Shares Offered	Not less than 75% of the Offer
Retail Shares Offered	Not more than 10% of the Offer
NII (HNI) Shares Offered	Not more than 15% of the Offer

 

Paras Healthcare Limited IPO Valuation Overview

KPI	Value
Earnings Per Share (EPS)	₹4.36
Price/Earnings (P/E) Ratio	TBD
Return on Net Worth (RoNW)	12.98%
Net Asset Value (NAV)	₹39.11
Return on Equity (RoE)	12.98%
Return on Capital Employed (RoCE)	10.76%
EBITDA Margin	20.60%
PAT Margin	2.69%
Debt to Equity Ratio	3.53

 

Objectives of the IPO Proceeds

The Net Proceeds are intended to be utilized as per the details provided in the table below:

Particulars	Amount (in ₹ million)
Prepayment or scheduled re-payment of certain outstanding borrowings availed by the Company	3,209.00
Investment in wholly owned subsidiary PMHPL for repayment/prepayment of borrowings	541.00
General corporate purposes*	[●]

*To be determined upon finalisation of the Offer Price and updated in the Prospectus prior to filing with the RoC. The amount to be utilized for general corporate purposes shall not exceed 25% of the Gross Proceeds.

Paras Healthcare Limited Financials (₹ in Millions)

Particulars	March 31, 2026	March 31, 2025	March 31, 2024
Total Assets	20,711.41	18,104.51	14,776.58
Revenue from Operations	16,059.52	12,940.63	11,290.39
Profit After Tax	438.34	(579.83)	(153.31)
Reserves and Surplus	3,848.42	2,707.31	3,287.47
Total Borrowings	8,541.01	7,279.31	5,475.33
Total Liabilities	16,762.00	15,299.59	11,391.50

Financial Status of Paras Healthcare Limited

SWOT Analysis of Paras Healthcare Limited

Strengths and Opportunities	Weaknesses and Threats
Leading healthcare provider in North India, Bihar, and Jharkhand with 8 hospitals	High geographic concentration in North India and select states
Network of 2,211 beds with focus on high-acuity CONGOR specialties	Intense competition from Apollo, Fortis, Max, and Narayana Health
Strong Paras Health brand with over 20 years of operating history	Capital-intensive nature of hospital expansion projects
Revenue CAGR of 19.26% from FY24 to FY26 with return to profitability	Regulatory and compliance risks in healthcare sector
Expansion pipeline to reach 3,011 beds by March 2028	Rising operational costs and talent retention challenges
India hospital sector projected to grow at 11-12% CAGR	Dependence on skilled clinicians and doctors
Increasing health insurance penetration driving demand	Technology adoption and digital transformation costs
Medical tourism market growing with over 700,000 medical tourists in 2024	Seasonality and cyclicality in healthcare demand
Private sector expected to reach 69% treatment share by FY30	Regulatory changes affecting hospital pricing and operations
Government initiatives supporting healthcare infrastructure	Economic slowdown impacting discretionary healthcare spending

 

 

Paras Healthcare Limited IPO Strengths

Leading Healthcare Provider in North India, Bihar, and Jharkhand

Paras Healthcare Limited has established itself as a leading clinical specialty-led hospital platform providing tertiary and quaternary healthcare services across North India, Bihar, and Jharkhand. The company operates eight hospitals with an aggregate capacity of 2,211 beds as of March 31, 2026, across five states and one union territory, including Haryana, Bihar, Uttar Pradesh, Rajasthan, Jharkhand, and Jammu & Kashmir. This strong regional presence positions the company to serve underserved populations with limited access to advanced healthcare.

Strong Focus on Tertiary and Quaternary Care with High Contribution from CONGOR Specialties

Paras Healthcare’s clinical model emphasizes specialty depth across cardiac sciences, oncology, neurosciences, gastro sciences, orthopedics & sports injury, and renal sciences (CONGOR specialties), which contributed 74.70% of revenue in Fiscal 2026. The company operates dedicated cardiac, neuro, liver transplant, kidney transplant, bone marrow transplant, ECMO-enabled, neonatal, paediatric, medical, and surgical ICUs, with ICU beds increasing from 425 in Fiscal 2024 to 559 in Fiscal 2026.

Capital-Efficient and Flexible Operating Model with Disciplined Expansion

The company operates its hospitals through a calibrated mix of owned, leased, revenue-sharing, and public-private partnership models, allowing for lower upfront capital intensity and faster market entry. Capital expenditure per bed was ₹7.63 million as of March 31, 2026, reflecting an optimized clinical-to-non-clinical space ratio. The company plans to expand to 3,011 beds by March 31, 2028, including a 300-bed hospital in Gurugram and a 500-bed hospital in Ludhiana.

Delivering High-Quality Clinical Care Through Renowned Clinicians

Paras Healthcare’s clinical model is anchored around experienced and nationally recognised doctors, including three Padma Shri awardees. As of March 31, 2026, the company had a team of 1,011 doctors and 1,665 nurses. The company offers DNB and DrNB post-graduate degree programs at its hospitals in Gurugram, Patna, Panchkula, and Udaipur, covering 14 specialties with capacity to train up to 60 students annually.

Digital Technology Enabling Clinical Effectiveness and Operational Efficiencies

Paras Healthcare has established a cloud-first digital ecosystem encompassing electronic health records, hospital information systems, business intelligence platforms, and omni-channel patient engagement tools. The company’s EHR platform is equipped with speech-to-text interface for clinicians, care protocols, and clinical pathways. The business intelligence platform with a data lake aggregates data from HIS, ERP, CRM, and other systems to deliver advanced analytical dashboards.

Strong Financial Recovery and Return to Profitability

Paras Healthcare has demonstrated a strong financial turnaround, reporting profit after tax of ₹438.34 million in Fiscal 2026 compared to losses in prior years. Revenue from operations grew at a CAGR of 19.26% from Fiscal 2024 to Fiscal 2026, reaching ₹16,059.52 million. EBITDA stood at ₹3,355.77 million in Fiscal 2026, reflecting improving operational efficiency and scale benefits.

More About Paras Healthcare Limited

Business Overview

Paras Healthcare Limited, incorporated in December 1987, operates a network of eight hospitals under the “Paras Health” brand with an aggregate bed capacity of 2,211 beds as of March 31, 2026. The company’s first hospital in Gurugram commenced operations in June 2006, followed by hospitals in Patna (2013), Darbhanga (2016), Panchkula (2018), Udaipur (2019), Ranchi (2019), Srinagar (2023), and Kanpur (2024).

Hospital Network and Bed Capacity

The company operates hospitals across eight locations:

• Gurugram Hospital: 300 beds, operational since June 2006, owned model
• Patna Hospital: 350 beds, operational since July 2013, partial fixed rent and revenue share
• Darbhanga Hospital: Operational since March 2016, revenue share model
• Panchkula Hospital: Operational since November 2018, partial fixed rent and revenue share
• Udaipur Hospital: Operational since October 2019, owned model
• Ranchi Hospital: Operational since September 2019, partial fixed rent and revenue share
• Srinagar Hospital: Operational since June 2023, fixed rent model
• Kanpur Hospital: Operational since April 2024, fixed rent model

CONGOR Specialties

The company’s clinical focus is on CONGOR specialties:

• Cardiac Sciences: 12.78% of revenue in Fiscal 2026
• Oncology: 21.63% of revenue in Fiscal 2026
• Neuro Sciences: 13.03% of revenue in Fiscal 2026
• Gastro Sciences: 8.30% of revenue in Fiscal 2026
• Orthopedics and Sports Injury: 10.75% of revenue in Fiscal 2026
• Renal Sciences: 8.21% of revenue in Fiscal 2026

Expansion Pipeline

The company plans to expand its network to 3,011 beds by March 31, 2028:

• Gurugram II Hospital: 300 beds, planned launch in Fiscal 2027
• Ludhiana Hospital: 500 beds, planned launch in Fiscal 2028

Industry Outlook

India Hospital Sector Growth

India’s hospital industry has an optimistic future with strong, sustained growth of 11-12% CAGR, according to a recent report by CareEdge Ratings. The Indian hospital market reached USD 104.72 billion in 2025 and is projected to expand at a CAGR of 5.80% to 2035, reaching USD 184.03 billion. The healthcare delivery market is expected to grow at a 10-12% CAGR to ₹12 lakh crore over FY25-FY30, with private providers increasing their share of treatments to around 69% by FY30 from 64% in FY20.

Key Growth Drivers

• Rising Health Insurance Penetration: Health insurance penetration continues to rise, driving demand for quality healthcare services. ICRA’s sample set of hospital companies is expected to witness robust revenue growth of 16-18% in FY2026.
• Medical Tourism: India is becoming increasingly recognised as one of the world’s leading centres for medical tourism. In 2024, over 700,000 medical tourists visited India to receive high-quality medical care.
• Aging Population and Lifestyle Diseases: An aging population and the rising prevalence of lifestyle and chronic diseases continue to support increased healthcare capacity.
• Low Hospital Bed Density: India’s relatively low hospital bed density creates structural demand for new hospital capacity.
• Private Sector as Growth Engine: The private sector will remain the key growth engine, supported by ongoing investments in new bed capacity, technology integration, and service diversification.

Operational Metrics

Listed corporate hospital chains have displayed strong financial resilience, with hospital revenues growing at 15-16% CAGR over the past five years and expected to sustain 10-12% growth. Occupancy levels are stabilising around 62-64%, with steady improvement in Average Revenue Per Occupied Bed and operating margins sustaining at 21-22%. Balance sheets have strengthened materially, with leverage declining sharply.

Competitive Landscape

The Indian hospital market remains fragmented, with Apollo Hospitals holding approximately 12.5% market share, followed by Max Healthcare at 10.2%, Narayana Health at 9.1%, and Fortis Healthcare at 8.7%. Paras Healthcare competes with these and other regional players across its operating geographies.

How Will Paras Healthcare Limited Benefit

• The company’s focus on high-acuity CONGOR specialties positions it to benefit from the Indian hospital sector’s projected 11-12% CAGR growth over the next three to five years.
• The company’s planned expansion from 2,211 beds to 3,011 beds by March 2028 will enable it to capture a larger share of the growing healthcare demand in North India.
• Increasing health insurance penetration and the growing medical tourism market (over 700,000 medical tourists in 2024) create sustained demand for the company’s tertiary and quaternary healthcare services.
• The company’s return to profitability in Fiscal 2026, with PAT of ₹438.34 million, demonstrates improving operational efficiency and scalability.
• The company’s presence in underserved markets including Bihar, Jharkhand, and Jammu & Kashmir provides significant growth opportunities with limited competition.
• The company’s capital-efficient operating model with capital expenditure per bed of ₹7.63 million enables disciplined expansion without excessive debt burden.
• The company’s digital health initiatives, including EHR, business intelligence platforms, and AI-enabled patient engagement tools, will drive operational efficiency and cost optimization.
• The private sector’s expected increase to 69% treatment share by FY30 creates a favourable environment for organised hospital chains like Paras Healthcare.

 

 

Peer Group Comparison

Name of Company	Face Value (₹)	Revenue (₹ in million)	Basic EPS (₹)	Diluted EPS (₹)	P/E Ratio	RoNW (%)	NAV (₹)
Paras Healthcare Limited	1	16,059.52	4.34	4.34	[●]*	12.98%	39.11
Peer Group
Aster DM Healthcare Limited	10	46,432.20	7.53	7.52	95.90	9.70%	88.32
Apollo Hospitals Enterprises Limited	5	2,52,285.00	135.04	134.94	60.02	21.95%	657.58
Fortis Healthcare Limited	10	91,278.40	13.80	13.80	67.31	11.08%	131.07
Global Health Limited	2	44,103.00	20.71	20.66	56.55	15.15%	147.06
Jupiter Lifeline Hospitals Limited	10	14,997.87	29.59	29.59	43.98	13.41%	235.50
Krishna Institute of Medical Sciences	2	39,046.00	6.03	6.03	124.98	11.01%	56.17
Max Healthcare Institute Limited	10	83,734.50	14.83	14.76	63.59	14.33%	109.53
Narayana Hrudayalaya Limited	10	78,960.35	39.67	39.67	48.00	19.74%	222.02
Yatharth Hospital and Trauma Care Services	10	12,071.72	18.20	18.20	43.56	10.36%	184.79

 

Key Strategies for Paras Healthcare Limited

Scale Operations at Mature, Emerging, and New Hospitals

Paras Healthcare intends to ramp up operations at its Emerging Hospitals (Ranchi and Udaipur) and New Hospitals (Srinagar and Kanpur) by attracting skilled clinicians, deepening clinical capabilities, and introducing new multi-specialty services. For Mature Hospitals (Gurugram, Patna, Panchkula, and Darbhanga), growth will be driven by strengthening tertiary and quaternary clinical care, enhancing bed utilization through ALOS optimization, and refining the payor mix by increasing the proportion of private insurance.

Continue to Expand Network of Hospitals in North India Whitespaces

Paras Healthcare intends to continue expanding its hospital network in North India, targeting markets where bed density is low and penetration of advanced tertiary and quaternary care is limited. The company has identified several cities including the National Capital Region, Meerut, and Agra as potential expansion markets. The company expects to have a total bed capacity of 3,011 beds by March 31, 2028, through brownfield expansion, greenfield expansion, and selective inorganic opportunities.

Expand into New and High-End Clinical Programs Supported by Advanced Technology

A key pillar of Paras Healthcare’s growth strategy is to continue supplementing and introducing specialist clinical teams across its network to deepen CONGOR capabilities. The company intends to add clinical teams in programs where patient demand exists and introduce new specialties and clinical programs at hospitals where clinical gaps have been identified. The company will continue to deploy advanced medical technology including LINACs, robot-assisted surgical systems, PET-CT scanners, and other specialist equipment.

Continue to Attract and Retain Qualified and Experienced Clinicians

Paras Healthcare will continue to invest in attracting and retaining qualified and experienced clinicians through focused talent acquisition, integration, and retention strategies. The company’s DNB post-graduate degree program, currently operating at hospitals in Gurugram, Patna, Panchkula, and Udaipur, allows training of up to 60 students across 14 specialties annually. The company is also exploring expanded academic affiliations to deepen its talent development platform.

Improve Operational Efficiencies and Patient Experience Through Digital Technology

Paras Healthcare intends to invest in new technologies to further collate, analyze, and implement data-driven operations across all hospitals; revenue cycle management systems to digitize the insurance approval-to-claim-settlement process; and additional business intelligence capabilities to automate analytical reporting. The company will continue to focus on optimizing ALOS through improved communication among healthcare teams, early diagnosis, standardized treatment protocols, and better bed management strategies.

FAQs

How can I apply for Paras Healthcare Limited IPO?
You can apply via HDFCSky using UPI-based ASBA (Application Supported by Blocked Amount) through your bank account.

What is the total issue size of Paras Healthcare Limited IPO?
The IPO comprises a fresh issue of ₹500 crore and an OFS of ₹1,300 crore, totalling ₹1,800 crore.

When was the DRHP refiled with SEBI for Paras Healthcare Limited IPO?
The DRHP was refiled with SEBI on June 4, 2026, after the initial filing in July 2024 was subsequently shelved.

On which exchanges will Paras Healthcare Limited shares be listed?
The equity shares are proposed to be listed on both BSE (Bombay Stock Exchange) and NSE (National Stock Exchange).

What is the face value of Paras Healthcare Limited equity shares?
The face value of each equity share is ₹1 per share.

Infographic Content

Paras Healthcare Limited IPO Highlights

Paras Healthcare Limited is a leading clinical specialty-led hospital platform operating eight hospitals with 2,211 beds across North India, Bihar, and Jharkhand, specializing in CONGOR tertiary and quaternary care services.

• Offer Size:₹1,800 crore (Fresh Issue of ₹500 crore; OFS of ₹1,300 crore)
• Purpose:The net proceeds will be utilized for prepayment of borrowings (₹3,209 million), investment in subsidiary PMHPL for debt repayment (₹541 million), and general corporate purposes.
• Financials (Fiscal Year ended March 31, 2026):Revenue from Operations ₹16,059.52 million; Profit After Tax ₹438.34 million; EPS ₹4.34
• Listing:Mainboard IPO on BSE & NSE