IPO Overview
Paras Healthcare Limited is one of North India’s leading hospital chains, established in 2006 with its first hospital launched in Gurugram. The company operates hospitals under the “Paras Health” brand, providing tertiary and quaternary healthcare services. The company operates eight hospitals with an aggregate bed capacity of 2,211 beds across Gurugram, Panchkula, Patna, Darbhanga, Kanpur, Udaipur, Ranchi, and Srinagar — spanning five states and one union territory. The clinical model is anchored around 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 is now launching its mainboard IPO on BSE and NSE. The IPO is a ₹1,450 crore book-building issue comprising a ₹500 crore fresh issue and a ₹950 crore offer for sale. The IPO opens on October 21, 2026, and closes on October 23, 2026, with a price band of ₹660–₹693 per share and a lot size of 21 shares. Listing is expected on October 28, 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – Mainboard |
| Listing Exchange | BSE & NSE |
| IPO Open Date | 21 October 2026 |
| IPO Close Date | 23 October 2026 |
| Allotment Date | 26 October 2026 (Expected) |
| Refund Initiation | 27 October 2026 |
| Credit to Demat | 27 October 2026 |
| Listing Date | 28 October 2026 (Tentative) |
| Price Band | ₹660 – ₹693 per share |
| Face Value | ₹1 per share |
| Lot Size | 21 shares |
| Minimum Investment (Retail) | ₹14,553 (1 lot = 21 shares) |
| Maximum Investment (Retail) | ₹1,89,189 (13 lots = 273 shares) |
| Issue Size | ₹1,450 crore |
| Fresh Issue | 72,15,007 shares (₹500 crore) |
| Offer For Sale (OFS) | 1,37,08,513 shares (₹950 crore) |
| Market Cap (at upper band) | ~₹7,498 crore |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
OFS / Selling Shareholders
The selling shareholders in the OFS include the promoter Dr. Dharminder Nagar and other existing investors. The OFS component is ₹950 crore out of the total ₹1,450 crore issue — all OFS proceeds go to the selling shareholders and not to the company.
Objects of the Issue (Fund Utilization)
Approximately ₹320.90 crore from the fresh issue proceeds will be used towards debt repayment, while ₹54.10 crore will be invested in PMHPL (Plus Medicare Hospitals Private Limited), which operates the Srinagar hospital facility. The remaining funds will be used for general corporate purposes.
- Repayment / prepayment of existing borrowings — ₹320.90 crore
- Investment in subsidiary PMHPL (Srinagar hospital) — ₹54.10 crore
- General corporate purposes — remaining proceeds
Lead Managers & Registrar
- Book Running Lead Manager: JM Financial Limited, BofA Securities India Limited, Nuvama Wealth Management Limited
- Registrar to the Issue: MUFG Intime India Pvt. Ltd.
Promoters & Management
The company’s promoter is Dr. Dharminder Nagar, who is also a selling shareholder in the OFS. The clinical model is anchored around experienced and nationally recognised doctors, including three Padma Shri awardees.
Company Details
Paras Healthcare Limited is a clinical speciality-led hospital platform that provides tertiary and quaternary healthcare services under the “Paras Health” brand, running multispecialty hospitals offering inpatient and outpatient care.
Hospital Locations:
- Haryana: Gurugram, Panchkula
- Bihar: Patna, Darbhanga
- Uttar Pradesh: Kanpur
- Rajasthan: Udaipur
- Jharkhand: Ranchi
- J&K (UT): Srinagar
Clinical Specialties:
- Cardiac Sciences
- Oncology
- Neurosciences
- Gastro Sciences
- Orthopedics & Sports Injury
- Renal Sciences
Key Capabilities:
- Asset-light business model focused on driving patient access and operational performance, with strong ability to attract and retain renowned clinicians.
- Over 20 years of operating history, with plans to expand to 3,011 beds by March 2028 — including new hospitals in Gurugram (300 beds) and Ludhiana (500 beds).
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹1,372 (est.) | Loss |
| FY25 | ~₹1,553 | Loss |
| FY26 | ₹1,628.79 | ₹43.83 |
| Q1 FY27 (Jun 2026) | ₹470.28 | ₹49.68 |
Key Financial Metrics
- Revenue CAGR of 19.26% from FY24 to FY26, with a strong return to profitability in FY26.
- The company reported a profit after tax of ₹438.34 million (₹43.83 crore) in Fiscal 2026 compared to losses in prior years — marking a meaningful financial turnaround.
- Price to Book Value: 17.72x (as of March 31, 2026)
- Two subsidiaries (Paras Healthcare Ranchi & Plus Medicare Hospitals) continue to report losses, impacting consolidated profitability.
Company Strengths
- One of the largest healthcare providers in underserved markets of North India — with a first-mover advantage in Tier 2 and Tier 3 cities across states like Bihar, Jharkhand, and J&K.
- Diversified operations across clinical specialties, payor mix, and geographically spread hospitals — reducing concentration risk.
- Successful financial turnaround — company returned to profitability in FY26 after years of losses, with accelerating margins in Q1 FY27
- Expansion pipeline to 3,011 beds by March 2028, with new hospitals planned in Gurugram and Ludhiana.
- Clinical model backed by Padma Shri awardees and renowned specialists — supporting strong brand trust and patient volumes
- Growing demand for organized, specialty-led private healthcare in North India’s underserved markets
Key Risks & Challenges
- Two subsidiaries — Paras Healthcare (Ranchi) and Plus Medicare Hospitals — together lost ₹52.09 crore in FY2026, ₹82.24 crore in FY2025, and ₹87.27 crore in FY2024 — a persistent drag on consolidated profitability.
- All eight hospitals are concentrated in North India — limiting geographic diversification.
- Large OFS component (₹950 crore out of ₹1,450 crore) — majority of proceeds go to promoter and existing investors, not the company
- Business faces risks around patient volumes, demand for speciality services, and competition from larger hospital chains in the fast-growing organised healthcare sector.
- High dependence on attracting and retaining skilled healthcare professionals — doctors, surgeons, and specialists — to sustain clinical quality
- Still in early stages of profitability — FY26 PAT of ₹43.83 crore on revenues of ₹1,628 crore implies a thin net margin of ~2.7%
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
