Paras Healthcare Limited IPO
Offer terms, application timeline, financial context and company details in one place.
Issue at a glance
- Issue size
- ₹0.35 crore
- Face value
- ₹1
- Issue method
- Book Building
- Fresh issue
- ₹0.35 crore
- Symbol
- PARASHLTH
- ISIN
- INE661T01029
Subscription
1.92×overall subscribed
Demand by bid price
About the company
Incorporated in1987, 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 June 30, 2026. It specializes in cardiac sciences, oncology, neurosciences, gastro sciences, orthopedics & sports injury, and renal sciences (CONGOR specialties), which contributed 75.30% of revenue in Fiscal 2026. Paras Healthcare has over 20 years of operating history and follows a balanced growth strategy through mature, emerging, and new hospitals. The company plans to expand its network with a 300-bed hospital in Gurugram and a 500-bed hospital in Ludhiana, increasing total capacity to 3,011 beds by March 2028.
Financial snapshot
| Particulars | FY26 | FY27 |
|---|---|---|
| Revenue | ₹1,605.95 cr | ₹1,881.08 cr (17.13%) |
| PAT | ₹43.83 cr | ₹198.72 cr (353.39%) |
| PAT Margin | 2.73 % | 10.56 % (286.81%) |
| EBITDA | ₹335.58 cr | ₹453.92 cr (35.26%) |
| EBITDA Margin | 20.90 % | 24.13 % (15.45%) |
| ROE | 11.10 % | 11.17 % |
| ROCE | 10.76 % | 4.23 % |
| D/E | 2.16 | 3.21 |
What to consider
Use of proceeds
IPO NewsUpcoming IPOParas Healthcare Ltd. Refiled Draft Prospectus with SEBIUpdated At: Jul 28, 2026 06:30Paras Healthcare IPOIn an exciting development, Paras Healthcare Ltd. has taken a significant step towards its Initial Public Offering (IPO) by refiling its Draft Red Herring Prospectus (DRHP) on June 4, 2026 with the the Securities and Exchange Board of India (SEBI). Notably, this company had previously submitted its IPO documents on July 31, 2024.A Snapshot of the CompanyIncorporated 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.IPO Details and Strategic Objectives:As per DRHP filled on Jun 4, 2026, the company is planning to offer a fresh issue of ₹500.00 crores and an offer for sale (OFS) of ₹1,300.00 crores.Allocation strategy includes Not more than 75% of the Net…
Business strengths
- Largest Healthcare Provider with First-Mover AdvantageThe company is one of the largest healthcare providers in North India, Bihar and Jharkhand by bed capacity, with 2,211 beds across eight hospitals as of June 30, 2026, several of which were first corporate hospital entrants in their respective markets.
- Strong Focus on Tertiary and Quaternary CareCONGOR specialties, comprising cardiac, oncology, neuro, gastro, orthopedics and renal sciences, accounted for 74.70%, 71.92% and 72.34% of revenue from operations in Fiscals 2026, 2025 and 2024, respectively, supported by dedicated ICU infrastructure and transplant programs.
- Capital-Efficient and Flexible Operating ModelThe company operates hospitals through a mix of owned, leased, revenue-share and public-private partnership structures, enabling disciplined, capital-efficient expansion with a capital expenditure per bed of ₹7.70 million as of June 30, 2026.
Key risks
- History of LossesThe company incurred consolidated losses of ₹(10.24) million, ₹(579.83) million and ₹(153.31) million in the three months ended June 30, 2025 and Fiscals 2025 and 2024, respectively, and there is no assurance that profitability achieved in Fiscal 2026 will continue.
- Subsidiary LossesSubsidiaries PHRPL and PMHPL together incurred losses of ₹(203.82) million, ₹(520.89) million, ₹(822.38) million and ₹(872.69) million in the three months ended June 30, 2025 and Fiscals 2026, 2025 and 2024, as their hospitals continue to scale up operations.
- High Attrition Among Healthcare StaffThe company experienced attrition rates of 12.01%, 16.09%, 60.38%, 66.74% and 65.27% among doctors, nurses and other staff in the relevant periods, and failure to manage attrition could adversely affect service quality and operations.
Peer comparison
| Company Name | EPS (Basic) | EPS (Diluted) | NAV (₹ per share) | P/E (x) |
|---|---|---|---|---|
| Paras Healthcare Ltd. | 4.34 | 4.34 | 39.11 | 12.98 |
| Aster DM Quality Care Ltd. | 7.53 | 7.52 | 88.32 | 91.89 |
| Apollo Hospitals Enterprise Ltd. | 135.04 | 134.94 | 657.58 | 59.36 |
| Fortis Healthcare Ltd. | 13.80 | 13.80 | 131.07 | 55.43 |
| Global Health Ltd. | 20.71 | 20.66 | 147.06 | 64.46 |
| Jupiter Lifeline Hospitals Ltd. | 5.92 | 5.92 | 47.10 | 42.92 |
| Krishna Institute of Medical Sciences Ltd. | 6.03 | 6.03 | 56.17 | 116.41 |
| Manipal Health Enterprises Ltd. | 7.71 | 7.67 | 63.26 | 87.00 |
| Max Healthcare Institute Ltd. | 14.83 | 14.76 | 109.53 | 62.10 |
| Narayana Hrudayalaya Ltd. | 39.67 | 39.67 | 222.02 | 43.41 |
| Yatharth Hospital and Trauma Care Services Ltd. | 18.20 | 18.20 | 184.79 | 55.16 |