Paras Healthcare Limited is a Gurugram-based multi-specialty hospital chain providing tertiary and quaternary healthcare services under the “Paras Health” brand. The company established its first hospital in Gurugram in 2006 and specialises in advanced medical treatments, complex surgeries and critical care.
As of June 30, 2026, it operated eight hospitals with an aggregate capacity of 2,211 beds, including 1,502 operational beds, across five states and one union territory.
The company focuses on six major clinical specialties, collectively known as CONGOR:
- Cardiac Sciences: Cardiovascular treatments, interventional cardiology and cardiac surgeries.
- Oncology Sciences: Cancer diagnosis, chemotherapy, radiation therapy and cancer surgeries.
- Neuro Sciences: Neurology, neurosurgery and spinal disorder treatments.
- Gastro Sciences: Gastroenterology, gastrointestinal surgeries and liver-related treatments.
- Orthopedics and Sports Injury: Joint replacements, trauma care and sports injury treatments.
- Renal Sciences: Nephrology, urology, dialysis and kidney transplant care.
These specialties contributed 74.70% of revenue from operations in FY2026.
The company operates hospitals in Gurugram, Patna, Darbhanga, Panchkula, Udaipur, Ranchi, Srinagar and Kanpur through owned, leased, revenue-sharing and public-private partnership models. As of June 30, 2026, its network included 559 ICU beds, with seven of its eight hospitals holding NABH accreditation.
Paras Healthcare plans to establish a 300-bed hospital in Gurugram and a 500-bed hospital in Ludhiana, targeting an increase in total bed capacity to 3,011 beds by March 2028.
As of June 30, 2026, the company had 1,084 doctors and 1,937 nurses across its hospital network.
Paras Healthcare IPO – Details
| IPO Opening Date | 21 October 2026 |
| IPO Closing Date | 23 October 2026 |
| Issue Type | Book Built Issue IPO |
| Issue Size | Total Issue Size: 27,00,00,000 Shares Worth ₹1,450.00 Crore Fresh Issue: 72,15,007 Shares Worth ₹500.00 Crore Offer For Sale: 1,37,08,513 Shares Worth ₹950.00 Crore |
| Face Value | ₹1 per equity share |
| IPO Price | ₹660 – ₹693 per share |
| Market Lot | 21 Shares |
| Min Order | 21 Shares [1 Lot] |
| Listing At | BSE, NSE |
| Register | MUFG Intime India Pvt. Ltd. |
| QIB Shares Offered | 75% |
| NII (HNI) Shares Offered | 15% |
| Retail Shares Offered | 10% |
Paras Healthcare IPO – Date Schedule
| IPO Open Date | 21 October 2026 |
| IPO Close Date | 23 October 2026 |
| Basis of Allotment | 26 October 2026 |
| Initiation of Refund | 27 October 2026 |
| Credit of Shares to Demat Account | 27 October 2026 |
| IPO Listing Date | 28 October 2026 |
| Cut-off time for UPI mandate confirmation | 7 PM on October 23, 2026 |
Paras Healthcare IPO – Lots Size & Price
| 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 | 1428 | ₹9,89,604 |
| B-HNI (Min) | 69 | 1449 | ₹10,04,157 |
Competitive Strength
- Leading healthcare provider in North India, Bihar, and Jharkhand.
- Network of 8 hospitals with 2,211-bed capacity.
- Strong Paras Health brand with over 20 years of experience.
- Focus on high-acuity CONGOR specialties.
- Balanced portfolio of mature, emerging, and new hospitals.
- Strong occupancy growth and operational efficiency.
- Experienced workforce of 1,011 doctors and 1,665 nurses.
- Expansion pipeline to reach 3,011 beds by FY28.
- Advanced clinical infrastructure and standardized care protocols.
Company Promoters
- Dharminder Kumar Nagar
Company Financials
| Particulars | Total Revenue | Total Expense | Profit After Tax | Total Borrowing |
|---|---|---|---|---|
| 31 March 2024 | ₹1,151.02 Cr | ₹81,367.40 Cr | – ₹15.33 Cr | ₹923.92 Cr |
| 31 March 2025 | ₹1,314.21 Cr | ₹94,205.70 Cr | – ₹57.98 Cr | ₹1,232.12 Cr |
| 31 March 2026 | ₹1,628.78 Cr | ₹1,09,406.00 Cr | ₹43.83 Cr | ₹1,393.86 Cr |
| 30 June 2026 | ₹478.75 Cr | ₹29,770.80 Cr | ₹49.68 Cr | ₹1,429.49 Cr |
Key Performance Indicator
| KPI | Values (Mar 31, 2026) | Values (June 30, 2026) |
|---|---|---|
| ROE | 12.98% | 11.83% |
| ROCE | 10.76% | 4.23% |
| Debt/Equity | 3.53 | 3.21 |
| RoNW | 12.98% | 11.83% |
| PAT Margin | 2.69% | 10.38% |
| EBITDA Margin | 20.60% | 23.70% |
| NAV | 39.11 | 44.06 |
| Pre IPO | Post IPO | |
| EPS (₹) | 4.34 | 18.37 |
| P/E (x) | 159.68 | 37.72 |
Object Of The Issue
| Objects of the Issue | Expected Amount (₹ in crores) |
|---|---|
| Prepayment or scheduled re-payment, in full or part, of certain outstanding borrowings availed by Company. | ₹320.90 |
| Investment in the wholly owned Subsidiary, PMHPL (which also operates hospital in Srinagar), for repayment/prepayment of borrowings, in full or part, of PMHPL. | ₹54.10 |
| General corporate purposes. |
Paras Healthcare IPO Peer Comparison
| S. No. | Face Value (₹) | Company Name | P/E Ratio |
|---|---|---|---|
| 1 | 10 | Aster DM Quality Care Limited | 91.89 |
| 2 | 5 | Apollo Hospitals Enterprise Limited (“AHEL”) | 59.36 |
| 3 | 10 | Fortis Healthcare Limited (“FHL”) | 55.43 |
| 4 | 2 | Global Health Limited (“GHL”) | 64.46 |
| 5 | 2 | Jupiter Lifeline Hospitals Limited (“JLHL”) | 42.92 |
| 6 | 2 | Krishna Institute of Medical Sciences Limited (“KIMS”) | 116.41 |
| 7 | 2 | Manipal Health Enterprises Limited | 87.00 |
| 8 | 10 | Max Healthcare Institute Limited | 62.10 |
| 9 | 10 | Narayana Hrudayalaya Limited | 43.41 |
| 10 | 10 | Yatharth Hospital and Trauma Care Services Limited | 55.16 |
✅Strengths
- Strong Regional Presence with 8 hospitals and 2,211 beds.
- Specialty Expertise with CONGOR contributing 74.70% of FY2026 revenue.
- Revenue Growth with 19.26% CAGR in FY2024–FY2026.
- Recognised Brand with an established presence in North India.
- Expansion Plans targeting 3,011 beds by March 2028.
⚠️Risks
- High Employee Attrition at 60.38% in FY2026.
- Expansion Risk from new hospital investments and ramp-up.
- Regional Concentration in North India and nearby regions.
- Specialty Dependence on CONGOR services for most revenue.
- Subsidiary Funding Risk due to outstanding unsecured loans.
Paras Healthcare IPO Promoter Holding
| Pre Issue Share Holding | 72.80% |
| Post Issue Share Holding | 63.95% |
Paras Healthcare IPO Prospectus
Company Contact Information
| Paras Healthcare Ltd. 1 st Floor, Tower B, Paras Twin Towers, Golf Course Road, Sector 54, Gurugram, Haryana, 122002 Phone: +91 124 430 2163 Email: cs@parashospitals.com Website: https://www.parashospitals.com/ |
Paras Healthcare IPO Registrar
| MUFG Intime India Pvt. Ltd. Phone: 022-49186000 Email: parashealthcare.ipo@in.mpms.mufg.com Website: https://in.mpms.mufg.com/Initial_Offer/public-issues.html |
Paras Healthcare IPO Lead Manager(s)
| 1. JM Financial Limited 2. BofA Securities India Limited 3. Nuvama Wealth Management Limited |
Paras Healthcare IPO FAQs
| What is the Paras Healthcare IPO? Paras Healthcare IPO is a main-board IPO. The issue is priced at ₹660 to ₹693 per equity share. The IPO is to be listed on the BSE & NSE. |
| When will the Paras Healthcare IPO open? The IPO is to open on 21 October 2026 for QIB, NII, and Retail Investors. |
| What is Paras Healthcare IPO Investors Portion? The investors’ portion for QIB – 75%, NII – 15%, and Retail – 10%. |
| What is the Paras Healthcare IPO Size? Paras Healthcare IPO size is ₹1,450.00 Crore. |
| What are the Paras Healthcare IPO Minimum and maximum lot sizes for Retail? The minimum bid is 21 Shares with ₹14,553, while the maximum bid is 273 Shares with ₹1,89,189. |
| What is the Paras Healthcare IPO Allotment Date? Paras Healthcare IPO allotment date is 26 October 2026. |
| What is the Paras Healthcare IPO Listing Date? Paras Healthcare IPO listing date is 28 October 2026. The IPO is to be listed on the BSE and the NSE. |
