Paras Healthcare IPO

Paras Healthcare Initial Public Offering opens for subscription on October 21, 2026, and closes on October 23, 2026. The allotment for the Paras Healthcare Initial Public Offering is expected to be finalised on October 26, 2026. Paras Healthcare Initial Public Offering will list on the National Stock Exchange of India and the Bombay Stock Exchange, with a tentative listing date of October 28, 2026.

Paras Healthcare Initial Public Offering has set its issue price band at ₹660 to ₹693 per share. JM Financial Limited is the book-running lead manager, and MUFG Intime India Private Limited is the registrar of the issue.

About Paras Healthcare Limited

Paras Healthcare Limited was originally incorporated as Arbian Frozen Foods Private Limited on December 21, 1987, under the Companies Act, 1956. It transitioned into a deemed public company in 1993, reverted to a private limited entity in 2003, and subsequently changed its name to Paras Healthcare Private Limited on July 21, 2003, to reflect the shift in business activity from frozen foods to healthcare services. The company was converted back into a public limited company, becoming Paras Healthcare Limited, with a fresh certificate of incorporation issued on July 18, 2024 (and updated on September 29, 2025).

The company is a leading healthcare delivery provider operating multi-speciality tertiary and secondary care hospitals under the "Paras Health" brand. Its clinical offerings centre around high-acuity specialised medical treatments, primarily across six core specialities (CONGOR): Cardiac sciences, Oncology sciences, Neurosciences, Gastro sciences, Orthopaedics and Sports injury, and Renal sciences, along with in-house 24/7 pharmacies and comprehensive diagnostic facilities.

Paras Healthcare operates an integrated hospital network spanning North India, Bihar, and Jharkhand. As of March 31, 2026, the company operates 8 hospitals located across Gurugram and Panchkula (Haryana), Patna and Darbhanga (Bihar), Kanpur (Uttar Pradesh), Udaipur (Rajasthan), Ranchi (Jharkhand), and Srinagar (Jammu & Kashmir).

The company has steadily expanded its operational scale and bed capacity over the years, growing from 2,135 beds in Fiscal 2024 to 2,211 beds across its network as of March 31, 2026. It is expanding further with a 300-bed hospital in Gurugram and a 500-bed hospital in Ludhiana to scale its capacity to 3,011 beds by March 31, 2028. Revenue is primarily generated via in-patient services, out-patient consultations, and pharmacy operations through self-pay patients, private insurance/TPAs, and empaneled government/PSU health schemes (such as CGHS, ECHS, and AB-PMJAY).

Paras Healthcare maintains high standards of clinical care and hospital infrastructure, with key facilities and testing laboratories holding certifications and accreditations from national bodies such as the National Accreditation Board for Hospitals and Healthcare Providers (NABH) and the National Accreditation Board for Testing and Calibration Laboratories (NABL).

Industry Outlook

• India's healthcare delivery market is projected to expand at a CAGR of 10% to 12% over FY24–FY28 (expected to reach ₹9.4 trillion to ₹10.8 trillion), with hospitals comprising approximately 62% of the overall healthcare industry.
• The North India region alongside Bihar and Jharkhand accounts for a population of ~592 million but had only ~750,000 to 760,000 hospital beds as of Fiscal 2022, falling well short of the National Health Policy (NHP) recommended benchmark of ~1,184,714 beds.
• The hospital sector in northern and eastern states remains heavily fragmented, with organized private hospital chains holding a relatively low proportion of operational beds, creating immense consolidation and growth runway for established networks.
• An epidemiological shift toward chronic and lifestyle ailments is accelerating demand for specialised tertiary care, particularly across high-acuity disciplines such as cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics, and renal sciences.
• Deepening penetration of retail health insurance alongside government-sponsored universal health programs (such as AB-PMJAY, CGHS, and ECHS) is improving treatment affordability and driving patient footfalls to private tertiary care providers.
• Given the high concentration of hospital beds in Tier-1 metropolitan centres, secondary and tertiary markets in northern and eastern India offer significant demand-supply arbitrage with lower land and setup costs.
• Growing urbanization, rising disposable incomes, an increasing proportion of the population aged over 30, and longer life expectancy continue to support durable long-term demand for in-patient admissions and out-patient consultations.

Paras Healthcare IPO Objectives

The company proposes to utilise the net proceeds from the IPO for the following objectives:

• To prepay or schedule the repayment, in full or in part, of certain outstanding borrowings availed by the company.
• To fund investment in its wholly-owned subsidiary, Plus Medicare Hospitals Private Limited (PMHPL), for the repayment or prepayment, in full or in part, of certain borrowings availed by PMHPL (which operates the Srinagar hospital).
• Towards general corporate expenses.

Financial Performance of Paras Healthcare Limited

Paras Healthcare Limited Peer Details Comparison

Strengths and Opportunities of Paras Healthcare IPO

1. Leading healthcare delivery platform in underserved markets of North India, Bihar, and Jharkhand, operating an expanding network of 8 hospitals across five states and one union territory with an aggregate bed capacity of 2,211 beds as of March 31, 2026.
2. Strong revenue expansion, with revenue from operations growing from ₹1,12,903.90 lakh in Fiscal 2024 to ₹1,60,595.20 lakh in Fiscal 2026, delivering a 2-year CAGR of 19.26%.
3. Turnaround to operational profitability, with EBITDA increasing from ₹1,544.11 million in FY24 to ₹3,355.77 million in FY26, and profit after tax (PAT) turning positive to ₹438.34 million in FY26 from net losses in FY24 and FY25.
4. Clinical excellence anchored in high-acuity CONGOR specialties (cardiac sciences, oncology, neurosciences, gastro sciences, orthopedics & sports injury, and renal sciences), which collectively contributed 74.70% (₹11,996.35 million) of total revenue from operations in Fiscal 2026.
5. Quality clinical talent and deep bench strength, supported by 4,670 medical professionals and support personnel as of March 31, 2026, including 1,011 experienced doctors and 1,665 qualified nurses.
6. Diversified and balanced payor mix, reducing counterparty reliance across government schemes & PSUs (41.28%), self-pay patients (33.88%), and private insurance/TPAs (24.84%) in Fiscal 2026.
7. Experienced promoter and seasoned executive leadership, led by Managing Director Dr. Dharminder Kumar Nagar with over two decades of healthcare industry and clinical operations experience.

Risks and Threats of Paras Healthcare IPO

1. The company reported consolidated net losses of ₹579.83 million in Fiscal 2025 and ₹153.31 million in Fiscal 2024, only turning profitable in Fiscal 2026 (₹438.34 million). Additionally, key subsidiaries (PHRPL and PMHPL) incurred collective losses of ₹520.89 million, ₹822.38 million, and ₹872.69 million in Fiscals 2026, 2025, and 2024, respectively, resulting in negative subsidiary net worth.
2. Five of the company's eight operational hospitals are in North India (Gurugram, Panchkula, Udaipur, Srinagar, and Kanpur). These facilities contributed 66.07%, 68.40%, and 67.33% of consolidated revenue from operations in fiscal years 2026, 2025, and 2024, respectively, exposing the business to regional economic, seasonal, and geopolitical disruptions.
3. A significant proportion of operating revenue is concentrated across six core clinical specialties—cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics, and renal sciences (CONGOR). CONGOR specialities accounted for 74.70% (₹11,996.35 million), 71.92%, and 72.34% of revenue from operations in Fiscals 2026, 2025, and 2024, respectively.
4. The company faces intense competition for skilled medical talent, resulting in high overall attrition rates of 60.38% (FY26), 66.74% (FY25), and 65.27% (FY24). Nursing staff experienced the highest turnover, with an attrition rate of 81.82% in Fiscal 2026.
5. As of March 31, 2026, total outstanding fund-based borrowings stood at ₹8,541.01 million (out of ₹10,798.20 million sanctioned). High indebtedness limits operational flexibility and generated finance costs of ₹1,159.78 million in FY26, ₹909.19 million in FY25, and ₹670.64 million in FY24.
6. Six of the eight operational hospitals operate on leased or public-private partnership (PPP) arrangements, contributing 60.53% of FY26 revenue from operations. Furthermore, committed future undiscounted cash outflows for leases that have not yet commenced (Gurugram II and Ludhiana hospitals) totaled ₹10,547.84 million as of March 31, 2026.
7. Revenue from government schemes and PSUs expanded to 41.28% of operational revenue in Fiscal 2026. This payor channel carries an average receivable cycle of 153.23 days (compared to 4.73 days for self-pay), increasing total trade receivables to ₹3,495.71 million and working capital requirements to ₹1,733.61 million in FY26.
8. In Fiscal 2024, the company's ratings were placed under rating watch with developing implications. In Fiscal 2025, CARE Ratings downgraded long-term facilities from CARE BBB+ (Stable) to CARE BBB (Negative), and long-term/short-term facilities to CARE BBB (Negative) / CARE A3+, increasing borrowing sensitivities.

Paras Healthcare IPO Reservation

Paras Healthcare IPO Promoter Holding

The promoter of the company is Dharminder Kumar Nagar.

Paras Healthcare IPO Prospectus

• Paras Healthcare IPO DRHP
• Paras Healthcare IPO RHP

Paras Healthcare IPO Registrar and Lead Managers

Paras Healthcare IPO Lead Managers

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

Registrar for Paras Healthcare IPO

MUFG Intime India Private Limited

• Contact Number: +91 810 811 4949
• Email Address: parashealthcare.ipo@in.mpms.mufg.com

How To Apply for Paras Healthcare IPO Online?

1. Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
2. Locate the IPO Section: Navigate to the 'IPO' section on the platform.
3. Select IPO: Find and select the Paras Healthcare IPO from the list of open IPOs.
4. Enter the Lot Size: Specify the number of lots you want to bid for.
5. Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
6. Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.

How To Check the Allotment Status of the Paras Healthcare IPO?

Steps to check IPO allotment status on Angel One’s app:

1. Log in to the Angel One app.
2. Go to the IPO Section and then to IPO Orders.
3. Select the individual IPO that you had applied for and check the allotment status.
4. Angel One will notify you of your IPO allotment status via push notification and email.

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Contact Details of Paras Healthcare IPO

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: cs@parashospitals.com