| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 1129.04 | 1294.06 | 1605.95 |
| Expenses | 1144.39 | 1364.24 | 1552.75 |
| Other Income | 21.98 | 20.14 | 22.83 |
| Total Revenue | 1151.02 | 1314.21 | 1628.78 |
| Profit Before Tax | 6.63 | -50.04 | 76.03 |
| Net Profit | -15.33 | -57.98 | 43.83 |
Paras Healthcare
Paras Healthcare IPO
₹13,860
0.12 xOver-subscribedBidding Dates 21 Oct, 26 -23 Oct, 26
Min Investment ₹13,860
Lot Size21
Price Range ₹660 – ₹693
Issue Size ₹1,450.00 Cr.
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IPO Subscription Details
Retail Subscription Details
0.58 x
Non-Institutional Buyers (sHNI)
0.1 x
Non-Institutional Buyers (bHNI)
0.03 x
Qualified Institutional Buyers (QIB)
0 x
Total0.12 x
0.12 x IPO Timeline
IPO Offer Start
21 Oct,26
IPO Offer Ends
23 Oct,26
Allotment Finalisation
26 Oct,26
Refund Initiation
27 Oct,26
Listing of Shares
28 Oct,26
IPO Analysis
Strengths
The company is one of the largest healthcare providers in North India, Bihar and Jharkhand with 2,211 beds across 8 hospitals as of June 30, 2026, holding first-mover positions in key markets such as Gurugram, Patna, Panchkula, Srinagar, and Kanpur, with a patient satisfaction score of 90.60 and net promoter score of 93.31 as of March 31, 2026.
The company's hospitals are designed to deliver high-acuity tertiary and quaternary care, with CONGOR specialties (cardiac, oncology, neuro, gastro, orthopedics, renal sciences) contributing 74.35%, 75.30%, 74.70%, 71.92%, and 72.34% of revenue from operations in Q1 FY27, Q1 FY26, and Fiscals 2026, 2025, and 2024, respectively, supported by 559 ICU beds as of June 30, 2026.
The company operates hospitals through a calibrated mix of owned, leased, revenue-sharing, and public-private partnership models, enabling lower upfront capital intensity and faster market entry; capital expenditure per bed stood at ₹7.70 million as of June 30, 2026, reflecting an efficient hospital design philosophy.
Risks
The company incurred consolidated losses of ₹(10.24) million, ₹(579.83) million, and ₹(153.31) million in Q1 FY2026, FY2025, and FY2024, respectively, primarily due to ramp-up costs at new hospitals. The company had the lowest RoCE and RoE and the highest debt-to-equity ratio compared to listed peers, and cannot assure sustained profitability going forward.
As of August 31, 2026, the company's outstanding fund-based borrowings on a consolidated basis were ₹9,394.67 million, with finance costs of ₹1,159.78 million in FY2026. The interest coverage ratio declined to 0.75x in FY2025, and any inability to service debt or comply with financial covenants could materially adversely affect operations and financial condition.
The company experienced overall attrition rates of 60.38%, 66.74%, and 65.27% in FY2026, FY2025, and FY2024, respectively, with retainers and consultants fees alone accounting for ~25% of total expenses. Inability to attract and retain qualified doctors, nurses, and healthcare professionals could impair service quality, occupancy levels, and revenue generation.
Objectives
The company intends to utilize a portion of the Net Proceeds towards prepayment or scheduled re-payment, in full or part, of certain outstanding borrowings availed by the company, including accrued interest and prepayment charges, to reduce overall indebtedness and improve debt-equity ratio.
The company proposes to invest in its wholly owned subsidiary, PMHPL (which also operates the hospital in Srinagar), through debt, to repay or prepay in full or part certain borrowings availed by PMHPL, thereby reducing consolidated indebtedness and improving the debt-equity ratio.
The balance Net Proceeds, not exceeding a specified percentage of Gross Proceeds as per SEBI ICDR Regulations, are intended to be deployed towards general corporate purposes including organic and inorganic growth, capital expenditure, marketing, working capital, and business development initiatives.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 1477.66 | 1810.45 | 2071.14 |
| Fixed Assets | 1104.03 | 1292.73 | 1296.25 |
| Total Equity & Liabilities | 1477.66 | 1810.45 | 2071.14 |
| Total Liabilities | 1139.15 | 1529.96 | 1676.20 |
| Current Liabilities | 420.99 | 619.43 | 718.42 |
| Non Current Liabilities | 718.16 | 910.53 | 957.78 |
| Total Equity | 338.51 | 280.49 | 394.94 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | -7.60 | 21.76 | 9.99 |
| Investing Activities | -194.06 | -147.25 | -239.41 |
| Operating Activities | 92.48 | 86.19 | 163.51 |
| Financing Activities | 93.98 | 82.82 | 85.89 |
About Paras Healthcare
Paras Health is a clinical specialty-led hospital platform providing tertiary and quaternary healthcare services through a network of eight hospitals with an aggregate bed capacity of 2,211 beds across North India, Bihar, and Jharkhand, operating in five states and one union territory. The company has a 20-year operating history with...more
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Managing DirectorDr. Dharminder Kumar Nagar
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