| Price | Lot Size | Issue Date | Issue Size |
|---|---|---|---|
| ₹660 to ₹693 | 21 | 21st Oct, 2026 – 23rd Oct, 2026 | ₹1,450 Cr |
Paras Healthcare Limited
Paras Healthcare Limited is a clinical specialty-led hospital platform providing tertiary and quaternary healthcare services through eight hospitals with an aggregate capacity of 2,211 beds as of June 30, 2026, across North India, Bihar and Jharkhand, under the “Paras Health” brand. Its clinical portfolio is anchored by six core specialties, Cardiac Sciences, Oncology, Neurosciences, Gastro Sciences, Orthopaedics and Sports Injury, and Renal Sciences (collectively, “CONGOR”), which contributed 74.7% of FY26 operating revenue. The hospital network comprises four mature facilities in Gurugram, Patna, Panchkula and Darbhanga, two emerging hospitals in Ranchi and Udaipur, and two newer facilities in Srinagar and Kanpur. This portfolio combines established, revenue-generating centres with opportunities to improve occupancy and gain operating leverage at newer facilities. The company also operates Paras Labs, a NABL-accredited central reference laboratory in Gurugram, supporting its diagnostic services. Its flexible operating model includes owned, leased, revenue-sharing and public-private partnership arrangements, enabling calibrated capital deployment. In FY26, the company recorded 1,15,496 inpatient discharges, 7,78,707 outpatient consultations and an average revenue per occupied bed (ARPOB) of Rs. 47,398 per day. Its expansion pipeline includes a planned 300-bed hospital in Gurugram by FY27 and a hospital of up to 500 beds in Ludhiana by FY28, taking targeted bed capacity to 3,011 by March 2028. Growth prospects are supported by rising demand for organized healthcare in underserved markets, increasing penetration of high-value specialties, and the ramp-up of newer hospitals, while execution and capacity utilization remain key monitorables.
Objective of Paras Healthcare Limited
The IPO consists of a fresh issue of Rs. 500 crores and an Offer for Sale of Rs. 950 crores. The company proposes to utilize the proceeds from the issue towards the following objects:
- Prepayment or scheduled re-payment, in full or part, of certain outstanding borrowings availed by our Company
- Investment in our wholly owned Subsidiary, PMHPL (which also operates our hospital in Srinagar), for repayment/prepayment of borrowings, in full or part, of PMHPL ; and
- General corporate purposes
Rationale To Paras Healthcare Limited
Investment Rationale
Strong regional presence, first-mover advantage and established brand equity
Paras Healthcare has established a strong regional presence across North India, Bihar and Jharkhand, positioning itself among the largest healthcare providers in these markets by bed capacity. As of June 30, 2026, the company operated eight hospitals across five states and one union territory, with a total capacity of 2,211 beds, up from 200 beds in June 2006. Its strategy of entering markets with large patient catchments and unmet demand for quality tertiary and quaternary healthcare has enabled it to establish an early presence in key locations. The company has differentiated positioning across several markets, including being the first corporate hospital entrant among listed peers in Gurugram and Patna, while its Srinagar hospital is the largest corporate super-specialty private hospital in Jammu and Kashmir by bed capacity. Its established regional footprint is supported by the growing demand for organized healthcare, with the Indian healthcare delivery market expected to expand at a CAGR of 10-12% between FY25 and FY30 to reach Rs. 11.2–12.2 trillion. North India’s healthcare delivery market is projected to grow at a similar rate, while Bihar and Jharkhand are expected to register 9.5-11.5% growth over the same period, providing a favourable demand environment for the company’s expansion. In addition, the Paras Health brand benefits from strong patient satisfaction metrics, with a score of 90.60 and a net promoter score of 93.31 as of March 31, 2026. Seven of its eight hospitals are NABH-accredited, reinforcing its focus on clinical quality and patient-centric care. In the future, regional brand recognition, established hospital infrastructure, first-mover advantages in select markets, and rising demand for specialized healthcare could support patient acquisition, referral generation, and expansion across existing catchments. However, sustaining this competitive position will depend on maintaining clinical quality, attracting experienced medical professionals, and improving the utilization and profitability of its hospital network.
Strong focus on tertiary and quaternary care with high contribution from CONGOR specialties
Paras Healthcare has established a strong clinical position in tertiary and quaternary healthcare, with a focused presence across CONGOR specialties and the capability to manage complex, high-acuity cases. These specialties contributed 74.70% in FY26, underscoring the company’s sustained focus on advanced, specialized healthcare services. Its critical care infrastructure has strengthened, with ICU capacity increasing from 425 beds as of March 2024 to 559 beds as of June 2026, supported by dedicated cardiac, neurological, transplant, neonatal, paediatric, medical and surgical ICUs. The company is further enhancing its clinical capabilities by investing in advanced oncology infrastructure, including LINAC and PET-CT facilities at select hospitals, and introducing robotic surgery programmes in Patna, Panchkula, and Kanpur. Its quaternary care portfolio includes bone marrow transplantation at Gurugram, Patna and Panchkula, kidney and liver transplant programmes at Gurugram and Patna, and deep brain stimulation at Gurugram and Panchkula. These specialized treatment capabilities, combined with the planned expansion of advanced clinical programmes across the network, could support a higher-acuity patient mix, strengthen patient referrals and improve revenue realization. The company’s focus on complex procedures and advanced surgeries could also support average revenue per occupied bed (ARPOB) and operating performance. As we advance, expanding oncology and robotic surgery services, deepening penetration of transplant programmes, and installing a LINAC in Srinagar in FY27 could strengthen its competitive positioning and support growth in specialized healthcare services
Valuation of Paras Healthcare Limited
Paras Healthcare has established a multi-specialty hospital platform with a strong regional presence across North India, a diversified clinical portfolio, and meaningful headroom for growth as it ramps up its newer facilities. The company’s growth strategy is focused on improving the operational performance of its emerging hospitals in Ranchi and Udaipur and newer hospitals in Srinagar and Kanpur by increasing bed occupancy, expanding clinical capabilities, attracting experienced clinicians, introducing services in underpenetrated specialties and strengthening referrals through outreach clinics and community screening programmes. Additionally, the company intends to expand its hospital network across underserved markets in North India, targeting regions with low bed density, limited access to advanced tertiary and quaternary care, and improving economic prosperity. The strategy is supported by favourable industry fundamentals, with the North India healthcare delivery market estimated at Rs. 2.1-2.2 trillion in FY24 and projected to grow at a CAGR of 10-12% to Rs. 3.6-3.8 trillion by FY30, driven by rising healthcare expenditure, lifestyle-related diseases, growing middle-class incomes and increasing penetration of organized hospital chains. The region’s relatively low bed density of 14-15 beds per 10,000 populations, compared with 29-30 beds in South India, highlights a significant capacity expansion opportunity for organized healthcare providers. On the financial front, Paras Healthcare has improved its financial performance, turning profitable with a PAT of Rs. 438.3 mn in FY26 against a loss of Rs. 579.8 million in FY25, supported by higher operating scale and improved profitability. Patient throughput also strengthened, with inpatient discharges reaching 1,15,496 and outpatient consultations increasing to 7,78,707 in FY26. In the future, improved occupancy at newer hospitals, a richer specialty mix, higher patient volumes, better utilization of existing infrastructure, and operating leverage could support revenue growth and margin expansion. However, the pace of earnings improvement will depend on the successful ramp-up of recently commissioned facilities, sustained profitability across the hospital network and disciplined capital allocation amid the capital-intensive nature of healthcare delivery. At the upper price band of Rs. 693, the IPO is valued at ~25.7x FY26 EV/EBITDA. We thus recommend a “SUBSCRIBE” rating for the issue.
What is the Paras Healthcare Limited IPO?
The initial public offer (IPO) of Paras Healthcare Limited an early investment opportunity in. A stock market investor can buy Paras Healthcare Limited IPO shares by applying in IPO before Paras Healthcare Limited get listed at the stock exchanges. An investor could invest in Paras Healthcare Limited for short term listing gain or a long term.
How to apply for the Paras Healthcare Limited IPO through StoxBox?
To apply for the Paras Healthcare Limited through StoxBox one can apply from the website and also from the app. Click here
When will the Paras Healthcare Limited IPO open?
Paras Healthcare Limited is opening on 21st Oct 2026. Apply Now
What is the lot size of the Paras Healthcare Limited IPO?
The Lot Size of Paras Healthcare Limited 21 equity shares. Login to your account now.
When is the Paras Healthcare Limited IPO allotment date?
The allotment Date for Paras Healthcare Limited IPO 26th oct 2026. Login to your account now.
When is the Paras Healthcare Limited IPO listing date?
The listing Date for Paras Healthcare Limited is 28th Oct 2026. Login to your account now
What is the minimum investment required for the Paras Healthcare Limited IPO?
In the Retail segment the minimum investment required is Rs 14,553 Login to your account now
What is the maximum investment allowed for Paras Healthcare Limited IPO?
In the Retail segment the maximum investment requirement Rs 1,89,189 Login to your account now
What are the risks associated with investing in the Paras Healthcare Limited IPO?
- The Company’s dependence on skilled doctors, nurses and healthcare professionals exposes it to employee attrition risks. Attrition stood at 60.38% in FY26, which could increase recruitment and training costs, disrupt clinical operations and adversely affect patient volumes and profitability.
- Government payer categories accounted for ~82.89% of gross trade receivables as of March 31, 2026. Delays in claim processing and collections could increase working-capital requirements, strain cash flows and raise the risk of receivables impairment.
- The Company’s substantial capital expenditure requirements and borrowings to fund expansion and new hospitals expose it to financial risks. Lower-than-expected utilization or delays in generating operating cash flows could constrain liquidity, debt-servicing capacity and future growth.
When will the Paras Healthcare Limited IPO shares be credited to my Demat account?
The Paras Healthcare Limited will be credited to the account on allotment date which is 26th Oct 2026. Login to your account
Where can I find the Paras Healthcare Limited IPO prospectus?
The prospectus of Paras Healthcare Limited IPO prospectus can be found on the website of SEBI, NSE and BSE
