Paras Healthcare IPO Review: Key Details, Company Overview and Financials
- October 19, 2026
- Posted by: Harsh Piplani
- Category: IPO
Paras Healthcare IPO price band Rs 660 to Rs 693. Opens 21 Oct, closes 23 Oct 2026. Issue size about Rs 1,450 Cr. Lists 28 Oct on BSE and NSE.
Quick Answer
The Paras Healthcare IPO is a Rs 1,450 crore issue (about Rs 500 crore fresh plus Rs 950 crore offer for sale) priced at Rs 660 to Rs 693 per share, open from 21 to 23 October 2026 on BSE and NSE. The company runs eight hospitals with 2,211 beds under the Paras Health brand, and Rs 375 crore of the fresh issue is meant to repay debt. FY26 profit after tax was Rs 43.83 crore after a loss of Rs 57.98 crore in FY25, and debt to equity is 3.53, so the pricing leans heavily on the recovery continuing.
The Paras Healthcare IPO is a bookbuilding issue of about Rs 1,450 crore, made up of a fresh issue of 72,15,007 equity shares aggregating about Rs 500 crore and an offer for sale of 1,37,08,513 shares aggregating about Rs 950 crore by promoter Dharminder Kumar Nagar (Rs 300 crore) and investor Commelina Ltd. (Rs 650 crore). The issue was earlier planned at Rs 1,800 crore. Face value is Re 1 per share. Anchor bidding is on 19 October, and the issue opens on 21 October 2026 and closes on 23 October 2026. Allotment is expected on 26 October, and the shares are proposed to list on BSE and NSE on 28 October 2026.
The price band is Rs 660 to Rs 693 per share with a lot size of 21 shares, so one lot needs Rs 14,553 at the upper band. Retail investors can bid up to 13 lots (273 shares, Rs 1,89,189), and small HNI bids run from 14 lots (294 shares, Rs 2,03,742) to 68 lots (Rs 9,89,604). Not more than 75 percent of the net offer is for qualified institutional buyers, at least 15 percent for non-institutional investors and at least 10 percent for retail investors.
JM Financial Ltd., BofA Securities India Ltd. and Nuvama Wealth Management Ltd. are the book-running lead managers for the Paras Healthcare issue, and MUFG Intime India Pvt. Ltd. is the registrar.
For detailed information on the company’s business, financials, risk factors and the use of proceeds, investors should refer to the Paras Healthcare Red Herring Prospectus (RHP) before making an investment decision.
Click Here – Get Free Investment Predictions
Company Overview
Incorporated in 1987 and based in Gurugram, Paras Healthcare Limited operates under the Paras Health brand and offers tertiary and quaternary care. As of 30 June 2026 it ran eight hospitals with 2,211 beds across Gurugram, Panchkula, Patna, Darbhanga, Kanpur, Udaipur, Ranchi and Srinagar, and employed 4,670 people at 31 March 2026.
High-acuity specialties known as CONGOR (cardiac, oncology, neuro, gastro, orthopaedics and sports injury, and renal) made up 75.30 percent of FY26 revenue. The company plans a 300-bed hospital in Gurugram and a 500-bed hospital in Ludhiana, aiming for 3,011 beds by March 2028. Promoters and group hold 72.8 percent before the issue.
Read on for the complete Paras Healthcare IPO details, including dates, issue structure, listing timeline and the company’s financial track record.
IPO Details
| Particulars | Details |
|---|---|
| Anchor Bidding | 19 October 2026 |
| IPO Date | 21 to 23 October 2026 |
| Allotment | Mon, 26 October 2026 (tentative) |
| Refunds and Demat Credit | Tue, 27 October 2026 (tentative) |
| Listing Date | Wed, 28 October 2026 (tentative) |
| Face Value | Re 1 per share |
| Price Band | Rs 660 to Rs 693 |
| Lot Size | 21 Shares |
| Minimum Application (Retail) | 1 lot, 21 shares, Rs 14,553 |
| Maximum Application (Retail) | 13 lots, 273 shares, Rs 1,89,189 |
| Minimum Application (sNII) | 14 lots, 294 shares, Rs 2,03,742 |
| Issue Type | Bookbuilding IPO |
| Sale Type | Fresh Issue and Offer for Sale |
| Total Issue Size | 2,09,23,520 shares (agg. about Rs 1,450 Cr) |
| Fresh Issue | 72,15,007 shares (agg. about Rs 500 Cr) |
| Offer for Sale | 1,37,08,513 shares (agg. about Rs 950 Cr) |
| Quota (QIB / NII / Retail) | Not more than 75% / at least 15% / at least 10% |
| Promoter and Group Holding | 72.8% pre-issue (post-issue figure not stated) |
| Market Cap at Upper Band | About Rs 7,498 Cr post-issue (tracker) |
| Listing Exchange | BSE and NSE |
| Lead Managers | JM Financial, BofA Securities, Nuvama Wealth |
| Registrar | MUFG Intime India |
(Compiled from the DRHP/RHP and market updates)
Industry Context
- India’s hospital sector is growing as incomes, insurance cover and demand for tertiary care rise, and large chains are adding beds in smaller cities as well as metros.
- Hospital businesses are capital heavy, so profit depends on bed occupancy, revenue per occupied bed and the time new hospitals take to mature.
- High-acuity specialties such as cardiac, oncology and neuro care earn higher revenue per patient than general care, which lifts margins for chains that focus on them.
- New hospitals usually run at a loss or low margin in their early years, which can weigh on consolidated profit while expansion continues.
- Investors usually track occupancy, average revenue per occupied bed, EBITDA per bed, debt and the share of mature hospitals.
Business Strengths
Here are the key strengths investors evaluating the Paras Healthcare IPO should weigh:
- A leading position in North India, Bihar and Jharkhand, with eight hospitals and 2,211 beds and a 20-plus year operating history.
- A focus on high-acuity care, with CONGOR specialties at 75.30 percent of FY26 revenue, and an FY26 EBITDA margin of 20.60 percent.
- A clear turnaround: total income rose from Rs 1,314.21 crore in FY25 to Rs 1,628.78 crore in FY26 (about 24 percent), and EBITDA rose from Rs 156.46 crore to Rs 335.58 crore.
- An expansion pipeline of 300 beds in Gurugram and 500 beds in Ludhiana, targeting 3,011 beds by March 2028.
Screen hospital and healthcare stocks on the Univest Screener
Business Risks
Alongside these strengths, the Paras Healthcare issue also carries the following business risks:
- Debt is high. Total borrowings were Rs 1,393.86 crore at March 2026 against net worth of Rs 394.94 crore, and debt to equity was 3.53 (3.21 at June 2026).
- Profit is recent and thin. After losses of Rs 15.33 crore in FY24 and Rs 57.98 crore in FY25, FY26 profit was Rs 43.83 crore, a PAT margin of only 2.69 percent, and return on capital employed was 10.76 percent.
- The valuation is full. A tracker shows 37.7 times earnings, but that uses the annualised June 2026 quarter. On FY26 profit of Rs 43.83 crore and the Rs 7,498 crore market cap, the upper band works out to about 171 times (computed), and a pre-issue P/E of 159.7 is shown.
- About Rs 950 crore of the Rs 1,450 crore issue is an offer for sale, so most of the money goes to the promoter and Commelina Ltd. and not to the company.
- New hospitals take time to ramp up, and the Gurugram and Ludhiana projects will need capital while debt is already high. Sources also differ on some staff counts, so the RHP should be treated as the reference.
Financial Performance
The Paras Healthcare IPO follows a turnaround year. Total income rose from Rs 1,151.02 crore in FY24 to Rs 1,314.21 crore in FY25 and Rs 1,628.78 crore in FY26, while EBITDA rose from Rs 154.41 crore to Rs 156.46 crore and then Rs 335.58 crore. Profit after tax swung from a loss of Rs 57.98 crore in FY25 to a profit of Rs 43.83 crore in FY26, and the quarter to June 2026 added Rs 49.68 crore on income of Rs 478.75 crore.
Paras Healthcare Ltd. – Financials (Rs in Crore)
| Particulars | Q1 FY27 (Jun 2026) | Fiscal 2026 | Fiscal 2025 | Fiscal 2024 |
|---|---|---|---|---|
| Total Income | 478.75 | 1,628.78 | 1,314.21 | 1,151.02 |
| EBITDA | 113.48 | 335.58 | 156.46 | 154.41 |
| Profit After Tax (PAT) | 49.68 | 43.83 | (57.98) | (15.33) |
| Net Worth | 444.96 | 394.94 | 280.49 | 338.51 |
| Total Borrowings | 1,429.49 | 1,393.86 | 1,232.12 | 923.92 |
| Total Assets | 2,202.88 | 2,071.14 | 1,810.45 | 1,477.66 |
Amounts in Rs Crore, restated consolidated figures compiled from published Paras Healthcare IPO disclosures and trackers. One tracker describes FY26 profit growth as 176 percent, but because FY25 was a loss, the change is a swing from loss to profit and not a percentage increase.
Key Ratios and Metrics
The table below summarises the key ratios for the Paras Healthcare issue as of FY26, as published by trackers, plus our own valuation arithmetic. The computed rows are not announced numbers.
These ratios offer a quick snapshot of the profitability and balance sheet behind the Paras Healthcare IPO.
| KPI (FY26) | Value |
|---|---|
| Return on Equity (RoE) | 12.98% |
| Return on Capital Employed (RoCE) | 10.76% |
| EBITDA Margin | 20.60% |
| PAT Margin | 2.69% |
| Debt to Equity | 3.53 |
| Net Asset Value per Share | Rs 39.11 |
| Pre-Issue P/E at Rs 693 (tracker, EPS Rs 4.34) | About 159.7x |
| Post-Issue P/E at Rs 693 on annualised Q1 FY27 profit (tracker) | About 37.7x |
| Post-Issue P/E at Rs 693 on FY26 profit (computed) | About 171x |
| Price to Book (tracker) | About 17.7x |
Objects of the Offer
The company proposes to use the net proceeds of the fresh issue in the Paras Healthcare IPO towards the following objects.
- Repayment or prepayment of certain borrowings of the company (Rs 320.90 Cr)
- Investment in wholly owned subsidiary PMHPL (Srinagar hospital) to repay its borrowings (Rs 54.10 Cr)
- General corporate purposes (balance of the fresh issue, about Rs 125 Cr computed, amount not stated)
The offer for sale proceeds of about Rs 950 crore go to the selling shareholders, not to the company. Even after the debt repayment, borrowings would remain large relative to net worth.
Download the Univest iOS App or Univest Android App to track the Paras Healthcare IPO and get daily stock recommendations.
Conclusion
Here is the bottom line on the Paras Healthcare IPO.
The Paras Healthcare issue offers exposure to a growing North India hospital chain with a high-acuity focus, a sharp EBITDA improvement and a visible expansion pipeline.
The cautions are a very high debt to equity ratio, thin and recent profits, a valuation that looks stretched on FY26 earnings, and a large offer for sale.
Overall, investors weighing the Paras Healthcare issue should read the Red Herring Prospectus (RHP) for occupancy and revenue per bed, judge how fast the June 2026 profit pace can be sustained, and match the position size to their own risk profile.
Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data independently before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
Univest does not publish grey market premium figures. Grey market premium is an unofficial and unregulated indicator collected informally outside the stock exchanges. It is not published, verified or endorsed by SEBI, NSE or BSE, can vary widely between trackers, and is not always accurate.
FAQs
When does the Paras Healthcare IPO open and close?
Ans. The Paras Healthcare IPO opens for subscription on 21 October 2026 and closes on 23 October 2026, with anchor bidding on 19 October. Allotment is expected on 26 October, and the shares are proposed to list on BSE and NSE on 28 October 2026.
What is the price band and minimum investment for the Paras Healthcare IPO?
Ans. The price band is Rs 660 to Rs 693 per share with a lot size of 21 shares. One lot needs Rs 14,553 at the upper band, retail investors can bid up to 13 lots (Rs 1,89,189), and small HNI bids start at 14 lots (Rs 2,03,742).
What does Paras Healthcare do?
Ans. Paras Healthcare runs eight hospitals with 2,211 beds under the Paras Health brand across Gurugram, Panchkula, Patna, Darbhanga, Kanpur, Udaipur, Ranchi and Srinagar. It focuses on cardiac, oncology, neuro, gastro, orthopaedic and renal care.
Is the Paras Healthcare IPO a fresh issue or an offer for sale?
Ans. It is both. The fresh issue is about Rs 500 crore (72,15,007 shares) and the offer for sale is about Rs 950 crore (1,37,08,513 shares) by Dharminder Kumar Nagar and Commelina Ltd., so most of the money goes to the sellers.
How will Paras Healthcare use the IPO money?
Ans. Rs 320.90 crore will repay company borrowings and Rs 54.10 crore will go to subsidiary PMHPL to repay its debt, with the balance for general corporate purposes. Debt repayment is therefore the main use of the fresh issue.
How has Paras Healthcare performed financially?
Ans. Total income rose from Rs 1,314.21 crore in FY25 to Rs 1,628.78 crore in FY26, and EBITDA rose from Rs 156.46 crore to Rs 335.58 crore. Profit after tax moved from a loss of Rs 57.98 crore to a profit of Rs 43.83 crore.
Is the Paras Healthcare IPO expensive?
Ans. A tracker shows 37.7 times earnings, but that is on the annualised June 2026 quarter. On FY26 profit of Rs 43.83 crore the upper band works out to about 171 times by our arithmetic, so the valuation depends heavily on the recent profit pace holding.
What are the main risks in the Paras Healthcare IPO?
Ans. The main risks are debt to equity of 3.53, thin and recent profits, a stretched valuation on FY26 earnings, a large offer for sale and the capital needed for new hospitals while borrowings are high.
Who are the lead managers and registrar for the Paras Healthcare IPO?
Ans. JM Financial Ltd., BofA Securities India Ltd. and Nuvama Wealth Management Ltd. are the book-running lead managers, and MUFG Intime India Pvt. Ltd. is the registrar, handling allotment and the credit of shares to successful applicants’ demat accounts.
Is the Paras Healthcare IPO a good investment?
Ans. The Paras Healthcare issue offers a growing hospital chain in a growing sector, but high debt, thin profits and a full valuation call for caution. Read the prospectus, check occupancy and revenue per bed, and size the position to your own risk appetite before applying.
