💡 Overview & Quick Summary
Paras Healthcare Limited IPO Summary: Paras Healthcare Limited (operating under the "Paras Health" brand) is launching an Initial Public Offering (IPO) of Rs. 1,450.00 Crore (2,09,23,520 shares of Face Value Rs. 1/- each) comprising a Fresh Issue of Rs. 500.00 Crore and an Offer for Sale (OFS) of Rs. 950.00 Crore, priced at Rs. 660 to Rs. 693 per share. The issue opens on Oct 21, 2026, and closes on Oct 23, 2026, with a lot size of 21 shares (Rs. 14,553 at the upper price band). Paras Healthcare operates eight hospitals with an aggregate bed capacity of 2,211 beds as of June 30, 2026 (expanding to 3,011 beds by March 31, 2028), with CONGOR specialties contributing 74.70% of FY2026 revenue. Revenue grew at a 19.26% CAGR to Rs. 1,605.95 crore in FY2026 (Total Income Rs. 1,628.78 crore), EBITDA more than doubled to Rs. 335.58 crore, and PAT turned positive at Rs. 43.83 crore in FY2026 and Rs. 49.68 crore in Q1FY2027 alone. At the upper band of Rs. 693 (market cap Rs. 7,498 crore), the issue is valued at 160x FY2026 EPS, 38x annualised Q1FY2027 post-issue EPS, and 25x FY2026 EV/EBITDA (below peer averages of 67.81x P/E and 33.10x EV/EBITDA). Sushil Finance recommends investors to SUBSCRIBE for the long term.
1. IPO Overview
Paras Healthcare Limited is launching its Initial Public Offering (IPO) with the subscription window opening on Oct 21, 2026, and closing on Oct 23, 2026. The price band for the issue is set at Rs. 660 to Rs. 693 per equity share with a face value of Rs. 1/-. Investors can bid for a minimum lot size of 21 Shares & in Multiples thereafter. The total issue size is Rs. 1,450.00 Cr. comprising 2,09,23,520 shares, and the equity shares will be listed on BSE & NSE.
| Issue Details |
Particulars |
| Price Band |
Rs. 660 to Rs. 693 |
| Issue Opens on |
Oct 21, 2026 |
| Issue Closes on |
Oct 23, 2026 |
| Lot Size |
21 Shares & in Multiples thereafter |
| Issue Size |
Rs. 1,450.00 Cr. |
| No of Shares |
2,09,23,520 |
| Face Value |
Rs. 1/- |
| Listing |
BSE & NSE |
| Lead Managers |
JM Financial Ltd., BofA Securities India Ltd., Nuvama Wealth Management Ltd. |
| Registrar |
MUFG Intime India Pvt. Ltd. |
2. Key IPO Details
The issue highlights include an Offer Structure combining a Fresh Issue of Rs. 500.00 crore and an Offer for Sale of Rs. 950.00 crore, totaling Rs. 1,450.00 crore. The Issue Breakup across QIB, HNI, and Retail investor categories is detailed below:
Issue Highlights: Offer Structure
| Issuance |
Rs. in Cr. |
| Fresh Issue |
500.00 |
| Offer for Sale |
950.00 |
| Total |
1,450.00 |
Issue Breakup
| Reservation for |
% of Issue |
Rs. in Cr. (at upper band) |
| QIB |
75 |
1,087.50 |
| HNI |
15 |
217.50 |
| RETAIL |
10 |
145.00 |
| TOTAL |
100 |
Rs. 1,450.00 |
3. Company Overview
Paras Healthcare is a clinical specialty-led hospital platform providing tertiary and quaternary care under the "Paras Health" brand, with eight hospitals and an aggregate bed capacity of 2,211 beds as of June 30, 2026, located in:
- Gurugram and Panchkula (Haryana)
- Patna and Darbhanga (Bihar)
- Kanpur (UP)
- Udaipur (Rajasthan)
- Ranchi (Jharkhand)
- Srinagar (J&K)
Its CONGOR specialties — cardiac, oncology, neuro, gastro, orthopaedics and renal sciences — contributed 74.70% of FY2026 revenue, supported by 1,084 doctors and 1,937 nurses.
With a 300-bed hospital in Gurugram (FY2027) and a 500-bed hospital in Ludhiana (FY2028) in the pipeline, the Company expects total bed capacity to rise to 3,011 beds by March 31, 2028.
4. Objects of the Issue
The Company proposes to utilise the Rs. 500 crore Fresh Issue proceeds towards:
- (i) Prepayment/scheduled repayment of certain outstanding borrowings of the Company amounting to Rs. 320.90 crore;
- (ii) Investment in its wholly owned subsidiary, PMHPL (which operates the Srinagar hospital), for repayment/prepayment of its borrowings amounting to Rs. 54.10 crore; and
- (iii) General corporate purposes.
The Company will not receive any proceeds from the Rs. 950 crore Offer for Sale by the Promoter, Dr. Dharminder Kumar Nagar (Rs. 300 crore), and Commelina Ltd (Rs. 650 crore).
5. Highlights
- Regional scale leader: One of the largest healthcare providers in North India, Bihar and Jharkhand by bed capacity, with 2,211 beds across eight hospitals.
- First-mover positions: First corporate hospital entrant among listed peers in Gurugram and Patna, and the largest corporate super-specialty hospital in J&K (Srinagar, 200 beds).
- High-acuity specialty mix: CONGOR specialties contribute ~75% of revenue, with ICU beds scaled up from 425 to 559 between March 2024 and June 2026.
- Capital-efficient expansion: A calibrated mix of owned and leased hospitals keeps capex at just Rs. 77 lakh per bed (as of June 30, 2026).
- Quality-led brand: Seven NABH-accredited hospitals, a patient satisfaction score of 90.60 and a net promoter score of 93.31 as of March 31, 2026.
6. Brief Financials (Rs. in Cr)
The table below presents the brief financials of Paras Healthcare Limited for FY2024, FY2025, and FY2026 (*P/E at upper price band of Rs. 693; NA as EPS is negative):
| Particulars |
FY2024 |
FY2025 |
FY2026 |
| Total Income |
1,151.02 |
1,314.21 |
1,628.78 |
| Total Expenditure |
1,144.39 |
1,364.24 |
1,552.75 |
| EBITDA |
154.41 |
156.46 |
335.58 |
| Profit/(Loss) Before Tax |
6.63 |
(50.04) |
76.03 |
| Profit/(Loss) After Tax |
(15.33) |
(57.98) |
43.83 |
| E.P.S. (Diluted) |
(1.57) |
(5.94) |
4.34 |
| RONW (%) |
(8.32)% |
(18.73)% |
12.98% |
7. IPO Timeline & Payment Charts
Indicative Time Table
| Tentative Events |
Indicative Dates |
| Finalisation of Basis of Allotment with the Designated Stock Exchange |
26/10/2026 |
| Initiation of refunds/unblocking ASBA Fund |
27/10/2026 |
| Credit of Equity Shares to demat accounts of Allottees |
27/10/2026 |
| Commencement of trading of the Equity Shares on the Stock Exchanges |
28/10/2026 |
PRICE CHART (@Rs. 693) (Retail Category)
| LOT SIZE |
Amount |
| 21 | 14,553 |
| 42 | 29,106 |
| 63 | 43,659 |
| 84 | 58,212 |
| 105 | 72,765 |
| 126 | 87,318 |
| 147 | 1,01,871 |
| 168 | 1,16,424 |
| 189 | 1,30,977 |
| 210 | 1,45,530 |
| 231 | 1,60,083 |
| 252 | 1,74,636 |
| 273 | 1,89,189 |
HNI Payment Chart
| Category |
No. of Shares |
Minimum Bid Lot Amount (Rs.) |
| Small HNI |
294 |
2,03,742 |
| Big HNI |
1,449 |
10,04,157 |
8. Our View / Recommendation
Official Analyst Recommendation: SUBSCRIBE FOR THE LONG TERM
OUR VIEW
Paras is a turnaround now visible in the numbers: revenue grew at a 19.26% CAGR to Rs. 1,605.95 crore in FY2026, while EBITDA more than doubled to Rs. 335.58 crore, with margins expanding from 13.42% to 20.60% (23.70% in Q1FY2027) as occupancy rose to 69.72%.
After losses in FY2024 and FY2025, PAT turned positive at Rs. 43.83 crore in FY2026 and Rs. 49.68 crore in Q1FY2027 alone (aided by a Rs. 16.22 crore deferred tax credit).
Its genuine moat is first-mover presence in under-penetrated Tier-2 markets such as Patna, Darbhanga, Ranchi and Srinagar, built at a low capex of Rs. 77 lakh per bed.
At the upper band of Rs. 693, the issue is valued at a market cap of Rs. 7,498 crore, i.e. 160x FY2026 EPS, but 38x annualised Q1FY2027 post-issue EPS and 25x FY2026 EV/EBITDA, below the peer averages of 67.81x P/E and 33.10x EV/EBITDA.
With Rs. 375 crore of debt repayment set to cut interest costs, we recommend investors to SUBSCRIBE for the long term.
9. Frequently Asked Questions (FAQs)
Q1. What is the price band and minimum lot size for the Paras Healthcare Limited IPO?
The price band for the Paras Healthcare IPO is Rs. 660 to Rs. 693 per equity share (Face Value Rs. 1/-). The lot size is 21 shares and in multiples thereafter, requiring Rs. 14,553 for 1 lot (21 shares) at the upper price band of Rs. 693.
Q2. What is the hospital network and bed capacity of Paras Healthcare?
Paras Healthcare operates under the "Paras Health" brand with eight hospitals and an aggregate bed capacity of 2,211 beds as of June 30, 2026, located in Gurugram and Panchkula (Haryana), Patna and Darbhanga (Bihar), Kanpur (UP), Udaipur (Rajasthan), Ranchi (Jharkhand) and Srinagar (J&K). With a 300-bed hospital in Gurugram (FY2027) and a 500-bed hospital in Ludhiana (FY2028) in the pipeline, total bed capacity is expected to rise to 3,011 beds by March 31, 2028.
Q3. What are CONGOR specialties and how much do they contribute to Paras Healthcare's revenue?
CONGOR specialties stand for cardiac, oncology, neuro, gastro, orthopaedics and renal sciences. They contributed 74.70% (~75%) of FY2026 revenue, supported by 1,084 doctors, 1,937 nurses, and ICU beds scaled up from 425 to 559 between March 2024 and June 2026.
Q4. How will the Rs. 1,450 crore IPO proceeds be utilized?
Out of the Rs. 1,450.00 crore total issue, the Company will utilise the Rs. 500 crore Fresh Issue proceeds towards prepayment/scheduled repayment of borrowings of the Company (Rs. 320.90 crore), investment in wholly owned subsidiary PMHPL (Srinagar hospital) for repayment/prepayment of its borrowings (Rs. 54.10 crore), and general corporate purposes. The Company will not receive any proceeds from the Rs. 950 crore Offer for Sale by Promoter Dr. Dharminder Kumar Nagar (Rs. 300 crore) and Commelina Ltd (Rs. 650 crore).
Q5. What is the reservation breakup for QIB, HNI, and Retail investors in Paras Healthcare IPO?
The issue reservation breakup is 75% for QIB (Rs. 1,087.50 Cr at upper band), 15% for HNI (Rs. 217.50 Cr at upper band), and 10% for Retail investors (Rs. 145.00 Cr at upper band).
Q6. Why does Sushil Finance recommend 'SUBSCRIBE for the long term' on Paras Healthcare IPO?
Sushil Finance highlights a clear financial turnaround: revenue grew at a 19.26% CAGR to Rs. 1,605.95 crore in FY2026, EBITDA more than doubled to Rs. 335.58 crore with margins expanding from 13.42% to 20.60% (23.70% in Q1FY2027) as occupancy reached 69.72%, and PAT turned positive at Rs. 43.83 crore in FY2026 and Rs. 49.68 crore in Q1FY2027 alone. Valued at 38x annualised Q1FY2027 post-issue EPS and 25x FY2026 EV/EBITDA (below peer averages of 67.81x P/E and 33.10x EV/EBITDA), and with Rs. 375 crore of debt repayment set to reduce interest costs, Sushil Finance recommends SUBSCRIBE for the long term.
10. Red Herring Prospectus (RHP) Reference
11. Disclaimer & Disclosures
The content provided in this blog is for informational and educational purposes only and should not be construed as investment, legal, or tax advice. While Sushil Finance makes reasonable efforts to ensure accuracy and reliability of the information, we do not guarantee its completeness or timeliness. Readers are advised to consult with their financial advisor before making any investment decisions. Sushil Finance shall not be held responsible for any direct or indirect loss arising from use of this content. Investments in securities are subject to market risks. Read all scheme-related documents carefully before investing.
