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Business Overview
Paras Healthcare Limited 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. It operates under the “Paras Health” brand, with a presence in five states and one union territory: Gurugram and Panchkula in Haryana; Patna and Darbhanga in Bihar; Kanpur in Uttar Pradesh; Udaipur in Rajasthan; Ranchi in Jharkhand; and Srinagar in Jammu and Kashmir. Its hospitals are designed for high-acuity care, with a deep focus on cardiac, oncology, neuro, gastro, orthopedics and sports injury, and renal sciences. The company has a committed pipeline of a 300-bed hospital in Gurugram and a 500-bed hospital in Ludhiana.
Lots & IPO Size
Paras Healthcare IPO Lot Size
| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 21 | ₹14,553 |
| Retail (Max) | 13 | 273 | ₹1,89,189 |
| S-HNI (Min) | 14 | 294 | ₹2,03,742 |
| S-HNI (Max) | 68 | 1,428 | ₹9,89,604 |
| B-HNI (Min) | 69 | 1,449 | ₹10,04,157 |
Category Reservation
QIB 75%
NII 15%
Ret 10%
Employee
₹0.00
Shareholder
₹0.00
Paras Healthcare IPO Size
Total
₹1,450 Cr
Fresh Issue
₹500 Cr
(0.72 Cr
Shares)
Offer For Sale
₹950 Cr
(1.37 Cr
Shares)
Promoters₹300 Cr
Others₹650 Cr
Objects of the Issue
Prepayment or scheduled re-payment of certain outstanding borrowings availed by the Company
Investment in wholly owned subsidiary Plus Medicare Hospitals Private Limited (PMHPL), which also operates the Srinagar hospital, for repayment/prepayment of its borrowings
General Corporate Purposes & Issue Expenses
Total
Key Risk Factors
Losses in the recent past: The Company incurred losses of ₹(10.24) million in the three months ended June 30, 2025 and ₹(579.83) million and ₹(153.31) million in Fiscals 2025 and 2024, respectively, on a consolidated basis. While profitable in the three months ended June 30, 2026 and Fiscal 2026, there is no assurance it will remain so. In each of these periods it had the lowest RoCE and RoE and the highest debt to equity ratio among its listed peers in India.
Key Risk Factors
Losses in the recent past: The Company incurred losses of ₹(10.24) million in the three months ended June 30, 2025 and ₹(579.83) million and ₹(153.31) million in Fiscals 2025 and 2024, respectively, on a consolidated basis. While profitable in the three months ended June 30, 2026 and Fiscal 2026, there is no assurance it will remain so. In each of these periods it had the lowest RoCE and RoE and the highest debt to equity ratio among its listed peers in India.
Losses incurred by Subsidiaries: Subsidiaries Paras Healthcare (Ranchi) Private Limited and Plus Medicare Hospitals Private Limited collectively incurred losses of ₹(203.82) million, ₹(520.89) million, ₹(822.38) million and ₹(872.69) million in the three months ended June 30, 2025 and in Fiscals 2026, 2025 and 2024, respectively. The Company cannot assure that these Subsidiaries will turn profitable in the future.
High dependence on employees: The Company depends heavily on doctors, nurses and other healthcare and support staff, with 5,315 such personnel as of June 30, 2026, including 1,084 doctors and 1,937 nurses. It has experienced high attrition rates of 12.01%, 16.09%, 60.38%, 66.74% and 65.27% in the three months ended June 30, 2026 and 2025 and Fiscals 2026, 2025 and 2024, respectively. Failure to manage attrition could adversely affect its business and results of operations.
Concentration in North India: Five of the eight hospitals (Gurugram, Panchkula, Udaipur, Srinagar and Kanpur) are in North India and generated 68.07% of revenue from operations in the three months ended June 30, 2026 and ₹10,609.74 million in Fiscal 2026. Any disruption or adverse development affecting these hospitals or regions could adversely affect the business, results of operations and financial condition.
Wilful defaulter listing of a Promoter Group member: The name of Harbaksh Singh Khangura, a member of the Promoter Group, appears in the CIBIL wilful defaulter database for defaults reported in 2014 against a company where he was a director until November 30, 2013. He has confirmed no association with that company since and has requested removal of his name, but there is no assurance of removal or that no adverse proceedings will follow.
Dependence on CONGOR specialties: Cardiac, oncology, neuro, gastro, orthopedics and sports injury, and renal sciences contributed 74.35%, 75.30%, 74.70%, 71.92% and 72.34% of revenue from operations in the three months ended June 30, 2026 and 2025 and Fiscals 2026, 2025 and 2024, respectively. Any adverse development in demand for these specialties could adversely affect the business.
High costs: Employee benefits expense, retainers and consultants fee and purchases of stock-in-trade together accounted for 66.13%, 64.40%, 65.08%, 63.69% and 66.95% of total expenses in the three months ended June 30, 2026 and 2025 and Fiscals 2026, 2025 and 2024, respectively. The Company has in the past been unable to pass cost increases on to patients, which has affected revenue and profitability.
Six of eight hospitals are on leased premises: These six hospitals contributed 61.32%, 58.41%, 60.53%, 55.75% and 55.11% of revenue from operations in the three months ended June 30, 2026 and 2025 and Fiscals 2026, 2025 and 2024, respectively. Except for the registered office, Gurugram Hospital and Udaipur Hospital, all hospitals are on land leased from third parties, so operations depend on continuation and renewal of these arrangements.
High contingent liabilities: Contingent liabilities were ₹3,984.42 million as at June 30, 2026, equal to 89.55% of net worth (98.88% as at March 31, 2026 and 135.33% as at March 31, 2025). Of this, ₹2,986.17 million relates to a secondary-collateral corporate guarantee issued by subsidiary PMHPL for the Company's HDFC Bank facilities, which HDFC Bank has since waived under revised sanction terms.
Outstanding litigations: Legal proceedings against the Company are pending before various courts, tribunals and authorities. They could divert management time and financial resources, and any unfavourable decision, individually or in aggregate, could adversely affect reputation, business, financial condition and results of operations.
Paras Healthcare IPO Details Live GMP
GMP
₹116
Est. Price
₹809
Est. Gain
16.74%
| Date | GMP (₹) | Est. Price |
|---|---|---|
| 15 Oct | ₹116 (16.7%) | ₹809 |
| 14 Oct | ₹89 (12.8%) | ₹782 |
Paras Healthcare IPO Peer Comparison
There are no comparable listed peers in India as per the company
Paras Healthcare IPO Financial Performance
(Rs. in crores)
| Particulars | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Revenue | 470.28 | 1,605.95 | 1,294.06 | 1,129.04 |
| Profit | 49.68 | 43.83 | -57.98 | -15.33 |
| Net Worth | 444.96 | 394.94 | 280.49 | 338.51 |
| Borrowings | 888.89 | 854.10 | 727.93 | 547.53 |
| Assets | 2,202.88 | 2,071.14 | 1,810.45 | 1,477.66 |
| NAV (₹) | 44.06 | 39.11 | 28.74 | 34.68 |
| EPS (₹) | 4.92 | 4.34 | -5.94 | -1.57 |
Key Performance Indicators (KPIs)
EBITDA
13.68%
Net Profit Ratio
-1.33%
ROE
-8.32%
ROCE
5.86%
Net Debt to Equity
1.65
All the data pertains to FY 2025-26.
Financial Margin Trends
Paras Healthcare IPO Financial Statements
(Rs. in crores)
| Particulars | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Revenue from Ops | 470.28 | 1,605.95 | 1,294.06 | 1,129.04 |
| Other Income | 8.47 | 22.83 | 20.14 | 21.98 |
| Total Income | 478.75 | 1,628.78 | 1,314.21 | 1,151.02 |
| Cost of Revenue | 228.44 | 828.90 | 695.08 | 598.88 |
| Changes in Inventories | -2.64 | -4.56 | 0.71 | -8.18 |
| Employee Expense | 56.34 | 181.57 | 173.81 | 167.26 |
| Finance Costs | 30.25 | 115.98 | 90.92 | 67.06 |
| Depreciation | 35.11 | 143.57 | 115.58 | 80.72 |
| Other Expenses | 83.12 | 287.30 | 288.15 | 238.66 |
| Total Expenses | 430.63 | 1,552.75 | 1,364.24 | 1,144.39 |
| Profit Before Tax | 48.12 | 76.03 | -50.04 | 6.63 |
| Tax Expense | -1.56 | 32.20 | 7.95 | 21.96 |
| Profit After Tax | 49.68 | 43.83 | -57.98 | -15.33 |
| EPS — Basic (₹) | 4.92 | 4.34 | -5.94 | -1.57 |
| EPS — Diluted (₹) | 4.92 | 4.34 | -5.94 | -1.57 |
| Particulars | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Equity Share Capital | 10.10 | 10.10 | 9.76 | 9.76 |
| Other Equity | 434.86 | 384.84 | 270.73 | 328.75 |
| Total Equity | 444.96 | 394.94 | 280.49 | 338.51 |
| Total Borrowings | 888.89 | 854.10 | 727.93 | 547.53 |
| Trade Payables | 261.27 | 208.10 | 190.54 | 137.48 |
| Lease Liabilities | 540.60 | 539.76 | 504.19 | 376.39 |
| Other Liabilities | 67.16 | 74.24 | 107.30 | 77.75 |
| Total Equity & Liab | 2,202.88 | 2,071.14 | 1,810.45 | 1,477.66 |
| Fixed Assets | 698.60 | 708.31 | 689.82 | 624.93 |
| Right-of-Use Assets | 525.81 | 531.07 | 521.40 | 391.57 |
| Trade Receivables | 447.60 | 349.57 | 234.59 | 156.31 |
| Cash & Bank Balances | 298.77 | 302.73 | 205.52 | 160.29 |
| Other Assets | 232.10 | 179.46 | 159.12 | 144.57 |
| Total Assets | 2,202.88 | 2,071.14 | 1,810.45 | 1,477.66 |
| Particulars | Jun-26 | Mar-26 | Mar-25 | Mar-24 |
|---|---|---|---|---|
| Cash Flow from Operating Activities | 64.34 | 163.51 | 86.19 | 92.48 |
| Cash Flow from Investing Activities | -92.02 | -239.41 | -147.25 | -194.06 |
| Cash Flow from Financing Activities | 5.62 | 85.89 | 82.82 | 93.98 |
| Net Change in Cash & Equivalents | -22.06 | 9.99 | 21.76 | -7.60 |
| Cash & Equivalents at End of Period | 25.14 | 47.21 | 37.21 | 15.46 |
Contingent Liabilities
| Particulars | Amount (₹ Cr) |
|---|---|
| Corporate guarantee issued by subsidiary Plus Medicare Hospitals Private Limited (PMHPL) as secondary collateral for the Company's credit facilities from HDFC Bank (since waived under revised sanction terms) | 298.62 |
| Corporate guarantees given by the Company to banks on behalf of subsidiaries (PMHPL ₹319.37 million; Paras Healthcare (Ranchi) Private Limited ₹458.47 million) | 77.78 |
| Others: claims not acknowledged as debts (patient negligence cases, income tax, GST), bank guarantee to Heavy Engineering Corporation Limited and liquidated damages claim of HEC | 22.04 |
| Total | 398.44 |
Promoter Holding
Promoter
72.80%
Public
27.20%
Dr. Dharminder Kumar Nagar
72.80%
Management
Dr. Dharminder Kumar Nagar
Age: 56
MD
Remuneration
₹Basic ₹0.366 Cr/month + perquisites up to ₹0.366 Cr/month + retirement benefits ₹0.018 Cr/month (FY27–FY29); min. 10% annual increase, overall cap ₹13.5 Cr p.a. FY26 paid: ₹5.38 Cr
Education
MBBS (University of Mysore); M.Phil in Hospital & Health Systems Management (BITS Pilani); healthcare delivery course (Harvard Business School)
Prior Experience
Over 22 years in healthcare; with the Company since 2003. Co-Chair of the FICCI Committee on Health Services.
Dr. Kapil Garg
Age: 56
WTD
Remuneration
₹₹1.60 Cr p.a. for FY27 (fixed ₹1.384 Cr + variable ₹0.216 Cr); overall approved cap ₹1.715 Cr p.a. FY26 paid: ₹1.36 Cr
Education
MBBS (Punjabi University, Patiala); PG Diploma in Hospital & Health Management (IIHMR Jaipur)
Prior Experience
Over 20 years in healthcare; earlier at Escorts Hospital, Apollo Group (IHCL), Fortis Healthworld, Indraprastha Medical Corp. and Columbia Asia. Also Director – Strategy & Business Intelligence.
Dilip Bidani
CFO
Remuneration
₹FY26 paid: ₹1.07 Cr (excl. post-employment benefits and share-based payments)
Education
B.Com (University of Calcutta); PGDM (IIM Ahmedabad); Associate of ICAI
Prior Experience
Over 38 years in finance; earlier CFO at Dr. Lal PathLabs, MobiKwik, Mother Dairy; Senior Director at Max Healthcare. Group CFO since March 2023.
Registrar & Lead Managers
Registrar
Link Intime
Lead Managers (3)
Company Details
Name: Paras Healthcare Limited
Address: 1st Floor, Tower B, Paras Twin Towers, Golf Course Road, Sector 54, Gurugram – 122 002, Haryana, India
Number: 124 430 2163
Email: cs@parashospitals.com
Website: https://www.parashospitals.com
Frequently Asked Questions (FAQs)
What is Paras Healthcare IPO?
Paras Healthcare IPO is a Mainboard IPO having an issue size of
₹1,450 Crs.
Paras Healthcare IPO is priced at
₹660 - ₹693 per
share.
The
issue opens on 21 Oct 26
and
closes on 23 Oct 26.
When will Paras Healthcare IPO open?
Paras Healthcare IPO opens on
21 Oct 26 and closes on
23 Oct 26.
What is the GMP of Paras Healthcare IPO?
The estimated Grey Market Premium of Paras Healthcare IPO is
₹116 per share (16.74%).
What is the lot size of Paras Healthcare IPO?
The minimum lot size of Paras Healthcare IPO is
21 shares & the minimum application amount
is
Rs.
14553.
When is the allotment of Paras Healthcare IPO?
The allotment date of Paras Healthcare IPO is
26 Oct 26.
What is the listing date of Paras Healthcare IPO?
The listing date of Paras Healthcare IPO is
28 Oct 26.
What is the subscription of Paras Healthcare IPO?
Paras Healthcare IPO is subscribed
-.
What is the price band of Paras Healthcare IPO?
Paras Healthcare IPO is priced at
₹660 - ₹693 per
share.
How to check allotment status of Paras Healthcare IPO?
Click the allotment link on Paras Healthcare IPO page of IPO360.
How to apply Paras Healthcare IPO in Zerodha?
- Go to Kite App → Tap on Bids → Tap on IPO
- Select the IPO → Tap on apply → Enter UPI ID
- Enter Qty and Price
- Submit the application
- Approve the UPI Mandate on your UPI app
How to apply Paras Healthcare IPO in Groww?
- Go to Groww App → Stocks Section → Select IPO option
- Select the IPO you want to apply
- Enter your bid details and price
- Enter UPI ID & submit
- Approve the UPI Mandate on your UPI app
How to apply Paras Healthcare IPO using ASBA?
- Log in to your bank's net banking portal.
- Navigate to the 'IPO' or 'ASBA' section.
- Select Paras Healthcare IPO from the list of available IPOs.
- Enter the required details: Bid quantity, Price, DP ID & Client ID, etc
- Submit the application.
- Money will remain blocked till the refund date
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