Paras Healthcare IPO

Last updated: October 22, 2026 at 10:45 am IST

Paras Healthcare IPO Price Range is ₹660 - ₹693, with a minimum investment of ₹14,553 for 21 shares per lot.

Subscription Rate

0.34x

as on 22 Oct 2026, 04:48PM IST

Minimum Investment

₹14,553

/ 21 shares

IPO Status

Live

Price Band

₹660 - ₹693

Bidding Dates

Oct 21, 2026 - Oct 23, 2026

Issue Size

₹1,450.00 Cr

Lot Size

21 shares

Min Investment

₹14,553

Listing Exchange

BSE

IPO Doc

RHP PDF

Paras Healthcare IPO Application Timeline

Open Date21 Oct 2026

Close Date23 Oct 2026

Allotment Date26 Oct 2026

Listing Date28 Oct 2026

IPO Subscription Status

as on 22 Oct 2026, 04:48PM IST

IPO subscribed over

🚀 0.34x

This IPO has been subscribed by 1.3x in the retail category and 0.06x in the QIB category.

Subscription Rate

Total Subscription	0.34x
Retail Individual Investors	1.3x
Qualified Institutional Buyers	0.06x
Non Institutional Investors	0.25x

Objectives of IPO

Paras Healthcare Limited is launching an IPO of up to ₹1,450 crore, comprising a Fresh Issue of ₹500 crore and an Offer for Sale (OFS) of ₹950 crore. Promoter Dr. Dharminder Kumar Nagar plans to sell shares worth ₹300 crore, while investor Commelina Ltd. plans to sell shares worth ₹650 crore. The OFS proceeds will go to the selling shareholders, while the company will use the Fresh Issue proceeds for three objectives outlined in its prospectus.
The company plans to use ₹320.90 crore to repay its outstanding loans in FY27, including principal and interest owed to lenders such as YES Bank, IDFC First Bank, and HDFC Bank. Its standalone borrowings stood at ₹778.96 crore as of June 30, 2026. Repaying debt could reduce interest costs, improve its debt-to-equity ratio, and free up cash for business operations and growth. The company plans to prioritise higher-interest loans.
Another ₹54.10 crore will be provided as an unsecured loan to its wholly owned subsidiary, Plus Medicare Hospitals Private Limited, which operates the Srinagar hospital. The loan carries 9.65% annual interest, with a five-year repayment term following a ten-year moratorium. The subsidiary plans to use the funds to repay borrowings of ₹64.34 crore as of June 30, 2026. Following the planned repayments, consolidated borrowings are expected to fall from ₹888.89 crore to ₹513.89 crore, while the debt-to-equity ratio is projected to improve from 2.00 times to 1.15 times. These benefits will also depend on the subsidiary's operating performance.
The remaining proceeds may be used for general corporate purposes, up to the regulatory limit of ₹125 crore. This gives the company flexibility to fund hospital acquisitions, land purchases, capital expenditure, brand building, and working capital needs through FY29. These funds cannot be used to invest in virtual digital assets or redirected to the specific debt repayment objectives.

Financial Performance of Paras Healthcare

*Value in ₹ crore

Details	FY24	FY25	FY26
Total Revenue	₹1,129.04	₹1,294.06	₹1,605.95
Total Assets	₹1,477.66	₹1,810.45	₹2,071.14
Total Profit	₹-15.33	₹-57.98	₹43.83

Paras Health's operational revenue grew from ₹1,129.04 crore in FY24 to ₹1,294.06 crore in FY25 and ₹1,605.95 crore in FY26. This represents growth of 14.62% in FY25 and 24.10% in FY26, with a two-year CAGR of 19.26%. Growth was supported by more operational beds, higher inpatient discharges, and the gradual ramp-up of the Srinagar and Kanpur hospitals.

Operating profitability improved sharply in FY26. EBITDA rose from ₹154.41 crore in FY24 to ₹156.46 crore in FY25 and ₹335.58 crore in FY26, with the margin increasing to 20.60%. After net losses of ₹15.33 crore in FY24 and ₹57.98 crore in FY25, the company reported a FY26 net profit of ₹43.83 crore, with a 2.69% margin. Higher patient volumes helped established hospitals absorb fixed costs more efficiently.

As the hospital network expanded, total borrowings increased from ₹547.53 crore in FY24 to ₹727.93 crore in FY25 and ₹854.10 crore in FY26. Net worth stood at ₹394.94 crore in FY26, recovering from ₹280.49 crore in FY25. Operating cash flow remained positive, rising from ₹92.48 crore in FY24 and ₹86.19 crore in FY25 to ₹163.51 crore in FY26.

Return ratios improved as profitability recovered. Return on equity (ROE) reached 12.98% in FY26, compared with negative 8.32% in FY24 and negative 18.73% in FY25. Return on capital employed (ROCE) rose to 10.76%, from 5.86% and 2.71%, respectively. The debt-to-equity ratio declined from 4.39 times in FY25 to 3.53 times in FY26, although borrowings remained relatively high.

Overall, Paras Health's FY26 results show improved revenue, profitability, and operating cash flow. Debt repayment using IPO proceeds could reduce interest costs, but future performance will depend on managing borrowings, controlling expenses, and improving the performance of newer hospitals.

Strengths and Risks

Strengths

Paras Health operates eight hospitals with 2,211 beds across North India, Bihar, and Jharkhand as of June 30, 2026. Its early entry into markets such as Gurugram (2006) and Patna (2013), along with its 200-bed Srinagar hospital, has helped it build brand recognition and patient referral networks.
The company specialises in six medical fields under CONGOR: cardiac care, cancer, neurology, digestive health, orthopedics, and kidney care. These services generated ₹1,199.64 crore, or 74.70% of FY26 operational revenue. The specialised treatments require advanced equipment and skilled doctors. Average revenue per occupied bed per day stood at ₹47,397.82 in FY26.
Paras Health expands through owned properties, leases, revenue-sharing arrangements, and public-private partnerships. For example, its Ranchi hospital operates with Heavy Engineering Corporation Limited. This model limits the need to buy every property outright. Capital expenditure per bed stood at ₹77 Lakhs as of June 30, 2026, helping manage the upfront cost of expansion.
The company has a mix of mature and newer hospitals. In FY26, four mature hospitals contributed ₹1,179.50 crore, or 73.45% of operational revenue. Hospitals in Ranchi and Udaipur generated ₹282.65 crore, while Srinagar and Kanpur contributed ₹143.81 crore. Higher patient numbers at newer hospitals could improve profitability by spreading fixed costs across more patients.
As of June 30, 2026, Paras Health had 1,084 doctors, 1,937 nurses, and 559 ICU beds, supported by equipment such as cancer-treatment machines and surgical robots. Seven of its eight hospitals had NABH accreditation for healthcare quality and patient safety. Its patient satisfaction score was 90.60 as of March 31, 2026.
The company uses cloud-based systems to connect patient records, hospital management systems, and mobile applications across its network. Managing Director Dr. Dharminder Kumar Nagar has over 22 years of healthcare experience, while investors such as Creador provide institutional backing. These resources support the management of its growing hospital network.

Risks

The Ranchi and Srinagar hospital subsidiaries reported combined losses of ₹87.27 crore in FY24, ₹82.24 crore in FY25, and ₹52.09 crore in FY26. As of June 30, 2026, their net worth stood at negative ₹158.48 crore and negative ₹91.60 crore, respectively. If patient numbers do not rise enough to cover staff and facility costs, these hospitals could continue to pressure the group's profits and cash flow.
Employee attrition remains a concern, with reported rates of 65.27% in FY24, 66.74% in FY25, 60.38% in FY26, and 12.01% in the first three months of FY27. Employee costs accounted for 37.07% of total expenses in FY26 and 38.78% in the first three months of FY27. Frequent staff departures may disrupt patient care and increase recruitment, training, and salary costs.
Paras Health depends heavily on a few regions and specialties. Its five North India hospitals generated 66.07% of operational revenue in FY26 and 68.07% in the first three months of FY27. Its six CONGOR specialties contributed 74.70% and 74.35%, respectively. Any disruption in these regions or weaker demand for these treatments could affect revenue.
Six of its eight hospitals operate through leases, revenue-sharing arrangements, or public-private partnerships. These facilities generated 60.53% of operational revenue in FY26 and 61.32% in the first three months of FY27. Lease agreements for hospitals in Panchkula, Darbhanga, Ranchi, and Srinagar remain unregistered, potentially making them harder to enforce. Disputes or non-renewal could lead to higher costs or operational disruption.
Government health schemes and public sector undertakings contributed 41.28% of operational revenue in FY26 and 43.63% in the first three months of FY27. Delayed claim settlements pushed gross government receivables to ₹380.08 crore as of June 30, 2026. These delays can limit cash available for daily expenses. Price caps on medical implants and fixed government scheme rates may also restrict the company's ability to pass on rising costs.
As of June 30, 2026, Paras Health had contingent liabilities of ₹398.44 crore, equal to 89.55% of consolidated net worth, along with pending medical negligence claims. Past regulatory actions included a temporary suspension of CGHS empanelment at its Patna hospital and a 72-day inactivation of RGHS access at its Udaipur hospital following billing queries. Unfavourable legal outcomes or removal from government schemes could affect its reputation, patient numbers, and finances.

How to Apply for Paras Healthcare IPO on INDmoney

Download the INDmoney app and complete your KYC.
Go to INDstocks → IPO, or just search “IPO”.
Tap on Paras Healthcare IPO from the list of live IPOs.
View key details like price band, lot size, and dates.
Tap Apply Now and choose your number of lots.
Use INDpay UPI for instant mandate tracking.
Your funds will be blocked until the share allotment is finalized.

Listed Competitors of Paras Healthcare

Company Name	Operating Revenue (₹ Cr)	EBITDA (₹ Cr)	EBITDA Margin (%)	PAT (₹ Cr)	PAT Margin (%)	P/E Ratio (x)	EV / EBITDA (x)	Bed Occupancy (%)
Paras Healthcare	₹1,605.95 Cr	₹335.58 Cr	20.60%	₹43.83 Cr	2.69%	171.06x	22.34x	61.75%
Apollo Hospitals Enterprise	₹25,228.50 Cr	₹3,769.30 Cr	14.90%	₹2,002.70 Cr	7.90%	59.36x	32.59x	67.00%
Fortis Healthcare	₹9,127.84 Cr	₹2,135.60 Cr	23.40%	₹1,064.19 Cr	11.95%	55.43x	28.88x	68.00%
Max Healthcare Institute	₹10,065.00 Cr	₹2,599.00 Cr	25.80%	₹1,631.00 Cr	16.20%	62.10x	35.69x	76.00%
Manipal Health Enterprises	₹10,935.60 Cr	₹2,749.60 Cr	25.10%	₹684.90 Cr	6.30%	87.00x	36.89x	64.00%
Global Health Ltd (Medanta)	₹4,410.30 Cr	₹1,056.00 Cr	23.40%	₹554.10 Cr	12.30%	64.46x	34.03x	61.60%
Narayana Hrudayalaya	₹7,896.04 Cr	₹1,716.89 Cr	21.70%	₹810.50 Cr	10.26%	43.41x	22.67x	N/A
Krishna Institute of Medical Sciences (KIMS)	₹3,904.60 Cr	₹828.20 Cr	21.10%	₹242.00 Cr	6.20%	116.41x	40.64x	50.50%
Jupiter Lifeline Hospitals	₹1,499.79 Cr	₹343.30 Cr	22.90%	₹194.20 Cr	12.90%	42.92x	25.79x	61.20%
Yatharth Hospital & Trauma Care Services	₹1,207.17 Cr	₹292.10 Cr	24.20%	₹170.31 Cr	14.10%	55.16x	33.12x	68.00%
Aster DM Quality Care	₹4,643.22 Cr	₹901.00 Cr	N/A	₹427.10 Cr	9.20%	91.89x	40.73x	61.00%

Paras Healthcare Shareholding Pattern

Promoters & Promoter Group		72.8%
Name	Role	Stakeholding
Dr. Dharminder Kumar Nagar	Promoter	72.8%
Gurdeep Kaur Nagar	Promoter Group
Ranya Nagar	Promoter Group

Public		27.2%
Name	Role	Stakeholding
Commelina Ltd	Public	16.44%
360 ONE Special Opportunities Fund - Series 12	Public	5.1%
Axis New Opportunities AIF - Series II	Public	3.63%
360 ONE Special Opportunities Fund - Series 13	Public	1.27%
Others	Public	0.76%

About Paras Healthcare

Think of Paras Healthcare Limited as a regional network of specialized health repair centers, operating much like a full-service station for human well-being. The company earns revenue through overnight inpatient stays, outpatient clinic consultations, and in-house pharmacy sales. In FY26, Paras Health generated ₹1,605.95 crore in total operational revenue. Inpatient services formed the primary earnings driver at ₹1,256.75 crore or 78.26%, outpatient consultations contributed ₹285.92 crore or 17.80%, and pharmacy product sales added ₹60.90 crore or 3.79%.

The company receives payments across three main customer groups based on care funding. In FY26, government schemes and public sector undertakings formed the largest segment at ₹662.92 crore or 41.28% of operational revenue, followed by self-paying individuals at ₹544.14 crore or 33.88%, and private insurance or third-party administrators at ₹398.90 crore or 24.84%. Geographically, Paras Health operates eight hospitals across five states and one union territory in North India, Bihar, and Jharkhand, with Tier-2 cities generating ₹1,094.94 crore or 68.18% of FY26 revenue.

A major part of the business model relies on six core high-acuity medical specialties known as CONGOR, covering cardiac, cancer, neuro, gastro, orthopedic, and renal care, which together generated ₹1,199.64 crore or 74.70% of FY26 operational revenue. To support these complex procedures, Paras Health maintains 2,211 total beds, including 1,502 operational beds and 559 intensive care unit beds as of June 30, 2026. Across its network, four mature hospitals operating over seven years contributed ₹1,179.50 crore or 73.45% of FY26 revenue, while emerging facilities added ₹282.65 crore and new units contributed ₹143.81 crore.

To expand without heavy debt, Paras Health uses a capital-efficient model combining owned assets, long-term leases, revenue-sharing partnerships, and public-private arrangements. This strategy maintained capital expenditure per bed at ₹0.77 crore as of June 30, 2026, lowering upfront costs for faster market entry. Clinical operations are supported by 1,084 doctors and 1,937 nurses as of June 30, 2026, with seven of its eight hospitals holding official National Accreditation Board for Hospitals and Healthcare Providers certifications to ensure high quality care.

For more details, visit here: https://www.parashospitals.com/

The People Behind the Company: Leadership and Expertise

The Promoter: Paras Healthcare Limited is promoted by Dr. Dharminder Kumar Nagar, who holds 73,519,238 equity shares, representing 72.80% of the pre-IPO equity share capital. The promoter brings over 22 years of domain experience in clinical practice and healthcare administration. Originally incorporated as Arbian Frozen Foods Private Limited, the company renamed to Paras Healthcare in 2003 and evolved into a regional healthcare network operating eight hospitals under the "Paras Health" brand across North India, Bihar, and Jharkhand.

Key Leadership and Management

Dr. Dharminder Kumar Nagar - Managing Director

Background: Dr. Dharminder Kumar Nagar, aged 56, is the Promoter and Managing Director, serving as a Director since August 16, 2003. He holds 73,519,238 equity shares (72.80%) directly. In FY26, his total remuneration was ₹5.38 crore. Related-party transactions include providing personal guarantees for company credit facilities.
Qualification: MBBS from University of Mysore, M.Phil. in Hospital & Health Systems Management from BITS Pilani, and healthcare management training from Harvard Business School.
Contribution: Provides overall strategic vision, oversees hospital scaling across all eight units, and serves as co-chair of the FICCI Health Services Committee.
Legal / Regulatory Matters: Named in medical negligence and consumer proceedings, including a quashing petition pending in the High Court of Judicature at Patna.

Dr. Kapil Garg - Whole-time Director and Director of Strategy

Background: Dr. Kapil Garg, aged 56, is Whole-time Director and Director of Strategy and Business Intelligence, serving since March 21, 2015. He holds 20 equity shares. In FY26, his total remuneration was ₹1.36 crore.
Qualification: MBBS from Punjabi University, Patiala, and Post Graduate Diploma in Hospital and Health Management from IIHMR, Jaipur.
Contribution: Leverages 20+ years of healthcare experience to drive corporate expansion and multi-specialty clinical programs.
Legal / Regulatory Matters: No material individual criminal litigation proceedings pending.

Dilip Bidani - Group Chief Financial Officer

Background: Dilip Bidani is Group Chief Financial Officer, appointed on March 3, 2023. He holds no equity shares directly. In FY26, his total remuneration was ₹1.07 crore.
Qualification: B.Com from University of Calcutta, PGDM from IIM Ahmedabad, and Associate Member of ICAI.
Contribution: Brings 38+ years of finance experience to direct corporate finance, treasury, financial reporting, and capital allocation.
Legal / Regulatory Matters: No material individual litigation proceedings pending.

Vineet Aggarwal - Group Chief Operating Officer

Background: Vineet Aggarwal is the Group Chief Operating Officer of the company and has been associated since September 27, 2021. He holds no equity shares directly. In FY26, his total remuneration was ₹1.46 crore (₹14.59 million).
Qualification: Bachelor of Engineering in Computer Science and Engineering from Maharshi Dayanand University, Rohtak.
Contribution: Brings over 22 years of experience in information technology and healthcare operations (previously with Agilus Diagnostics, Indus Towers, and PwC) to lead daily hospital operations and technology integration across all facilities.
Legal / Regulatory Matters: No material individual litigation proceedings pending against him.

Industry Overview

India's healthcare delivery market is forecast to expand from ₹7.0 trillion in FY25 to reach ₹11.2 to 12.2 trillion by FY30, growing at a 10% to 12% CAGR. Within this rapidly expanding market, Paras Healthcare Limited operates as a clinical specialty-led hospital platform, with operating revenue of ₹1,605.95 crore in FY26.
Private healthcare chains remain fragmented across North India, Bihar, and Jharkhand, where bed density lags significantly behind National Health Policy benchmarks. As one of the largest corporate healthcare providers in this region, Paras Healthcare has carved out a leading position, operating 2,211 beds across eight hospitals as of June 30, 2026, and establishing the largest private corporate super-specialty hospital in Jammu and Kashmir with 200 beds in Srinagar.
India's In-patient Department (IPD) healthcare market is projected to grow at a 10.5% to 12.5% CAGR to reach ₹7.8 to 8.2 trillion by FY30. Paras Healthcare has actively benefited from this domain demand, with high-acuity CONGOR specialties (cardiac, oncology, neuro, gastro, orthopedics, and renal) generating ₹1,199.64 crore (74.70% of operational revenue) and inpatient services contributing ₹1,256.75 crore (78.26%) in FY26.
The combined healthcare delivery market across Uttar Pradesh, Delhi, Haryana, and Rajasthan is expected to grow at a 10% to 12% CAGR to reach ₹2.9 to 3.1 trillion by FY30, while Bihar and Jharkhand are projected to reach ₹0.4 to 0.5 trillion. Paras Healthcare maintains a strong alignment with these regional dynamics, with Tier-2 cities contributing 68.18% of its operational revenue in FY26 alongside government schemes and PSUs accounting for 41.28% of its payor mix.

Paras Healthcare IPO GMP

As per InvestorGain, the Paras Healthcare IPO GMP is ₹92, or 13.28%, as of October 18, 2026. The Grey Market Premium (GMP) is the unofficial premium at which IPO shares may trade before listing compared with their issue price. With an upper issue price of ₹693, the current GMP indicates an estimated listing price of ₹785. However, GMP only reflects unofficial market sentiment and does not guarantee the actual listing price or any profit. Investors should not rely on GMP alone when evaluating an IPO. The company's financial performance, valuation, business prospects, and risks are also important considerations. Read our detailed guide on IPO GMP to understand how it works and its limitations.

Know more about Paras Healthcare

Paras Healthcare IPO Review: Is Its 171x P/E Valuation Justified?

Paras Healthcare IPO review: Explore its 171x P/E valuation, FY26 profit turnaround, hospital growth, debt risks and whether the ₹693 price is justified.

Paras Healthcare IPO Review: Is Its 171x Valuation Too High?

Frequently Asked Questions of Paras Healthcare IPO

What is the size of the Paras Healthcare IPO?

The size of the Paras Healthcare IPO is ₹1,450 Cr.

What is the allotment date of the Paras Healthcare IPO?

Paras Healthcare IPO allotment date is Oct 26, 2026 (tentative).

What are the open and close dates of the Paras Healthcare IPO?

The Paras Healthcare IPO will open on Oct 21, 2026 and close on Oct 23, 2026

What is the lot size of Paras Healthcare IPO?

The lot size for the Paras Healthcare IPO is 21.

When will my Paras Healthcare IPO order be placed?

Your Paras Healthcare IPO order will be placed on Oct 21, 2026

Can we invest in Paras Healthcare IPO?

Yes, once Paras Healthcare IPO opens, you can invest in the shares of the company.

What would be the listing gains on the Paras Healthcare IPO?

The potential listing gains on the Paras Healthcare IPO will depend on various market factors and cannot be predicted with certainty.

What is 'pre-apply' for Paras Healthcare IPO?

'Pre-apply' for Paras Healthcare IPO indicates your interest in the IPO before it opens for subscription. This ensures quick application when the IPO goes live.

Who are the promoters of Paras Healthcare?

Dr. Dharminder Kumar Nagar is the promoter of Paras Healthcare. Before the IPO, he held 72.80% of its equity share capital, or 73,519,238 shares.

Who are the competitors of Paras Healthcare?

As disclosed in its Red Herring Prospectus, the key listed competitors of Paras Healthcare Limited include Apollo Hospitals Enterprise Limited, Fortis Healthcare Limited, Global Health Limited (Medanta), Max Healthcare Institute Limited, Narayana Hrudayalaya Limited, Krishna Institute of Medical Sciences Limited (KIMS), Jupiter Lifeline Hospitals Limited, Yatharth Hospital and Trauma Care Services Limited, and Aster DM Quality Care Limited. Additionally, the broader industry peer group includes listed healthcare operators such as HealthCare Global Enterprises Limited, Rainbow Children's Medicare Limited, GPT Healthcare Limited, Kovai Medical Center and Hospital Limited, and Shalby Limited.

How does Paras Healthcare make money?

The company earns revenue from hospital admissions, outpatient consultations, and in-house pharmacy sales. In FY26, inpatient services contributed 78.26% of operational revenue, outpatient consultations 17.80%, and pharmacy sales 3.79%.

What is the GMP of Paras Healthcare IPO?

According to the latest GMP update, Paras Healthcare IPO GMP stands at ₹92 per share (13.28%). Based on the upper IPO price band of ₹693, this indicates an estimated listing price of ₹785 per share. However, GMP is an unofficial indicator of investor sentiment and is not regulated by SEBI. Other trackers may report different premiums, and GMP can fluctuate before listing. Therefore, the estimated listing price does not guarantee actual listing gains.

Should I Apply for Paras Healthcare IPO?

The decision to apply for the Paras Healthcare IPO depends on an individual investor's risk tolerance and financial goals after carefully evaluating the company's prospectus. Potential investors should weigh key strengths, such as its strong regional presence in Tier-2 markets and high-acuity specialty focus, against material risk factors including high clinician attrition, geographic concentration, and ongoing operational losses at its Ranchi and Srinagar facilities.