Paras Healthcare IPO
IPO overview, offer timeline, strengths, risks and financial performance
IPO Timeline
Key offer datesIPO Analysis
Business strengths and key risksStrengths
- As of 30 June 2026, Paras Health operated eight hospitals with 2,211 beds across North India, Bihar and Jharkhand, placing it among the largest healthcare providers in these regions. It has early market positions in Gurugram, Patna, Panchkula, Srinagar and Kanpur. Patient satisfaction was 90.60 and its net promoter score was 93.31 as of 31 March 2026.
- The network focuses on high-acuity tertiary and quaternary care. CONGOR specialties—cardiac care, oncology, neurology, gastroenterology, orthopaedics and renal sciences—accounted for 74.35%, 75.30%, 74.70%, 71.92% and 72.34% of operating revenue across Q1 FY2027, Q1 FY2026, FY2026, FY2025 and FY2024, respectively. It had 559 ICU beds as of 30 June 2026.
- A combination of owned, leased, revenue-sharing and public-private partnership models provides flexibility in hospital expansion and can reduce upfront capital needs. Capital expenditure per bed was ₹7.70 million as of 30 June 2026.
- As of 30 June 2026, the company had 1,084 doctors and 1,937 nurses, including three Padma Shri awardees. Its clinical infrastructure includes biplane cath labs, LINACs, surgical robots and PET-CT scanners. DNB/DrNB programmes across 14 specialties can train up to 60 students annually.
- A cloud-first digital setup combines an omnichannel patient experience platform, integrated electronic health records, a doctor mobile app and business intelligence tools connected with hospital information and ERP systems, supporting scalability and operational efficiency.
- Dr. Dharminder Kumar Nagar, with over 22 years of healthcare experience, leads an experienced management team. The CFO has more than 38 years of experience and the COO more than 22 years. Revenue recorded a 19.26% CAGR from FY2024 to FY2026.
Risks
- The company reported consolidated losses of ₹10.24 million in Q1 FY2026, ₹579.83 million in FY2025 and ₹153.31 million in FY2024, primarily due to ramp-up expenses at new hospitals. It reported the lowest RoCE and RoE and highest debt-to-equity ratio among listed peers, and future profitability is not assured.
- Consolidated fund-based borrowings were ₹9,394.67 million as of 31 August 2026, and FY2026 finance costs were ₹1,159.78 million. Interest coverage declined to 0.75x in FY2025. Debt-servicing difficulties or covenant breaches could adversely affect operations and finances.
- Attrition reached 60.38% in FY2026, 66.74% in FY2025 and 65.27% in FY2024. Retainer and consultant fees alone represented around 25% of total expenses. Difficulty retaining doctors, nurses and other qualified staff could affect service quality, occupancy and revenue.
- Five of the eight hospitals are in North India and contributed about 66%–68% of operating revenue in recent periods. This concentration exposes the company to regional economic, regulatory, natural-disaster and security risks. The April 2025 Pahalgam terror attack briefly disrupted the Srinagar hospital.
- CONGOR specialties contributed around 74.35%, 75.30% and 74.70% of operating revenue in Q1 FY2027, Q1 FY2026 and FY2026, respectively. Weaker demand, loss of specialists or greater competition in these fields could significantly affect revenue and profitability.
- Employee benefits, retainer/consultant fees and stock-in-trade purchases together accounted for about 65%–67% of expenses in recent periods. A 1% increase in all three would have reduced FY2026 profit before tax by approximately 13.29%. Competitive or regulatory constraints may limit the ability to pass on cost increases.
- Six hospitals are leased and generate 60%–61% of operating revenue. Lease deeds for the Panchkula, Darbhanga, Ranchi and Srinagar hospitals are unregistered and have limited evidentiary value. Termination, non-renewal or unfavourable changes to these arrangements could disrupt operations and financial performance.
IPO Objectives
Part of the net proceeds is proposed for full or partial repayment/prepayment of selected company borrowings, including accrued interest and prepayment charges, to reduce indebtedness and improve the debt-to-equity ratio.
The company plans to provide debt funding to its wholly owned subsidiary PMHPL, which operates the Srinagar hospital. PMHPL would use the funds to repay or prepay selected borrowings, reducing consolidated debt and improving the debt-to-equity ratio.
The remaining net proceeds, within the applicable limit under SEBI ICDR Regulations, may be used for general corporate needs, including organic and inorganic growth, capital expenditure, marketing, working capital and business development.
Yearly Financial Results
Consolidated · ₹ croreAnnual Financials
| Particulars | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Revenue | 1,129.04 | 1,294.06 | 1,605.95 |
| Expenses | 1,144.39 | 1,364.24 | 1,552.75 |
| Other Income | 21.98 | 20.14 | 22.83 |
| Total Revenue | 1,151.02 | 1,314.21 | 1,628.78 |
| Profit Before Tax | 6.63 | -50.04 | 76.03 |
| Net Profit | -15.33 | -57.98 | 43.83 |
All figures are in ₹ crore, as supplied.
Balance Sheet
Consolidated · ₹ crore| Particulars | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Total Assets | 1,477.66 | 1,810.45 | 2,071.14 |
| Fixed Assets | 1,104.03 | 1,292.73 | 1,296.25 |
| Total Equity & Liabilities | 1,477.66 | 1,810.45 | 2,071.14 |
| Total Liabilities | 1,139.15 | 1,529.96 | 1,676.20 |
| Current Liabilities | 420.99 | 619.43 | 718.42 |
| Non-current Liabilities | 718.16 | 910.53 | 957.78 |
| Total Equity | 338.51 | 280.49 | 394.94 |
All figures are in ₹ crore.
Cash Flow
Consolidated · ₹ crore| Particulars | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Net Cash Flow | -7.60 | 21.76 | 9.99 |
| Investing Activities | -194.06 | -147.25 | -239.41 |
| Operating Activities | 92.48 | 86.19 | 163.51 |
| Financing Activities | 93.98 | 82.82 | 85.89 |
All figures are in ₹ crore.
About Paras Healthcare
Paras Health is a clinical-specialty-led hospital platform offering tertiary and quaternary care through eight hospitals with a combined capacity of 2,211 beds across North India, Bihar and Jharkhand. It operates in five states and one union territory and has a 20-year operating history.
The company focuses on CONGOR specialties: cardiac care, oncology, neurology, gastroenterology, orthopaedics and renal sciences. These specialties contributed approximately 74% of operating revenue in Q1 FY2027. Revenue from operations grew at a 19.26% CAGR from ₹11,290 million in FY2024 to ₹16,060 million in FY2026, while EBITDA expanded at a 47.41% CAGR over the same period.
Paras Health plans to increase its total bed capacity to 3,011 by March 2028 through greenfield and brownfield expansions in Gurugram and Ludhiana.
Company Information
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