Paras Healthcare IPO
Paras Healthcare shares listed on BSE and NSE on 28 October 2026 after an IPO priced at ₹660 to ₹693, an issue of ₹1,450 crore.
- Minimum investment
- ₹14,5531 lot of 21 shares, at the upper price
- Price band
- ₹660 to ₹693
- Lot size
- 21 shares
- Issue size
- ₹1,450 croreFresh issue and offer for sale
- Bidding
- 21 Oct to 23 Oct
- Listing
- 28 OctBSE, NSE
Dates
Paras Healthcare IPO dates
RHP cover page- 19 OctAnchor bidding
- 21 OctBidding opens
- 23 OctBidding closes, UPI by 5 pm
- 26 OctAllotment (expected)
- 27 OctRefunds and demat credit (expected)
- 28 OctListing
- Today7 Nov
Allotment and listing dates are our estimate from SEBI's T+3 timeline.
Read before you apply
Paras Healthcare IPO review: read before you apply
Worth checking
- SeriousLosses until last year
Net loss of ₹15.3 crore in FY24 and ₹58.0 crore in FY25, before a profit of ₹43.8 crore in FY26 (Risk factor 1). This is why retail investors get only 10% of the offer.
- Most of the money goes to sellers
₹950 crore of the ₹1,450 crore is an offer for sale. The promoter's average cost is ₹2.35 a share and Commelina's is ₹114.15 (RHP cover page).
- Debt and leases are large
Borrowings were ₹889 crore and lease liabilities ₹541 crore in June 2026. Credit ratings were downgraded in FY25 (Risk factors 19 and 22).
- Money owed to it has nearly tripled
Trade receivables rose from ₹156 crore in March 2024 to ₹448 crore in June 2026, partly from government health schemes (Risk factor 18).
- Past action under government schemes
The Patna hospital was suspended from CGHS in 2024 after negligence complaints, later restored and re-empanelled in April 2026 (Risk factor 11).
- Promoter group member on a defaulter list
Harbaksh Singh Khangura, a promoter group member, appears in the CIBIL wilful defaulter database over a company he left in 2013 (Risk factor 5).
Strengths
- Revenue is growing fast
Revenue grew 19.3% a year from FY24 to FY26 to ₹1,606 crore (our calculation).
- Margins are improving
EBITDA margin rose from 13.4% in FY24 to 20.6% in FY26 and 23.7% in April to June 2026.
- Beds are filling up
Bed occupancy rose from 52.5% in FY24 to 61.8% in FY26 and 69.7% in April to June 2026.
- Focus on smaller cities
About 68% of FY26 revenue came from tier 2 cities, across 8 hospitals with 2,211 beds.
- Fresh money cuts debt
₹375 crore of the fresh issue goes to repaying loans of the company and its Srinagar subsidiary.
What Paras Healthcare does
Paras Healthcare runs 8 multi-specialty hospitals under the Paras Health brand in Gurugram, Panchkula, Patna, Darbhanga, Ranchi, Udaipur, Srinagar and Kanpur, with 2,211 beds in total and 1,502 in operation.
About three-quarters of revenue comes from cardiac, oncology, neuro, gastro, orthopaedics and renal care. It is promoted by Dr Dharminder Kumar Nagar, who owns 72.8% before the IPO. The company started as a frozen foods firm in 1987 and moved into healthcare in 2003.
Listing and subscription
Paras Healthcare IPO subscription status
NSE IPO details, final figuresListing day
Our calculation: gain vs upper price- Issue price
- ₹693
- Listing price
- ₹720
- Gain at open
- +3.9%
- Day close
- ₹735.6
Subscription
- Total
- 2.23x
- Retail
- 2.00x
- Updated
- 23 Oct 2026, 5:00 pm IST
- QIB75% of offer3.09x
- NII15% of offer0.66x
- Big NII0.59x
- Small NII0.80x
- Retail10% of offer2.00x
- Total2.23x
As of 23 Oct 2026, 5:00 pm IST. Times subscribed is a fact about demand, not a sign of quality. Share of offer is from the RHP offer structure.
Grey market premium. GMP is unofficial. It is not regulated or published by any exchange. If we show it, it carries its source and time, never as a forecast. What GMP means
Price and lots
Paras Healthcare IPO price band, lot size and issue size
RHP cover page and The Offer (p. 78)| Price band | ₹660 to ₹693 |
| Lot size | 21 shares |
| Issue size | ₹1,450 crore at the upper price |
| Fresh issue | ₹500 crore |
| Offer for sale | ₹950 crore by promoter Dr Dharminder Kumar Nagar (up to ₹300 crore) and investor Commelina Ltd (up to ₹650 crore) |
| Face value | ₹1 per share |
| Issue type | Book built, fresh issue and offer for sale |
Where the money goes
Percentages are our calculation.
Who gets how much of the net offer
The offer is under Regulation 6(2) of the SEBI ICDR rules, used when a company does not meet the profit track record. At least 75% must go to QIBs, and retail investors get at most 10%.
What the company will do with the money
RHP, Objects of the Offer (p. 124)| Object of the issue | ₹ crore |
|---|---|
| Repay borrowings of the company | 320.90 |
| Invest in subsidiary PMHPL (Srinagar hospital) to repay its borrowings | 54.10 |
| General corporate purposes (up to 25% of the fresh issue) |
Minimum and maximum investment
Our calculation: at ₹693 per share| Category | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min)Minimum application | 1 | 21 | ₹14,553 |
| Retail (max) | 13 | 273 | ₹1,89,189 |
| Small NII (min) | 14 | 294 | ₹2,03,742 |
| Small NII (max) | 68 | 1,428 | ₹9,89,604 |
| Big NII (min) | 69 | 1,449 | ₹10,04,157 |
Retail bids are capped at ₹2 lakh and small NII bids at ₹10 lakh.
Valuation calculator
Our calculation: inputs from RHP, Restated Consolidated Financial Information and Basis for Offer PriceSet to the upper end of the band, ₹693. Change it to see what you would be paying for.
- Market cap
- ₹7,498 cr
- P/E (FY26)
- 159.7x
- Price to book
- 16.9x
- Market cap to sales
- 4.7x
- Peer average P/E
- 67.81x
Based on FY26 EPS of ₹4.34, 10.82 crore shares, net worth of ₹444.96 crore (June 2026) and revenue of ₹1,605.95 crore. Shares after the IPO: 10,09,86,187 existing shares plus about 72.15 lakh new shares from the ₹500 crore fresh issue at the upper price of ₹693 (our calculation). At a lower price, slightly more new shares are issued.
Financials
Paras Healthcare financials
RHP, Summary of Financial Information (p. 83), ₹ croreRevenue and EBITDA
Borrowings and leases
Revenue grew 19.3% a year from FY24 to FY26 (our calculation). Profit swung from a loss to ₹43.8 crore.
| ₹ crore | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Revenue from operations | 1,129.04 | 1,294.06+14.6% | 1,605.95+24.1% | 470.28 |
| Other income | 21.98 | 20.14 | 22.83 | 8.47 |
| EBITDA | 154.41 | 156.46 | 335.58 | 113.48 |
| EBITDA margin on total income | 13.4% | 11.9% | 20.6% | 23.7% |
| Finance costs | 67.06 | 90.92 | 115.98 | 30.25 |
| Profit after tax | -15.33 | -57.98 | 43.83 | 49.68 |
| EPS (₹) | -1.57 | -5.94 | 4.34 | 4.92 |
| Total equity | 338.51 | 280.49 | 394.94 | 444.96 |
| Borrowings | 547.53 | 727.93 | 854.10 | 888.89 |
| Lease liabilities | 376.39 | 504.19 | 539.76 | 540.60 |
| Trade receivables | 156.31 | 234.59 | 349.57 | 447.60 |
| Cash from operations | 92.48 | 86.19 | 163.51 | 64.34 |
Consolidated figures. Q1 FY27 is April to June 2026 and is not annualised. EBITDA is profit before tax plus finance costs and depreciation, as the company defines it. Borrowings and leases add current and non-current amounts (our calculation).
The small figures under revenue and profit are the change from the previous full year, our calculation.
Compared with listed peers
RHP, Basis for Offer Price (p. 145). Peer prices as of 5 Oct 2026.The listed peers are all larger hospital chains. P/E for Paras depends on the final price.
| Company | Revenue (₹ crore) | Diluted EPS (₹) | P/E | RoNW |
|---|---|---|---|---|
| Paras Healthcare | 1,605.95 | 4.34 | At issue price | 12.98% |
| Apollo Hospitals | 25,228.50 | 134.94 | 59.36x | 21.95% |
| Manipal Health | 10,935.60 | 7.67 | 87.00x | 12.37% |
| Max Healthcare | 10,065.00 | 14.76 | 62.10x | 14.33% |
| Fortis Healthcare | 9,127.84 | 13.80 | 55.43x | 11.08% |
| Narayana Health | 7,896.04 | 39.67 | 43.41x | 19.74% |
| Aster DM Quality Care | 4,643.22 | 7.52 | 91.89x | 9.70% |
| Global Health (Medanta) | 4,410.30 | 20.66 | 64.46x | 15.15% |
| KIMS | 3,904.60 | 6.03 | 116.41x | 11.01% |
| Jupiter Lifeline Hospitals | 1,499.79 | 5.92 | 42.92x | 13.41% |
| Yatharth Hospital | 1,207.17 | 18.20 | 55.16x | 10.36% |
The peer average P/E of 67.81x is from the RHP (p. 146), across 10 listed hospital chains that are mostly much larger.
Key performance indicatorsOperational beds, Bed occupancy, ARPOB (₹ a day) and more
| Metric | FY24 | FY25 | FY26 | Q1 FY27 |
|---|---|---|---|---|
| Operational beds | 1,332 | 1,465 | 1,502 | 1,502 |
| Bed occupancy | 52.5% | 50.8% | 61.8% | 69.7% |
| ARPOB (₹ a day) | 44,306 | 48,089 | 47,398 | 49,352 |
| Average length of stay (days) | 3.14 | 2.89 | 2.93 | 2.77 |
| In-patients | 81,047 | 93,170 | 1,15,496 | 34,354 |
| Surgeries | 30,219 | 33,072 | 39,687 | 11,112 |
| Tier 2 city revenue share | 62.4% | 64.0% | 68.2% | 69.6% |
Q1 FY27 volumes cover three months only.
RHP, Basis for Offer Price (p. 150)
Company
About Paras Healthcare
Business
RHP, Basis for Offer Price (p. 149)Five of the eight hospitals are in North India and gave about 66% of FY26 revenue. In-patients make up about 78% of revenue. Six hospitals run on leased premises. The company had 1,084 doctors and 1,937 nurses in June 2026.
Revenue by city type, FY26
- Hospitals
- 8
- Total beds
- 2,211
- ICU beds
- 559
- ARPOB, Jun 2026 quarter
- ₹49,352 a day
Key risks
RHP, Risk Factors (p. 21)- Recent lossesThe company was loss-making in FY24 and FY25 and may not stay profitable.
- Staff dependenceIt relies heavily on doctors, nurses and support staff, who are in short supply.
- Regional concentrationFive of eight hospitals are in North India, giving about two-thirds of revenue.
- Leased hospitalsSix of eight hospitals are on leased premises.
- Government scheme paymentsDelays in dues from government schemes and insurers affect cash flow.
- High debtSubstantial borrowings require cash to service and limit flexibility.
- Medical negligence claimsHospitals face claims and regulatory action over patient care.
Read before you apply puts the most important of these beside the strengths.
Promoters and shareholdingThe holding after the IPO depends on the final price, since the offer is a fixed rupee amount.
Promoter: Dr Dharminder Kumar Nagar, Managing Director. He owns 72.80% before the IPO. The holding after the IPO depends on the final price, since the offer is a fixed rupee amount.
| Shareholder | Before IPO | Selling | Avg cost per share |
|---|---|---|---|
| Dr Dharminder Kumar Nagar (promoter) | 72.80% | Up to ₹300 crore | ₹2.35 |
| Commelina Ltd | 16.44% | Up to ₹650 crore | ₹114.15 |
| 360 ONE Special Opportunities Fund (Series 12 and 13) | 6.37% | Nil | |
| Axis New Opportunities AIF | 3.63% | Nil | |
| Others | 0.76% | Nil |
RHP, Capital Structure (p. 115) and cover page
IndustryIndian healthcare delivery market FY2025: About ₹7.0 lakh crore
- Indian healthcare delivery market FY2025
- About ₹7.0 lakh crore
- Estimated for FY2026
- ₹7.6 to ₹7.8 lakh crore
- Healthcare spending per person in India, 2023
- USD 84.7 (WHO)
The report gives the market in ₹ trillion; ₹ lakh crore is the same amount.
CRISIL report 'Assessment of Healthcare delivery sector in India with a focus on North India and East India' in the RHP, commissioned and paid for by the company (p. 188 and p. 198)
LitigationAgainst the company: criminal, tax, regulatory and civil: 41 · Against subsidiaries: 9 · Against the promoter: criminal and civil: 8
| Type | Cases | Amount |
|---|---|---|
| Against the company: criminal, tax, regulatory and civil | 41 | ₹117.48 crore |
| Against subsidiaries | 9 | ₹2.08 crore |
| Against the promoter: criminal and civil | 8 | ₹13.02 crore |
| Against directors: criminal and regulatory | 5 | ₹13.03 crore |
One criminal complaint names the promoter and other doctors over a 2016 surgery at the Patna hospital. The RHP says it is pending.
RHP, Risk Factor 10 (p. 33) and Outstanding Litigation (p. 488)
Company detailsLegal name, registered office, CIN and website
| Legal name | Paras Healthcare Limited |
| Incorporated | 21 December 1987, as Arbian Frozen Foods |
| Managing Director | Dr Dharminder Kumar Nagar |
| Hospitals | Gurugram, Panchkula, Patna, Darbhanga, Ranchi, Udaipur, Srinagar, Kanpur |
| CIN | U85110HR1987PLC035823 |
RHP, General Information
Lead managers and registrar
RHP cover pageAllotment
Paras Healthcare IPO allotment status
Out from 26 Oct 2026- Open the registrar's pageMUFG Intime India Private Limited is the registrar. Open its allotment page.
- Select Paras Healthcare LimitedIt appears once the basis of allotment is final.
- Enter your PAN, application number or DP IDUse the details you applied with.
- Or check on the exchangeBSE's application status page works too.
Documents
Questions
Paras Healthcare IPO FAQs
When does the Paras Healthcare IPO open and close?
The Paras Healthcare IPO opens on Wednesday, 21 October 2026 and closes on Friday, 23 October 2026. Anchor bidding is on 19 October 2026. UPI mandates must be approved by 5 pm on the closing day.
What is the Paras Healthcare IPO price band and lot size?
The price band is ₹660 to ₹693 per share. The lot size is 21 shares, so the minimum bid is 21 shares, or ₹14,553 at the upper price.
What is the Paras Healthcare IPO size?
The Paras Healthcare IPO is of ₹1,450 crore at the upper end of the price band. It is a fresh issue and offer for sale by promoter Dr Dharminder Kumar Nagar (up to ₹300 crore) and investor Commelina Ltd (up to ₹650 crore).
What is the Paras Healthcare IPO allotment date?
Allotment is (expected) on Monday, 26 October 2026. Refunds and demat credit are expected on 27 October 2026.
What is the Paras Healthcare IPO listing date?
Paras Healthcare shares are due to list on BSE and NSE on Wednesday, 28 October 2026.
Who is the registrar of the Paras Healthcare IPO?
MUFG Intime India Private Limited is the registrar. Allotment status can be checked on its website or on BSE using your PAN or application number.
What does Paras Healthcare do?
Paras Healthcare runs 8 multi-specialty hospitals under the Paras Health brand, mostly in North and East India, with 2,211 beds as of June 2026.
How much of the Paras Healthcare IPO is for retail investors?
At most 10% of the offer. The issue is under Regulation 6(2) of SEBI's ICDR rules, so at least 75% goes to qualified institutional buyers.
Is the Paras Healthcare IPO a fresh issue or an offer for sale?
Both. ₹500 crore is a fresh issue and ₹950 crore is an offer for sale by the promoter and Commelina Ltd.
Was Paras Healthcare profitable?
It made losses of ₹15.33 crore in FY24 and ₹57.98 crore in FY25, and a profit of ₹43.83 crore in FY26.
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