Paras Healthcare IPO: Price Band, Lot Size, Financials & Review
Paras Healthcare IPO opens on Wed, 21 Oct 2026 and closes on Fri, 23 Oct 2026.
Last updated
- Price band
- Not announced
- Lot size
- —
- Min. investment
- —
- Issue size
- ₹1,450 Cr
Paras Healthcare IPO details
Paras Healthcare IPO is a ₹1,450 Cr book-building IPO on the Mainboard segment, listing on BSE & NSE. It combines a fresh issue of ₹500 Cr (34.48%) with an offer for sale of ₹950 Cr (65.52%) by existing shareholders. Only the fresh issue money goes to the company.
The issue opens on Wed, 21 Oct 2026 and closes on Fri, 23 Oct 2026. Allotment is expected on Mon, 26 Oct 2026 and listing on Wed, 28 Oct 2026.
MUFG Intime India Pvt Ltd is the registrar, and Bofa Securities India Limited, JM Financial Limited and Nuvama Wealth Management Limited are the book running lead managers.
Share reservation by category
| Category | Shares Details |
|---|---|
| Qualified Institutions | Not More Than 75% of the Net Issue |
| Retail Investors | Not Less Than 10% of the Net Issue |
| Non-Institutional | Not Less Than 15% of the Net Issue |
Issue structure and valuation
It combines a fresh issue of ₹500 Cr (34.48%) with an offer for sale of ₹950 Cr (65.52%) by existing shareholders. Only the fresh issue money goes to the company.
P/E is not meaningful here because earnings per share is zero or negative.
Listed peers with positive earnings trade at a median P/E of 60.73x (10 companies).
| EPS (pre-issue) Latest earnings per share before the issue | ₹4.34 |
|---|---|
| P/E (pre-issue) Upper price band ÷ pre-issue EPS | — |
| EPS (post-issue) EPS on the enlarged share capital | ₹0 |
| P/E (post-issue) Upper price band ÷ post-issue EPS | — |
| Promoter holding (pre-issue) | 72.80% |
| Promoter holding (post-issue) | 0.00% |
Paras Healthcare Limited financials
Between 31 Mar 2025 and 31 Mar 2026, Income rose from ₹1,314.21 Cr to ₹1,628.78 Cr, and profit after tax rose from -₹57.98 Cr to ₹43.83 Cr. The PAT margin for 31 Mar 2026 was 2.69%.
| Period ended | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Assets | 2,071.14 | 1,810.45 | 1,477.66 |
| Total Income | 1,628.78 | 1,314.21 | 1,151.02 |
| Profit After Tax | 43.83 | -57.98 | -15.33 |
| EBITDA | 335.58 | 156.46 | 154.41 |
| Net Worth | 394.94 | 280.49 | 338.51 |
| Reserve & Surplus | 384.84 | 270.73 | 328.75 |
| Total Borrowings | 854.10 | 727.93 | 547.53 |
₹ in crore, as stated in the prospectus.
Key performance indicators
| KPI | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| ROE % | 12.98 | -18.73 | -8.32 |
| ROCE % | 10.76 | 2.71 | 5.86 |
| Debt / Equity | 3.53 | 4.39 | 2.73 |
| RoNW % | 12.98 | -18.73 | -8.32 |
| Pat Margin % | 2.69 | -4.41 | -1.33 |
Peer comparison
| Company | Face value | P/E | EPS (basic) | EPS (diluted) | RoNW | NAV |
|---|---|---|---|---|---|---|
| Paras Healthcare Limited | 1 | — | 4.34 | 4.34 | 12.98% | 39.11 |
| Aster DM Quality Care Limited | 10 | 91.89 | 7.53 | 7.52 | 9.70% | 88.32 |
| Apollo Hospitals Enterprise Limited | 5 | 59.36 | 135.04 | 134.94 | 21.95% | 657.58 |
| Fortis Healthcare Limited | 10 | 55.43 | 13.80 | 13.80 | 11.08% | 131.07 |
| Global Health Limited | 2 | 64.46 | 20.71 | 20.66 | 15.15% | 147.06 |
| Jupiter Lifeline Hospitals Limited | 2 | 42.92 | 5.92 | 5.92 | 13.41% | 47.10 |
| Krishna Institute of Medical Sciences Limited | 2 | 116.41 | 6.03 | 6.03 | 11.01% | 56.17 |
| Manipal Health Enterprises Limited | 2 | 87.00 | 7.71 | 7.67 | 12.37% | 63.26 |
| Max Healthcare Institute Limited | 10 | 62.10 | 14.83 | 14.76 | 14.33% | 109.53 |
| Narayana Hrudayalaya Limited | 10 | 43.41 | 39.67 | 39.67 | 19.74% | 222.02 |
| Yatharth Hospital and Trauma Care Services Limited | 10 | 55.16 | 18.20 | 18.20 | 10.36% | 184.79 |
Notes
* To be updated for our Company at the Prospectus stage after the Offer Price has been determined
1. All the financial information of our Company mentioned above has been derived from the Restated Consolidated Financial Information as at and for the Fiscal 2026.
2. All the financial information for listed industry peers mentioned above is on a consolidated basis (unless otherwise available only on standalone basis) and is sourced from the annual reports/ annual results or
investor presentations as available of the respective company for the year ended March 31, 2026 submitted to the Stock Exchanges.
3. EV (Enterprise Value) = Market capitalization plus the Net borrowings as of March 31, 2026. Market Capitalization has been computed based on the closing market price of equity shares on BSE on October 5,
2026.
4. Net borrowings of peers are computed as non-current borrowings plus non -current leases plus current borrowings plus current leases minus cash and cash equivalents and other balances with banks
5. EBITDA = EBITDA for the Company is calculated as profit/ (loss) before tax for the year plus finance costs and depreciation and amortization expense. For, further details, see “Management’s Discussion And
Analysis Of Financial Condition And Results Of Operations -Reconciliation of Non-GAAP measures” on page 455.
6. P/E ratio has been computed based on the closing market price of equity shares on BSE on October 5, 2026 divided by the Diluted EPS for the year ended March 31, 2026. Jupiter LifeLine Hospitals Ltd.’s P/E
ratio has been calculated post adjustment of 10:2 stock split of July 24, 2026.
7. a. Net Worth in relation to the Company means the aggregate value of the paid-up share capital and all reserves created out of the profits and securities premium account, debit or credit balance of profit and loss
account and share application pending allotment, after deducting the aggregate value of the accumulated losses, debit or credit balance of Common control deficit account, deferred expenditure and miscellaneous
expenditure not written off as per the audited balance sheet, but does not include reserves created out of revaluation of assets, write-back of depreciation and amalgamation. Net worth for Company is calculated
as sum of equity and other equity as appearing in Restated Consolidated Financial Statements
b. Net worth for Peers is calculated as equity attributable to the owners of the company. Equity attributable to the owners of the company is the aggregate of equity share capital and other equity as appearing in
their audited financial statements as at March 31, 2026.
8. Net Asset Value per Equity Share (₹) = Net asset value per Equity Share is calculated as Net worth divided by number of equity shares outstanding as at March 31, 2026. Number of equity shares outstanding for
Jupiter LifeLine Hospitals Ltd have been calculated post adjustment of 10:2 stock split of July 24, 2026.
9. RoNW = Return on Net Worth is calculated as Profit/(loss) for the year attributable to owners of the Company divided by average Net Worth as of at March 31, 2026.
From the prospectus. P/E is shown as — when earnings are zero or negative, or not reported for the issuer before listing.
Objectives
The company intends to utilize the Offer Proceeds for the following Objects.
| Sr | Objective | Est Amt (₹ Cr.) |
|---|---|---|
| 1 | Prepayment or scheduled re-payment of a portion of certain outstanding borrowings availed by the Company | 320.90 |
| 2 | Investment in our wholly owned Subsidiary, PMHPL (which also operates our hospital in Srinagar), for repayment/prepayment of borrowings, in full or part, of PMHPL | 541.00 |
| 3 | General corporate purposes | — |
| Total | 861.9 |
About Paras Healthcare Limited
Paras Healthcare Limited, incorporated in December 1987, is a clinical specialty-led hospital platform providing tertiary and quaternary healthcare services under the “Paras Health” brand. As of June 30, 2026, the company operates eight hospitals with an aggregate capacity of 2,211 beds across Haryana, Bihar, Uttar Pradesh, Rajasthan, Jharkhand and Jammu & Kashmir.
The company focuses on high-acuity healthcare across key specialties, including cardiac sciences, oncology, neurosciences, gastro sciences, orthopedics and sports injury, and renal sciences (CONGOR). Its hospital network comprises mature, emerging and new hospitals, providing a combination of established cash generation and future growth potential through improving occupancy and operating leverage.
Paras Healthcare has a planned expansion pipeline comprising a 300-bed hospital in Gurugram and a 500-bed hospital in Ludhiana, which are expected to be launched by Fiscal 2027 and Fiscal 2028, respectively. The company aims to increase its overall bed capacity to 3,011 beds by March 31, 2028.
The company operates hospitals through owned, leased, revenue-sharing and public-private partnership models, enabling a capital-efficient approach to expansion. As of June 30, 2026, Paras Healthcare had 5,315 professionals, including 1,084 doctors, 1,937 nurses and 2,294 other personnel.
Promoters
Dr. Dharminder Kumar Naga
Contact details
Paras Healthcare Ltd.
1 st Floor, Tower B, Paras Twin Towers,
Golf Course Road, Sector 54,
Gurugram – 122002, Haryana, India
Gurgaon, Haryana, 122002
Phone: +91 124 430 2163
Email: cs@parashospitals.com
Website: https://www.parashospitals.com/
Paras Healthcare IPO FAQs
- When does Paras Healthcare IPO open and close?
- Paras Healthcare IPO opens on Wed, 21 Oct 2026 and closes on Fri, 23 Oct 2026.
- What is the Paras Healthcare IPO allotment date?
- The Paras Healthcare IPO basis of allotment is expected on Mon, 26 Oct 2026. You can check your allotment status on the MUFG Intime India Pvt Ltd website.
- What is the Paras Healthcare IPO listing date?
- Paras Healthcare IPO is expected to list on BSE & NSE on Wed, 28 Oct 2026.
- Is the Paras Healthcare IPO a fresh issue or an offer for sale?
- It combines a fresh issue of ₹500 Cr (34.48%) with an offer for sale of ₹950 Cr (65.52%) by existing shareholders. Only the fresh issue money goes to the company.
- Who are the registrar and lead managers of the Paras Healthcare IPO?
- The registrar for the Paras Healthcare IPO is MUFG Intime India Pvt Ltd, and the book running lead managers are Bofa Securities India Limited, JM Financial Limited and Nuvama Wealth Management Limited.
- How to apply for the Paras Healthcare IPO?
- Apply through your broker app or net banking using UPI or ASBA. Select the IPO, enter the number of lots and your bid (retail investors can bid at the cut-off price), and approve the UPI mandate before the issue closes on Fri, 23 Oct 2026.
Data is compiled from the prospectus, stock exchanges and market sources and is for information only. It is not investment advice; read the RHP before applying.