A clinical-specialty-led hospital platform opens its Rs 1,450 crore mainboard issue on October 21
Paras Healthcare Ltd (PHL) is a clinical specialty-led hospital platform providing tertiary and quaternary healthcare under the “Paras Health” brand, through eight hospitals with an aggregate 2,211 beds (as of June 30, 2026) across five states and one UT — Gurugram and Panchkula (Haryana), Patna and Darbhanga (Bihar), Kanpur (UP), Udaipur (Rajasthan), Ranchi (Jharkhand) and Srinagar (J&K).
Its hospitals focus on high-acuity “CONGOR” specialties — cardiac, oncology, neuro, gastro, orthopaedics/sports injury and renal sciences — which contributed ~74.70% of FY26 revenue. It has a mix of mature, emerging and new hospitals (aiding margin expansion as newer ones ramp up), operating via owned, leased, revenue-sharing and PPP models.
The company plans to add a 300-bed Gurugram hospital (by FY27) and a 500-bed Ludhiana hospital (by FY28), lifting total capacity to 3,011 beds by March 2028. As of June 30, 2026, it had 1,084 doctors and 1,937 nurses (5,315 total staff); seven of eight hospitals are NABH-accredited.
Issue Details
| Particulars | Details |
|---|---|
| Issue Opens | October 21, 2026 |
| Issue Closes | October 23, 2026 |
| Listing | BSE, NSE (Mainboard) |
| Listing Date | October 28, 2026 |
| Price Band | Rs 660 – Rs 693 per share |
| Face Value | Rs 1 |
| Issue Size | Rs 1,450 crore (~2,09,23,521 shares) |
| Fresh Issue | Rs 500 crore (~72,15,007 shares) |
| Offer for Sale | Rs 950 crore (~1,37,08,514 shares) |
| Lot Size | 21 shares / Rs 14,553 |
| QIB / HNI / Retail | 75% / 15% / 10% |
| Lead Managers | JM Financial, BofA Securities India, Nuvama Wealth |
| Registrar | MUFG Intime India Pvt. Ltd. |
The fresh proceeds: Rs 320.90 crore for repayment/prepayment of borrowings, Rs 54.10 crore for debt reduction at subsidiary PMHPL, and the rest for general corporate purposes.
The issue is 19.34% of post-IPO capital; implied market cap ~Rs 7,498.34 crore. Anchors raised Rs 652.5 crore on October 20.
Price Band Analysis
At the upper band of Rs 693, the issue is valued at a P/E of about 37.72x on FY27-annualised earnings and 171.11x on FY26, with a P/BV of 15.73 (June 30, 2026 NAV of Rs 44.06), easing to 8.38x on the post-IPO NAV of Rs 82.71. Debt-to-equity was 3.21 and contingent liabilities Rs 398.44 crore as of June 30, 2026.
GMP Watch
The Paras Healthcare IPO GMP has eased to around Rs 75–84 (~11–12%) as of October 19–20 (from a high of Rs 115 on October 15), implying an estimated listing near Rs 777 over the Rs 693 upper band. GMP is unofficial, unregulated and unendorsed, and can move before listing.
Financial Performance
| Particulars (Rs cr) | FY24 | FY25 | FY26 | Q1-FY27 |
|---|---|---|---|---|
| Total Income | 1,151.02 | 1,314.21 | 1,628.78 | 478.45 |
| EBITDA | 154.41 | — | 335.58 | 113.48 |
| PAT | (15.33) | (57.98) | 43.83 | 49.68 |
| PAT Margin (%) | (1.33) | (4.41) | 2.69 | 10.38 |
| RoCE (%) | 5.86 | 2.71 | 10.76 | 4.23 |
Revenue from operations grew at a 19.26% CAGR (Rs 1,129.04 crore FY24 to Rs 1,605.95 crore FY26), and EBITDA at a 47.41% CAGR (Rs 154.41 crore to Rs 335.58 crore) as newer hospitals ramped up. The company turned the corner to profit from FY26 (after losses in FY24 and FY25), with Q1-FY27 PAT of Rs 49.68 crore (10.38% margin).
Over three fiscals, average EPS was Rs –(0.07) and average RoNW –(1.14)%. Rising trade receivables year-on-year are and no dividend history.
Conclusion
Paras Healthcare brings a growing, specialty-led hospital platform to the mainboard — eight “Paras Health” hospitals with 2,211 beds, strong CONGOR focus, a 19%+ revenue CAGR, sharp EBITDA-margin expansion, a turnaround to profit from FY26, and a bed-expansion runway to 3,011 by FY28.
Set against that are a fully-priced ask (171x FY26 / ~38x annualised FY27), high leverage (D/E 3.21), rising receivables, and a large OFS component.
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