IPO Chowk/Paras Healthcare Ltd./Review

Paras Healthcare Ltd. IPO Review, Financial Analysis & Valuation

In-depth editorial analysis, statutory financial disclosures, and peer valuation metrics to help you evaluate if the Paras Healthcare Ltd. IPO is good or bad.

Business Overview

Incorporated in 1987, Paras Healthcare Limited is a leading clinical specialty-led hospital platform providing tertiary and quaternary healthcare services under the "Paras Health" brand across North India, Bihar, and Jharkhand. With over 20 years of operating history, the company follows a balanced growth strategy across mature, emerging, and new hospitals. As of June 30, 2026, it operates eight hospitals with an aggregate capacity of 2,211 beds across Gurugram, Panchkula, Patna, Darbhanga, Kanpur, Udaipur, Ranchi, and Srinagar. The platform specializes in cardiac sciences, oncology, neurosciences, gastro sciences, orthopedics & sports injury, and renal sciences, collectively referred to as the CONGOR specialties. In Fiscal 2026, these focus areas accounted for 75.30% of the company's revenue. Paras Healthcare plans to further expand its presence with a 300-bed hospital in Gurugram and a 500-bed hospital in Ludhiana, which will take its total capacity to 3,011 beds by March 2028. As of March 31, 2026, the company had a workforce of 4,670 employees, including 1,084 doctors and 1,937 nurses.

Financial Performance

Period EndedRevenueExpensePATAssetsEBITDANet WorthTotal Borrowing
30 Jun 2026478.75NA49.682,202.88113.48444.961,429.49
31 Mar 20261,628.78NA43.832,071.14335.58394.941,393.86
31 Mar 20251,314.21NA-57.981,810.45156.46280.491,232.12
31 Mar 20241,151.02NA-15.331,477.66154.41338.51923.92

Peer Comparison & Valuation

Compare the valuation of Paras Healthcare Ltd. against its listed industry peers to determine if the issue price is justified.

CompanyIssue TypeIssue SizeIssue PricePE RatioListing Day CloseListing Gain/Loss %LTP
Rays of Belief Ltd.Mainboard₹125.00 Cr₹23975.63₹228.34-4.46%₹285.52
Manipal Health Enterprises Ltd.Mainboard₹9,275.22 Cr₹59075.93₹666.95+13.04%₹642.40
Gujarat Kidney & Super Speciality Ltd.Mainboard₹250.80 Cr₹11461.62₹104.54-8.30%₹187.37
Park Medi World Ltd.Mainboard₹920.00 Cr₹16229.21₹147.95-8.67%₹235.70
ABH Healthcare Ltd.SME₹34.98 Cr₹10214.47₹94.05-7.79%₹44.90
Hannah Joseph Hospital Ltd.SME₹42.00 Cr₹7016.21₹68.25-2.50%₹101.10

Should you apply for the Paras Healthcare Ltd. IPO?

Determining whether the Paras Healthcare Ltd. IPO is good or bad requires evaluating the company's financial growth trajectory, the sector's macroeconomic tailwinds, and the premium demanded by the promoters in the price band.

  • Review the PAT (Profit After Tax) margins in the financials table above to ensure profitability is not artificially inflated just before the IPO.
  • Examine the P/E Ratio in the peer comparison section. A lower P/E relative to industry peers may indicate an undervalued issue.
  • Monitor the QIB subscription data on the final day, as heavy institutional buying is a strong indicator of smart-money confidence.