IPO Analysis
Paras Healthcare IPO Analysis: GMP, Financials, Valuation & Risks
Paras Healthcare’s IPO is scheduled to open on October 21, 2026, with a price band of ₹660 to ₹693 per share. Review its financials, valuation, risks and unofficial GMP.
By Vraj Shah
· 5 min read
AI wrote this article from prospectus and exchange data, and software checked its figures against that data before publishing. How our content is made
Summary
Paras Healthcare’s mainboard IPO is scheduled to open on October 21, 2026, with a price band of ₹660 to ₹693 per share. The issue size is approximately ₹1,522.50 crore. The company operates eight hospitals, and its IPO analysis needs to be weighed against leverage, litigation, staffing and lease-related risks.
IPO snapshot
| Detail | Information |
|---|---|
| Issue type | Book build issue |
| Price band | ₹660 to ₹693 per share |
| Face value | ₹1 per equity share |
| Issue size | Approximately ₹1,522.50 crore |
| Fresh issue | Approximately ₹500 crore |
| Offer for sale | Approximately ₹950 crore |
| Opening date | October 21, 2026 |
| Closing date | October 23, 2026 |
| Allotment | 2026 |
| Listing | 2026 |
| Exchanges | BSE, NSE |
The minimum retail application is 1 lot, or 21 shares, for ₹14,553. The retail maximum is 13 lots, or 273 shares, for ₹1,89,189.
Business
Paras Healthcare Limited operates eight tertiary and quaternary-care hospitals across North and East India. Its services include heart care, cancer treatment, brain and nerve care, digestive health, and bone and joint replacement.
The company’s IPO analysis reports 2,211 beds, 1,011 doctors and 1,665 nurses. CONGOR specialties contributed 74.70% of Fiscal 2026 operating revenue. Expansion plans could increase capacity to 3,011 beds by March 2028.
For more IPO information, see all IPOs.
Financials
The table below gives the reported figures. The unit for these figures isn’t stated.
| Period ended | Revenue | Expense | PAT | Assets |
|---|---|---|---|---|
| 2022 | 1151.02 | 1144.39 | 15.33 | 1477.66 |
| 2023 | 1314.21 | 1364.24 | 57.98 | 1810.45 |
| 2024 | 1628.78 | 1552.75 | 43.83 | 2071.14 |
The IPO analysis says the company returned to profit in Fiscal 2026 after consolidated losses in Fiscal 2024 and Fiscal 2025. It also reports Fiscal 2026 operating cash flow of ₹1,635.12 million, compared with ₹861.90 million in Fiscal 2025. High borrowings and a modest Fiscal 2026 net margin temper the improvement.
Valuation
| Metric | Reported figure |
|---|---|
| Basic EPS | 4.34 |
| ROE | 12.98% |
| ROCE | 10.76% |
| EBITDA margin | 20.60% |
| PAT margin | 2.69% |
| Debt-to-equity ratio | 3.53 |
| RONW | 12.98% |
| NAV | 39.11 |
| Price-to-book value | 15.73 |
The reported debt-to-equity ratio of 3.53 and PAT margin of 2.69% are relevant points when considering the company’s financial profile. The price-to-earnings ratio isn’t included here because it is reported as N/A.
GMP
The unofficial grey market premium (GMP) was ₹96 as of October 18, 2026, at 9:05 am IST. GMP is an unofficial quote, not an exchange figure; it can change, and a listing can land away from it.
Strengths
- Paras Healthcare has an eight-hospital network with 2,211 beds, 1,011 doctors and 1,665 nurses.
- CONGOR specialties contributed 74.70% of Fiscal 2026 operating revenue.
- Fiscal 2026 operating cash flow was ₹1,635.12 million, compared with ₹861.90 million in Fiscal 2025.
- Revenue increased across all three hospital maturity groups in Fiscal 2026.
Risks
- The group incurred consolidated losses in Fiscal 2024 and Fiscal 2025. Ranchi and Srinagar subsidiaries recorded combined losses of ₹520.89 million in Fiscal 2026.
- Operations are concentrated in North India and CONGOR specialties. Staff attrition is high, and staffing, consumables and doctors’ fees account for a large share of expenses.
- Six of the eight hospitals operate on leased premises, exposing the company to lease renewal, disruption and relocation risks.
- Quantified claims of ₹1,162.25 million are outstanding against the company, including medical-negligence allegations. Criminal complaints and regulatory proceedings are also pending.
- Government empanelment, billing and compliance issues could lead to penalties, reimbursement disputes or loss of empanelment. Labour and tax matters may also create liabilities.
- Foreign-exchange exposure and EPCG export obligations could lead to losses or repayment of saved duties with interest. Insurance may not cover business interruption or all losses.
- Related-party transactions, volatile quarterly results, competition and economic shocks could affect financial performance and investor returns.
Important dates
| Event | Date |
|---|---|
| IPO opens | October 21, 2026 |
| IPO closes | October 23, 2026 |
| Allotment | 2026 |
| Refunds | 2026 |
| Credit to demat | 2026 |
| Listing | 2026 |
Promoters
Dr. Dharminder Kumar Nagar is the promoter named for Paras Healthcare.
FAQs
When does the Paras Healthcare IPO open and close?
The IPO is scheduled to open on October 21, 2026, and close on October 23, 2026.
What is the Paras Healthcare IPO price band?
The price band is ₹660 to ₹693 per share.
What is the latest reported Paras Healthcare IPO GMP?
The unofficial grey market premium was ₹96 as of October 18, 2026, at 9:05 am IST. GMP is not an exchange figure and can change.
Who is the promoter of Paras Healthcare?
Dr. Dharminder Kumar Nagar is the named promoter.
On which exchanges is the IPO scheduled to list?
The IPO snapshot names BSE and NSE.