Paras Healthcare - IPO Report

Incorporated in 1987, Paras Healthcare Limited is a clinical specialty-led hospital platform providing tertiary and quaternary care across North India, Bihar and Jharkhand under the "Paras Health" brand. As of June 30, 2026, it operated eight hospitals with an aggregate capacity of 2,211 beds across Gurugram, Panchkula, Patna, Darbhanga, Kanpur, Udaipur, Ranchi and Srinagar, focusing on high-acuity CONGOR specialties: cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics and renal sciences.

The company generates revenue from in-patient and out-patient services across its eight hospitals, with CONGOR specialties contributing approximately 75% of revenue in FY26. Its portfolio spans mature, emerging and new hospitals, supported by first-mover positions in underpenetrated Tier-2 markets such as Patna, Darbhanga, Ranchi and Srinagar.

Paras Healthcare follows a capital-efficient operating model with a mix of owned and leased hospitals, keeping capital expenditure at approximately ₹77 lakh per bed. This model supports expansion across underserved markets while managing investment requirements.

Total income increased from ₹1,151.02 crore in FY24 to ₹1,628.78 crore in FY26, representing a CAGR of approximately 19.0%, reflecting the company's expanding hospital network and growing healthcare services business.

EBITDA more than doubled from ₹154.41 crore in FY24 to ₹335.58 crore in FY26, with the EBITDA margin expanding to 20.6%, indicating improved operating performance and profitability.