Incorporated in 1987, Gurugram-based Paras Healthcare is a leading clinical specialty-led hospital platform providing tertiary and quaternary healthcare services across North India, Bihar, and Jharkhand under the 'Paras Health' brand. It operates eight hospitals with an aggregate bed capacity of 2,211 beds across Gurugram, Panchkula, Patna, Darbhanga, Kanpur, Udaipur, Ranchi, and Srinagar.
Ahead of its IPO, Paras Healthcare raised Rs 652.30 crore from 39 anchor investors and allocated 94,15,584 equity shares at Rs 693 apiece. Its anchor book included names like SBI Mutual Fund, HDFC MF, HDFC Trustee Company, Kotak MF, Blackrock Funds, Abu Dhabi Investment Authority, Whiteoak MD, Natixis Funds, Motilal Oswal MF, Baroda BNP Paribas MF, Citigroup Global and more.
Paras Healthcare reported a net profit at Rs 49.68 crore, with a revenue of Rs 478.75 crore for the quarter ended on June 30, 2026. The company clocked a net profit at Rs 43.83 crore with a revenue of Rs 1,628.78 crore for the financial year ended on March 31, 2026. At the current valuations, the company is commanding a market capitalization close to Rs 7,500 crore.
Paras Healthcare has reserved 75 per cent of the net offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) will have 15 per cent of allocation. Retail investors will have only 10 per cent of allocation in the IPO. Last heard, it was commanding a grey market premium of Rs 50-55 per shares, suggesting on listing gains around 7-8 per cent for the investors.
JM Financial, BofA Securities India and Nuvama Wealth Management are the book running lead managers of Paras Healthcare IPO and MUFG Intime India is the registrar of the issue. Shares of the company shall be listed on both NSE Ltd and BSE Ltd on Wednesday, October 28. Here's what a host of brokerage firms have to say on IPO of Paras Healthcare:
Anand Rathi Share & Stock Brokers
Rating: Subscribe for long-term
Paras Healthcare benefits from a diversified hospital portfolio comprising mature facilities that provide an established operating base and emerging and newer hospitals that offer scope for occupancy improvement and operating leverage. Its presence across North India, Bihar and Jharkhand enables it to serve underserved healthcare markets, said Anand Rathi Share & Stock Brokers.
"Its planned expansion to 3,011 beds by March 2028, including new hospitals in Gurugram and Ludhiana, provides a pathway for capacity-led growth. The issue is valuing at P/E of 37.7 times on FY27 annualised earnings and EV/EBITDA of 25.73 times with to its FY26 earnings. We believe that the IPO is fully priced and recommend a 'subscribe for long term' rating to the IPO," it added.
SBI Securities
Rating: Neutral
Paras Healthcare derived 74.7 per cent of its FY26 revenue from high-acuity specialties supporting realizations and profitability. , said SBI Securities. Growth is expected to be supported by rising occupancy in newer hospitals, expansion of high-acuity specialties and planned capacity additions at Gurugram and Ludhiana, said SBI Securities.
"However, its high dependence on government schemes and PSU patients coupled with regulatory and pricing-related uncertainties in the healthcare sector remains a key monitorable. While the company is well positioned to benefit from increasing healthcare demand in its operating regions, we assign a 'neutral' rating to the issue and would like to track its few quarters post listing," it said.
BP Equities
Rating: Subscribe
The pace of earnings improvement will depend on the successful ramp-up of recently commissioned facilities, sustained profitability across the hospital network and disciplined capital allocation amid the capital-intensive nature of healthcare delivery, said BP Equities, the IPO is valued at 25.7 times FY26 EV/EBITDA. We thus recommend a 'subscribe' rating for the issue," it added.
Sushil Finance
Rating: Subscribe
Paras is a turnaround now visible in the numbers. Its genuine moat is first-mover presence in under-penetrated tier-II markets such as Patna, Darbhanga, Ranchi and Srinagar. The issue is valued at 38 times annualised Q1FY27 post-issue EPS and 25 times FY26 EV/EBITDA, below the peer averages. With debt repayment set to cut interest costs, we recommend investors to 'subscribe' for the long term, said Sushil Finance.
Ventura Securities
Rating: Subscribe
Paras Healthcare’s operating model is supported by an established regional brand, specialty-focused clinical capabilities and improving utilisation across its hospital network. Operational beds increased to 1,502 in FY26, while overall bed occupancy improved to 61.75 per cent, said Ventura Securities.
"In-patient volumes increased to 115,496 in FY26, and out-patient volumes rose to 778,707 from 569,139. It derives nearly 68 per cent of revenue from Tier-2 cities, providing exposure to healthcare markets with lower organised-hospital penetration, while its diversified payor mix includes self-pay, insurance/TPA and government schemes/PSUs," it added.
Master Capital Services
Rating: Subscribe for long-term
Paras Healthcare's growth of organized healthcare, particularly in underserved markets, provides opportunities for the Company to expand its hospital network, strengthen its specialized services and increase its market presence. Investors may consider the IPO as a potential long-term investment opportunity, said Master Capital Services.
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.