# Paras Healthcare Limited: IPO analysis

> Paras Healthcare Limited (CIN U85110HR1987PLC035823) has filed a Red Herring Prospectus with SEBI for an IPO comprising a fresh issue of ₹500 Cr and an offer for sale of ₹950 Cr, priced at ₹660.00 to ₹693.00 per share. In FY26 it reported revenue of ₹1,606 Cr (+24.1% on FY25) and a net profit of ₹44 Cr. Promoters hold 72.8% before the IPO. Our fact-check of its claims found no medium or high concerns across 36 claims checked.

- Page: https://ipo.innerkore.com/company/U85110HR1987PLC035823/paras-healthcare-limited/
- CIN: U85110HR1987PLC035823
- Last updated: 15 Oct 2026

## Key facts

- **Company:** Paras Healthcare Limited
- **CIN:** U85110HR1987PLC035823
- **Filing stage:** RHP
- **Latest SEBI filing:** 15 Oct 2026
- **Fresh issue:** ₹500 Cr
- **Offer for sale:** ₹950 Cr
- **Price band:** ₹660.00 to ₹693.00 per share
- **Bidding opens:** 21 Oct 2026
- **Bidding closes:** 23 Oct 2026
- **Listing on:** BSE, NSE
- **Revenue FY26:** ₹1,606 Cr
- **Revenue growth:** +24.1%
- **Net profit FY26:** ₹44 Cr
- **Revenue CAGR FY24 to FY26:** 19.3%
- **Promoter holding (pre-IPO):** 72.8%
- **Lead managers:** JM Financial Limited
- **Registrar:** MUFG Intime India Private Limited
- **Fact-check flags:** 0 high, 0 medium, 1 low

## Key signals (read from the filing; not investment advice)

- **Valuation** (concern): 171.1x P/E. From BSE's price band, on FY26 profit; 19x book value.
- **Growth** (look closer): 19.3% a year. Sales FY24 to FY26; latest year +24.1%.
- **Profitability** (concern): 2.7% net margin. FY26.
- **Debt** (concern): 2.16x equity. ₹854 crore borrowed at the end of FY26.
- **One-off income** (look closer): 3 items. Management describes 3 one-off items.
- **Where the money goes** (look closer): 66% for sale. 34% is new shares issued by the company. 100% of the new money repays debt.
- **Red flags** (looks fine): None serious. 36 claims checked: 0 high, 0 medium concern.

## Financial snapshot (₹ crore unless stated; consolidated)

| | FY24 | FY25 | 3M Jun-25 | FY26 | 3M Jun-26 |
|---|---:|---:|---:|---:|---:|
| Sales | 1,129 | 1,294 | 368 | 1,606 | 470 |
| Sales growth | – | 14.6% | – | 24.1% | – |
| Net profit | -15 | -58 | -1.0 | 44 | 50 |
| Net margin | -1.4% | -4.5% | -0.3% | 2.7% | 10.6% |
| Net worth | 339 | 280 | 349 | 395 | 445 |
| Borrowings | 548 | 728 | 750 | 854 | 889 |
| Return on equity | -4.5% | -20.7% | – | 11.1% | – |

## Non-recurring items (as described by management)

- Operating EBITDA is calculated as profit or loss before tax plus finance costs and depreciation and amortization expense, less fair value gain on financial instruments and other income. (p.444)
- The Group recognises gains and losses on the settlement of a defined benefit plan when the settlement occurs. (p.458)
- Fair value gain on financial instruments was nil in Fiscal 2025 as compared to ₹13.38 Crore in Fiscal 2024. (p.474)

## Use of proceeds (fresh issue)

- Prepayment or scheduled re-payment, in full or part, of certain outstanding borrowings availed by our Company: ₹321 crore
- Investment in our wholly owned Subsidiary, mjemi (which also operates our hospital in Srinagar), for repayment/prepayment of borrowings, in full or part, of mjemi: ₹54 crore
- General corporate purposes*#: amount not fixed yet

## Fact-checked claims

- **LOW** (SubsidiaryPerformance): The company was converted from a private company to a public company and the name was changed to “Paras Healthcare Limited” on June 4, 2024, with a fresh certificate of incorporation issued on July 18, 2024.. One search result directly corroborates the claim by stating that the company was converted from a Private Company to a Public Company and the name was changed to 'Paras Healthcare Limited' with a fresh Certificate of Incorporation.
- **NONE** (PromoterBackground): Dr. Dharminder Kumar Nagar holds 72.80% of the pre-Offer issued, subscribed and paid-up Equity Share capital.. The provided search results do not contain information that directly corroborates or contradicts the claim that Dr. Dharminder Kumar Nagar holds 72.80% of the pre-Offer issued, subscribed and paid-up Equity Share capital in Paras Healthcare Limited. The results mention Paras Healthcare and SEBI-related matters but do not specify the equity holding of Dr. Dharminder Kumar Nagar.
- **NONE** (PromoterBackground): Dr. Dharminder Kumar Nagar is a trustee of Ch. Ved Ram Charitable Trust.. The provided search results do not contain any information confirming or denying the claim that Dr. Dharminder Kumar Nagar is a trustee of Ch. Ved Ram Charitable Trust. The search results primarily reference various SEBI orders, IPOs, and stock market news, none of which directly mention this individual or trust.
- **NONE** (PromoterBackground): Dr. Dharminder Kumar Nagar is the Managing Director of the Company.. The provided search results do not contain information that directly corroborates or contradicts the claim that Dr. Dharminder Kumar Nagar is the Managing Director of Paras Healthcare Limited. The results mention Paras Healthcare in the context of IPOs and SEBI orders, but do not specify the Managing Director.
- **NONE** (PromoterBackground): Dr. Dharminder Kumar Nagar acquired equity shares from Ved Ram on April 10, 2005, jointly held with Neelam Nagar and Gajinder Kumar.. The provided search results do not contain information that directly corroborates or contradicts the claim regarding Dr. Dharminder Kumar Nagar acquiring equity shares from Ved Ram on April 10, 2005, jointly with Neelam Nagar and Gajinder Kumar. The results mention various SEBI-related matters and IPOs, but none specifically relate to this transaction.
- **NONE** (PromoterBackground): The Risk Management Committee was constituted by a Board resolution dated June 28, 2023, and was re-constituted on July 18, 2024.. The provided search results do not contain information confirming or denying the constitution or re-constitution of a Risk Management Committee for Paras Healthcare Limited on the specified dates. Some results mention Paras Healthcare in the context of IPOs or SEBI clearances, but not this specific committee detail.
- **NONE** (PromoterBackground): The Nomination and Remuneration Committee was constituted by a Board resolution dated July 18, 2024.. The provided search results do not contain information that directly corroborates or contradicts the claim regarding the constitution of the Nomination and Remuneration Committee by a Board resolution dated July 18, 2024. The search results mention various SEBI-related matters and IPOs but do not specify the formation date of this particular committee.
- **NONE** (PromoterBackground): Dr. Kapil Garg's employment agreement entitled him to a total remuneration of ₹1.60 Crore including a fixed remuneration of ₹1.38 Crore per annum and a variable compensation of ₹21.60 Lakh per annum for Fiscal 2027.. The provided search results do not contain information that directly corroborates or contradicts the specific claim regarding Dr. Kapil Garg's remuneration for Fiscal 2027. Some results mention Paras Healthcare and SEBI-related matters, but none detail the specific financial terms mentioned in the claim.
- **NONE** (SubsidiaryPerformance): The year 2006 saw the establishment and commencement of operations of the first hospital at Gurugram, Haryana.. The provided search results do not contain any information that corroborates or contradicts the claim regarding the establishment and commencement of operations of the first hospital in Gurugram in the year 2006. The search results focus on current operations, IPO details, and financial performance.
- **NONE** (SubsidiaryPerformance): The authorized share capital was amended multiple times between 2017 and 2024, involving changes in the number of equity and compulsorily convertible preference shares.. The search results do not contain information that directly corroborates or contradicts the claim regarding multiple amendments to the authorized share capital involving equity and preference shares between 2017 and 2024. The results focus on operational details, IPO plans, and company conversion status.
- **NONE** (SubsidiaryPerformance): The company became a deemed public company effective from July 1, 1993, resulting in a name change to “Arbian Frozen Foods Limited” by deleting the word ‘Private’.. The provided search results do not contain any information regarding the company Paras Healthcare Limited, its deemed public status, or any name change to “Arbian Frozen Foods Limited” from a private to a public company. Therefore, the search results do not corroborate, contradict, or update the claim.
- **NONE** (PromoterBackground): Dr. Dharminder Kumar Nagar acquired the equity shares of the Company from Arabian Exports Limited on June 27, 2003.. The search results discuss regulatory actions and allegations against Rajesh Exports and its chairman, Rajesh Mehta, related to fraud and inflated revenues, but they do not contain any information confirming or denying the specific claim that Dr. Dharminder Kumar Nagar acquired equity shares from Arabian Exports Limited on June 27, 2003.

## Common questions

### How big is the Paras Healthcare Limited IPO?

Paras Healthcare Limited's IPO comprises a fresh issue of ₹500 Cr and an offer for sale of ₹950 Cr, according to its Red Herring Prospectus. The price band is ₹660.00 to ₹693.00 per share.

### What are Paras Healthcare Limited's revenue and profit?

Paras Healthcare Limited reported revenue from operations of ₹1,606 Cr in FY26, +24.1% versus FY25. Net profit was ₹44 Cr (FY25: loss of ₹58 Cr). Revenue grew at a compound rate of 19.3% a year from FY24 to FY26. Figures are read from the RHP, as printed there.

### How much do promoters own in Paras Healthcare Limited?

Promoters hold 72.8% of Paras Healthcare Limited before the IPO.

### How will Paras Healthcare Limited use the IPO money?

The fresh-issue proceeds are earmarked for: Prepayment or scheduled re-payment, in full or part, of certain outstanding borrowings availed by our Company (₹321 Cr); Investment in our wholly owned Subsidiary, mjemi (which also operates our hospital in Srinagar), for repayment/prepayment of borrowings, in full or part, of mjemi (₹54 Cr); General corporate purposes (amount not fixed yet). The offer-for-sale portion goes to the selling shareholders, not the company.

### What are the red flags in Paras Healthcare Limited's RHP?

We fact-checked 36 claims from the filing against the open web: 0 raised a high concern, 0 medium and 1 low. This is an automated screen, not a verdict; each finding links to its sources.

### What does Paras Healthcare Limited do?

Here’s a detail about the IPO of Paras Healthcare Limited that almost nobody notices: the company wasn't just listed under the same name. One official record shows they converted from a private entity to a public one, completely changing the name with a fresh Certificate of Incorporation.

### Who manages the Paras Healthcare Limited IPO?

Book running lead managers: JM Financial Limited. Registrar to the offer: MUFG Intime India Private Limited. Shares are proposed to list on BSE and NSE.

### Where can I read the original Paras Healthcare Limited IPO documents?

All 1 filing for Paras Healthcare Limited (RHP) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document.

## Source documents

- [Paras Healthcare Limited – RHP](https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1792057816601.PDF) (Red Herring Prospectus, filed 15 Oct 2026)

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Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.