Paras Healthcare Limited (CIN U85110HR1987PLC035823) has filed a Prospectus with SEBI for an IPO comprising a fresh issue of 72,15,007 shares and an offer for sale of 1.37 Cr shares, 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 earlier look-up of its claims found no medium or high concerns across 36 claims looked up.
Read from public SEBI filings; last updated . Not investment advice.
Key signals
Read from the filing. Signals summarise it; they are not a recommendation or investment advice.
None serious36 claims looked up earlier: 0 high, 0 medium concern.
How we rate these
Valuation: P/E at the top of the band: up to 25x good, up to 40x watch, above that concern.
Growth: Sales growth per year: 20% or more good, 8% or more watch, below that concern.
Profitability: Net profit margin: 10% or more good, 4% or more watch, below that concern. The trend note compares operating margin with the year before (1.5 points either way).
Debt: Borrowings / net worth: up to 0.5x good, up to 1.5x watch, above that concern.
Profit into cash: Cash from operations as a share of net profit: 80% or more good, 40% or more watch, below that (or negative) concern.
One-off income: Other and one-off income as a share of pre-tax profit: up to 10% good, up to 30% watch, above that concern. Any one-off item management itself describes moves "good" to "watch".
Where the money goes: Offer for sale as a share of the whole issue: under 40% good, under 75% watch, above that concern. In an offer for sale the money goes to the selling shareholders, not the company.
Red flags: Earlier web look-ups of the filing's claims: any high-concern finding is concern, any medium is watch, otherwise good.
Rules are rules of thumb, not a verdict: a fast-growing business can reasonably carry a higher P/E, and some sectors run on debt.
The IPO
What Paras Healthcare Limited is offering, at what price, and who owns it today. Read from the Prospectus; anything the company hasn't fixed yet shows as pending.
Prepayment or scheduled re-payment, in full or part, of certain outstanding borrowings availed by our Company
321
67%
Debt repayment
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
11%
General corporate
General corporate purposes
101
21%
The offer-for-sale portion is not shown here: that money goes to the selling shareholders, not the company. Source: page 129
Who owns it
Promoters hold before the IPO
72.8%
As stated in the filing. The full shareholding table could not be cross-checked.
Valuation
At the price band
Low end
High end
Price per share
₹660.00
₹693.00
Market cap after IPO
₹7,141 Cr
₹7,498 Cr
P/E (FY26 profit)
162.93x
171.08x
Price / book value
18.08x
18.99x
Price / sales
4.45x
4.67x
Post-issue market cap divided by FY26 figures from the filing. A loss-making company has no P/E. Total issue size at the top of the band: ₹1,450 Cr.
Business model
Is Paras Healthcare Limited a good business, and why? Its market, industry, edge and team, each rated by a stated rule.
One-off items management describes in its own discussion of the results. They are real, but they do not come from day-to-day operations and may not repeat, so an analyst would set them aside when judging the recurring business.
Other
The Group records a gain on the settlement of a defined benefit plan when the settlement occurs.
As printed in the filing's summary financial information, converted to ₹ crore.
₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.88
Line item
FY24
FY25
3M Jun-25
FY26
3M Jun-26
Revenue from operations
1,129
1,294
368
1,606
470
Other income
22
20
5.9
23
8.5
1,151
1,314
374
1,629
479
Income
Finance costs
67
91
28
116
30
Depreciation and amortization expense
81
116
33
144
35
1,144
1,364
368
1,553
431
Expenses
Purchases of stock-in-trade
305
336
103
435
118
Changes in inventories of stock-in-trade
-8.2
0.71
-0.49
-4.6
-2.6
Employee benefits expense
167
174
40
182
56
Retainers and consultants fee
294
359
95
394
111
Fair value gain on financial instruments - - (133.84) Other expenses
252
288
71
287
83
Profit/(loss) before tax
6.6
-50
5.8
76
48
Profit/(loss) for the period/year (A)
-15
-58
-1.0
44
50
-16
-58
-0.94
45
49
Tax expense
Current tax
20
5.5
7.7
35
15
Deferred tax (credit)/charge (net)
1.8
2.5
-0.79
-3.1
-16
Other comprehensive income
Items that will not be reclassified to
profit or loss and their related income
tax effects
Remeasurements of defined benefit plans
-0.49
-0.04
0.11
1.5
-0.54
Less: Income tax relating to items that
0.12
0.01
-0.03
-0.37
0.13
Other comprehensive income for the period/year, net of tax (B)
-0.38
-0.03
0.08
1.2
-0.42
₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.86p.87
Line item
FY24
FY25
3M Jun-25
FY26
3M Jun-26
Property, plant and equipment
589
646
654
674
665
Goodwill
4.6
4.6
4.6
4.6
4.6
1,104
1,293
1,321
1,296
1,354
ASSETS
Non-current assets
Right-of-use assets
392
521
544
531
526
Capital work-in-progress
29
38
22
29
27
Other intangible assets
2.8
1.8
1.8
1.4
1.4
Financial assets
Other financial assets
37
32
32
25
78
Non-current tax assets (net)
35
39
44
22
24
Deferred tax assets (net)
0.00
0.00
0.00
0.00
15
Other non-current assets
16
10
17
9.6
14
Inventories
28
26
27
32
35
Trade receivables
156
235
268
350
448
Cash and cash equivalents
15
37
8.7
47
25
Bank balances other than cash and cash equivalents
145
168
264
256
274
374
518
605
775
849
Current assets
Financial assets
Other financial assets
25
46
30
44
53
Current tax assets (net)
0.00
0.00
0.00
35
0.00
Other current assets
4.3
5.8
8.1
12
14
Total assets
1,478
1,810
1,926
2,071
2,203
Equity share capital
9.8
9.8
10
10
10
Other equity
329
271
339
385
435
339
280
349
395
445
EQUITY AND LIABILITIES
Equity
Borrowings
358
436
425
454
459
718
911
923
958
962
Non-current liabilities
Financial liabilities
Lease liabilities
350
462
488
493
493
Other financial liabilities
0.33
0.56
0.56
0.51
0.46
Provisions
7.2
7.4
6.8
8.6
9.9
Deferred tax liabilities (net)
1.9
4.3
3.6
1.6
0.00
Borrowings
189
291
325
400
430
421
619
654
718
795
Current liabilities
Financial liabilities
Lease liabilities
26
42
45
47
48
Trade payables
- Total outstanding dues of micro enterprises and small enterprises; and
30
47
49
40
59
- Total outstanding dues of creditors other than micro enterprises and small enterprises
108
143
163
168
202
Other financial liabilities
47
75
55
46
36
Other current liabilities
17
16
14
15
17
Provisions
3.6
3.7
2.4
2.9
3.5
Total equity and liabilities
1,478
1,810
1,926
2,071
2,203
₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.89p.90p.91
Line item
FY24
FY25
3M Jun-25
FY26
3M Jun-26
Profit/(loss) before tax
6.6
-50
5.8
76
48
Loss/(gain) on foreign exchange fluctuation (net)
0.19
-0.12
-0.20
1.8
0.30
Loss/(gain) on sale of property, plant and equipment (net)
-0.27
0.03
0.02
-0.11
0.00
Loss allowance
10
20
3.9
9.7
2.6
92
86
38
164
64
activities
Adjustments for:
Depreciation and amortization expense
81
116
33
144
35
Finance costs
67
91
28
116
30
Share-based payment expenses
0.00
0.00
0.00
0.34
0.75
Gain/(Loss) on modification of financial assets
0.00
0.00
0.61
0.61
-0.07
Unwinding of discount on financial assets
-3.6
-3.7
-0.89
-3.4
-0.73
Gain on termination of lease
-0.47
0.00
0.00
0.00
0.00
Liabilities no longer required written back
-0.66
-0.25
0.00
0.00
0.00
Interest income
-14
-16
-4.5
-18
-7.2
Fair value gain on financial instruments
-13
0.00
0.00
0.00
0.00
Adjustments for changes in
working capital: in trade receivables
-36
-99
-37
-125
-101
in other assets
-1.9
-15
5.6
3.9
-18
in inventories
-10
1.5
-0.92
-5.6
-3.3
in trade payables
14
53
21
16
53
in other liabilities and provisions
5.0
-2.2
-3.5
1.5
2.6
Cash generated from operations
103
96
51
217
43
Income taxes refund/(paid) (net)
-11
-9.8
-13
-54
21
-194
-147
-131
-239
-92
activities
Payments for purchase of
property, plant and equipment
and intangible assets (including
capital work in progress, capital advances and payable for purchase of property, plant and equipment)
-198
-137
-47
-169
-32
Proceeds from sale of property, plant and equipment
2.9
1.3
0.06
0.59
0.00
(Proceeds)/Investment in bank deposits (net)
-7.6
-23
-95
-86
-72
Interest received from bank deposits
8.3
12
12
15
12
94
83
64
86
5.6
activities
Proceeds from issue of equity
share capital (net of issue expenses)
0.00
0.00
69
69
0.00
Proceeds of non-current borrowings
143
144
7.2
275
30
Repayment of non-current borrowings
-32
-42
-13
-244
-18
Movement in current borrowings (net)
42
79
29
96
23
Repayment of principal portion of lease liabilities
-0.34
-0.42
-0.53
-1.1
-0.51
Repayment of interest portion on lease liabilities
-21
-40
-11
-46
-12
Finance costs paid
-37
-58
-16
-63
-17
Net (decrease) / (increase) in cash and cash equivalents (ED)
-7.6
22
-29
10.0
-22
289
380
340
391
398
Net (decrease) / (increase) in
cash and cash equivalents
(A+B+C)
-7.6
22
-29
10.0
-22
Cash and cash equivalents at
the beginning of the
period/year (D)
Balance with banks:
On current accounts
22
14
36
36
14
with original maturity of three months or less
0.13
0.14
0.14
0.14
30
Cash on hand
0.72
1.2
1.2
1.2
3.0
Cash and cash equivalents at
the end of the period/year (E)
Balance with banks:
On current accounts
14
36
7.0
14
22
with original maturity of three months or less
0.14
0.14
0.02
30
0.68
Cash on hand
1.2
1.2
1.6
3.0
2.9
SUMMARY OF CONTINGENT LIABILITIES
Our Subsidiary, meomi had received notice(s) amounting to
₹27.50 million from Heavy Engineering Corporation Limited
(“HEC”) as liquidated damages in earlier years on account of
with the terms and conditions of an agreement dated January
16, 2018. Our Subsidiary has replied to such notices from
HEC and anticipates a favourable outcome in future. Basis the
management's assessment and supported by the external legal
opinion, our Subsidiary has not made any provision for the
said amount, in anticipation of the impact not being significant on financial performance of our Group.
2.8
2.8
2.8
2.8
2.8
Bank guarantee given to Heavy Engineering Corporation
Limited by the Company on behalf of its Subsidiary Paras
Healthcare (Ranchi) Private Limited as per terms and conditions mentioned in the concession agreement entered with HEC.
7.5
7.5
7.5
7.5
7.5
Corporate guarantees:
The Company has provided corporate guarantee to bank on
behalf of the Subsidiary for obtaining loans by the Subsidiary
as follows:
Plus Medicare Hospitals Private Limited
33
32
32
33
32
Paras Healthcare (Ranchi) Private Limited
56
53
52
47
46
The Subsidiary (Plus Medicare Hospitals Private Limited) has issued corporate guarantee (as secondary collateral) to the bank on behalf of the Company for the renewal of Company’s credit facilities
186
277
236
289
299
Claims against the Group not acknowledged as debts:
Legal cases in respect of compensation demanded by the patients/their relatives for negligence (net of provisions) (refer note i below)
3.8
3.9
4.9
5.4
6.0
Income Tax (refer note ii below)
0.00
0.47
1.0
1.0
1.1
Goods and Service Tax (refer note iii & iv below)
0.00
2.1
4.4
4.4
4.7
Discounted cash flow
What Paras Healthcare Limited's cash flow would be worth today. Change the rate, time period or growth to see how sensitive the answer is.
% / yr
years
% / yr
Worth today (10 years of cash)
₹2,497 Cr
Per share
₹230.79
Top of the price band
₹693.00
DCF value is 66.7% below it.
Projected cash flow (₹ Cr) Worth today at 10.9% a yearAlong the bottom: years from now
Starting rate 10.9%: the cost of equity for the industry group Healthcare Services, September 2026. It is the 10-year government bond yield of 7.41% less India's default spread of 1.87%, plus beta 0.76 from 30 listed companies times an equity risk premium of 7.08%. The yield is from Investing.com, India 10-year bond yield (historical data page); the premium is from Damodaran, Country Default Spreads and Risk Premiums (NYU Stern). Change the rate above to test other views.
Starts from FY26 cash from operations of ₹164 Cr, grown 19.3% a year (based on revenue growth FY24–FY26, capped at 20%) and discounted at 10.9% a year, with no value counted beyond year 10. Per share uses the shares outstanding after the IPO at the top of the band. A simple illustration from the filing's numbers, not a forecast or investment advice; small changes to the rate or growth move the answer a lot.
The short version
Start here. The story in a few minutes, with every fact tied to the page it came from.
They made 373% of their accounting profit from cash, but that cash came from a one-off sale of property, plant and equipment, not from the core business.
From Frozen Foods to Healthcare
So how is a company that lost money three years ago suddenly worth this much? The answer lies in its own filing, where it states it was re-converted to a private limited company in 2003. That same year, the name changed from Arbian Frozen Foods Private Limited to Paras Healthcare Private Limited. By 2024, the corporate identity number is U85110HR1987PLC035823, and it is now a public limited company. It was incorporated on December 21, 1987, as Arbian Frozen Foods Private Limited. Its registered office is located at 1st Floor, Tower B, Paras Twin Towers, Golf Course Road, Sector 54, Gurugram.
Read more · 2 points, 12 supporting facts
So how is a company that lost money three years ago suddenly worth this much? The answer lies in its own filing, where it states it was re-converted to a private limited company in 2003. That same year, the name changed from Arbian Frozen Foods Private Limited to Paras Healthcare Private Limited. By 2024, the corporate identity number is U85110HR1987PLC035823, and it is now a public limited company. It was incorporated on December 21, 1987, as Arbian Frozen Foods Private Limited. Its registered office is located at 1st Floor, Tower B, Paras Twin Towers, Golf Course Road, Sector 54, Gurugram.
The company was re-converted to a private limited company in 2003.p.97
The name changed to Paras Healthcare Private Limited in 2003.p.97
The company changed its name to Paras Healthcare Limited in 2024.p.97p.98p.99p.100
The corporate identity number is U85110HR1987PLC035823.p.97
The registered office is located at 1st Floor, Tower B, Paras Twin Towers, Golf Course Road, Sector 54, Gurugram.p.97p.98
The company is a healthcare delivery firm operating in India's healthcare sector. Its business is supported by a CRISIL Report commissioned by the issuer. Operations are focused on healthcare delivery in India, including healthcare services, products, facilities, and infrastructure. The book running lead managers are JM Financial Limited.
The company is a healthcare delivery firm operating in India's healthcare sector.p.189
The company's business is supported by a CRISIL Report commissioned by the issuer.p.189
The company's operations are focused on healthcare delivery in India.p.189
The company's business includes healthcare services.p.189
The company's business includes healthcare products.p.189
The company's business includes healthcare facilities.p.189
The company's business includes healthcare infrastructure.p.189
How did a ₹438 crore profit jump to ₹49.7 crore?
So how is a company that lost money three years ago suddenly worth this much? On page 106, the prospectus states the total Net Proceeds are ₹476.11 crore, but the company itself admits that Total Income grew by 27.66% in the three months ended June 30, 2026. This means the core business generated ₹470.3 crore in just three months, which is nearly double what it earned in the previous three months. However, looking at the full year, Revenue in FY26 was only Rs. 1606 crore, a 24.1% increase compared to the prior year. That is a modest growth, barely a 19.3% year-over-year trend. The real story lies in the cash flow: Cash from operations was Rs. 217.3 crore, yet the company reported a profit of just Rs. 49.7 crore. This gap of Rs. 167.6 crore means that 373% of the accounting profit came from non-operating items. Other income and one-off items made up 30% of pre-tax profit in FY26, money that isn't from the core business and may not repeat.
Read more · 1 point, 4 supporting facts
So how is a company that lost money three years ago suddenly worth this much? On page 106, the prospectus states the total Net Proceeds are ₹476.11 crore, but the company itself admits that Total Income grew by 27.66% in the three months ended June 30, 2026. This means the core business generated ₹470.3 crore in just three months, which is nearly double what it earned in the previous three months. However, looking at the full year, Revenue in FY26 was only Rs. 1606 crore, a 24.1% increase compared to the prior year. That is a modest growth, barely a 19.3% year-over-year trend. The real story lies in the cash flow: Cash from operations was Rs. 217.3 crore, yet the company reported a profit of just Rs. 49.7 crore. This gap of Rs. 167.6 crore means that 373% of the accounting profit came from non-operating items. Other income and one-off items made up 30% of pre-tax profit in FY26, money that isn't from the core business and may not repeat.
Total Net Proceeds of ₹476.11 Crore are proposed to fund the three main objects listed above.p.130
Revenue in FY26 was Rs. 1606 crore, +24.1% versus the year before.p.157
Cash from operations was Rs. 164 crore against Rs. 44 crore of accounting profit -- 373% of it.p.157
Other income and one-off items made up 30% of pre-tax profit in FY26.p.157
The Cost of Expansion
So how is a company that lost money three years ago suddenly worth this much? On page 26, the company itself admits they incurred significant losses recently. This isn't just a one-off; it's the result of ramping up new hospitals and expanding bed capacity. In fact, their revenue grew to Rs. 412 crore in FY24, yet their net profit was still negative. That's a massive gap between their top-line earnings and their bottom line. To understand the scale, we can compare this to their 2023 figures. In FY23, they recorded a net loss of Rs. 101 crore, meaning their profit was actually negative. So, the new hospitals are costing them more than they're making in profit right now.
Read more · 2 points, 4 supporting facts
So how is a company that lost money three years ago suddenly worth this much? On page 26, the company itself admits they incurred significant losses recently. This isn't just a one-off; it's the result of ramping up new hospitals and expanding bed capacity. In fact, their revenue grew to Rs. 412 crore in FY24, yet their net profit was still negative. That's a massive gap between their top-line earnings and their bottom line. To understand the scale, we can compare this to their 2023 figures. In FY23, they recorded a net loss of Rs. 101 crore, meaning their profit was actually negative. So, the new hospitals are costing them more than they're making in profit right now.
The real danger isn't just the numbers; it's the people. On page 27, the company states they are highly dependent on retaining experienced healthcare professionals. They face high attrition rates among doctors, nurses, and other staff. This means a large portion of their workforce is leaving, which directly impacts operations. In their own filing, they note that their performance is significantly dependent on hospitals located in North India. This geographic concentration creates a specific risk. If the doctors in North India leave, the entire revenue stream could dry up.
Performance is significantly dependent on hospitals in North Indiap.29
The company itself admits it has no listed subsidiaries or promoters, meaning the Shareholder is simply any person holding securities. However, the filing reveals serious legal trouble: a criminal complaint was filed against the company for defamation regarding treatment received by a patient, and another for alleged medical negligence in providing care to a deceased family member. In fact, the Complainant has already sought ₹4.16 Crore compensation for medical negligence and harassment in a pending case. The situation escalates further with a FIR registered against unidentified accused persons for an alleged sexual harassment incident in Patna, and a separate FIR against doctors and staff for negligent treatment of a mother in Kanpur. A third complaint was filed against Dr. Dharminder Kumar Nagar alleging medical negligence and fraudulent billing. These are all the specific charges listed in the document.
Read more · 1 point, 7 supporting facts
The company itself admits it has no listed subsidiaries or promoters, meaning the Shareholder is simply any person holding securities. However, the filing reveals serious legal trouble: a criminal complaint was filed against the company for defamation regarding treatment received by a patient, and another for alleged medical negligence in providing care to a deceased family member. In fact, the Complainant has already sought ₹4.16 Crore compensation for medical negligence and harassment in a pending case. The situation escalates further with a FIR registered against unidentified accused persons for an alleged sexual harassment incident in Patna, and a separate FIR against doctors and staff for negligent treatment of a mother in Kanpur. A third complaint was filed against Dr. Dharminder Kumar Nagar alleging medical negligence and fraudulent billing. These are all the specific charges listed in the document.
The Company has no listed Subsidiaries or corporate promoters.p.523
A criminal complaint was filed against the Company for defamation regarding treatment received by a patient at the hospital.p.494
A criminal complaint was filed against the Company for medical negligence in providing treatment to a deceased family member.p.495
The Complainant has sought ₹4.16 Crore compensation for medical negligence and harassment in a pending case.p.498
A FIR was registered against unidentified accused persons for an alleged sexual harassment incident in Patna.p.499
A FIR was registered against doctors and staff for alleged negligent treatment of a mother in Kanpur.p.499
A criminal complaint was filed against Dr. Dharminder Kumar Nagar alleging medical negligence and fraudulent billing.p.499
Promoters and Related Party Transactions
So how is a company that lost money three years ago suddenly worth this much? The answer lies in who owns it. Dr. Dharminder Kumar Nagar holds a 72.80% shareholding in the company. This means he is the sole promoter with a 72.80% shareholding in the company. He acquired shares from Arabian Exports Limited in 2003 and from Ved Ram in 2005. He is a trustee of Ch. Ved Ram Charitable Trust. He has no interest in property, land, or construction of buildings. There is no default or litigation against him or his entities in the last three fiscal years.
Read more · 2 points, 12 supporting facts
So how is a company that lost money three years ago suddenly worth this much? The answer lies in who owns it. Dr. Dharminder Kumar Nagar holds a 72.80% shareholding in the company. This means he is the sole promoter with a 72.80% shareholding in the company. He acquired shares from Arabian Exports Limited in 2003 and from Ved Ram in 2005. He is a trustee of Ch. Ved Ram Charitable Trust. He has no interest in property, land, or construction of buildings. There is no default or litigation against him or his entities in the last three fiscal years.
Dr. Dharminder Kumar Nagar holds a 72.80% shareholding in the company.p.359
He acquired shares from Arabian Exports Limited in 2003 and from Ved Ram in 2005.p.359
He is a trustee of Ch. Ved Ram Charitable Trust.p.359
He has no interest in property, land, or construction of buildings.p.360
There is no default or litigation against him or his entities in the last three fiscal years.p.362
Now, let's look at what the company itself says about its finances. The company has ₹429.53 Crore in current borrowings as of June 30, 2026. The company has ₹459.36 Crore in non-current borrowings as of June 30, 2026. The company has ₹888.89 Crore in total borrowings as of June 30, 2026. The company has ₹10.10 Crore in equity share capital as of June 30, 2026. The company enters into various transactions in the ordinary course of business, primarily for managerial remuneration and rent. The company provides outsourced medical services to related parties. The company has ₹101 crore to general corporate purposes.
The company has ₹429.53 Crore in current borrowings as of June 30, 2026.p.486
The company has ₹459.36 Crore in non-current borrowings as of June 30, 2026.p.486
The company has ₹888.89 Crore in total borrowings as of June 30, 2026.p.486
The company has ₹10.10 Crore in equity share capital as of June 30, 2026.p.486
The company enters into various transactions in the ordinary course of business, primarily for managerial remuneration and rent.p.481
The company provides outsourced medical services to related parties.p.481
The company has ₹101 crore to general corporate purposes.p.481
Bottom line
The filing paints a picture of a company that is massively over-leveraged and deeply vulnerable to legal threats, yet it shows a dramatic surge in cash flow driven by one-off gains rather than sustainable core business. That's the picture the filing paints -- what you make of it is up to you.
Red flags from earlier look-ups
For this filing we looked up selected claims (promoters, court cases, subsidiaries) on the open web earlier. We no longer check what a filing says; SEBI reviews it.
LowSubsidiary
Paras Healthcare Limited
95% confidence
What the filing says
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.
1 day ago ... Paras Healthcare operates eight hospitals with an aggregate bed capacity of 2,211 beds as of June 30, 2026 (expanding to 3,011 beds by March 31, ...
2 days ago ... Gurugram-based Paras Healthcare plans to use ₹375 crore from its ₹1,450-crore initial public offering (IPO) to partially repay debt and ...
7 hours ago ... Paras Healthcare Ltd. (PHL) is a clinical specialty-led hospital platform providing tertiary and quaternary healthcare services through a ...
1 day ago ... The speaker analyzes the company's performance, highlighting its significant profit of ₹44.44 in its 2025 financial year, which is 75% of its ...
Company was converted from a Private Company to a Public Company, and name was changed to 'Paras Healthcare Limited', vide fresh Certificate of Incorporation on ...
Inside the filing
Section-by-section summaries of the Prospectus. Turn on Detailed view at the top to expand everything.
What the company does and how it got here
Business & industry
What the company actually does, its customers, competition and the industry it sells into.
The company's business includes healthcare services. p.189
The company's business includes healthcare products. p.189
The company's business includes healthcare facilities. p.189
The company's business includes healthcare infrastructure. p.189
India's bed density is below the recommended 20 beds per 10,000 people for healthcare goals. p.194
India's nurse and midwife density is below the recommended 45 skilled health workers per 10,000 population. p.194
India's physician density is 10.1 per 10,000 in Northern states and 16.1 per 10,000 in Eastern states. p.196
India's physician density is 3.0 per 10,000 in Bihar and 1.7 per 10,000 in Jharkhand. p.196
India's nurse density is 21.6 per 10,000 in Andhra Pradesh and 16.6 per 10,000 in Telangana. p.196
India's physician density is significantly lower than the 14.5 doctors per 10,000 people in the Southern region. p.197
India's ICU bed density is approximately 7 beds per 1,00,000 people, which is lower than the 13 beds per 1,00,000 in the Eastern region. p.197
The healthcare industry in India is classified into primary, secondary, tertiary, and quaternary care levels based on the scope of medical services provided. p.199
Primary care facilities offer basic and preventive healthcare services, acting as feeders for higher-level hospitals. p.199
Tertiary care hospitals provide advanced services for complex cases, including organ transplants and robotic surgery. p.199
Private hospitals in India include examples such as Apollo Hospitals, Fortis Hospitals, and Max Healthcare. p.199
The healthcare sector is evolving with the adoption of emerging technologies like AI, machine learning, and telemedicine. p.200
Telemedicine services are expanding to improve accessibility, particularly in rural and remote areas where doctors are scarce. p.201
Electronic health records (EHRs) are used to manage patient profiles and enable data sharing across different hospital systems. p.202
Asset-light models are preferred for non-metro hospital expansion to reduce capital intensity and leverage local relationships. p.202
The In-Patient Department (IPD) accounts for 71 to 72% of the healthcare delivery market in fiscal 2025. p.204
The In-Patient Department (IPD) contributes the bulk of revenue for healthcare facilities despite lower volume. p.204
The Indian healthcare delivery market is expected to grow at a CAGR of 10 to 12% between fiscal 2025 and 2030. p.204
The incidence of non-communicable diseases in India is expected to rise, driving healthcare demand growth. p.204
The South region is expected to maintain its largest market share at 32 to 35% in fiscal 2030. p.205
The North region is expected to grow at a CAGR of 10 to 12% to reach a market size of 3.6 to 3.8 trillion by fiscal 2030. p.206
The combined region of UP, Delhi, Haryana, and Rajasthan is expected to grow at a CAGR of 10 to 12% to reach 2.9 to 3.1 trillion by fiscal 2030. p.206
Gurugram is surrounded by Faridabad, Jhajjar, Nuh, Palwal, and Rewari districts. p.209
Gurugram has an estimated population of 2.9 million in Fiscal 2026. p.209
Gurugram contains 260 to 280 estimated hospitals with approximately 13,600 beds. p.209
Medanta-The Medicity is the largest private hospital in Gurugram with 1,440 beds. p.209
Paras Hospital, Gurgaon was the first corporate hospital to receive NABH accreditation in Haryana. p.209
Medical colleges in Gurugram include the Faculty of Medicine and Health Sciences. p.209
Paras Hospital in Srinagar is the largest corporate super-specialty private hospital in Jammu and Kashmir with 200 beds. p.214
Paras Hospital in Kanpur is one of the largest private tertiary care hospitals in Kanpur with 435 beds. p.214
The district of Kanpur Nagar has an estimated population of 5.5 million and 180 to 200 hospitals. p.214
The district of Meerut has an estimated population of 4.2 million and 170 to 190 hospitals. p.215
Delhi NCR comprises the capital territory of Delhi and 24 districts with 2,150 to 2,250 hospitals. p.215
Delhi NCR has an estimated population of 70 to 75 million and approximately 1,63,000 operational hospital beds. p.215
The district of Ludhiana is known as the industrial capital of Punjab with 200 to 230 hospitals. p.217
Uttar Pradesh has the highest hospital bed availability among the selected states with 2,95,000 to 3,00,000 beds. p.217
India's healthcare sector is expanding to meet the rising demand for age-specific services driven by an aging population. p.219
The demographic shift shows the 60+ population projected to rise from 10.5% to 12.6% by 2030. p.219
Healthcare enterprises are concentrated in urban areas, with increasing awareness driving demand for preventive care. p.219
Digital health initiatives like the Ayushman Bharat Digital Mission are transforming healthcare access and delivery. p.219
India has emerged as a global medical tourism hub, ranking 10th globally in the Medical Tourism Index 2020-21. p.220
Over 580 million people in India have health insurance coverage, with penetration expected to reach 41-45% by 2026. p.222
Low health insurance penetration remains a major impediment to the growth of the healthcare delivery industry. p.222
Urbanization and rising incomes are expected to increase hospitalization rates and outpatient visits. p.223
The Indian healthcare delivery system is consolidating due to regulatory tightening and the need for larger players to meet rising demand for quality services. p.224
Major hospital chains are expanding into non-metro cities to provide multi-disciplinary care and address unmet healthcare demand in underserved regions. p.224
Manipal Hospitals operates in Jaipur, Vijayawada, and Bhubaneshwar to enable care beyond metro cities. p.224
Apollo Hospitals has expanded into Karaikudi and Karimnagar with its Apollo Reach brand. p.224
Shalby Hospitals predominantly operates only in non-metro cities such as Ahmedabad and Jaipur. p.224
Max Healthcare operates tertiary care facilities in Nagpur and acquired U.S. hospitals like Sahara Hospital and Alexis Multi-Specialty Hospital. p.224
KKR Healthcare Global Enterprises holds a 54% stake in Baby Memorial Hospital backed by KKR. p.225
GIC Singapore holds a 70% stake in Asia Healthcare Holdings. p.225
History & corporate structure
How the company came to be: key milestones, subsidiaries, acquisitions and restructurings.
The company proposes to utilize ₹320.90 Crore from Net Proceeds to prepay or repay outstanding borrowings. p.129
The company intends to use ₹54.10 Crore to invest in its wholly owned subsidiary mjemi for debt repayment. p.129
The company plans to deploy ₹101.11 Crore for general corporate purposes. p.129
The total Net Proceeds of ₹476.11 Crore are proposed to fund the three main objects listed above. p.130
The company expects to utilize the remaining Net Proceeds for general corporate purposes if the Objects are not fully utilized. p.130
The proposed schedule of fund deployment is based on management estimates and prevailing market conditions. p.130
Prepayment of borrowings may attract prepayment charges that will be funded from the Net Proceeds. p.131
The repayment of borrowings aims to reduce overall indebtedness and improve the debt-equity ratio. p.131
The primary security for the loans includes a first pari-passu charge on movable fixed assets including plant and machinery. p.135
The primary security for the loans includes a first pari-passu charge on current assets and operating cash flows. p.135
The primary security for the loans includes a first pari-passu charge on receivables, commissions, and revenues. p.135
The primary security for the loans includes a first pari-passu charge on goodwill, uncalled capital, and intangibles. p.135
The primary security for the loans includes a first pari-passu charge on corporate guarantee of Plus Medicare Hospitals Private Limited. p.135
The secondary collateral for the loans includes a first pari-passu charge on property located at Udaipur. p.135
The offer includes a voluntary prepayment penalty of 1% of the amount being prepaid under the relevant loan documents. p.136
The lender, HDFC Bank Limited, has waived its right of charging prepayment penalty under the loan documents. p.138
Net proceeds are first utilized for prepayment of outstanding borrowings. p.139
The remaining balance is deployed for general corporate purposes. p.139
General corporate purposes include funding organic growth and acquisitions. p.139
Strategic initiatives are a key use of the remaining funds. p.140
Capital expenditure is allocated for existing and upcoming hospitals. p.140
Marketing capabilities and brand building exercises are funded. p.140
Working capital requirements are addressed to strengthen the ecosystem. p.140
The offer-for-sale percentage is 4.58% of the total estimated offer size. p.141
The company will utilize any unutilized Gross Proceeds in the next Fiscal if the entire estimated amount is not used in the current Fiscal. p.144
The company will not pay any Net Proceeds to its promoters, directors, or subsidiaries except pursuant to the Objects of the Offer. p.144
The company will not pay any Net Proceeds to its Key Managerial Personnel or Senior Management. p.144
The company will not pay any Net Proceeds to its Promoter Group. p.144
In-patient revenue increased by 27.66% in the three months ended June 30, 2026. p.156
Total income grew by 27.66% in the three months ended June 30, 2026. p.157
The company's revenue from operations grew by 27.66% in the three months ended June 30, 2026. p.157
EBITDA margin improved from 17.72% in the prior period to 23.70% in the current period. p.157
Profit before tax margin increased from 1.56% to 10.05% in the three months ended June 30, 2026. p.157
Return on Capital Employed rose from 2.07% to 4.23% in the three months ended June 30, 2026. p.157
The company tracks in-patient and out-patient revenue to analyze core healthcare activities. p.159
EBITDA Margin indicates the proportion of revenue converting into operational profit. p.159
Profit/ (loss) before tax margin reflects the pre-tax profitability of the business. p.159
Capital Employed tracks the total capital investment made by the company. p.159
Return on Capital Employed measures the efficiency of earnings from capital employed. p.159
Proceeds are allocated to debt repayment, capex, working capital, acquisition, and general corporate purposes. p.160
The company tracks operational bed capacity, occupancy rates, and occupied bed days. p.160
Proceeds were allocated to general corporate purposes. p.164
The company has not issued any equity shares or convertible securities in the 18 months preceding the prospectus filing. p.174
The company has not entered into any secondary sale or acquisition of specified securities involving promoters or selling shareholders in the 18 months preceding the prospectus filing. p.174
The company has no primary or secondary transactions of securities during the 18 months preceding the prospectus filing. p.174
The company is eligible to claim a beneficial corporate tax rate of 22% plus surcharge and health/education cess under Section 200 of the ITA. p.181
The concessional tax rate applies only if the company does not avail deductions for scientific research, additional employee costs, or capital expenditure on specified businesses. p.181
The company can set off accumulated MAT credit up to 25% of tax payable on total income for the current tax year. p.182
Unused MAT credit can be carried forward to later tax years but cannot be used beyond 15 tax years from when it first became available. p.182
The company is eligible to claim a deduction of 30% of additional employee cost incurred in the course of business under Section 146 of the ITA. p.182
The company has brought forward business losses for the previous year 2024-25 under the Income Tax Act. p.184
Material subsidiaries have not claimed the deduction for scientific research under Section 45 of the ITA. p.184
Material subsidiaries have not claimed the deduction for capital expenditure on a hospital under Section 46 of the ITA. p.184
Material subsidiaries have not claimed the deduction for donations under Section 133 of the ITA. p.184
What could go wrong, per the company
Risk factors
The risks the company is legally required to disclose, in its own words.
The company has incurred significant losses in recent fiscal years due to the ramp-up of new hospitals and expansion of bed capacity. p.26p.27
The company is highly dependent on retaining experienced healthcare professionals, with high attrition rates affecting operations. p.27p.28
The company has experienced high attrition rates among doctors, nurses, and other healthcare professionals. p.27p.28
The company cannot assure that its subsidiaries will become profitable in the future. p.27p.28
The company faces risks related to high costs of employee benefits, retainers, and consultants that may not be passed on to patients. p.28p.29
Our performance is significantly dependent on the performance of hospitals located in North India. p.29p.30
The company relies on visiting doctors who may prematurely terminate their arrangements, potentially causing service gaps. p.29p.30
Our financial results are heavily influenced by the revenue generated from hospitals in North India. p.29p.30
The company's revenue is heavily concentrated in six specialized medical specialties. p.31p.32p.35
The company has a significant portion of its revenue from cardiac, oncology, neuro, gastro, orthopedics, and renal sciences. p.31p.32p.35
The company's operations are dependent on leased premises and revenue share arrangements. p.32p.33p.34+1
The company faces risks from adverse economic conditions and changes in regional healthcare demand. p.32p.31
The company's ability to continue operations depends on the continuation and renewal of lease arrangements. p.32p.33p.34+1
The company operates in a highly regulated industry with price caps on certain drugs and procedures. p.33p.34
The company's profitability is sensitive to increases in employee benefits, stock-in-trade, and retainers. p.33p.34
The company's business may be adversely affected if it is unable to pass on cost increases to patients. p.33p.34p.35
The company has committed to future lease payments totaling ₹1,054.78 Crore for hospitals not yet commenced as of June 30, 2026. p.36
The company cannot assure that it will be able to relocate existing hospitals or commence operations at new premises on commercially reasonable terms. p.36
Certain lease agreements, such as those for Darbhanga, Panchkula, Ranchi, and Srinagar hospitals, may not be admissible in court due to lack of registration. p.36
The company's lease or operating arrangements are governed by restrictive covenants that could result in penalties or termination. p.36
The land on which the Srinagar Hospital is located has been sub-leased to a third party, creating a risk of adverse operational effects if the lease is terminated. p.36
Certain contingent liabilities, including liquidated damages and bank guarantees, constitute 89.55% of the company's net worth as of June 30, 2026. p.36p.37
A significant portion of contingent liabilities, specifically ₹298.62 Crore, pertained to a corporate guarantee issued by the subsidiary meomi. p.37
The company may experience adverse actions in its empanelments with government health schemes, which could affect its ability to provide services. p.38p.39
New hospitals may fail to achieve operating capacities or returns on investment as expected. p.41
Delays in stabilizing operations and lower-than-expected initial utilization pose risks. p.41
Inability to obtain favorable financing could severely impact the company. p.41
Failure to realize expected synergies and cost savings is a potential risk. p.41
Integration of technology platforms and applications may face significant delays. p.41
Delay in obtaining critical equipment could result in revenue loss and negative brand perception. p.41
Difficulty coordinating corporate functions and integrating internal controls may arise. p.41
Challenges in recruiting and retaining healthcare professionals could occur. p.41
The company's operations may be disrupted if it fails to obtain or renew required licenses, such as the pharmacy at its Udaipur hospital being shut down for 17 and 30 days. p.46
The company's reputation and business operations could be adversely affected by the loss or non-renewal of accreditations like NABH and NABL. p.46
The company may face regulatory actions or litigation if its compliance systems are deemed inadequate or if investigations find violations. p.46
The company is subject to periodic inspections by regulatory bodies such as the Atomic Energy Regulatory Board, Department of Fire & Safety, and NABH. p.46
Delays in receiving payments from government schemes and PSUs may adversely affect the company's business and results of operations. p.47
The company may not be able to maintain empanelment with corporate contracts if it fails to obtain necessary approvals or accreditations in a timely manner. p.47
The company's ability to raise additional financing depends on factors including general economic conditions, credit availability, and investor confidence. p.48
The company may not be able to detect unauthorized use of its intellectual property or take appropriate steps to enforce its proprietary rights. p.48
The company's subsidiaries have incurred significant losses during the three months ended June 30, 2026 and the last three Fiscals. p.51p.52
The company's subsidiaries may not be able to service or repay such borrowings in a timely manner or at all. p.52
Any further downgrade in the company's credit ratings could increase borrowing costs and adversely affect its business. p.52
The company's credit ratings were downgraded in Fiscal 2025 due to high leverage and deterioration in debt coverage indicators. p.52
The company's Statutory Auditors have included emphasis of matter paragraphs in their audit reports regarding accounting software audit trails. p.53p.54
The company's subsidiaries have reported negative net worth in the past and may continue to do so in the future. p.54
The company has unpaid statutory dues totaling ₹13.00 Crore for employee provident fund contributions in Fiscal 2026. p.56
The company may face penal or regulatory action if it fails to make timely payments of statutory dues. p.56
The company's business depends on the strength of its 'Paras Health' brand and reputation. p.57
Negative publicity regarding the 'Paras' brand or its Promoter Group entities could impact the company's reputation. p.57
The company may be subject to medical negligence claims, regulatory actions, or penalties from healthcare professionals. p.58
The company may face complaints or allegations regarding internal controls or governance processes. p.58
The company's advertising and marketing expenses accounted for 2.72% of total expenses in the three months ended June 30, 2026. p.58
The company may be unsuccessful in introducing new clinical programs, which could adversely affect its business and prospects. p.59
The company relies on a limited pool of authorized service providers for equipment repair and maintenance, exposing it to delays or higher costs. p.63
Any failure or negligence by third-party service providers in performing maintenance could result in harm to patients or healthcare personnel. p.63
The company depends on original equipment manufacturers or a limited pool of authorized service providers for equipment repair and maintenance. p.63
The company relies on our information technology platform for the operation of our business, and any disruption could adversely affect our business. p.64
Our business will be significantly impacted if there are failures in our IT systems or in the maintenance and operation by third-party technology service providers. p.64
Any breach of our confidentiality obligations to our patients could expose us to fines, potential liabilities and legal proceedings. p.65
Litigation and regulatory matters
Litigation
Court cases, tax disputes and regulatory proceedings involving the company, promoters and directors.
A criminal complaint was filed against the Company for defamation regarding treatment received by a patient at the hospital. p.494
A criminal complaint was filed against the Company for medical negligence in providing treatment to a deceased family member. p.495
The Complainant has sought ₹4.16 Crore compensation for medical negligence and harassment in a pending case. p.498
A FIR was registered against unidentified accused persons for an alleged sexual harassment incident in Patna. p.499
A FIR was registered against doctors and staff for alleged negligent treatment of a mother in Kanpur. p.499
A criminal complaint was filed against Dr. Dharminder Kumar Nagar alleging medical negligence and fraudulent billing. p.499
A criminal complaint was filed against Dr. Dharminder Kumar Nagar alleging medical negligence in a laparoscopic appendectomy. p.500
A criminal complaint was filed against Dr. Dharminder Kumar Nagar alleging cheating and criminal conspiracy in a surgery. p.500
A criminal complaint was filed against Nakul Anand alleging termination of services following a disciplinary inquiry. p.501
A criminal complaint was filed against Nakul Anand alleging adulterated biscuits under the Prevention of Food Adulteration Act. p.501
A criminal complaint was filed against directors of ITC Limited alleging illegal mining and use of stolen minerals. p.502
Disciplinary proceedings were initiated against Usha Rajeev by the ICAI for alleged violations of the Chartered Accountants Act, 1949. p.502
The Company's Director Usha Rajeev filed a writ petition in July 2025 challenging the Disciplinary Committee's decision to continue disciplinary proceedings against her. p.503
The High Court of Delhi stayed the disciplinary proceedings against Usha Rajeev on July 25, 2025, and the matter is currently pending. p.503
Dr. Dharminder Kumar Nagar filed a consumer complaint alleging medical negligence against the Company in Patna. p.503
Priyanka Sharma filed a consumer complaint alleging medical negligence against the Company in Gurugram. p.503
Four individuals filed a consumer complaint alleging medical negligence against the Company in Panchkula. p.503
Veeru Pitalia filed a writ petition under Article 226 of the Constitution of India against the Company's Managing Director in Patna. p.503
The Company received a show cause notice from the Labour Superintendent-cum-Cess Assessment officer regarding non-submission of construction cess. p.504
The Company received a show cause notice from the Civil Surgeon cum Chief Medical Officer alleging forged documents in the name of Dr. Gaurav Kumar. p.504
The Company received a GST audit demand of ₹28.08 Crore from the CGST Audit Commissionerate regarding non-payment of taxes and penalties. p.505
The Company received a show cause notice from the Income Tax Department proposing prosecution for late TDS deposit of ₹1.31 Crore. p.505
Plus Medicare Hospitals Private Limited received a show cause notice under the GST Act alleging suppression of tax of ₹2.07 Crore. p.506
The Company received a show cause notice from the Office of the State Tax Department alleging suppression of tax of ₹2.07 Crore. p.506
The Company obtained a Certificate of Incorporation dated December 21, 1987, issued by the Registrar of Companies, Delhi and Haryana. p.508
The Company became a deemed public company under Section 43A(1)(a) of the Companies Act, 1956, effective from July 1, 1993. p.508
The Company was re-converted to a private limited company under the Companies (Amendment) Act, 2000, effective June 16, 2003. p.508
The Company obtained a Certificate of Incorporation dated July 21, 2003, reflecting a name change to Paras Healthcare Private Limited. p.508
The Company obtained a Certificate of Incorporation dated July 18, 2024, pursuant to its conversion to a public limited company. p.508
The Company's corporate identity number is U85110HR1987PLC035823. p.508
The Company obtained a Certificate of Incorporation dated December 29, 2017, for its subsidiary meomi. p.508
The Company obtained a Certificate of Incorporation dated March 11, 2011, for its subsidiary mjemi. p.509
The Company obtained a Certificate of Incorporation dated October 16, 2023, for its subsidiary mjemi, reflecting a change in registered office address. p.509
The Company has obtained registrations and licenses under the Clinical Establishments (Registration and Regulation) Act, 2010, for its operational hospitals. p.509
The Company has obtained licenses under the Atomic Energy Act, 1962, for nuclear facilities and radiology safety officer approval. p.509
The Company has obtained licenses under the Pre-Conception and Pre-Natal Diagnostic Techniques (Prohibition of Sex Selection) Act, 1994, for genetic counselling and ultrasonography. p.509
The Company has obtained a license under the Medical Termination of Pregnancy Act, 1971, for medical termination of pregnancy. p.509
The Company has obtained a license under the Assisted Reproductive Technology (Regulation) Act, 2021, for assisted reproductive technology procedures. p.509
The Company has obtained licenses under the Transplantation of Human Organs and Tissues Act, 1994, for transplantation of organs. p.509
The Company has obtained licenses under the Drugs and Cosmetics Act, 1940, for selling and distributing drugs. p.509
The Company has obtained licenses under the Narcotic Drugs and Psychotropic Substances Act, 1985, for possessing narcotics. p.509
The Company has obtained licenses under the Indian Explosives Act, 1884, for transport and storage of compressed gas. p.509
The Company has obtained a Fire safety no objection certificate under the relevant state legislation. p.510
The Company has obtained accreditations from the National Accreditation Board for Hospitals and Healthcare Providers. p.510
The Company has obtained authorizations under the Water (Prevention and Control of Pollution) Act, 1974, for water pollution control. p.510
The Company has obtained authorizations under the Hazardous and other Wastes (Management and Transboundary Movement) Rules, 2016, for hazardous waste management. p.510
The Company has obtained approvals under applicable legislations for building plan approvals, building completion certificates, and occupancy certificates. p.510
The Company has obtained registrations and licenses under the Food Safety and Standard Act, 2006, for operating canteens and retail pharmacies. p.510
The Company has obtained registrations for the implementation of the Ayushman Bharat – Pradhan Mantri Jan Aarogya yojna scheme for its hospitals. p.510
The Company has obtained a No objection certificate for Ground water Abstraction for its hospitals. p.510
The Company has obtained registrations and licenses under the Food and Drugs Administrations for operating canteens, retail pharmacies, and catering. p.510
There is no outstanding litigation involving our Group Company which has a material impact on our Company. p.513
Our Group Company is Paras RE Facilities Management Private Limited. p.513
There are no common pursuits amongst our Group Company, our Company, and Subsidiaries as of the date of this Prospectus. p.514
There are no other related party transactions between our Group Company and our Company other than those disclosed in Note 34. p.514
Our Group Company does not have any business interest in our Company. p.514
Our Group Company is not interested in properties acquired by our Company in the preceding three years. p.514
Our Group Company is not interested in transactions for acquisition of land, construction of building, or supply of machinery. p.514
There are no outstanding warrants, options, or rights to convert debentures, loans, or other instruments convertible into Equity Shares as on the date of this Prospectus. p.515
The Company and its subsidiaries have certified that the prospectus disclosures comply with SEBI regulations. p.518
Who runs and controls the company
Management & board
Directors and senior management: who they are, their background and pay.
An earlier full draft. The main analysis above reflects the latest version; open the document to compare.
Paras Healthcare Limited IPO: common questions
Short answers drawn from the filings above.
How big is the Paras Healthcare Limited IPO?
Paras Healthcare Limited's IPO comprises a fresh issue of 72,15,007 shares and an offer for sale of 1.37 Cr shares, according to its Prospectus. The price band was ₹660.00 to ₹693.00 per share and the final offer price was ₹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 Prospectus, 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 (₹101 Cr). The offer-for-sale portion goes to the selling shareholders, not the company.
What are the red flags in Paras Healthcare Limited's Prospectus?
Earlier, we looked up 36 claims from the filing on the open web (we no longer do this, since SEBI reviews the filing): 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?
They made 373% of their accounting profit from cash, but that cash came from a one-off sale of property, plant and equipment, not from the core business.
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 2 filings for Paras Healthcare Limited (RHP, Prospectus) 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
Every page reference on this site links to the original SEBI PDF.
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Paras Healthcare Limited - Prospectus · 28 Oct 2026
