{"id":15244,"date":"2026-10-21T10:40:21","date_gmt":"2026-10-21T10:40:21","guid":{"rendered":"https:\/\/www.incredmoney.com\/blog\/?p=15244"},"modified":"2026-10-26T10:55:00","modified_gmt":"2026-10-26T10:55:00","slug":"paras-healthcare-ipo","status":"publish","type":"post","link":"https:\/\/www.incredmoney.com\/blog\/paras-healthcare-ipo\/","title":{"rendered":"Paras Healthcare IPO: Getting Well Soon?"},"content":{"rendered":"<p><em>Paras Healthcare Limited is going live. They run eight hospitals across North India, Bihar and Jharkhand that treat complex cases in cardiac care, cancer, neurology, gastro, orthopaedics and kidney care.<\/em><\/p>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"ipo-summary\">IPO Summary<\/h2>\n<div class=\"captioned-image-container\">\n<table>\n<thead>\n<tr>\n<th colspan=\"2\">Paras Healthcare IPO Details<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td>IPO Date<\/td>\n<td>21st to 23rd Oct, 2026<\/td>\n<\/tr>\n<tr>\n<td>Issue Type<\/td>\n<td>Fresh Issue + OFS<\/td>\n<\/tr>\n<tr>\n<td>Tentative Listing Date<\/td>\n<td>28th Oct, 2026<\/td>\n<\/tr>\n<tr>\n<td>Price Band<\/td>\n<td>\u20b9660 to \u20b9693<\/td>\n<\/tr>\n<tr>\n<td>Post Issue Mcap at \u20b9693<\/td>\n<td>\u20b97,498 Cr<\/td>\n<\/tr>\n<tr>\n<td>Total Listing Size<\/td>\n<td>\u20b91,450 Cr<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"introduction\">Introduction<\/h2>\n<p>India has about <strong>16 hospital beds for every 10,000 people<\/strong>. The National Health Policy (2017) recommends 20. The world average is 33.<\/p>\n<p>The gap is wider in the north. North India has 14 to 15 beds per 10,000 people, against 29 to 30 in the south. North India plus Bihar and Jharkhand together had ~<strong>7.5 lakh beds <\/strong>for <strong>592 million <\/strong>people in FY22. The policy benchmark for that population was about <strong>12 lakh beds<\/strong>.<\/p>\n<p>India\u2019s healthcare delivery market was worth about <strong>\u20b97 lakh Cr<\/strong> in FY25 and is projected to grow <strong>10% to 12% a year<\/strong> to ~\u20b912 lakh Cr by FY30. In-patient care made up ~72% of it.<\/p>\n<p><strong>Paras Healthcare Limited (Paras Health) runs eight hospitals <\/strong>across North India, Bihar and Jharkhand. They\u2019re coming to market with an IPO worth <strong>\u20b91,450 Cr<\/strong>, consisting of a Fresh Issue of \u20b9500 Cr and an Offer for Sale of \u20b9950 Cr, from 21st to 23rd Oct, 2026.<\/p>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"the-business-model\">The Business Model<\/h2>\n<p>The company was incorporated in 1987 as Arbian Frozen Foods. It took the name Paras Healthcare in 2003, when it <strong>moved from frozen foods to healthcare<\/strong>.<\/p>\n<p>Their first hospital opened in Gurugram in 2006 with 200 beds. Paras now runs hospitals in Gurugram and Panchkula (Haryana), Patna and Darbhanga (Bihar), Kanpur (Uttar Pradesh), Udaipur (Rajasthan), Ranchi (Jharkhand) and Srinagar (Jammu and Kashmir).<\/p>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!PZxl!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F005e2c40-982a-4277-9bd6-62bdfcbce61a_867x736.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!PZxl!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F005e2c40-982a-4277-9bd6-62bdfcbce61a_867x736.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!PZxl!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F005e2c40-982a-4277-9bd6-62bdfcbce61a_867x736.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!PZxl!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F005e2c40-982a-4277-9bd6-62bdfcbce61a_867x736.png 1456w\" type=\"image\/webp\" sizes=\"auto, 100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!PZxl!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F005e2c40-982a-4277-9bd6-62bdfcbce61a_867x736.png\" sizes=\"auto, 100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!PZxl!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F005e2c40-982a-4277-9bd6-62bdfcbce61a_867x736.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!PZxl!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F005e2c40-982a-4277-9bd6-62bdfcbce61a_867x736.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!PZxl!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F005e2c40-982a-4277-9bd6-62bdfcbce61a_867x736.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!PZxl!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F005e2c40-982a-4277-9bd6-62bdfcbce61a_867x736.png 1456w\" alt=\"\" width=\"552\" height=\"468.5951557093426\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/005e2c40-982a-4277-9bd6-62bdfcbce61a_867x736.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:736,&quot;width&quot;:867,&quot;resizeWidth&quot;:552,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div><figcaption class=\"image-caption\"><em>Source: RHP<\/em><\/figcaption><\/figure>\n<\/div>\n<p>Paras treats complex cases that need specialist doctors and equipment, known as <strong>tertiary<\/strong> and <strong>quaternary<\/strong> care.<\/p>\n<p>Six specialties, <strong>cardiac<\/strong>, <strong>oncology<\/strong>, <strong>neuro<\/strong>, <strong>gastro<\/strong>, <strong>orthopaedics,<\/strong> and <strong>renal<\/strong>, known as <strong>CONGOR,<\/strong> gave most of FY26 revenue. On June 30, 2026, it had <strong>1,084 doctors and 1,937 nurses<\/strong>.<\/p>\n<p>Now, a hospital earns money three ways:<\/p>\n<ul>\n<li><strong>In-patients:<\/strong> Patients admitted for at least one night. They gave <strong>78%<\/strong> of FY26 revenue.<\/li>\n<li><strong>Out-patients:<\/strong> Consultations and visits that need no overnight stay.<\/li>\n<li><strong>Pharmacy:<\/strong> Medicines sold at its pharmacies.<\/li>\n<\/ul>\n<p>Who pays the bill matters as much as who is treated. In FY26, <strong>government schemes and PSUs paid for 41% of revenue<\/strong>, patients paid 34% themselves and insurers and TPAs paid 25%. Government schemes pay slowly. On average they took <strong>153 days<\/strong> to pay in FY26, against 56 days for insurers and 5 days for patients paying themselves.<\/p>\n<p>Paras owns only <strong>two of its eight hospitals<\/strong>: one in Gurugram, and one in Udaipur, through a subsidiary.<\/p>\n<p>Patna, Panchkula and Ranchi hospitals pay part fixed rent and part revenue share. Darbhanga pays a revenue share. Srinagar and Kanpur pay a fixed rent. Ranchi runs under a public-private partnership.<\/p>\n<p>Doctors are paid through retainer and consultant fees rather than salaries. These were \u20b9394 Cr in FY26, about a quarter of total expenses.<\/p>\n<p>The company groups its hospitals by age:<\/p>\n<ul>\n<li><strong>Mature (over 7 years):<\/strong> Gurugram, Patna, Panchkula and Darbhanga.<\/li>\n<li><strong>Emerging (4 to 7 years):<\/strong> Ranchi and Udaipur.<\/li>\n<li><strong>New (under 4 years):<\/strong> Srinagar and Kanpur.<\/li>\n<\/ul>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"unit-economics-%e2%82%b9-per-occupied-bed-per-day\">Unit Economics (\u20b9 per Occupied Bed per Day)<\/h2>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!3g4A!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbfcce530-f6ff-4e3c-8975-c41c28b6775f_968x792.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!3g4A!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbfcce530-f6ff-4e3c-8975-c41c28b6775f_968x792.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!3g4A!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbfcce530-f6ff-4e3c-8975-c41c28b6775f_968x792.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!3g4A!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbfcce530-f6ff-4e3c-8975-c41c28b6775f_968x792.png 1456w\" type=\"image\/webp\" sizes=\"auto, 100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!3g4A!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbfcce530-f6ff-4e3c-8975-c41c28b6775f_968x792.png\" sizes=\"auto, 100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!3g4A!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbfcce530-f6ff-4e3c-8975-c41c28b6775f_968x792.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!3g4A!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbfcce530-f6ff-4e3c-8975-c41c28b6775f_968x792.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!3g4A!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbfcce530-f6ff-4e3c-8975-c41c28b6775f_968x792.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!3g4A!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fbfcce530-f6ff-4e3c-8975-c41c28b6775f_968x792.png 1456w\" alt=\"\" width=\"548\" height=\"448.3636363636364\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/bfcce530-f6ff-4e3c-8975-c41c28b6775f_968x792.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:792,&quot;width&quot;:968,&quot;resizeWidth&quot;:548,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<ul>\n<li><strong>Revenue per OBD<\/strong> rose 9% in FY25 to \u20b948,119, then dipped to \u20b947,468 in FY26.<\/li>\n<li><strong>Adj. EBITDA per OBD<\/strong> went from \u20b95,069 in FY25 to \u20b99,244 in FY26. Since revenue per OBD barely moved in FY26, the gain came from costs.<\/li>\n<li>OBDs actually rose <strong>26%<\/strong> in FY26, so fixed costs were spread over more bed days.<\/li>\n<li><strong>Medicines and consumables<\/strong> rose sharply, from \u20b911,649 in FY24 to \u20b913,497 in FY25 before stabilising at \u20b911,649 in FY26.<\/li>\n<\/ul>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"operating-metrics\">Operating Metrics<\/h2>\n<ul>\n<li>An <strong>occupied bed day<\/strong> is one patient in one bed for one night. A patient who stays 3 nights adds 3. This went up from in FY24 to in FY26<\/li>\n<\/ul>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!144_!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0b584dd3-8453-4c1e-a849-6051b40e2217_600x371.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!144_!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0b584dd3-8453-4c1e-a849-6051b40e2217_600x371.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!144_!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0b584dd3-8453-4c1e-a849-6051b40e2217_600x371.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!144_!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0b584dd3-8453-4c1e-a849-6051b40e2217_600x371.png 1456w\" type=\"image\/webp\" sizes=\"auto, 100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!144_!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0b584dd3-8453-4c1e-a849-6051b40e2217_600x371.png\" sizes=\"auto, 100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!144_!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0b584dd3-8453-4c1e-a849-6051b40e2217_600x371.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!144_!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0b584dd3-8453-4c1e-a849-6051b40e2217_600x371.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!144_!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0b584dd3-8453-4c1e-a849-6051b40e2217_600x371.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!144_!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F0b584dd3-8453-4c1e-a849-6051b40e2217_600x371.png 1456w\" alt=\"\" width=\"462\" height=\"285.67\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/0b584dd3-8453-4c1e-a849-6051b40e2217_600x371.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:371,&quot;width&quot;:600,&quot;resizeWidth&quot;:462,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<ul>\n<li><strong>In-patients<\/strong> rose 42.5% from 81,047 in FY24 to 1,15,496 in FY26, and out-patient visits rose 36.8%. Patients stayed for shorter periods: <strong>average length of stay<\/strong> fell from 3.14 days to 2.93 days.<\/li>\n<\/ul>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!rCzw!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fce045c34-50e1-4d96-851e-731a35457351_600x371.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!rCzw!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fce045c34-50e1-4d96-851e-731a35457351_600x371.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!rCzw!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fce045c34-50e1-4d96-851e-731a35457351_600x371.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!rCzw!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fce045c34-50e1-4d96-851e-731a35457351_600x371.png 1456w\" type=\"image\/webp\" sizes=\"auto, 100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!rCzw!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fce045c34-50e1-4d96-851e-731a35457351_600x371.png\" sizes=\"auto, 100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!rCzw!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fce045c34-50e1-4d96-851e-731a35457351_600x371.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!rCzw!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fce045c34-50e1-4d96-851e-731a35457351_600x371.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!rCzw!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fce045c34-50e1-4d96-851e-731a35457351_600x371.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!rCzw!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fce045c34-50e1-4d96-851e-731a35457351_600x371.png 1456w\" alt=\"\" width=\"498\" height=\"307.93\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/ce045c34-50e1-4d96-851e-731a35457351_600x371.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:371,&quot;width&quot;:600,&quot;resizeWidth&quot;:498,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<ul>\n<li>Of the three largest hospitals, <strong>Gurugram runs fullest <\/strong>at 89%, with <strong>Patna <\/strong>at 73% and Panchkula at 67%. The mature hospitals sit between 62% and 89%. The two new ones are catching up fast: <strong>Kanpur <\/strong>rose from 19% in Q1 FY26 to 66%, and <strong>Srinagar <\/strong>from 23% to 53%.<\/li>\n<\/ul>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Y249!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffe9ca4f1-3a8d-4761-b493-c960653d1c25_600x371.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Y249!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffe9ca4f1-3a8d-4761-b493-c960653d1c25_600x371.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Y249!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffe9ca4f1-3a8d-4761-b493-c960653d1c25_600x371.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Y249!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffe9ca4f1-3a8d-4761-b493-c960653d1c25_600x371.png 1456w\" type=\"image\/webp\" sizes=\"auto, 100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Y249!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffe9ca4f1-3a8d-4761-b493-c960653d1c25_600x371.png\" sizes=\"auto, 100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Y249!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffe9ca4f1-3a8d-4761-b493-c960653d1c25_600x371.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Y249!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffe9ca4f1-3a8d-4761-b493-c960653d1c25_600x371.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Y249!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffe9ca4f1-3a8d-4761-b493-c960653d1c25_600x371.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Y249!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Ffe9ca4f1-3a8d-4761-b493-c960653d1c25_600x371.png 1456w\" alt=\"\" width=\"486\" height=\"300.51\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/fe9ca4f1-3a8d-4761-b493-c960653d1c25_600x371.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:371,&quot;width&quot;:600,&quot;resizeWidth&quot;:486,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<ul>\n<li><strong>Government schemes and PSUs<\/strong> went from 29.8% of revenue in FY24 to 43.6% in Q1 FY27, the largest payer. The share of patients paying themselves fell from 40.6% to 31.3%.<\/li>\n<\/ul>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Nc5O!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb3ce75a1-0d5d-4597-82b4-8fa2367f10da_600x371.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Nc5O!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb3ce75a1-0d5d-4597-82b4-8fa2367f10da_600x371.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Nc5O!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb3ce75a1-0d5d-4597-82b4-8fa2367f10da_600x371.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Nc5O!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb3ce75a1-0d5d-4597-82b4-8fa2367f10da_600x371.png 1456w\" type=\"image\/webp\" sizes=\"auto, 100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Nc5O!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb3ce75a1-0d5d-4597-82b4-8fa2367f10da_600x371.png\" sizes=\"auto, 100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!Nc5O!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb3ce75a1-0d5d-4597-82b4-8fa2367f10da_600x371.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Nc5O!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb3ce75a1-0d5d-4597-82b4-8fa2367f10da_600x371.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Nc5O!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb3ce75a1-0d5d-4597-82b4-8fa2367f10da_600x371.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!Nc5O!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fb3ce75a1-0d5d-4597-82b4-8fa2367f10da_600x371.png 1456w\" alt=\"\" width=\"496\" height=\"306.6933333333333\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/b3ce75a1-0d5d-4597-82b4-8fa2367f10da_600x371.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:371,&quot;width&quot;:600,&quot;resizeWidth&quot;:496,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<ul>\n<li><strong>Oncology<\/strong> became the largest specialty, rising from 18.9% of revenue in FY24 to 21.6% in FY26. Gastro rose from 5.1% to 8.3%. Neuro fell from 15.1% to 13.0%. CONGOR as a whole went from 72.3% to 74.7%.<\/li>\n<\/ul>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!S21r!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F71e67d94-6bc2-4531-8adc-0886af9e92e3_600x371.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!S21r!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F71e67d94-6bc2-4531-8adc-0886af9e92e3_600x371.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!S21r!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F71e67d94-6bc2-4531-8adc-0886af9e92e3_600x371.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!S21r!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F71e67d94-6bc2-4531-8adc-0886af9e92e3_600x371.png 1456w\" type=\"image\/webp\" sizes=\"auto, 100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!S21r!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F71e67d94-6bc2-4531-8adc-0886af9e92e3_600x371.png\" sizes=\"auto, 100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!S21r!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F71e67d94-6bc2-4531-8adc-0886af9e92e3_600x371.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!S21r!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F71e67d94-6bc2-4531-8adc-0886af9e92e3_600x371.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!S21r!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F71e67d94-6bc2-4531-8adc-0886af9e92e3_600x371.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!S21r!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F71e67d94-6bc2-4531-8adc-0886af9e92e3_600x371.png 1456w\" alt=\"\" width=\"442\" height=\"273.30333333333334\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/71e67d94-6bc2-4531-8adc-0886af9e92e3_600x371.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:371,&quot;width&quot;:600,&quot;resizeWidth&quot;:442,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"the-financial-stuff\">The Financial Stuff<\/h2>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!QW9U!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F29b36324-5888-45c2-8be2-2a4b630296fe_1116x1164.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!QW9U!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F29b36324-5888-45c2-8be2-2a4b630296fe_1116x1164.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!QW9U!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F29b36324-5888-45c2-8be2-2a4b630296fe_1116x1164.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!QW9U!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F29b36324-5888-45c2-8be2-2a4b630296fe_1116x1164.png 1456w\" type=\"image\/webp\" sizes=\"auto, 100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!QW9U!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F29b36324-5888-45c2-8be2-2a4b630296fe_1116x1164.png\" sizes=\"auto, 100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!QW9U!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F29b36324-5888-45c2-8be2-2a4b630296fe_1116x1164.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!QW9U!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F29b36324-5888-45c2-8be2-2a4b630296fe_1116x1164.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!QW9U!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F29b36324-5888-45c2-8be2-2a4b630296fe_1116x1164.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!QW9U!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F29b36324-5888-45c2-8be2-2a4b630296fe_1116x1164.png 1456w\" alt=\"\" width=\"580\" height=\"604.9462365591398\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/29b36324-5888-45c2-8be2-2a4b630296fe_1116x1164.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:1164,&quot;width&quot;:1116,&quot;resizeWidth&quot;:580,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<ul>\n<li><strong>Revenue<\/strong> went from \u20b91,129 Cr in FY24 to \u20b91,294 Cr in FY25 and \u20b91,606 Cr in FY26, a CAGR of <strong>19%<\/strong>.<\/li>\n<li><strong>Adj. EBITDA Margin<\/strong> was 11% in FY24 and FY25, and 20% in FY26, while Adj. EBITDA went from \u20b9119 Cr to \u20b9313 Cr between FY24 and FY26.<\/li>\n<li><strong>Depreciation<\/strong> rose from \u20b981 Cr to \u20b9144 Cr in the same period and <strong>Finance Costs<\/strong> from \u20b967 Cr to \u20b9116 Cr.<\/li>\n<li>Paras made a <strong>net loss<\/strong> of \u20b915 Cr in FY24 and \u20b958 Cr in FY25, and a profit of \u20b944 Cr in FY26. Paras has just recently broken even.<\/li>\n<\/ul>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"paras-healthcares-peers-fy26\">Paras Healthcare\u2019s Peers (FY26)<\/h2>\n<div class=\"captioned-image-container\">\n<figure>\n<div class=\"image2-inset\"><picture><source srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!P8Zb!,w_424,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3795c9b5-2b09-4509-8714-abee52b8998d_1040x604.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!P8Zb!,w_848,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3795c9b5-2b09-4509-8714-abee52b8998d_1040x604.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!P8Zb!,w_1272,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3795c9b5-2b09-4509-8714-abee52b8998d_1040x604.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!P8Zb!,w_1456,c_limit,f_webp,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3795c9b5-2b09-4509-8714-abee52b8998d_1040x604.png 1456w\" type=\"image\/webp\" sizes=\"auto, 100vw\" \/><img decoding=\"async\" class=\"sizing-normal\" src=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!P8Zb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3795c9b5-2b09-4509-8714-abee52b8998d_1040x604.png\" sizes=\"auto, 100vw\" srcset=\"https:\/\/substackcdn.com\/image\/fetch\/$s_!P8Zb!,w_424,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3795c9b5-2b09-4509-8714-abee52b8998d_1040x604.png 424w, https:\/\/substackcdn.com\/image\/fetch\/$s_!P8Zb!,w_848,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3795c9b5-2b09-4509-8714-abee52b8998d_1040x604.png 848w, https:\/\/substackcdn.com\/image\/fetch\/$s_!P8Zb!,w_1272,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3795c9b5-2b09-4509-8714-abee52b8998d_1040x604.png 1272w, https:\/\/substackcdn.com\/image\/fetch\/$s_!P8Zb!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep\/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F3795c9b5-2b09-4509-8714-abee52b8998d_1040x604.png 1456w\" alt=\"\" width=\"618\" height=\"358.9153846153846\" data-attrs=\"{&quot;src&quot;:&quot;https:\/\/substack-post-media.s3.amazonaws.com\/public\/images\/3795c9b5-2b09-4509-8714-abee52b8998d_1040x604.png&quot;,&quot;srcNoWatermark&quot;:null,&quot;fullscreen&quot;:null,&quot;imageSize&quot;:null,&quot;height&quot;:604,&quot;width&quot;:1040,&quot;resizeWidth&quot;:618,&quot;bytes&quot;:null,&quot;alt&quot;:null,&quot;title&quot;:null,&quot;type&quot;:null,&quot;href&quot;:null,&quot;belowTheFold&quot;:true,&quot;topImage&quot;:false,&quot;internalRedirect&quot;:null,&quot;isProcessing&quot;:false,&quot;align&quot;:null,&quot;offset&quot;:false}\" \/><\/picture><\/div>\n<\/figure>\n<\/div>\n<ul>\n<li>Paras is the <strong>smallest<\/strong> of the five, at \u20b91,606 Cr of revenue. The next smallest, Fortis, is ~6 times its size at \u20b99,128 Cr, and Apollo is the largest at \u20b925,229 Cr.<\/li>\n<li>Its EBITDA margin of <strong>21%<\/strong> is above Apollo\u2019s 15% and below Fortis\u2019 23%, Manipal\u2019s 25% and Max\u2019s 26%.<\/li>\n<li>Its PAT margin of <strong>3%<\/strong> is the lowest of the five. The four peers range from 6% to 16%.<\/li>\n<li>Its RoNW of <strong>13%<\/strong> is above Manipal\u2019s 12% and Fortis\u2019 11%, but below Max\u2019s 14% and Apollo\u2019s 22%.<\/li>\n<\/ul>\n<blockquote><p><em><strong>At an upper band of \u20b9693 and FY26 basic EPS of \u20b94.34, Paras Healthcare will trade at a P\/E of 159.7x. Peers range from 93.2x at Manipal Health to 51.2x at Fortis.<\/strong><\/em><\/p><\/blockquote>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"key-risks\">Key Risks<\/h2>\n<ul>\n<li><strong>Short profit record:<\/strong> Paras made losses in FY24, FY25 and Q1 FY26, and turned a profit only in FY26. It is the lowest on RoCE and RoE, and highest on debt to equity, among listed peers in FY24, FY25, Q1 FY26 and Q1 FY27.<\/li>\n<li><strong>Debt:<\/strong> Borrowings stood at \u20b9939 Cr on August 31, 2026. D\/E ratio was 3.21x including leases and 2x excluding them. Its credit ratings have also been downgraded in the past<\/li>\n<li><strong>Government payers:<\/strong> Government schemes and PSUs gave 44% of Q1FY27 revenue but such schemes take ~5 months to pay. Receivables in fact rose to \u20b9448 Cr, of which \u20b9128 Cr was over six months old this year.<\/li>\n<li><strong>Action by government schemes:<\/strong> CGHS suspended Patna\u2019s empanelment in April 2024 after complaints of medical negligence. It was later restored. Rajasthan\u2019s RGHS blocked Udaipur\u2019s claims access for 72 days in 2025, and in July 2026 ordered it to deposit \u20b90.85 Cr over alleged irregular claims.<\/li>\n<li><strong>Staff attrition:<\/strong> Attrition rate was ~65% in FY24, and still 60% in FY26. Paras depends on attracting and keeping doctors and nurses from a limited pool and a higher rate might prove detrimental in the long run.<\/li>\n<li><strong>Geographic concentration:<\/strong> Gurugram gave ~32% of FY26 revenue, and the five North India hospitals gave ~66%. Srinagar\u2019s operations were briefly disrupted after the Pahalgam terror attack in April 2025.<\/li>\n<li><strong>Brand:<\/strong> Paras does not own a registered trademark for the word \u201cParas\u201d, and has no formal arrangement on its use by Promoter Group members. 25 of its 29 trademark applications for new logos have been opposed.<\/li>\n<\/ul>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"ipo-faqs\">IPO FAQs<\/h2>\n<blockquote><p>Q: <strong>What is Paras Healthcare\u2019s price band?<\/strong><\/p>\n<p>A: Paras Healthcare has a price band of \u20b9660 to \u20b9693<\/p><\/blockquote>\n<blockquote><p>Q: <strong>What is Paras Healthcare\u2019s closing date?<\/strong><\/p>\n<p>A: Paras Healthcare IPO closes on 23rd Oct, 2026<\/p><\/blockquote>\n<blockquote><p>Q: <strong>What is Paras Healthcare\u2019s listing date?<\/strong><\/p>\n<p>A: Paras Healthcare lists on 28th Oct, 2026, on the NSE and the BSE<\/p><\/blockquote>\n<h2 class=\"header-anchor-post\" class=\"header-anchor-post\" id=\"conclusion\">Conclusion<\/h2>\n<div class=\"pencraft pc-display-flex pc-alignItems-center pc-position-absolute pc-reset header-anchor-parent\"><\/div>\n<p>Paras Healthcare runs eight hospitals in parts of North and East India that have fewer beds than the national policy recommends. It grew revenue 24% in FY26, and its Adj. EBITDA margin rose from 11% in FY25 to 20% as its newer hospitals filled up. But it has only one profitable year, much revenue comes from government schemes that pay slowly, and has high debt to equity.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Paras Healthcare Limited is going live. They run eight hospitals across North India, Bihar and Jharkhand that treat complex cases in cardiac care, cancer, neurology, gastro, orthopaedics and kidney care. IPO Summary Paras Healthcare IPO Details IPO Date 21st to 23rd Oct, 2026 Issue Type Fresh Issue + OFS Tentative Listing Date 28th Oct, 2026 [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":15247,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[59],"tags":[2],"class_list":["post-15244","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo","tag-blog"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Paras Healthcare IPO: Review, Financials, Business &amp; Risks | InCred Money<\/title>\n<meta name=\"description\" content=\"Explore the Paras Healthcare IPO: Review, Financials, Business &amp; Risks | InCred Money, including its business model, financial performance, unit economics, operating metrics, 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