Paras Healthcare Limited
DRHP · filed 18 Jun 2026
This is a draft. SEBI has not cleared it, there is no final price yet, and it may never become an IPO.
Paras Healthcare Limited operates a network of hospitals and diagnostic centers. The IPO consists of a fresh issue of Rs 5,000 crore with no offer for sale. The company reported a revenue of Rs 1,605.95 crore in the latest fiscal year with a 19.26% CAGR, though it incurred losses of Rs 579.83 crore in Fiscal 2025. Material risks include the company's high debt-to-equity ratio of 2.16 and the potential for continued losses due to the ramp-up of new hospitals and expansion investments.
What stands out
Risk factor. The Company has incurred losses of ₹ (579.83) million in Fiscal 2025 and ₹ (153.31) million in Fiscal 2024 on a consolidated basis. While profitable in Fiscal 2026, the Company cannot assure continued profitability in the future due to the ramp-up of New Hospitals (Srinagar and Kanpur) and expansion
Risk factor. The Company's Subsidiaries, Paras Healthcare (Ranchi) Private Limited and Plus Medicare Hospitals Private Limited, have collectively incurred losses of ₹ (822.38) million in Fiscal 2025 and ₹ (872.69) million in Fiscal 2024. The Company cannot assure these Subsidiaries will turn profitable in the fu
Primarily fresh capital. 100% of the offer is fresh issue, so most proceeds fund the company.
How the offer is structured
Fresh issue
₹5.00k Cr
New capital into the company
OFS share
0%
- Prepayment or scheduled re-payment, in full or part, of certain outstanding borrowings availed by our Company₹3.21k Cr
- Investment in our wholly owned Subsidiary, PMHPL (which also operates our hospital in Srinagar), for repayment/prepayment of borrowings, in full or part, of PMHPL₹541 Cr
- General corporate purposes
Restated financials
Revenue
₹1.61k Cr
Latest fiscal year
Profit after tax
₹43.8 Cr
Revenue CAGR
19.3%
Return on equity
11.1%
Debt / equity
2.16
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2024 | ₹1.13k Cr | ₹-15.3 Cr | ₹339 Cr | |
| 2025 | ₹1.29k Cr | ₹-58.0 Cr | ₹280 Cr | |
| 2026 | ₹1.61k Cr | ₹43.8 Cr | ₹395 Cr |
Risks the company discloses
The Company has incurred losses of ₹ (579.83) million in Fiscal 2025 and ₹ (153.31) million in Fiscal 2024 on a consolidated basis. While profitable in Fiscal 2026, the Company cannot assure continued profitability in the future due to the ramp-up of New Hospitals (Srinagar and Kanpur) and expansion investments.(Financial Performance)
The Company's Subsidiaries, Paras Healthcare (Ranchi) Private Limited and Plus Medicare Hospitals Private Limited, have collectively incurred losses of ₹ (822.38) million in Fiscal 2025 and ₹ (872.69) million in Fiscal 2024. The Company cannot assure these Subsidiaries will turn profitable in the future.(Financial Performance)
The Company has the lowest Return on Capital Employed (ROCE) and Return on Equity (ROE) and the highest debt to equity ratio compared to its listed Indian peers in Fiscals 2025 and 2024.(Financial Performance)
The Company has experienced high attrition rates of 60.38%, 66.74% and 65.27% for the total workforce in Fiscals 2026, 2025 and 2024, respectively. The demand for skilled doctors is high and the availability of specialist doctors in India is limited, making it difficult to hire and retain senior doctors.(Operational)
The Company's Ranchi Hospital commenced operations in September 2019 with 50 beds and increased capacity to 300 beds in Fiscal 2023, resulting in higher fixed and operating expenses. The Srinagar Hospital commenced operations in Fiscal 2024 and has incurred operating losses in its initial years.(Operational)
The Company is highly dependent on doctors, nurses, and other healthcare professionals. The limited supply of healthcare professionals, coupled with high competitive intensity, may result in increased compensation and higher recruitment and training costs.(Operational)
The Company intends to utilize a portion of the Net Proceeds towards funding investment in Subsidiary Plus Medicare Hospitals Private Limited for repayment/prepayment of certain borrowings. If the Subsidiaries do not become profitable or are unable to raise capital on acceptable terms, their operations may be adversely affected.(Financial Performance)
The Company's performance and growth strategy depends substantially on its ability to attract and retain experienced doctors, nurses, and other healthcare professionals. The Company cannot assure it will be able to attract and retain such professionals on commercially acceptable terms or at all.(Operational)
How this document reads, dimension by dimension
Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.