Paras HealthcareIPO Review — Financials, Valuation & Peers
A data-only look at the Paras Healthcare IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 1,151.02 | -15.33 | 154.41 | 338.51 | 1,477.66 | 923.92 | — |
| FY 2025 | 1,314.21 | -57.98 | 156.46 | 280.49 | 1,810.45 | 1,232.12 | — |
| FY 2026 | 1,628.78 | 43.83 | 335.58 | 394.94 | 2,071.14 | 1,393.86 | — |
| Jun 2026 (interim) | 478.75 | 49.68 | 113.48 | 444.96 | 2,202.88 | 1,429.49 | 4.34 |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March. Interim periods cover part of a year and are not comparable to the full-year rows.
KPIs & Valuation
- P/E (pre-issue)
- 159.68x
- P/E (post-issue)
- 37.72x
- RoNW
- 11.83%
- RoE
- 11.83%
- RoCE
- 4.23%
- Debt / Equity
- 3.21
- EPS (pre-issue)
- ₹4.34
- EPS (post-issue)
- ₹18.37
- EBITDA Margin
- 23.7%
- PAT Margin
- 10.38%
- P/BV
- 15.73x
- NAV / share
- ₹44.06
- Market Cap
- ₹7,498.34 Cr
As of 30 Jun 2026 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | P/BV | Statements |
|---|---|---|---|---|---|---|
| Paras Healthcare | 4.34 | 39.11 | — | 12.98% | — | Consolidated |
| Apollo Hospitals Enterprise Ltd. | 135.04 | 657.58 | 59.36x | 21.95% | 12.19x | Consolidated |
| Aster DM Quality Care Ltd. | 7.53 | 88.32 | 91.89x | 9.7% | 7.85x | Consolidated |
| Fortis Healthcare Ltd. | 13.8 | 131.07 | 55.43x | 11.08% | 5.84x | Consolidated |
| Global Health Ltd. | 20.71 | 147.06 | 64.46x | 15.15% | 9.05x | Consolidated |
| Jupiter Lifeline Hospitals Ltd. | 5.92 | 47.1 | 42.92x | 13.41% | 5.4x | Consolidated |
| Krishna Institute of Medical Sciences Ltd. | 6.03 | 56.17 | 116.41x | 11.01% | 12.52x | Consolidated |
| Manipal Health Enterprises Ltd. | 7.71 | 63.26 | 87x | 12.37% | 10.59x | Consolidated |
| Max Healthcare Institute Ltd. | 14.83 | 109.53 | 62.1x | 14.33% | 8.4x | Consolidated |
| Narayana Hrudayalaya Ltd. | 39.67 | 222.02 | 43.41x | 19.74% | 7.75x | Consolidated |
| Yatharth Hospital and Trauma Care Services Ltd. | 18.2 | 184.79 | 55.16x | 10.36% | 5.45x | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2026. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: <p>Dharminder Kumar Nagar</p>
- Holding (pre-issue)
- 72.8%
- Holding (post-issue)
- 0%
- Dilution
- 72.8%
Analysis in brief
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Paras Healthcare operates at an EBITDA margin of 23.7% and a net (PAT) margin of 10.38% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 4.23% and a return on equity (RoE) of 11.83%. At the upper band, the post-issue market capitalisation works out to about ₹7,498.34 crore. These are offer-document figures for the latest reported period (as of 30 Jun 2026); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward prepayment or scheduled re-payment, in full or part, of certain outstanding borrowings availed by company (₹320.9 crore), alongside investment in our wholly owned subsidiary, pmhpl (which also operates hospital in srinagar), for repayment/prepayment of borrowings, in full or part, of pmhpl (₹54.1 crore). In all, 3 objects are disclosed.
Financials
In FY2026, Paras Healthcare reported revenue of ₹478.75 crore and a net profit of ₹49.68 crore. Revenue declined from ₹1,151.02 crore in FY2024 to ₹478.75 crore in FY2026 (-58.0%). Net worth stood at ₹444.96 crore at the end of FY2026. At the upper band, that puts the issue at roughly 159.7× FY2026 earnings (P/E), a figure worth comparing against listed peers in the sector.
Valuation
At the upper band, the issue is priced at 37.72× post-issue earnings and 15.73× book value, against a return on net worth of 11.83% and a debt-to-equity ratio of 3.21. These ratios come from the offer document and are for comparison, not a recommendation.
Peer comparison
The offer document names listed peers including Apollo Hospitals Enterprise Ltd. and Aster DM Quality Care Ltd., with a median peer P/E of about 60.7×. The issue's own post-issue P/E works out to 37.72×.
Promoters
The promoters of the company are <p>Dharminder Kumar Nagar</p>. Promoter holding stands at 72.8% before the issue and comes down to 0% after listing.
Frequently asked questions
- Who are the promoters of Paras Healthcare and what is their holding?
- The promoters are <p>Dharminder Kumar Nagar</p>. Promoter holding is 72.8% before the issue and 0% after listing.
- What is the P/E ratio of the Paras Healthcare IPO?
- At the upper price band, the Paras Healthcare IPO is valued at 159.68× pre-issue earnings and 37.72× post-issue earnings, based on the financials disclosed in the offer document.
- What are the objects of the Paras Healthcare IPO?
- The net proceeds go primarily toward prepayment or scheduled re-payment, in full or part, of certain outstanding borrowings availed by company, among 3 disclosed objects.