Paras Healthcare Ltd, an operator of hospitals, posted a profit in FY26 and the first quarter of FY27 and is counting on its ₹1,450 crore initial public offering (IPO) to reduce debt and support its next phase of growth. For investors, the question is whether improving occupancy can deliver sustained earnings as the hospital chain expands.
The healthcare provider is selling shares at ₹660- ₹693 apiece. Opening on Wednesday and closing on Friday, the offer comprises a ₹500 crore fresh issue and a ₹950 crore offer for sale by existing investors, with ₹375 crore earmarked for debt repayment.
Paras operates eight hospitals across North India, Bihar and Jharkhand, with a capacity of 2,211 beds (for which the civil structure has been planned), of which 1,502 were operational as of June. Tier-II cities contributed about 68% of its revenue in FY26.
Cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics and renal sciences together generated almost three-fourths of its revenue.
Consolidated revenue increased at a compounded annual rate of 19.3%, from ₹1,129 crore in FY24 to ₹1,606 crore in FY26. Ebitda rose 47.4% at an annualized rate to ₹336 crore. The company posted a net profit of ₹44 crore in FY26, turning around from losses of ₹15 crore in FY24 and ₹58 crore in FY25.