Real IPOs, compiled 25 Oct 2026 from public sources. Figures are marked unverified until checked against each offer document. Always confirm in the linked RHP. Figures unverified. How we source dataDetails
Hospital chain in North India, Bihar and Jharkhand focused on cardiac, cancer, neuro and kidney care; recently turned profitable.
Healthcare services · NSE & BSE · Mainboard · Book built
GMP is an unregulated grey-market quote, shown for reference only. It is not a predictor of the listing price and is not used anywhere in this analysis.
Last reviewed 25 Oct 2026 · Data as of the dates shown on each source
What it does. Paras Healthcare runs specialty hospitals providing advanced (tertiary and quaternary) care across North India, Bihar and Jharkhand: 8 hospitals with 2,211 beds as of 30 June 2026. About the company
Six areas, each labelled by published rules. Labels describe the evidence; they are not a rating or a recommendation. How labels are assigned
Any other combination.
Why it matters: A business that depends on one customer or product, or earns thin margins, has less room for error when conditions change.
Any other combination.
Uncertain or missing
Why it matters: Profits on paper only help shareholders if the business also generates cash and is not overloaded with debt.
The IPO P/E is more than 25% above the peer median AND the company is not growing revenue at least 5 percentage points faster than the peer median.
Uncertain or missing
Why it matters: The price you pay matters as much as the quality of the business. Paying much more than similar companies needs a clear reason, such as faster growth.
Revenue CAGR is 15% or higher AND latest-year growth is not less than half of the prior year's growth.
Why it matters: IPO prices often assume growth will continue. Past growth is not a guarantee, but slowing growth is a reason to ask harder questions.
One or two material risks were found.
Uncertain or missing
Why it matters: Offer documents list risks the company itself considers important. Reading them is the single best way to avoid surprises.
Any other combination.
Uncertain or missing
Why it matters: In an offer for sale the company receives nothing; existing shareholders are cashing out. Knowing who gets the money tells you what the IPO is for.
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What the company does, in plain language, with every statement linked to where it came from.
What does the company do?
Paras Healthcare runs specialty hospitals providing advanced (tertiary and quaternary) care across North India, Bihar and Jharkhand: 8 hospitals with 2,211 beds as of 30 June 2026. About the company
Who are its customers?
Not yet summarised from the offer document. See the RHP linked under Sources.
How does it make money?
Not yet summarised from the offer document. See the RHP linked under Sources.
No growth drivers identified from the sources reviewed.
No challenges identified from the sources reviewed.
Points marked "Hypothesis: needs verification" are reasonable questions, not facts from a source. Treat them as things to check.
How big the business is, whether it makes money, whether that money turns into cash, and how much it owes.
| Metric | FY2024to 31 Mar 2024 | FY2025to 31 Mar 2025 | FY2026to 31 Mar 2026 |
|---|---|---|---|
Total incomeWhat this meansMoney earned from selling the company's products or services. Why it matters: Shows the size of the business and whether demand is growing. | ₹1,151 cr | ₹1,314.2 cr | ₹1,628.8 cr |
Revenue growthcalculatedWhat this meansChange in revenue versus the previous full year. Why it matters: Steady growth suggests rising demand; erratic or slowing growth deserves a closer look. | — | +14.2% | +23.9% |
Profit after taxWhat this meansWhat's left after all expenses, interest and taxes. Negative means a loss. Why it matters: Profit is what ultimately belongs to shareholders. | −₹15.3 cr | −₹58 cr | ₹43.8 cr |
Profit margincalculatedWhat this meansProfit after tax ÷ revenue. Why it matters: Higher margins mean the company keeps more of each rupee of sales and has more buffer if costs rise. | -1.3% | -4.4% | 2.7% |
What this meansCash actually generated by day-to-day operations. Why it matters: Profit that never turns into cash is a warning sign; negative cash flow may mean the company needs more funding. | Data unavailable | Data unavailable | Data unavailable |
Total borrowingsWhat this meansLoans and other debt owed by the company. Why it matters: More debt means more interest to pay and more risk if business slows. | Data unavailable | Data unavailable | Data unavailable |
What this meansProfit per share, counting shares that could be created from options. Why it matters: Used to calculate the P/E ratio. Shown on pre-issue shares as in the offer document. | Data unavailable | Data unavailable | ₹4.34 |
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"Calculated" rows are derived by IPO Simplified from the reported figures. Growth isn't shown for the first year or when the previous year was zero or negative. Switch to Detailed mode for debt-to-equity and net worth.
Is the price reasonable compared with similar listed companies? We show the numbers, how they were calculated, and what the comparison can't tell you.
₹660 – ₹693
Calculation basis: P/E = price ÷ latest full-year diluted EPS as disclosed in the offer document (pre-issue shares). Post-issue P/E uses all shares outstanding after the IPO, so it reflects dilution from the fresh issue.
At the upper band, the P/E of 159.7x is 163% above the median (60.7x) of the 10 listed peers named in the offer document.
Label rule applied: The IPO P/E is more than 25% above the peer median AND the company is not growing revenue at least 5 percentage points faster than the peer median.
| Company | P/E |
|---|---|
| Paras Healthcare Ltd (IPO, upper band) | 159.7x |
| Aster DM Healthcare Ltd | 91.9x |
| Apollo Hospitals Enterprise Ltd | 59.4x |
| Fortis Healthcare Ltd | 55.4x |
| Global Health Ltd | 64.5x |
| Jupiter Life Line Hospitals Ltd | 42.9x |
| Krishna Institute of Medical Sciences Ltd | 116.4x |
| Manipal Health Enterprises Ltd | 87.0x |
| Max Healthcare Institute Ltd | 62.1x |
| Narayana Hrudayalaya Ltd | 43.4x |
| Yatharth Hospital & Trauma Care Services Ltd | 55.2x |
| Peer median | 60.7x |
Peer P/E ratios are for FY2026 as disclosed in the offer document. n/m = not meaningful. Peer revenue, margins and growth aren't in our data yet, so the comparison is P/E only.
The strongest arguments on each side. Each point links to its source, or is clearly marked as a hypothesis you would need to verify.
Total income grew from ₹1,151 crore (FY2024) to ₹1,629 crore (FY2026).
Financial information (restated)Turned profitable in FY2026 after two loss-making years.
Financial information (restated)Fresh-issue money reduces borrowings.
Objects of the issueLoss-making in FY2024 and FY2025; only one profitable year.
Financial information (restated)About 66% of the issue is an offer for sale.
Issue detailsAt the upper band, P/E on FY2026 EPS is far above the listed hospital peers named in the RHP.
Peer comparisonSeeing more points on one side doesn't make it the right answer. Weigh how important each point is to you.
1 of 3 findings are flagged as material. Each links to its source. These don't replace the full "Risk Factors" section of the RHP.
The company lost ₹15.33 crore in FY2024 and ₹57.98 crore in FY2025 before earning ₹43.83 crore in FY2026.
Why a beginner should care: One profitable year is a short track record. A P/E built on a small, newly positive profit can look very high.
Financial information (restated)₹950 crore of the ₹1,450 crore issue goes to selling shareholders, including ₹300 crore to the promoter.
Why a beginner should care: That money doesn't go into the hospitals; the sellers are cashing out.
Issue details; Selling shareholders₹320.90 crore of the fresh issue is earmarked to repay borrowings.
Why a beginner should care: Lower debt helps, but it also means little of the IPO money funds new growth.
Objects of the issueWho receives the money from this IPO, what it will be used for, and how ownership changes.
Total issue size ₹1,450 cr
: ₹500 cr
New shares. This money goes to the company for the uses listed below.
: ₹950 cr
Existing shares sold by current owners. This money goes to the sellers, not the company.
Repay borrowings
₹320.9 cr
Reduces debt and interest costs.
Objects of the issueInvestment in subsidiary (PMHPL)
₹54.1 cr
Money passed to a subsidiary hospital company.
Objects of the issueGeneral corporate purposes
Data unavailable
Amount not stated in the source we used.
Dharminder Kumar Nagar
Promoter
₹300 cr
Commelina Ltd
Investor
₹650 cr
Before IPO
72.8%
After IPO
Data unavailable
Every figure and claim on this page links to one of these documents. Open a source to see the details and the original document.
Paras Healthcare IPO: issue details and restated financials
Chittorgarh.com · Dated To be announced · Retrieved 25 Oct 2026
Paras Healthcare IPO review: peer comparison reproduced from RHP
Chittorgarh.com · Dated To be announced · Retrieved 25 Oct 2026
Paras Healthcare: Red Herring Prospectus
SEBI · Dated To be announced · Retrieved 25 Oct 2026
Live IPO GMP report (unofficial grey-market quotes)
Investorgain · Dated 25 Oct 2026 · Retrieved 25 Oct 2026
What the verification tags mean
Educational information only, not investment advice. Labels follow our published methodology and do not indicate whether you should apply. Read the offer document before making any investment decision.