IPO Analysis · Mainboard · 21 October 2026

Paras Healthcare IPO 2026: Date, Price, Lot Size, GMP and Review

Two out of every three rupees go to sellers, not the hospitals. Paras Healthcare is raising ₹1,450 crore, but ₹950 crore goes to existing owners who are selling shares. Here is my full Paras Healthcare IPO analysis in simple words.

Sources: Paras Healthcare's Red Herring Prospectus (RHP) dated 14 October 2026, with page numbers given · Anchor investor list filed with BSE and NSE on 19 October 2026 · Price band and lot size from public announcements

By Jain Sahab · Published 21 Oct 2026 · Updated 21 Oct 2026 · 10 min read

1. Paras Healthcare IPO review and analysis: the short version
2. What Paras Healthcare does
3. Paras Healthcare financial analysis: sales and profit
4. How full are the hospitals?
5. Paras IPO objective: where the money goes
6. Who is selling, and at what profit
7. Paras Healthcare IPO anchor investors
8. Paras Healthcare IPO GMP and expected listing gains
9. Paras Healthcare IPO valuation: is the price fair?
10. Paras share price: what it could be worth
11. Paras Healthcare IPO risks
12. My view: apply or avoid?
13. How to apply and check allotment
14. Paras Healthcare IPO FAQs
15. Where every number comes from

Paras Healthcare IPO review and analysis: the short version

What Paras Healthcare does

VERIFIEDRHP p.25–26, p.141, p.150–151

This is a hospital IPO. Paras runs large hospitals that treat serious illnesses: cancer, heart, brain, bones, stomach and kidney. These six specialties bring in about 75 out of every ₹100 of its sales (p.26).

• 8 hospitals: Gurugram, Patna, Panchkula, Darbhanga, Udaipur, Ranchi, Srinagar and Kanpur. Five are in North India (p.25).
• 2,211 beds in total, of which 1,502 are in use and 559 are ICU beds (p.150).
• 1,084 doctors and 1,937 nurses, as of June 2026 (p.141).
• About 70% of sales come from smaller (Tier 2) cities (p.151).

Paras Healthcare financial analysis: sales and profit

VERIFIEDRHP p.151–152 · financial year runs April to March

In simple words: sales are growing fast, and Paras turned profitable only last year. Its operating margin (profit before interest, tax and depreciation) jumped from 11.9% in FY25 to 20.6% in FY26 and 23.7% in the latest quarter.

One catch: in Apr–Jun 2026, profit after tax (₹49.68 crore) was higher than profit before tax (₹48.12 crore), because of a tax credit (p.152). Normal taxes would make profit smaller.

How full are the hospitals?

VERIFIEDRHP p.150

A hospital makes money when its beds are full. Paras's beds are filling up quickly, especially in its newer hospitals.

Each occupied bed earns about ₹49,352 a day in Apr–Jun 2026, up from ₹44,306 in FY24. Gurugram earns the most at ₹74,912 a day (p.150). This is the bull case: fuller hospitals mean much higher profit.

Paras IPO objective: where the money goes

VERIFIEDRHP p.81, p.124–125, p.152

Where the ₹500 crore of new money goes: ₹320.90 crore to repay the company's loans, ₹54.10 crore to repay loans of its Srinagar hospital company, and the rest (up to 25%) for general use (p.124–125).

Who is selling, and at what profit

VERIFIEDRHP cover, p.115, p.171, p.261

• Commelina (Creador) is selling ₹650 crore. At ₹693 it gets about 6 times its average cost of ₹114.15.
• The promoter is selling ₹300 crore, at an average cost of ₹2.35 per share.
• In April 2025, 360 ONE and Axis bought shares from Commelina at ₹237 each, ₹177.44 crore in total (p.171). The IPO price of ₹693 is 2.9 times that price, just 18 months later.

Paras Healthcare IPO anchor investors

VERIFIEDAnchor list filed with BSE and NSE, 19 October 2026

Anchor investors are big funds that buy one working day before the IPO opens (19 October). 39 of them put in ₹652.50 crore, all at the top price of ₹693. That is 45% of the IPO.

• SBI Mutual Fund took ₹200 crore across 5 schemes, almost a third of the anchor book.
• Five healthcare funds (SBI, HDFC, Kotak, WhiteOak and Baroda BNP) put in about ₹82 crore.
• Abu Dhabi Investment Authority (₹70 crore) and BlackRock (₹47.50 crore) also came in.
• No pension funds bid. About ₹25 crore came from short-term trading firms that often sell on listing day.

Anchors cannot sell half their shares for 30 days, and the other half for 90 days (RHP p.112).

Paras Healthcare IPO GMP and expected listing gains

NOT VERIFIED · SENTIMENT ONLYInvestorGain, 20 October 2026, 7:37 PM

GMP (grey market premium) is the extra price people pay for IPO shares in an unofficial market before listing. It is not regulated and changes every day.

What this means: the grey market's excitement has more than halved in three days. Expected Paras Healthcare IPO listing gains are now small. I don't use GMP to decide, but it shows demand is cooling.

Paras Healthcare IPO valuation: is the price fair?

MY CALCULATIONFrom RHP p.81, p.141, p.145–146, p.151–152

At ₹693, the whole company is worth about ₹7,498 crore.

Peer averages from RHP p.146 (prices as of 5 October 2026). Closest peers: Jupiter Lifeline 25.79 and Narayana Hrudayalaya 22.67 EV/EBITDA. Paras figures are my calculations.

What this means: on last year's profit, Paras looks very expensive. It looks cheap only if the latest quarter keeps repeating. You are paying today for growth that has lasted one year.

Paras share price: what it could be worth

MY ESTIMATEDebt after the IPO assumed at about ₹631 crore (June 2026 loans and leases minus cash, minus ₹500 crore of new money). 10.82 crore shares after the IPO.

My fair value: about ₹625 to ₹865 per share. The normal case is almost exactly the IPO price. So there is no safety margin at ₹693.

Paras Healthcare IPO risks

1. Short profit record. Losses in FY24 and FY25. Only one profitable year (p.21).
2. Mostly a sale by owners. 65.5% of the IPO money goes to sellers, not the company (cover).
3. Slow payments. Government schemes and PSUs were 43.63% of sales in Apr–Jun 2026 (41.28% in FY26). Patients' bills now take about 76 days to be paid, up from 46 days in FY24 (p.43, p.151).
4. High debt. ₹2 of loans for every ₹1 of shareholders' money, ₹3.21 with leases (p.152).
5. Rented hospitals. Six of eight hospitals run on leased premises. Leases for Panchkula, Darbhanga and Srinagar are unregistered, and Ranchi runs as a public-private partnership (p.28).
6. Defaulter link. CONTESTED Promoter group member Harbaksh Singh Khangura appears in the CIBIL wilful defaulter list over Majestic Hotels Ltd, where he was a director until November 2013. He says he has had no link with it since and has asked for his name to be removed (p.26).
7. Court cases. Cases against the company total ₹117.48 crore (p.33).
8. Record-keeping gaps. The RHP admits some missing corporate records and errors in past regulatory filings (p.61).

How to apply for the Paras Healthcare IPO and check allotment

VERIFIEDRHP cover, p.8, p.530–532

1. Apply through your broker app (UPI) or your bank's net banking (ASBA) between 21 and 23 October.
2. Choose "cut-off price" so your bid is at the final price. Retail investors can bid up to ₹2 lakh (13 lots).
3. Accept the UPI request by 5:00 PM on 23 October. This is earlier than many IPOs.
4. Check the Paras Healthcare IPO allotment status on or about 26 October (the allotment date), with your PAN, on the MUFG Intime India website or the BSE/NSE IPO status page.
5. Shares arrive in your demat account on or about 27 October. Listing is on or about 28 October.

Only up to 10% of this IPO is for small investors, so getting an allotment may be hard if demand is high.

Paras Healthcare IPO FAQs

Where every number comes from

Numbers are from Paras Healthcare's Red Herring Prospectus dated 14 October 2026 and the anchor investor filing dated 19 October 2026. Amounts in the RHP are in ₹ million; I have converted them to ₹ crore and rounded. I am not a SEBI-registered investment adviser or research analyst. Read the offer document and speak to a SEBI-registered adviser before investing.