Paras Healthcare Limited – Investor Presentation Summary

Key Operational Highlights

  • Operates 8 hospitals across 6 States and 1 Union Territory with 2,211 beds currently
  • Targeting 3,011 beds by 2028 with 2 upcoming hospitals in Gurugram-Golf Course Extension and Ludhiana
  • Average Length of Stay (ALOS): 2.9 days in FY26
  • Occupancy: 62% in FY26 with 338,321 occupied bed days
  • ARPOB: Not specified in presentation
  • 1,011 doctors and 1,665 nurses as of FY26
  • 75% revenue share from CONGOR specialties (Cardiac sciences, Oncology, Neurosciences, Gastro Sciences, Orthopedics & Sports Injury, Renal Sciences) in FY26

Key drivers of operational performance: Ramp-up of newer hospitals (Ranchi, Udaipur, Srinagar, Kanpur), addition of multi-specialty services, operationalization of additional beds, and increased empanelment.

Segment-wise Performance

Performance by hospital cohorts based on maturity:

Mature Hospitals (>7 years) – 1,076 Beds (Gurugram, Patna)

  • FY26 Revenue: ₹1,179 Cr
  • Occupancy: 73.2%
  • Operating EBITDA Margin: ~26%

Emerging Hospitals (4–7 years) – 500 Beds (Darbhanga, Panchkula)

  • FY26 Revenue: ₹283 Cr
  • Occupancy: 57.8%
  • Operating EBITDA Margin: ~15%
  • Operating EBITDA improved by ₹51.7 Cr

New Hospitals (<4 years) – 635 Beds (Ranchi, Udaipur, Srinagar, Kanpur)

  • FY26 Revenue: ₹144 Cr
  • Occupancy: 33.8%
  • Operating EBITDA Margin: Not meaningful yet

Explanation of significant changes in segment performance: Newer hospitals showing improving occupancy and margin expansion as scale of operations builds, expected to follow similar growth trajectory through occupancy improvement and addition of specialties.

Financial Highlights

Q2 FY27 Performance (Consolidated):

  • Revenue from Operations: ₹510.9 Cr
  • EBITDA: ₹126.6 Cr
  • PAT: ₹40.4 Cr
  • EPS: Not specified for quarter
  • EBITDA Margin: 24.5% (+350 bps YoY)
  • PAT Margin: 7.8% (+490 bps YoY)

H1 FY27 Performance (Consolidated):

  • Revenue from Operations: ₹981.2 Cr
  • EBITDA: ₹240.1 Cr
  • PAT: ₹90.0 Cr
  • EPS: ₹8.92
  • EBITDA Margin: 24.1% (+465 bps YoY)
  • PAT Margin: 9.0% (+760 bps YoY)

YoY Comparison Q2 FY27 vs Q2 FY26:

  • Revenue: +22.8%
  • EBITDA: +42.5%
  • PAT: +225.7%

YoY Comparison H1 FY27 vs H1 FY26:

  • Revenue: +25.1%
  • EBITDA: +54.7%
  • PAT: +692.2%

Drivers of financial performance: Operating leverage, ramp-up of newer hospitals, margin expansion across cohorts, and disciplined cost management.

Comparison to market estimates: Not specified in presentation.

Key Risks: Not explicitly disclosed in the presentation.

Geographical Revenue Split

Domestic vs Export/Regional Revenue: Not specified in presentation.

Regional Breakdown: Operations focused on North and East India across 6 States and 1 Union Territory, but specific regional revenue breakdown not provided.

Balance Sheet Snapshot

As of September 30, 2026 (Consolidated):

  • Total Assets: ₹2,315.8 Cr
  • Total Equity: ₹486.1 Cr
  • Borrowings: ₹979.0 Cr
  • Lease Liabilities: ₹541.7 Cr
  • Trade Receivable: ₹517.9 Cr
  • Cash & Cash Equivalents: ₹305.9 Cr (includes bank balances other than cash)
  • Property, Plant and Equipment & CWIP: ₹703.5 Cr
  • Right-of-Use Assets: ₹521.4 Cr

Net Debt/Equity: 1.27x (pre-IPO)

Reserves: Part of Other Equity ₹476.0 Cr

Current Assets/Liabilities: Current Assets ₹948.9 Cr, Current Liabilities ₹835.8 Cr

Working Capital/Leverage Metrics: Not specifically provided

Financial Health Insights: Strong revenue growth, improving profitability, and planned debt reduction through IPO proceeds.

Capex & Cash Flow Health

Capital Expenditure: Not specifically disclosed for current period

Free Cash Flow: Not provided in presentation

Operating Cash Flow: Not provided in presentation

Net Debt Movement: Pro forma net debt projected to reduce to ₹143.0 Cr post-IPO from ₹619.0 Cr pre-IPO

Investment Rationale: Focus on capacity expansion, new hospital development, and clinical capability enhancement.

Strategic & R&D Initiatives

Investments in Innovation: Advanced clinical platform with 559 ICU beds, LINACs, surgical robots, PET/CT scanners, robust IT architecture including EHR, BI dashboards, AI-assisted clinical tools.

Expected impact on growth: Digital investments aimed at insurance pre-authorization automation and revenue cycle management improvements.

Strategic Rationale: Expanding into high-growth markets in North India, reducing operational costs through efficiency improvements, and enhancing patient experience.

Industry Trends & Business Environment

Macro/Industry Trends: Not specifically discussed in presentation.

Impact on Company: Not specifically discussed in presentation.

Management Commentary & Growth Outlook

Strategic Outlook: Focus on scaling newer hospitals, expanding North India network, developing high-end clinical programs, attracting qualified clinicians, and improving operational efficiencies.

FY Guidance: Not specifically provided in presentation.

Market Share Targets: Targeting leadership in underserved markets of North India.

Risks and Opportunities: Not specifically highlighted in presentation.

Additional Headings

ESG Updates: Not specified in presentation.

Digital Transformation: Robust IT architecture differentiating service delivery with EHR, BI dashboards, AI-assisted clinical tools, insurance pre-authorization automation.

IPO Update: Successfully listed on NSE & BSE on October 28, 2026 with participation from marquee global investors including ADIA, BlackRock, Eastspring Investments, Government Pension Fund Global, and Natixis Investment Managers.