Paras Healthcare operates a hospital network providing tertiary and quaternary healthcare services. As of June 30, 2026, its network comprised eight hospitals with an aggregate capacity of 2,211 beds, spread across Haryana, Bihar, Uttar Pradesh, Rajasthan, Jharkhand and Jammu and Kashmir. Its hospitals serve markets including Gurugram, Panchkula, Patna, Darbhanga, Kanpur, Udaipur, Ranchi and Srinagar. The company focuses on complex clinical specialities comprising cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics and sports injury, and renal sciences, collectively termed “CONGOR”. These specialities contributed 74.7% of revenue in FY26 and 74.3% in Q1FY27. Its clinical infrastructure supports advanced procedures and intensive care, backed by a network-wide team of 1,084 doctors and 1,937 nurses as of June 30, 2026. The company differentiates its hospitals by operational maturity. Gurugram, Patna, Panchkula and Darbhanga constitute its mature facilities; Ranchi and Udaipur are classified as emerging hospitals; and Srinagar and Kanpur are classified as new hospitals. This portfolio combines established operations with facilities still increasing patient volumes. The company attributes its recent margin improvement partly to higher utilisation and operating leverage as emerging and new hospitals scale up. The network had 1,502 operational beds as of June 30, 2026. Occupancy increased from 50.7% in FY25 to 61.7% in FY26, reaching 69.7% in Q1FY27. Average revenue per occupied bed stood at ₹49,351.70 per day in Q1FY27. Occupied bed days were 338,321 in FY26, against 254,716 in FY24. Average length of stay improved from 3.14 days in FY24 to 2.93 days in FY26. In FY26, in-patient volume was 115,496 and out-patient volume was 778,707. Paras operates through owned, leased, revenue-sharing and public-private partnership arrangements. Its expansion pipeline includes a 300-bed hospital in Gurugram, targeted for launch in FY27, and a 500-bed hospital in Ludhiana, targeted for FY28. These additions would increase total bed capacity to 3,011 beds by March 31, 2028. The stated timelines are management targets and remain dependent on approvals, construction progress and resource availability. India’s healthcare delivery market is estimated at ₹7.6 to ₹7.8 lakh crore in FY26, compared with approximately ₹7.0 lakh crore in FY25. It projects the market to reach ₹11.2 to ₹12.2 lakh crore by FY30, representing 10% to 12% CAGR over FY25-FY30. Demand drivers include rising incomes, changing demographics, lifestyle-related ailments, medical tourism and government-supported healthcare access. These figures include estimates and forecasts. Within healthcare delivery, inpatient services account for a substantial share of expenditure because of the greater complexity and cost of treatment. The RHP’s industry assessment estimates inpatient services at 71% to 72% of the FY25 market and projects a 10.5% to 12.5% CAGR over FY25-FY30. This provides an industry backdrop for speciality hospitals, although translating demand into profitable growth requires adequate clinical staffing, efficient capacity deployment and timely collection of patient and payer dues. Now, Paras Healthcare is launching its Initial public offering (IPO), which consists of a fresh issue of ₹500 crore and an offer for sale of ₹950 crore. The total issue size of the IPO is ₹1,450 crore. Its shares will be listed on the NSE and BSE.