| Event | Date |
|---|---|
| Open Date | 10-12-2025 , Wednesday |
| Close Date | 12-12-2025 , Friday |
| Tentative Allotment | 15-12-2025 , Monday |
| Tentative Listing Date | 17-12-2025 , Wednesday |
| Retail Appl. Cut Off Time | 12-12-2025 , Friday 05:00 PM |
| Non Retail Appl. Cut Off Time | 12-12-2025 , Friday 04:00 PM |
| Anchor Allotment | 09-12-2025 , Tuesday |
| Initiation Of Refund | 16-12-2025 , Tuesday |
| Credit Of Share To Demat | 16-12-2025 , Tuesday |
Park Medi World Limited is a North India focused multi-super specialty hospital chain operating under the “Park” / “Park Hospital” brand. The company is the second largest private hospital chain in North India and the largest private hospital chain in Haryana in terms of bed capacity as of March 31, 2025.
The company operates 14 NABH-accredited multi-super specialty hospitals, out of which 8 hospitals are also NABL accredited. Its hospital network is spread across Haryana, New Delhi, Punjab and Rajasthan.
Park Medi World Limited provides healthcare services through a network of multi-super specialty hospitals. The company offers more than 30 super specialty and specialty services, including internal medicine, neurology, urology, gastroenterology, cardiology, general surgery, orthopedics and oncology.
| Particulars | Details |
|---|---|
| Total hospitals | 14 |
| Total bed capacity | 3,250 beds |
| Operational beds | 3,050 beds |
| ICU beds | 870 beds |
| Operation theatres | 67 |
| Dedicated cancer units | 2 |
| Hospitals approved for kidney transplant | 5 |
| Doctors | 1,014 |
| Nurses | 2,142 |
| Total personnel | 5,911 |
IPORupee View: Park Medi World is a regional hospital-chain business, not a single hospital business. Its core strength is its North India hospital cluster, especially in Haryana. The company’s business depends on bed capacity, occupancy, ARPOB, doctor availability, specialty mix, clinical quality, patient trust, insurance/government scheme tie-ups and efficient hospital operations.
| Accreditation | Meaning |
|---|---|
| NABH | National Accreditation Board for Hospitals and Healthcare Providers. It reflects hospital quality, patient safety and healthcare process standards. |
| NABL | National Accreditation Board for Testing and Calibration Laboratories. It reflects quality standards for laboratory testing and diagnostics. |
IPORupee View: NABH and NABL accreditations are important in hospital businesses because they improve patient trust and institutional credibility. They are also useful where insurance, government schemes, corporate tie-ups and medical quality standards matter.
Park Medi World’s journey started with the establishment of Park Hospital in New Delhi in 2005. The founder and Chairman, Dr. Ajit Gupta, started his professional journey in 1981 and established a clinic in South Delhi in June 2000. Park Hospital, New Delhi was established in January 2005 and was subsequently transferred to the company in 2011.
| Year | Milestone |
|---|---|
| 2005 | Park Hospital, New Delhi |
| 2012 | Park Hospital, Gurugram, Haryana |
| 2014 | Park Hospital, Faridabad, Haryana |
| 2016 | Park Hospital, Panipat, Haryana |
| 2017 | Park Hospital, Karnal, Haryana |
| 2019 | Signature Hospital, Gurugram, Haryana |
| 2020 | Healing Touch Super Speciality Hospital, Ambala, Haryana; Park Hospital, Behror, Rajasthan |
| 2021 | Park Hospital, Palam Vihar, Haryana; Nidaan Hospital, Sonipat, Haryana |
| 2022 | Amar Medical and Research Centre, Jaipur, Rajasthan; Park Hospital, Patiala, Punjab |
| 2023 | Grecian Super Speciality Hospital, Mohali, Punjab |
| 2024 | Added 100 beds in Amar Medical and Research Centre, Jaipur, Rajasthan |
| 2025 | Krishna Super Speciality Hospital, Bhatinda, Punjab |
The company increased bed capacity from 2,550 beds as of March 31, 2023 to 3,250 beds as of September 30, 2025.
| State | Sept 30, 2025 | Sept 30, 2024 | March 31, 2025 | March 31, 2024 | March 31, 2023 |
|---|---|---|---|---|---|
| Delhi | 200 | 200 | 200 | 200 | 200 |
| Haryana | 1,600 | 1,600 | 1,600 | 1,600 | 1,600 |
| Rajasthan | 550 | 550 | 550 | 450 | 450 |
| Punjab | 900 | 650 | 650 | 650 | 300 |
| Total | 3,250 | 3,000 | 3,000 | 2,900 | 2,550 |
IPORupee View: Haryana is the company’s largest market with 1,600 beds, representing nearly half of total bed capacity as of September 30, 2025. Punjab capacity has grown sharply from 300 beds in FY2023 to 900 beds as of September 30, 2025.
| Hospital | Commencement of Operations | Total Bed Capacity | Operational Beds | ICU Beds |
|---|---|---|---|---|
| Park Hospital, New Delhi | January 2011 | 200 | 150 | 40 |
| Park Hospital, Gurugram, Haryana | April 2012 | 275 | 275 | 95 |
| Park Hospital, Faridabad, Haryana | January 2014 | 150 | 150 | 40 |
| Park Hospital, Panipat, Haryana | June 2016 | 175 | 175 | 70 |
| Park Hospital, Karnal, Haryana | April 2017 | 150 | 150 | 35 |
| Signature Hospital, Gurugram, Haryana | August 2019 | 150 | 150 | 40 |
| Healing Touch Super Speciality Hospital, Ambala, Haryana | April 2020 | 250 | 250 | 75 |
| Park Hospital, Behror, Rajasthan | November 2020 | 300 | 250 | 50 |
| Park Hospital, Palam Vihar, Haryana | February 2021 | 225 | 225 | 80 |
| Nidaan Hospital, Sonipat, Haryana | July 2021 | 225 | 225 | 75 |
| Amar Hospital and Research Centre, Jaipur, Rajasthan | February 2022 | 250 | 250 | 65 |
| Park Hospital, Patiala, Punjab | November 2022 | 300 | 250 | 65 |
| Grecian Super Speciality Hospital, Mohali, Punjab | May 2023 | 350 | 300 | 75 |
| Krishna Super Speciality Hospital, Bhatinda, Punjab | July 2025 | 250 | 250 | 70 |
Newly Added Hospital: Krishna Super Speciality Hospital, Bhatinda commenced operations in July 2025. Since it was added during H1 FY2026, its full-year revenue and profitability contribution is not yet fully visible. Investors should track its ramp-up, occupancy, doctor availability, payor mix and profitability over the next few periods.
Bed density and recommended bed data help investors understand the possible healthcare demand gap in each target market.
| Hospital Location | Estimated Bed Density per 10,000 Population | Estimated Beds | Recommended Beds |
|---|---|---|---|
| New Delhi | 27 | 163,000 | 140,000 |
| Gurugram | 48 | 13,600 | 5,640 |
| Faridabad | 26 | 5,160 | 4,014 |
| Panipat | 19 | 2,850 | 3,040 |
| Karnal | 20 | 3,500 | 3,580 |
| Ambala | 32 | 4,000 | 2,520 |
| Behror | 8 | 3,530 | 9,140 |
| Sonipat | 22 | 3,700 | 3,300 |
| Jaipur | 22 | 18,370 | 17,000 |
| Patiala | 15 | 3,300 | 4,560 |
| Mohali | 30 | 7,800 | 5,190 |
| Bhatinda | 28 | 4,400 | 3,100 |
IPORupee View: Markets such as Behror, Panipat, Karnal and Patiala show recommended bed numbers higher than estimated beds, which may indicate scope for healthcare capacity expansion. However, demand opportunity alone is not enough. The company must convert this opportunity into patient footfall, occupancy, ARPOB and profitable operations.
Park Medi World follows a cluster-based expansion strategy. Under this approach, the company expands in regions close to its existing hospitals.
| Benefit | Why It Matters |
|---|---|
| Regional brand recall | Patients in nearby areas may already know the Park Hospital brand |
| Referral network | Smaller hospitals can refer complex cases to larger facilities |
| Shared resources | Doctors, specialists, procurement and systems can be shared |
| Better operational control | Nearby hospitals can be monitored more effectively |
| Economies of scale | Procurement, administration and technology systems can be centralised |
| Faster expansion | Acquired hospitals can be integrated into existing regional network |
| Location | Expansion Details | Expected Timeline |
|---|---|---|
| Ambala | Increase capacity from 250 beds to 450 beds and set up onco-radiation facility | Expected by October 2027 |
| Panchkula | Construction of multi-super specialty hospital with 300 beds | Expected by April 2026 |
| Rohtak | Construction of hospital with 250 beds | Expected by December 2026 |
| New Delhi / Narela | Proposed acquisition of Durha Vitrak, operating as Febris Multi Specialty Hospital | Under NCLT-approved resolution plan |
| Gorakhpur | Expansion pipeline | Future expansion |
| Kanpur | Proposed hospital / expansion opportunity | Future expansion / acquisition-related |
Ambala Onco-radiation Strategy: The proposed Ambala expansion is important because the company plans to increase capacity from 250 beds to 450 beds and set up an onco-radiation facility. This connects with the company’s oncology strategy, dedicated cancer units, medical linear accelerator, PET CT scanner and growing oncology revenue contribution.
Park Medi World positions itself around quality and affordable healthcare. Its payor mix and regional hospital strategy indicate that it serves a large affordability-focused patient base, including patients covered under government schemes and PSUs.
| Positive | Watch Point |
|---|---|
| Higher patient volumes | Lower pricing power |
| Wider government scheme participation | Reimbursement and receivable risk |
| Regional trust and accessibility | ARPOB may remain lower than premium peers |
| Affordable tertiary care demand | Margin depends on cost control |
The cardiac sciences department offers treatment for heart-related conditions including bypass surgery, valvular heart surgery and congenital heart disease treatment.
The company provides surgical, radiation and medical oncology services, including chemotherapy, immunotherapy, targeted therapy and radiation therapy.
The company provides joint replacement surgeries, sports injury management, fracture treatment and other bone-related care.
The neurosciences department offers care for stroke, head and spinal injuries, brain tumours, seizure disorders and movement disorders.
The company provides kidney transplants, dialysis and chronic kidney disease management. Five hospitals are approved for kidney transplant procedures.
The company provides treatment for digestive disorders, including endoscopy, colonoscopy and nutrition counselling.
Robotic systems support precise and minimally invasive surgeries with smaller incisions, reduced discomfort and quicker recovery.
The company provides care for adult and elderly patients, chronic illness management, preventive care and complex medical condition treatment.
| Specialty | H1 FY2026 Amount | % Revenue | FY2025 Amount | % Revenue | FY2024 Amount | % Revenue | FY2023 Amount | % Revenue |
|---|---|---|---|---|---|---|---|---|
| Internal Medicine | Rs. 2,397.50 mn | 29.65% | Rs. 4,758.00 mn | 34.14% | Rs. 4,640.74 mn | 37.70% | Rs. 5,165.28 mn | 41.17% |
| Neurology | Rs. 1,211.27 mn | 14.98% | Rs. 2,037.00 mn | 14.62% | Rs. 1,626.96 mn | 13.22% | Rs. 1,728.46 mn | 13.78% |
| Urology | Rs. 877.32 mn | 10.85% | Rs. 1,497.03 mn | 10.74% | Rs. 1,303.21 mn | 10.59% | Rs. 1,231.77 mn | 9.82% |
| Gastroenterology | Rs. 697.73 mn | 8.63% | Rs. 1,187.39 mn | 8.52% | Rs. 1,027.70 mn | 8.35% | Rs. 991.16 mn | 7.90% |
| Cardiology | Rs. 828.52 mn | 10.25% | Rs. 1,335.05 mn | 9.58% | Rs. 1,169.49 mn | 9.50% | Rs. 934.75 mn | 7.45% |
| General Surgery | Rs. 474.19 mn | 5.86% | Rs. 798.02 mn | 5.73% | Rs. 978.30 mn | 7.95% | Rs. 869.29 mn | 6.93% |
| Orthopedic | Rs. 479.57 mn | 5.93% | Rs. 698.87 mn | 5.01% | Rs. 684.22 mn | 5.56% | Rs. 673.15 mn | 5.37% |
| Oncology | Rs. 461.92 mn | 5.71% | Rs. 727.76 mn | 5.22% | Rs. 681.97 mn | 5.54% | Rs. 615.25 mn | 4.90% |
| Others | Rs. 658.56 mn | 8.14% | Rs. 896.58 mn | 6.43% | Rs. 198.06 mn | 1.61% | Rs. 336.84 mn | 2.68% |
| Total | Rs. 8,086.57 mn | 100.00% | Rs. 13,935.70 mn | 100.00% | Rs. 12,310.66 mn | 100.00% | Rs. 12,545.95 mn | 100.00% |
IPORupee View: Internal medicine remains the largest revenue contributor, but its share reduced from 41.17% in FY2023 to 29.65% in H1 FY2026. Super-specialties such as cardiology, oncology, neurology, urology and gastroenterology are becoming more meaningful. A better specialty mix can support ARPOB and brand positioning.
| Particulars | H1 FY2026 | H1 FY2025 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|---|
| Bed capacity | 3,250 | 3,000 | 3,000 | 2,900 | 2,550 |
| Operational beds | 3,050 | 2,800 | 2,800 | 2,700 | 2,400 |
| ICU beds | 870 | 805 | 805 | 775 | 700 |
| Bed occupancy rate | 68.14% | 62.25% | 61.63% | 59.81% | 75.13% |
| ALOS | 6.35 days | 6.66 days | 6.53 days | 6.73 days | 6.97 days |
| ARPOB | Rs. 27,105 | Rs. 25,674 | Rs. 26,206 | Rs. 24,919 | Rs. 24,575 |
| In-patient volume | 46,551 | 40,368 | 81,311 | 73,284 | 73,084 |
| In-patient revenue | Rs. 7,673.49 mn | Rs. 6,652.04 mn | Rs. 13,377.03 mn | Rs. 11,851.95 mn | Rs. 12,212.44 mn |
| Out-patient volume | 392,049 | 308,352 | 637,852 | 497,694 | 358,511 |
| Out-patient revenue | Rs. 345.17 mn | Rs. 252.87 mn | Rs. 540.88 mn | Rs. 438.69 mn | Rs. 311.31 mn |
| Revenue from operations | Rs. 8,086.57 mn | Rs. 6,915.06 mn | Rs. 13,935.70 mn | Rs. 12,310.66 mn | Rs. 12,545.95 mn |
Shows how much operational bed capacity is being used.
Average revenue earned per occupied bed.
Average patient stay duration.
IPORupee View: Occupancy improved from 61.63% in FY2025 to 68.14% in H1 FY2026, which is positive. ARPOB also improved from Rs. 24,575 in FY2023 to Rs. 27,105 in H1 FY2026. ALOS reduced from 6.97 days in FY2023 to 6.35 days in H1 FY2026, which may indicate better patient turnaround, but it should be studied with treatment mix, readmission rates and clinical outcomes.
In-patient revenue is the core revenue driver. It includes admitted patients, surgeries, ICU care, cancer treatment, complex procedures and longer clinical care.
Out-patient services include OPD consultations, diagnostics, follow-ups and non-admission services. OPD is a patient funnel for future diagnostics, admissions and surgeries.
| Period | In-patient Volume | In-patient Revenue | Out-patient Volume | Out-patient Revenue |
|---|---|---|---|---|
| H1 FY2026 | 46,551 | Rs. 7,673.49 mn | 392,049 | Rs. 345.17 mn |
| H1 FY2025 | 40,368 | Rs. 6,652.04 mn | 308,352 | Rs. 252.87 mn |
| FY2025 | 81,311 | Rs. 13,377.03 mn | 637,852 | Rs. 540.88 mn |
| FY2024 | 73,284 | Rs. 11,851.95 mn | 497,694 | Rs. 438.69 mn |
| FY2023 | 73,084 | Rs. 12,212.44 mn | 358,511 | Rs. 311.31 mn |
The company serves multiple payor categories, including individual patients, insurance providers, government schemes and public sector undertakings. The below table represents the payor mix for disclosed categories. The disclosed categories do not exactly equal 100% of revenue from operations in all periods.
| Payor Category | H1 FY2026 Amount | % Revenue | FY2025 Amount | % Revenue | FY2024 Amount | % Revenue | FY2023 Amount | % Revenue |
|---|---|---|---|---|---|---|---|---|
| Self-Pay | Rs. 666.20 mn | 8.24% | Rs. 891.52 mn | 6.40% | Rs. 708.01 mn | 5.75% | Rs. 551.50 mn | 4.40% |
| Insurance | Rs. 605.64 mn | 7.49% | Rs. 698.44 mn | 5.01% | Rs. 430.62 mn | 3.50% | Rs. 335.58 mn | 2.67% |
| Government Schemes and PSUs | Rs. 6,742.27 mn | 83.38% | Rs. 12,327.96 mn | 88.46% | Rs. 11,152.14 mn | 90.59% | Rs. 11,588.82 mn | 92.37% |
| Total disclosed categories | Rs. 8,014.10 mn | 99.10% | Rs. 13,917.92 mn | 99.87% | Rs. 12,290.77 mn | 99.84% | Rs. 12,475.90 mn | 99.44% |
Government schemes and PSUs are the dominant payor category, contributing 88.46% of FY2025 revenue and 83.38% of H1 FY2026 revenue. This provides patient volumes and affordability-based demand, but it is also one of the biggest risks.
The company has completed acquisitions of eight hospitals in North India and added 1,650 beds through these initiatives as of September 30, 2025.
| Hospital | Acquisition Completion | Total Consideration | Bed Capacity as of Sept 30, 2025 |
|---|---|---|---|
| Park Hospital, Faridabad, Haryana | December 2011 | Rs. 110.00 mn | 150 |
| Park Hospital, Karnal, Haryana | April 2017 | Rs. 250.00 mn | 150 |
| Healing Touch Super Speciality Hospital, Ambala, Haryana | April 2020 | Rs. 600.00 mn | 250 |
| Park Hospital, Behror, Rajasthan | November 2020 | Rs. 400.00 mn | 300 |
| Park Hospital, Palam Vihar, Haryana | February 2021 | Rs. 1,075.00 mn | 225 |
| Nidaan Hospital, Sonipat, Haryana | July 2021 | Rs. 520.00 mn | 225 |
| Grecian Super Speciality Hospital, Mohali, Punjab | May 2023 | Rs. 2,250.00 mn | 350 |
| Proposed hospital in Kanpur, Uttar Pradesh | June 2025 | Rs. 0.55 mn | Not part of current operational bed capacity |
| Particulars | H1 FY2026 | H1 FY2025 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|---|
| Contribution to revenue from operations | 55.12% | 54.24% | 54.67% | 54.52% | 55.47% |
| Contribution to EBITDA | 54.85% | 47.32% | 50.20% | 40.99% | 54.69% |
| Contribution to profit after tax | 61.90% | 56.30% | 58.46% | 45.84% | 59.23% |
IPORupee View: Acquired hospitals are not only adding bed capacity, but also materially contributing to revenue, EBITDA and profit. In H1 FY2026, acquired hospitals contributed 55.12% of revenue, 54.85% of EBITDA and 61.90% of PAT. This supports the company’s acquisition integration track record, but also means integration quality is extremely important.
| Equipment | Function |
|---|---|
| Medical linear accelerator | External beam radiation treatments for cancer patients |
| PET CT scanner | Sequential imaging for oncology, surgical planning, radiation therapy and cancer staging |
| iMARS Surgical Robot | Helps surgeons perform complex procedures with more precision, flexibility and control |
| MRI Machines | Detailed imaging of internal body structures |
| CT Scanners | Quick and precise imaging |
| Ultrasound Machines | Non-invasive imaging of internal organs |
| Digital X-Ray Systems | High-resolution images for accurate diagnosis |
| Dialysis Machines | Treatment for patients with kidney failure |
| ECG Machines | Monitoring heart activity |
| Infusion Pumps | Controlled delivery of medications and fluids |
| Endoscopy Equipment | Internal examinations |
| Laboratory Analyzers | Diagnostic tests in haematology, biochemistry, microbiology, molecular biology and histopathology |
| Rotablator | Rotational angioplasty |
| Ventilators | Respiratory support for critical patients |
| Biplane Cath Laboratory | Supports procedures such as paediatrics, electrophysiology, neuro interventions and body imaging |
Oxygen and Trauma Infrastructure: Each hospital has a dedicated oxygen generation plant, trauma center, round-the-clock coverage from super specialists, anesthesiologists and intensivists.
As of September 30, 2025, the company had 5,911 personnel across its hospitals.
| Category | Count |
|---|---|
| Consultants | 562 |
| Resident medical officers | 452 |
| Total doctors | 1,014 |
| Nurses | 2,142 |
| Medical professionals | 730 |
| Support staff | 2,025 |
| Total personnel | 5,911 |
| Category | Sept 30, 2025 | Sept 30, 2024 | March 31, 2025 | March 31, 2024 | March 31, 2023 |
|---|---|---|---|---|---|
| Doctors | 1,014 | 891 | 912 | 793 | 813 |
| Doctor attrition rate | 33.72% | 44.77% | 38.36% | 46.95% | 46.99% |
| Consultants | 562 | 480 | 527 | 382 | 339 |
| Consultant attrition rate | 18.61% | 28.77% | 20.90% | 23.30% | 27.26% |
| Resident medical officers | 452 | 411 | 385 | 411 | 474 |
| RMO attrition rate | 52.02% | 61.56% | 58.29% | 66.21% | 62.27% |
| Nurses | 2,142 | 1,912 | 1,949 | 1,722 | 1,749 |
| Nurse attrition rate | 29.55% | 30.38% | 32.07% | 36.99% | 35.01% |
| Medical Professionals | 730 | 671 | 669 | 582 | 539 |
| Attrition rate | 28.21% | 32.08% | 29.42% | 31.04% | 32.95% |
| Support Staff | 2,025 | 1,761 | 1,877 | 1,561 | 1,491 |
| Attrition rate | 19.22% | 22.28% | 20.88% | 23.98% | 23.96% |
Hospital businesses depend heavily on doctors, nurses and medical professionals. Doctor attrition was 33.72%, RMO attrition was 52.02% and nurse attrition was 29.55% as of September 30, 2025. High attrition can affect continuity of care, patient experience, training cost, staffing stability and operational quality.
| Particulars | H1 FY2026 | H1 FY2025 | FY2025 | FY2024 | FY2023 |
|---|---|---|---|---|---|
| Revenue from operations | Rs. 8,086.57 mn | Rs. 6,915.06 mn | Rs. 13,935.70 mn | Rs. 12,310.66 mn | Rs. 12,545.95 mn |
| EBITDA | Rs. 2,171.36 mn | Rs. 1,895.94 mn | Rs. 3,721.73 mn | Rs. 3,103.01 mn | Rs. 3,903.41 mn |
| EBITDA margin | 26.85% | 27.42% | 26.71% | 25.21% | 31.11% |
| Restated PAT | Rs. 1,391.43 mn | Rs. 1,128.90 mn | Rs. 2,132.15 mn | Rs. 1,520.07 mn | Rs. 2,281.86 mn |
| PAT margin | 17.21% | 16.33% | 15.30% | 12.35% | 18.19% |
| ROE | 11.64% | 11.38% | 20.68% | 18.25% | 35.82% |
| ROCE | 9.55% | 9.63% | 17.47% | 16.07% | 26.78% |
| Net debt | Rs. 6,805.26 mn | Rs. 5,796.77 mn | Rs. 5,790.63 mn | Rs. 6,100.87 mn | Rs. 4,756.35 mn |
| Debt to equity ratio | 0.58 | 0.62 | 0.61 | 0.73 | 0.79 |
| Gross block per bed | Rs. 3.65 mn | Rs. 3.25 mn | Rs. 3.44 mn | Rs. 3.19 mn | Rs. 2.07 mn |
| Fixed asset turnover ratio | 0.76 | 0.73 | 1.43 | 1.70 | 2.66 |
IPORupee Financial Insight: Revenue from operations increased from Rs. 12,310.66 million in FY2024 to Rs. 13,935.70 million in FY2025 and further to Rs. 8,086.57 million in H1 FY2026. EBITDA margin was healthy at 26.71% in FY2025 and 26.85% in H1 FY2026, but it was lower than 31.11% in FY2023. Debt-to-equity improved from 0.79 in FY2023 to 0.61 in FY2025 and 0.58 in H1 FY2026.
The company primarily owns many of its hospital assets, including land parcels, buildings, medical equipment and other assets. As on the RHP date, the company owns 10 hospitals.
| Arrangement | Hospitals / Details |
|---|---|
| Owned hospitals | 10 hospitals |
| Leased premises | Park Hospital, Faridabad and Park Hospital, New Delhi |
| Revenue share / O&M arrangement | Amar Hospital, Jaipur and Krishna Super Speciality Hospital, Bhatinda |
IPORupee View: The company reported the lowest gross block per bed among its peers as of March 31, 2025 at Rs. 3.44 million, while peer average gross block per bed was Rs. 10.64 million. Lower gross block per bed is positive if the company can maintain good occupancy, ARPOB and clinical quality. Investors should also check whether lower gross block is due to older assets or lower-end infrastructure compared with premium hospital chains.
The IPO includes a fresh issue of up to Rs. 7,700 million and an offer for sale of up to Rs. 1,500 million by the promoter selling shareholder. The company will not receive proceeds from the OFS portion.
| Use of Proceeds | Amount / Purpose |
|---|---|
| Repayment / prepayment of borrowings of company and subsidiaries | Rs. 3,800.00 million |
| Capex for development of new hospital by Park Medicity (NCR) | Rs. 605.00 million |
| Purchase of medical equipment by company and subsidiaries Blue Heavens and Ratangiri | Rs. 274.59 million |
| Unidentified inorganic acquisitions and general corporate purposes | Balance amount / as per final prospectus |
Second-largest private hospital chain in North India by bed capacity.
Largest private hospital chain in Haryana with 1,600 beds.
Regional expansion supports brand recall, referrals and operational control.
More than 30 specialty and super-specialty services.
870 ICU beds, 67 operation theatres and 2 dedicated cancer units.
14 NABH-accredited hospitals and 8 NABL-accredited hospitals.
Eight hospitals acquired and 1,650 beds added through acquisitions.
Rs. 3.44 million in FY2025 compared with peer average of Rs. 10.64 million.
Second highest EBITDA margin among peers in FY2025.
Park Medi World Limited is a sizeable North India focused private hospital-chain business. It operates 14 NABH-accredited multi-super specialty hospitals with 3,250 beds, 3,050 operational beds, 870 ICU beds, 67 operation theatres, two dedicated cancer units and five kidney transplant approved hospitals as of September 30, 2025.
The company has grown through a combination of organic expansion and hospital acquisitions. Its cluster-based strategy has helped it build strong regional presence, especially in Haryana, and expand into Punjab, Rajasthan and Delhi.
The business is capital intensive, operationally complex and highly dependent on doctors, nurses, occupancy, specialty mix, patient trust, payor mix and regulatory compliance.
Park Medi World is a regional chain with strong North India presence. Its cluster strategy gives local brand strength and operational efficiencies.
Haryana has 1,600 beds, making it the company’s largest state by bed capacity. This gives leadership but also concentration risk.
Bed capacity increased from 2,550 beds in FY2023 to 3,250 beds as of September 30, 2025.
Occupancy improved to 68.14% in H1 FY2026, but it remains below FY2023 occupancy of 75.13%.
ARPOB increased from Rs. 24,575 in FY2023 to Rs. 27,105 in H1 FY2026.
ALOS reduced from 6.97 days in FY2023 to 6.35 days in H1 FY2026. It may indicate efficiency, but outcomes should also be checked.
Internal medicine share is reducing while cardiology, oncology, urology and neurology are becoming more meaningful.
Ambala onco-radiation facility, cancer units, linear accelerator, PET CT and oncology revenue growth indicate future opportunity.
Acquired hospitals contributed 55.12% of revenue, 54.85% of EBITDA and 61.90% of PAT in H1 FY2026.
Government schemes and PSUs form the majority of revenue, creating pricing, receivable and reimbursement risk.
Affordable positioning supports patient volumes, but may limit ARPOB compared with premium hospital chains.
ICU beds, robotic surgery, PET CT, linear accelerator, cath labs, MRI, CT, dialysis and ventilator infrastructure support complex care.
Attrition in doctors, RMOs and nurses is high. Hospital service quality depends heavily on talent retention.
Owning 10 hospitals can reduce lease pressure and support asset control, but it increases capital intensity.
Low gross block per bed may indicate cost-efficient expansion, but quality and infrastructure standards should be checked.
Planned use of Rs. 3,800 million for debt repayment can reduce leverage and finance cost.
Ambala, Panchkula, Rohtak, Narela, Gorakhpur and Kanpur plans require capital, doctors, compliance and occupancy ramp-up.
Investors should compare valuation with listed hospital peers based on bed capacity, occupancy, ARPOB, margins, PAT growth and debt.
Park Medi World Limited is a North India focused hospital-chain business with strong presence in Haryana, large bed capacity, meaningful ICU infrastructure, multi-super specialty services, acquisition-led growth and a cluster-based expansion strategy.
The company’s key positives include regional leadership, NABH/NABL-accredited hospital network, critical care and surgical infrastructure, improving ARPOB, improving H1 FY2026 occupancy, growing OPD/IPD volumes, acquisition integration track record, cost-efficient gross block per bed and planned debt repayment from IPO proceeds.
However, retail investors should carefully evaluate geographic concentration, government scheme/PSU payor concentration, occupancy sustainability, ARPOB growth, staff attrition, acquisition integration, debt level, capex execution, receivable cycle and valuation.
| Short Form | Full Form |
|---|---|
| IPO | Initial Public Offering |
| RHP | Red Herring Prospectus |
| NABH | National Accreditation Board for Hospitals and Healthcare Providers |
| NABL | National Accreditation Board for Testing and Calibration Laboratories |
| ICU | Intensive Care Unit |
| OT | Operation Theatre |
| iMARS | Institutes of Minimal Access, Advanced Surgical Sciences and Robot-Assisted Surgery |
| ALOS | Average Length of Stay |
| ARPOB | Average Revenue Per Occupied Bed |
| IPD | In Patient Department |
| OPD | Out Patient Department |
| EBITDA | Earnings Before Interest, Tax, Depreciation and Amortization |
| PAT | Profit After Tax |
| ROE | Return on Equity |
| ROCE | Return on Capital Employed |
| OFS | Offer for Sale |
| NCR | National Capital Region |
| O&M | Operations and Management |
| PSU | Public Sector Undertaking |
| PET | Positron Emission Tomography |
| CT | Computed Tomography |
| MRI | Magnetic Resonance Imaging |
| ECG | Electrocardiogram |
| ECMO | Extracorporeal Membrane Oxygenation |
| NCLT | National Company Law Tribunal |
| RMO | Resident Medical Officer |
| SEBI | Securities and Exchange Board of India |
| CRISIL | Credit Rating Information Services of India Limited |
This content is prepared by IPORupee for educational and informational purposes only. It is based on IPO-related disclosures and information shared for understanding the company’s business model, hospital network, operating metrics, financial performance, expansion strategy and key risks.
This is not a recommendation to apply, avoid, buy, sell or hold any IPO or security. IPORupee is not a SEBI-registered investment adviser, research analyst, broker, hospital consultant or portfolio manager.
Healthcare businesses are subject to operational, regulatory, clinical, legal and financial risks. Hospital performance depends on patient volumes, bed occupancy, ARPOB, doctor availability, clinical quality, payor mix, insurance/government scheme reimbursements, capex execution, receivable collection and compliance. Investors should read the Red Herring Prospectus, risk factors, financial statements, objects of the issue, peer comparison, valuation details and official disclosures carefully and consult their financial advisor before making any investment decision.
| Category | Percentage | No. of Shares Offered | Amount |
|---|---|---|---|
QIB | 50.00 % | 2,83,95,060 | 460.00 Cr |
Retail | 35.00 % | 1,98,76,544 | 322.00 Cr |
Total HNI | 15.00 % | 85,18,519 | 138.00 Cr |
SHNI | 5.00 % | 28,39,506 | 46.00 Cr |
BHNI | 10.00 % | 56,79,013 | 92.00 Cr |
Park Medi World Ltd allotted 1,70,37,036 equity shares to anchor investors at ₹162 per share on 09 Dec 2025 before the IPO opening. The total anchor allocation stood at 276.00 Cr across 23 anchor investors.
Mutual funds received 95,67,908 shares worth 155.00 Cr, representing 56.16% of the total anchor investor allocation. Within the mutual fund portion, Kotak Mutual Fund had the highest fund-house level allocation with 77,15,948 shares worth 125.00 Cr across 6 schemes. Other leading fund houses by allocation included Helios Mutual Fund, ITI Mutual Fund and Taurus Mutual Fund.
At scheme level, the largest mutual fund allocations included KOTAK CONTRA FUND, KOTAK ELSS TAX SAVER FUND, KOTAK INFRASTRUCTURE & ECONOMIC REFORM FUND, KOTAK MAHINDRA TRUSTEE CO LTD A/C KOTAK CONSUMPTION FUND and KOTAK MAHINDRA TRUSTEE CO LTD A/C KOTAK SPECIAL OPPORTUNITIES FUND.
The largest anchor investor received 19.20% of the anchor portion. The top five anchor investors together received 94,40,179 shares, representing about 55.41% of the total anchor allocation.
| Rank | Anchor Investor Name | Shares Allocated | Allocation % | Allocation Amount |
|---|---|---|---|---|
| 1 | ALLIANZ GLOBAL INVESTORS FUND - ALLIANZ INDIA EQUITY | 32,71,579 | 19.20 % | 53.00 Cr |
| 2 | KOTAK CONTRA FUND | 19,73,952 | 11.59 % | 31.98 Cr |
| 3 | KOTAK ELSS TAX SAVER FUND | 19,73,952 | 11.59 % | 31.98 Cr |
| 4 | KOTAK INFRASTRUCTURE & ECONOMIC REFORM FUND | 12,33,812 | 7.24 % | 19.99 Cr |
| 5 | KOTAK MAHINDRA TRUSTEE CO LTD A/C KOTAK CONSUMPTION FUND | 9,86,884 | 5.79 % | 15.99 Cr |
| Rank | Mutual Fund Scheme | AMC | Shares Allocated | Allocation % | Allocation Amount |
|---|---|---|---|---|---|
| 1 | KOTAK CONTRA FUND | Kotak Mutual Fund | 19,73,952 | 11.59 % | 31.98 Cr |
| 2 | KOTAK ELSS TAX SAVER FUND | Kotak Mutual Fund | 19,73,952 | 11.59 % | 31.98 Cr |
| 3 | KOTAK INFRASTRUCTURE & ECONOMIC REFORM FUND | Kotak Mutual Fund | 12,33,812 | 7.24 % | 19.99 Cr |
| 4 | KOTAK MAHINDRA TRUSTEE CO LTD A/C KOTAK CONSUMPTION FUND | Kotak Mutual Fund | 9,86,884 | 5.79 % | 15.99 Cr |
| 5 | KOTAK MAHINDRA TRUSTEE CO LTD A/C KOTAK SPECIAL OPPORTUNITIES FUND | Kotak Mutual Fund | 9,86,884 | 5.79 % | 15.99 Cr |
The figures are based on the company’s stock exchange anchor allotment intimation. Anchor allocation is only an informational disclosure and does not indicate future listing performance.
| Application | Discount | Qty (Lot) | Total |
|---|---|---|---|
Retail MIN | - | 92 (1) | ₹ 14,904 |
Retail MAX | - | 1196 (13) | ₹ 1,93,752 |
SHNI MIN | - | 1288 (14) | ₹ 2,08,656 |
SHNI MAX | - | 6164 (67) | ₹ 9,98,568 |
BHNI MIN | - | 6256 (68) | ₹ 10,13,472 |
| Objective | No Of Shares | Amount |
|---|---|---|
Fresh Issue | - | 770.00 Cr |
Offer for Sale | - | 150.00 Cr |
| Name | Contact Person | Telephone | Website | |
|---|---|---|---|---|
Nuvama Wealth Management Limited | Pari Vaya / Gaurav Rathi | +91 22 4009 4400 | parkhospitals.ipo@nuvama.com | www.nuvama.com |
CLSA India Private Limited | Prachi Chandgothia / Siddhant Thakur | +91 22 6650 5050 | parkmediworld.ipo@clsa.com | www.india.clsa.com |
DAM Capital Advisors Limited | Chandresh Sharma / Shital Shah | +91 22 4202 2500 | parkhospitals.ipo@damcapital.in | www.damcapital.in |
Intensive Fiscal Services Private Limited | Harish Khajanchi / Anand Rawal | +91 22 2287 0443 | park.ipo@intensivefiscal.com | www.intensivefiscal.com |
Understand company details, IPO size, price band, lot size, exchange listing, fresh issue and Offer for Sale (OFS) in simple language for retail investors.
This IPO is of Park Medi World Ltd. The issue is scheduled to open on Wednesday, 10 December 2025 and closes on Friday, 12 December 2025.
After the IPO process is completed, the shares are proposed to be listed on both NSE and BSE.
IPO size means the total amount offered to investors through the public issue.
For Park Medi World Ltd IPO, the total issue size is Rs 920 crore, consisting of a fresh issue of Rs 770 crore and an Offer for Sale (OFS) of Rs 150 crore.
Price band is the price range within which investors can bid for shares in a book-built IPO.
For this IPO, the lower price band is Rs 154 per share and the upper price band is Rs 162 per share.
Lot size is the minimum number of shares an investor must apply for in an IPO. IPO applications are usually made in fixed lot multiples.
For Park Medi World Ltd IPO, the minimum lot size is 92 shares. At the upper price band of Rs 162 per share, the minimum application amount is Rs 14,904. Applications must be made in multiples of 92 shares.
Fresh Issue means the company issues new shares to investors and receives money from that part of the IPO.
For Park Medi World Ltd IPO, the Fresh Issue size is Rs 770 crore. The company can use these funds for purposes mentioned in the IPO documents, such as business growth, repayment of borrowings, working capital, capital expenditure, or general corporate purposes.
Offer for Sale (OFS) means existing shareholders sell their shares to the public through the IPO.
For Park Medi World Ltd IPO, the Offer for Sale (OFS) size is Rs 150 crore. In an OFS, the selling shareholders receive the money, and the company usually does not receive funds from that portion.
Understand the important IPO dates, allotment process, refund schedule and listing timeline in a retail-friendly format.
The IPO opening date is the first day on which investors can apply for the public issue.
For Park Medi World Ltd IPO, the IPO opens on Wednesday, 10 December 2025.
The IPO closing date is the last day on which investors can submit, modify, or cancel their IPO applications.
Park Medi World Ltd IPO closes on Friday, 12 December 2025.
The tentative allotment date is the expected date on which the registrar finalizes the share allotment for valid IPO applications.
For Park Medi World Ltd IPO, the tentative allotment date is Monday, 15 December 2025.
The tentative listing date is the expected date on which IPO shares begin trading on the stock exchanges.
Park Medi World Ltd IPO is expected to list on Wednesday, 17 December 2025.
After allotment, funds are unblocked or refunds are initiated for non-allotted investors, while allotted shares are credited to investors' demat accounts before listing.
For Park Medi World Ltd IPO, refund initiation is expected on Tuesday, 16 December 2025, and credit of shares to demat accounts is expected on Tuesday, 16 December 2025.
Understand IPO category-wise reservation, QIB quota, retail quota, HNI allocation, shareholder reservation and the meaning of structure columns in a simple format.
IPO structure shows how shares are divided among different categories of investors, such as QIB, Retail, NII/HNI, Employees, and Shareholders.
For Park Medi World Ltd IPO, the available categories in the structure table include QIB, Retail, Non-Institutional Investors (NII/HNI). The NII/HNI category includes SHNI and BHNI sub-categories. Investors can use this table to understand category-wise allocation before applying.
QIB stands for Qualified Institutional Buyers. This category includes mutual funds, banks, insurance companies, and other large financial institutions.
In Park Medi World Ltd IPO, 50% shares are reserved under the QIB category, with 2,83,95,060 shares offered, and an allocation amount of ₹460.00 crore.
The Retail category is reserved for individual investors and HUFs applying for up to Rs 2 lakh within the retail investment limit allowed under IPO rules.
In Park Medi World Ltd IPO, 35% shares are reserved under the Retail category, with 1,98,76,544 shares offered, and an allocation amount of ₹322.00 crore.
NII/HNI stands for Non-Institutional Investors / High Net-Worth Individuals. This category generally includes investors applying for more than Rs 2 lakh, above the retail investment limit.
In Park Medi World Ltd IPO, 15% shares are reserved under the NII/HNI category, with 85,18,519 shares offered, and an allocation amount of ₹138.00 crore.
SHNI stands for Small HNI. It is a sub-category within the NII/HNI category and generally refers to applications for more than Rs 2 lakh but not exceeding Rs 10 lakh.
In Park Medi World Ltd IPO, 5% shares are reserved under the SHNI sub-category, with 28,39,506 shares offered, and an allocation amount of ₹46.00 crore.
BHNI stands for Big HNI. It is a sub-category within the NII/HNI category and generally refers to applications for more than Rs 10 lakh.
In Park Medi World Ltd IPO, 10% shares are reserved under the BHNI sub-category, with 56,79,013 shares offered, and an allocation amount of ₹92.00 crore.
Understand retail lot size, HNI application limits, employee category, shareholder category and investment amount calculations using the IPO lot table.
Lot size is the minimum number of shares an investor must apply for in an IPO. IPO applications are usually made in fixed lot multiples.
For Park Medi World Ltd IPO, the minimum lot size is 92 shares. At the upper price band of Rs 162 per share, the minimum application amount is Rs 14,904. Applications must be made in multiples of 92 shares.
Retail minimum application shows the minimum application size for retail investors.
For Park Medi World Ltd IPO, the Retail minimum application is 92 shares (1 lot) for about Rs 14,904.
Retail maximum application shows the maximum application size generally available under the retail category.
For Park Medi World Ltd IPO, the Retail maximum application is 1,196 shares (13 lots) for about Rs 1,93,752.
SHNI minimum application shows the minimum application size for the Small HNI category.
For Park Medi World Ltd IPO, the SHNI minimum application is 1,288 shares (14 lots) for about Rs 2,08,656.
SHNI maximum application shows the maximum application size available under the Small HNI category, when provided.
For Park Medi World Ltd IPO, the SHNI maximum application is 6,164 shares (67 lots) for about Rs 9,98,568.
BHNI minimum application shows the minimum application size for the Big HNI category.
For Park Medi World Ltd IPO, the BHNI minimum application is 6,256 shares (68 lots) for about Rs 10,13,472.
Understand important financial figures in simple language using the financial statement data available for the IPO.
Financial Highlights show important numbers from the company's financial statements. These may include income, expenses, profit, assets, liabilities, cash flow and other financial information, depending on the data available for the IPO.
The table displays available financial data based on the IPO information currently available. Fields may differ from company to company depending on disclosures and reporting format.
Investors should read the table to understand the company's financial performance and financial position over different periods.
The table may help users review income, expenses, profitability, balance sheet position, cash movement or other financial information, depending on the available data.
Financial statement line items may differ because companies operate in different industries and may follow different reporting formats.
Some companies may provide detailed financial breakup, while others may present broader financial categories.
Investors should review income, expenses, profitability, debt position, asset base, liabilities and cash flow position together.
A single financial figure should not be used alone to judge the company.
Profit is important, but it does not show the full financial picture.
Investors should also review revenue quality, expenses, debt, assets, liabilities, cash flow, valuation and business risks.
Cash flow helps investors understand how money moves in and out of the business.
A company may report profit but still face cash flow pressure, so cash flow should be reviewed along with profit, debt and balance sheet information.
No. Financial Highlights are useful, but investors should also review valuation, peer comparison, KPI data, business risks, IPO pricing, management discussion and official offer documents such as the RHP or DRHP.
Understand how the company may be compared with similar businesses using the peer comparison data available for the IPO.
Peer Comparison means comparing the IPO company with businesses operating in a similar sector or industry.
It helps investors understand the company in a broader industry context.
Peer Comparison helps investors understand how the company can be compared with similar businesses using available financial or valuation metrics.
It is useful for context, but it should not be treated as a final investment conclusion.
Peer comparison metrics may differ depending on the companies selected, accounting format, business model and available public information.
Investors should compare only relevant and similar metrics.
Investors should use the peer comparison table as a reference point.
Available metrics should be read together with business model, scale, profitability, margins, debt, growth, valuation and IPO pricing.
No. Peer Comparison does not directly decide whether an IPO is good or bad.
It only provides context for comparison. Final analysis should include financial statements, KPI data, valuation, risk factors and official offer documents.
No. Peer Comparison is only one part of IPO analysis.
Investors should also review financial statements, KPI data, business risks, valuation, IPO pricing and company fundamentals.
Understand important KPI metrics in simple language using the key performance indicator data available for the IPO.
Key Performance Indicators, or KPIs, are financial and valuation metrics used to understand profitability, efficiency, leverage, return-based ratios and earnings performance.
They help investors understand the company beyond basic financial figures.
KPIs help investors assess profitability, capital efficiency, leverage, valuation and earnings quality.
They should be reviewed together with financial statements, peer comparison and IPO pricing.
KPI data may differ depending on the company, industry, financial disclosures and available offer document information.
Not every IPO may provide every KPI, and some metrics may not be applicable to every business.
Investors should read KPI metrics together instead of relying on one ratio.
A single KPI may not give the full picture unless it is reviewed with financial statements, peer comparison, business model and valuation.
No. High or low KPI values need context.
The meaning of a ratio may differ depending on industry, business model, debt level, growth stage, profitability and IPO valuation.
No. KPI data is useful, but it should not be used alone.
Investors should also review financial statements, peer comparison, business risks, valuation, IPO pricing and official offer documents such as the RHP or DRHP.