Highlights
| Issue Size – 56,790,123 shares | Issue Open/Close – 10 Dec / 12 Dec, 2025 |
| Price Band (Rs.) 154 – 162 | Issue Size (Rs.) ~ 9,200 mn |
| Face Value (Rs) 2 | Lot Size (shares) 92 |
Park Medi World Limited (PMWL), incorporated in 2011, is a chain of private hospitals with the majority of its operations in North India, having a total bed capacity of 3,250 beds as of H1FY26.
PMWL has 14 multi-super specialty hospitals in its ‘Park’ brand. All the hospitals have NABH accreditation by the National Accreditation Board for Hospitals & Healthcare Providers, and seven are also NABL-accredited by the National Accreditation Board for Testing and Calibration Laboratories. Facilities are present in Haryana, Delhi, Punjab, and Rajasthan.
Company offers over 30 super specialty and specialty services, including internal medicine, neurology, urology, gastroenterology, general surgery, orthopedics and oncology. As of Q2FY25, Company had a dedicated team of 1,014 doctors and 2,142 nurses across its hospitals, delivering clinical and patient care.
Out of the total proceeds from the offer, ~Rs. 3,800 mn would go towards debt repayment, ~Rs. 879.6 mn would go towards capex and ~Rs. 3,020 mn would go towards unidentified inorganic acquisitions and general corporate purposes. While ~Rs. 1,500 mn would go towards existing selling shareholders of the company.
Key Highlights
- The Indian healthcare delivery market is projected to expand at a compounded annual growth rate (CAGR) of 10 pct to 12 pct, reaching Rs. 10.2 tn to Rs. 10.8 tn by FY29. Supported by long-term structural growth drivers, renewed momentum from PMJAY, and the government’s increasing focus on the healthcare sector.
- iMARS (Institutes of Minimal Access, Advanced Surgical Sciences and Robot-Assisted Surgery) exemplifies Park Medi World Limited’s strategic commitment to precision-driven, technology-enabled surgical excellence. The program is operational at the company’s hospitals in Gurugram (Sector 47 and Palam Vihar) and Mohali.
- iMARS uses robotic systems equipped with 3D imaging and surgeon-controlled consoles to perform minimally invasive procedures with enhanced accuracy. This approach enables smaller incisions, faster recovery, reduced discomfort, and improved patient outcomes, while also enhancing surgical efficiency and cost-effectiveness.
- The company owns 3250 beds as of H1FY26 and it is expected to add 1650 beds by FY28 with entry into UP market while majority of beds will be added to the Haryana territory. 88 pct of the company’s capex planned in tier 2/3 cities. Despite lowest ARPOB of the company, it maintains higher EBITDA margins as compared to most of the peers.
- PWML’s key strategies include: (i) expanding its hospital network through organic and inorganic initiatives with a focus on North India, (ii) growing its presence in adjacent markets, (iii) focusing on scaling its operations and improving operational efficiencies, and (iv) retaining and attracting skilled and experienced doctors and clinicians.
- Sales of the company has grown by 5.4 pct CAGR in over FY23-25. During FY25 the sales of the company jumped by 13.2 pct YoY to Rs. 13,936 mn. While EBITDA of the company grew by 19.9 pct YoY to Rs. 3,722 mn and EBITDA margin expanded by 157 bps to 26.7 pct YoY in FY25. During FY25, the company reported profit of Rs. 1,391 mn, which grew 40.3 pct YoY.
Key Risk
- The company operates in a highly regulated sector and is subject to multiple safety, healthcare, and environmental regulations. Ensuring compliance may result in additional operational costs, and any noncompliance could lead to penalties, inspections, or restrictions on operations.
- A significant portion of its revenue is derived from payments made by government agencies and insurance providers under various healthcare schemes. Delays in receiving payments or the rejection of claims raised by the company could adversely impact business.
Financial Performance
| (In Rs. million, unless otherwise stated) | FY23 | FY24 | FY25 | H1FY25 | H1FY26 |
| Revenue from Operations | 12546 | 12311 | 13936 | 6915 | 8087 |
| EBITDA | 3903 | 3103 | 3722 | 1896 | 2171 |
| EBITDA Margin % | 31.1% | 25.2% | 26.7% | 27.4% | 26.9% |
| Profit | 2282 | 1521 | 2132 | 1129 | 1391 |
| Profit Margin % | 18.2% | 12.3% | 15.3% | 16.3% | 17.2% |
| ROCE % | 26.8% | 16.1% | 17.5% | 9.6% | 9.6% |
| ROE % | 35.8% | 18.3% | 20.7% | 11.4% | 11.6% |
Peer Comparison based on FY25 Financials
| Peer Comparison | Midwest Ltd. | Apollo Hospitals | Max Healthcare | Global Health |
| Sales (Mn) | 13,936 | 2,18,165 | 86,670 | 36,944 |
| EBITDA (Mn) | 3,722 | 30,558 | 23,190 | 8,675 |
| EBITDA Margin % | 26.7% | 14.0% | 26.8% | 23.5% |
| Profit (Mn) | 2,132 | 15,051 | 13,360 | 4,813 |
| Profit Margin % | 15.3% | 6.9% | 15.4% | 13.0% |
| ROCE % | 17.5% | 21.9% | 29.2% | 20.7% |
| ROE % | 20.7% | 22.3% | 35.9% | 15.3% |
| Bed Capacity | 3,250 | 10,187 | 5,100 | 1,194 |
| ARPOB | 26,206 | 60,600 | 73,900 | 60,600 |
Valuation
Park Medi World, founded in 2011, is an established player and currently ranks as the second-largest private hospital network in North India by bed capacity. With ~3,250 beds across major locations including Delhi, Gurugram, Ambala, and Jaipur, the group offers comprehensive tertiary care services spanning cardiology, oncology, neurology, and surgery. The company has built a strong presence in Tier-2 and Tier-3 markets across Haryana and Punjab, leveraging these high-growth regions while larger competitors focus on metro areas. At the upper end of the price of Rs. 162, the issue quotes at EV/EBITDA of 16.5x on FY26E post issue earnings. The issue looks fully priced.
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