VMPL
Gurugram (Haryana) [India], October 15: IPO-bound Paras Health has been ranked joint third alongside Manipal Hospitals in the National Group Ranking 2026 for private multispeciality hospital groups.
The network of eight hospitals recorded a 42.5% increase in inpatient volumes and a 31.3% rise in surgeries between FY2024 and FY2026, according to its June 2026 draft abridged prospectus.
Apollo Hospitals placed first and Fortis Healthcare second. The survey assessed eligible groups as integrated networks, so Paras’s position applies to the group as a whole rather than to individual hospitals.
The ranking comes as organised private hospital chains expand through new facilities, additional beds and acquisitions. ICRA’s July 2026 update projected revenue growth of 13–15% in FY2027 for its sample of hospital companies, following 18% growth in FY2026. Separately, Crisil Ratings’ February assessment of 98 private hospitals forecast more than 10,000 bed additions through new facilities and expansions of existing hospitals across FY2026 and FY2027.
Expansion is taking place alongside improving financial coverage and continuing pressure on households. The government’s 2025 health survey found insurance or financing-scheme coverage had reached 47.4% in rural India and 44.3% in urban areas. National Health Accounts estimates for FY2022–23, released in May 2026, show households still paid 43.4% of total health expenditure directly. For hospital networks, these figures underline the importance of affordability and access alongside increasing capacity. (pib.gov.in, pib.gov.in)
Hospital chains also face the task of recruiting and retaining specialist doctors and nurses, developing referral systems and maintaining reliable diagnostics. As networks grow, providers must balance spending on clinical teams, equipment and new facilities with the need to keep treatment accessible and sustain standards across locations.
Dr Dharminder Kumar Nagar, Managing Director, Paras Health, said, “Sharing third place in the national hospital group ranking is an important milestone for Paras Health. Our growth in inpatient volumes and surgeries brings a responsibility to strengthen the clinical teams and infrastructure supporting that care. We are focused on building specialist capabilities and critical care capacity across our hospitals, while maintaining consistent standards as more patients use our network.”
Paras’s inpatient volumes reached 115,496 in FY2026, compared with 81,047 in FY2024. The filing counts patients admitted and subsequently discharged during the relevant period. Surgeries increased to 39,687 from 30,219, while outpatient consultation visits rose 36.8% to 778,707 from 569,139 over the same two years.
Revenue from operations increased 24.1% year on year to approximately ₹1,606 crore in FY2026 from ₹1,294 crore in FY2025. The group reported a consolidated profit after tax of ₹43.83 crore in FY2026, compared with a loss of ₹57.98 crore a year earlier.
Overall bed occupancy rose to 61.75% in FY2026 from 52.46% in FY2024. As of March 31, 2026, Paras reported 1,502 operational beds, up from 1,332 two years earlier. ICU beds increased to 559 from 425 over the same period. These figures measure capacity and utilisation, rather than clinical outcomes.
Paras operates across five states and one Union Territory, with hospitals in Gurugram, Panchkula, Patna, Darbhanga, Ranchi, Udaipur, Kanpur and Srinagar. Hospitals outside Gurugram contributed 68.18% of revenue from operations in FY2026, compared with 62.35% in FY2024. Its specialties include cardiac sciences, oncology, neurosciences, gastro sciences, orthopaedics and renal sciences.
Research & Insights was the research partner for the survey, conducted between May and September 2026. Across the wider survey, research included more than 1,500 medical-expert interviews, over 2,000 patient and caregiver interviews, desk research and hospital fact sheets. The assessment covered clinical quality, infrastructure, staffing, accreditation, patient safety, and academic and research capability.
Only private hospital groups with at least five operational branches were eligible for the group ranking. Government, partly government-funded, charitable and not-for-profit hospitals were excluded.
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