Park Medi World Limited are the second largest private hospital chain in North India with an aggregate bed capacity of 3,000 beds, and the largest private hospital chain in terms of bed capacity in Haryana with 1,600 beds located in the state as of March 31, 2025. (as per CRISIL Report) They operate a network of 14 NABH accredited multi-super specialty hospitals under the 'Park' brand, of which eight hospitals are also NABL accredited, with eight hospitals in Haryana, one hospital in New Delhi, three hospitals in Punjab and two hospitals in Rajasthan. They offer over 30 super specialty and specialty services, including internal medicine, neurology, urology, gastroentereology, general surgery, orthopedics and oncology. As of September 30, 2025, they had a dedicated team of 1,014 doctors and 2,142 nurses across the hospitals, delivering clinical and patient care. In January 2005, Dr. Ajit Gupta established the Park Hospital in New Delhi, which was subsequently transferred to the Company in 2011. Thereafter, they set up a hospital in Sector 47, Gurugram, Haryana in 2012 and they established hospitals in Panipat and Sector 37D, Gurugram in 2016 and 2019, respectively, increasing the footprint in Haryana. Over the years, they have undertaken a series of acquisitions acquiring eight hospitals across North India, including in Faridabad, Karnal, Ambala, Behror, Palam Vihar, Sonipat, Mohali and Kanpur. They adopted a cluster based approach to grow the network of hospitals. The hospitals that they acquired accounted for 55.12% of the revenue from operations, 54.85% of the EBITDA and 61.90% of the restated profit after tax in the six months ended September 30, 2025. Company has increased the bed capacity from 2,550 beds as of March 31, 2023 to 3,250 beds as of September 30, 2025; and they currently have a pipeline of hospital expansion in Ambala, Panchkula, Rohtak, New Delhi, Gorakhpur and Kanpur. In Ambala, they have bought land adjacent to the existing hospital and are in the process of increasing the bed capacity from 250 beds to 450 beds and set up an onco-radiation facility, which is expected to be operational by October 2027. In Panchkula, they are in the process of constructing a multi super-specialty hospital with a capacity of 300 beds, which is expected to be operational by April 2026, while in Rohtak, they are constructing a hospital with a capacity of 250 beds, which is expected to be operational by December 2026. In addition, Blue Heavens, a Subsidiary of the Company, is working to acquire Durha Vitrak (operating as Febris Multi Specialty Hospital, Narela, New Delhi) under the provisions of the Insolvency and Bankruptcy Code, 2016. Further, the Company has entered into an operations and management agreement dated July 3, 2024 with Lalji Super speciality Hospital and Research Centre Gorakhpur Private Limited and Dr. Saranjit Singh to operate a hospital with a capacity of 400 beds in Gorakhpur, Uttar Pradesh for a term of 30 years until December 2055 on a revenue share basis. They expect to commence operations at this hospital by April 2026. In addition, in Kanpur, their Subsidiary, Aggarwal Hospital, entered into a share purchase agreement dated June 12, 2025 to acquire 55.00% of the paid-up equity share capital of Devina Derma Private Limited, pursuant to which it has acquired a hospital with a capacity of 300 beds, which is currently undergoing renovation and is expected to be operational by April 2026. They expect that the proposed expansion plans will increase the total bed capacity from 3,250 beds as of September 30, 2025 to 4,900 beds as of March 31, 2028. As per financial performance, Park Medi World Limited has posted total income / net profits of Rs 1,272.17 Cr / Rs 228.18 Cr (FY23), Rs 1,263.08 Cr / Rs 152 Cr (FY24), Rs 1,425.97 Cr / 213.21 Cr (FY25) and Rs 823.39 Cr / 139.14 Cr (upto Q2 FY26). So as per previous financials data, company has shown steady results. Company has an average EPS of Rs 5.08 and average RoNW of 21.79% for last three fiscals. Issue is priced at a P/BV of 5.40 as per NAV of Rs 30/- as on 30.09.25. If we attribute latest earnings of FY24, FY25, TTM and annualised FY26 on equity post issue, then asking price is at a P/E of around 46.03, 32.82, and 25.14 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Nuvama Wealth Management Limited, CLSA India Private Limited, DAM Capital Advisors Limited, Intensive Fiscal Services Private Limited IPO are associated with this IPO, and has handled 64 IPOs in last three fiscal years. ( As on 05.12.25 ) As per financials, Park Medi World Limited has shown steady growth, RoNW is 20.08% and P/E is 46.03, 32.82, and 25.14 respectively as per FY24, FY25, TTM and annualised FY26 earnings. So issue looks fully priced and company good expansion plans. Company is in business of running multi-super speciality hospital chains in North India and the segment is expected to grow at good rate in future. So, we give SUBSCRIBE rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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