Paras Health Srinagar, Kanpur revenue more than doubles

Paras Healthcare Limited said its newer Srinagar and Kanpur hospitals generated Rs. 84.4 crore of revenue in Q2 FY27, more than double the prior-year quarter, and recorded an 18.7% earnings before interest, tax, depreciation and amortisation (EBITDA) margin. The combined performance came as Paras Health reported consolidated revenue from operations of Rs. 510.9 crore for the quarter ended September 30, 2026.

What did Paras Health report for Srinagar and Kanpur?

Paras Health reported that its Srinagar and Kanpur hospitals generated combined revenue of Rs. 84.4 crore in Q2 FY27, more than twice their Q2 FY26 revenue, with an EBITDA margin of 18.7%. The November 5, 2026 release did not disclose the prior-year rupee revenue base, an exact year-on-year growth rate, or individual financial results for Srinagar and Kanpur.

Management said the two newer hospitals had ramped up rapidly and turned strongly EBITDA-positive during the quarter ended September 30, 2026. Dr. Dharminder Kumar Nagar, Managing Director, said the facilities had reached this stage while the wider network delivered Q2 FY27 revenue growth of 22.8% to Rs. 510.9 crore.

The disclosed Rs. 84.4 crore figure is a combined measure rather than a hospital-by-hospital comparison. Paras Health did not provide separate bed capacity, occupancy, average revenue per occupied bed, or EBITDA in rupees for either Srinagar or Kanpur, so their respective contributions cannot be identified from this announcement.

How did the newer-hospital ramp compare with group revenue growth?

The newer hospitals' revenue growth of more than 100% year-on-year exceeded Paras Health's consolidated revenue growth of 22.8% in Q2 FY27. Consolidated revenue from operations increased by Rs. 94.8 crore from Rs. 416.1 crore in Q2 FY26 to Rs. 510.9 crore in Q2 FY27, and was also 8.6% above Rs. 470.3 crore in Q1 FY27.

The comparison shows that the newer facilities expanded faster than the consolidated business, although the company did not quantify their share of the Rs. 94.8 crore year-on-year group revenue increase. It also did not state whether both hospitals had operated for comparable durations in Q2 FY26 and Q2 FY27.

Paras Health's combined newer-hospital revenue of Rs. 84.4 crore was reported alongside the group total of Rs. 510.9 crore, but the release does not designate it as a separate reporting segment. The company instead describes its network as eight hospitals with 2,211 beds as of September 30, 2026.

What happened to Paras Health profitability in Q2 FY27?

Paras Health's consolidated EBITDA increased 42.5% year-on-year to Rs. 126.6 crore in Q2 FY27, while EBITDA margin expanded to 24.5% from 21.0%. The 350-basis-point increase equals 3.5 percentage points, and EBITDA was also 11.6% higher than Rs. 113.5 crore in Q1 FY27.

The 18.7% EBITDA margin reported for Srinagar and Kanpur was 5.8 percentage points below the consolidated Q2 FY27 margin of 24.5%. Management said mature hospitals continued to deliver industry-leading margins, but the announcement did not provide a numerical margin for a defined mature-hospital group.

The consolidated financial snapshot reported profit after tax (PAT) of Rs. 40.4 crore in Q2 FY27, versus Rs. 12.4 crore in Q2 FY26, with PAT margin rising to 7.8% from 2.9%. That PAT figure was below Rs. 49.7 crore in Q1 FY27; separately, the release highlights listed Q2 PAT as Rs. 40.3 crore and described year-on-year growth as 3.6 times, while the financial snapshot showed 3.3 times.

What do the H1 FY27 operating measures show?

Paras Health reported H1 FY27 revenue of Rs. 981.2 crore, up 25.1% from Rs. 784.5 crore in H1 FY26, and EBITDA of Rs. 240.1 crore, up 54.7% from Rs. 155.2 crore. EBITDA margin rose by 4.6 percentage points to 24.1% in the six months ended September 30, 2026, from 19.5% a year earlier.

H1 FY27 PAT was Rs. 90.0 crore, compared with Rs. 11.4 crore in H1 FY26, and the PAT margin increased to 9.0% from 1.4%. These half-year figures include the Q2 FY27 PAT disclosed in the financial snapshot at Rs. 40.4 crore and the Q1 FY27 PAT of Rs. 49.7 crore.

Bed occupancy rose to 73.0% in H1 FY27 from 59.0% in H1 FY26, while average revenue per occupied bed was Rs. 48.9 thousand. The release also said occupied bed days grew 23.9% to 201 thousand from 162 thousand, though the highlight labels this statement as “For H1FY26” despite presenting growth to the larger figure.

Cardiac, oncology, neuro, gastro, orthopaedics and renal sciences, which Paras Health calls CONGOR specialties, accounted for 73.5% of H1 FY27 revenue. Management said it would continue to deepen these specialty programmes and invest in advanced clinical technology, without giving a spending amount or revenue target for those initiatives.

What expansion and funding plans did Paras Health disclose?

Paras Health operated eight hospitals with 2,211 beds, including 559 intensive care unit beds, as of September 30, 2026. Its locations were Gurugram and Panchkula in Haryana, Patna and Darbhanga in Bihar, Kanpur in Uttar Pradesh, Udaipur in Rajasthan, Ranchi in Jharkhand, and Srinagar in Jammu and Kashmir.

Management disclosed two hospitals planned by 2028: a 300-bed facility at Gurugram Golf Course Extension and a 500-bed hospital in Ludhiana. Paras Health also said it deployed Rs. 375 crore of its Rs. 500 crore initial public offering proceeds towards partial repayment of borrowings after listing on October 28, 2026.

Conclusion

Paras Health's Srinagar and Kanpur facilities reached combined Q2 FY27 revenue of Rs. 84.4 crore, more than double the prior-year quarter, while recording an 18.7% EBITDA margin. Their ramp-up occurred alongside consolidated revenue growth of 22.8% and EBITDA growth of 42.5%, with group EBITDA margin reaching 24.5%.

The next disclosed capacity milestones are the 300-bed Gurugram Golf Course Extension hospital and the 500-bed Ludhiana hospital, both planned by 2028. The announcement leaves unresolved the separate revenue, occupancy, bed capacity and EBITDA performance of Srinagar and Kanpur, as well as the financial timetable for the two planned facilities.