December 5, 2025
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Park Medi World IPO – Review
1) About the Company
Park Medi World Ltd., incorporated in 2011, is one of North India’s largest private multi-super speciality hospital chains, operating 13 hospitals with 3,000 beds across Haryana, Delhi, Punjab and Rajasthan. The network includes 805 ICU beds, 63 operating theatres, two cancer-care units, and oxygen-generation plants at all locations. All hospitals are NABH-accredited, with seven also NABL-approved, offering more than 30 speciality and super-speciality services. The company employs over 891 doctors and 1,912 nurses, supported by strong clinical and operational teams. Its growing regional footprint and strong brand positioning provide steady patient inflows and operational leverage.
2) Financials and Key Parameters (Tables as provided)
Financials (Rs. crore)
| Period Ended | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 2,018.74 | 1,912.10 | 1,592.83 | 1,293.23 |
| Total Income | 707.45 | 1,263.08 | 1,272.18 | 1,093.96 |
| PAT | 112.89 | 152.01 | 228.19 | 199.38 |
| EBITDA | 189.62 | 310.30 | 390.34 | 343.71 |
| Net Worth | — | 815.98 | 667.55 | 437.77 |
| Borrowings | 648.96 | 686.71 | 575.68 | 517.42 |
Key Performance Indicators
| KPI | Value |
|---|---|
| ROE | 18.25% |
| ROCE | 16.07% |
| Debt/Equity | 0.73 |
| RoNW | 18.81% |
| PAT Margin | 12.35% |
| EBITDA Margin | 25.21% |
3) Peer Comparison
(Listed peers not given in your data, so Chanakya-standard interpretation below)
Park Medi World competes with large listed hospital chains such as Apollo Hospitals, Max Healthcare, Narayana Hrudayalaya and KIMS. Compared to peers:
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Park’s EBITDA margin (>25%) is close to Max and KIMS, and stronger than Narayana’s typical margin range.
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Its PAT margin (~12%) is competitive for a mid-scale healthcare network.
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Revenue scale is smaller than Apollo and Max, but the chain is growing rapidly in the NCR belt.
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Valuations at the offer price band appear reasonable compared to sector P/E multiples that often exceed 35–45x for quality hospital operators.
4) Industry Scenario
The Indian healthcare sector continues to expand at a strong pace driven by rising urbanisation, increased lifestyle diseases, health insurance penetration and growing demand for quality hospitals in Tier 1 & Tier 2 cities. North India, particularly NCR, remains an underserved healthcare region relative to population density, offering long-term growth potential for organised hospital networks. Government incentives for medical infrastructure and the shift from unorganised to branded hospital chains further support expansion. Overall, the sector outlook remains robust with sustained multi-year demand visibility.
5) Valuation View
At the price band of Rs. 154–162, the IPO values Park Medi World attractively relative to its operational scale, 25%+ EBITDA margins and strong regional positioning.
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The Rs. 920 crore issue size, including a fresh issue of Rs. 770 crore, primarily strengthens the balance sheet and supports expansion.
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Considering strong fundamentals and high investor appetite for healthcare IPOs, the issue may attract healthy oversubscription from QIBs, followed by strong retail participation.
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On a forward earnings basis, valuations appear reasonable to moderately attractive, especially versus listed peers with higher multiples.
6) Final Verdict
Park Medi World offers a compelling mix of scale, brand strength, operational efficiency and expansion visibility across high-demand healthcare markets. Strong margins, stable profitability and a clear growth roadmap strengthen long-term investment potential.
Chanakya Verdict: A fundamentally solid healthcare IPO suitable for long-term investors. Listing gains are possible depending on institutional demand and overall market sentiment.
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