Management

• Dr. Ajit Gupta (Chairman and Whole-Time Director)
• Dr. Ankit Gupta (Managing Director)
• Dr. Sanjay Sharma (Whole-Time Director and Chief Executive Officer)
• Ravi Krishan Takkar (Non-Executive Independent Director)
• Munish Sibal (Non-Executive Independent Director)
• Dr. Kamlesh Kohli (Non-Executive Independent Director)
• Rajesh Sharma (Chief Financial Officer)

Use of Proceeds

The total issue size is Rs. 920 cr, which comprises a fresh issue of Rs 770 cr and offer for sale (OFS) of Rs 150 cr. Park Medi World intends to utilize the net proceeds from the issue towards Repayment/ prepayment, in full or in part, of certain outstanding borrowings availed by the Company and certain of the Subsidiaries. (Rs 380 cr), Funding capital expenditure for development of new hospital and expansion of existing hospital by our certain Subsidiaries Park Medicity (NCR) and Blue Heavens, respectively (Rs 60.50 cr), Funding capital expenditure for purchase of medical equipment by the Company and our certain Subsidiaries, Blue Heavens and Ratangiri. (Rs 27.46 cr), and Unidentified inorganic acquisitions and general corporate purposes.

Competitive Strengths

Leadership Position in North India Park Medi World is the second-largest private hospital chain in North India with 3,000 beds and the largest private hospital chain in Haryana with 1,600 beds as of March 31, 2025. Its long-standing presence since 2011 has supported an understanding of regional patient preferences and infrastructure needs. Bed capacity has increased from 2,550 beds in March 2023 to 3,250 beds in September 2025 through organic expansion and acquisitions. A cluster-based approach has strengthened operational efficiencies by enabling resource sharing and brand recognition across neighboring regions. The network comprises 14 NABH-accredited hospitals equipped with ICUs, OTs, cancer units and other modern facilities.

Positioned to Benefit from Sector Growth The Indian healthcare delivery market reached ₹6.9–7.0 trillion in Fiscal 2025 and is expected to grow at a CAGR of 10–12% to ₹10.2–10.8 trillion by Fiscal 2029. North India continues to face shortages of doctors, nurses and hospital beds, indicating strong demand for quality and affordable healthcare. With established operations in key northern states, the Company is positioned to benefit from sector expansion and economies of scale. Its business model emphasizes affordability supported by cost management, vendor relationships, efficient staffing and modern technology. These initiatives have contributed to sustained profitability across recent reporting periods.

Advanced Clinical Capabilities and Diverse Revenue Base The Company offers more than 30 specialty and super-specialty services and uses technology to enhance outcomes and reduce operating costs. Three hospitals are equipped with iMARS robotic systems enabling minimally invasive surgeries with improved precision, quicker recovery and reduced patient discomfort. Procedures include gall bladder and bile duct surgeries, bariatric interventions, gynecological treatments and surgical oncology. Additional services include angioplasty, non-surgical valve replacements and leadless pacemakers. Specialized units support stroke care, bariatric surgery and kidney transplants. A diverse specialty mix has helped manage concentration risks and grow revenue. The Company remains profitable, supported by efficient cost structures and high patient volumes.

Proven Acquisition Ability and Strong Financial Performance The Company has a track record of acquiring and integrating hospitals, adding eight facilities and 1,650 beds across North India as of September 30, 2025. Ongoing acquisition activity includes the approved Resolution Plan for Durha Vitrak in New Delhi through subsidiary Blue Heavens. Operational scale, cost efficiency and strategic investment in technology have supported strong financial performance. In-patient volumes, ARPOB levels and profitability have remained stable across reporting periods, with the Company recording the second-highest EBITDA margin among peers in Fiscal 2025. Ownership of most hospital assets and efficient vendor relationships further enhance financial resilience and expansion capability.

Peer Comparison

Key Risks & Concerns

• The Company has reported contingent liabilities in its financial statements. As of September 30, 2025, these contingent liabilities (excluding corporate guarantees) represented 11.66% of net worth, while corporate guarantees issued by the Company and its Subsidiaries amounted to 71.58% of net worth. If any such liabilities were to materialize, they could negatively impact the Company’s operations, cash flows, and overall financial position.
• A downgrade in the Company’s credit ratings could lead to higher borrowing costs, which may adversely affect financing expenses, business performance, financial condition, and cash flows.
• In Fiscal 2024, the Company experienced a decrease in revenue from operations and restated profit after tax, along with an increase in cost of materials consumed and services rendered, compared to Fiscal 2023. Any similar decline in revenue or profitability, or rise in costs, could adversely affect its business, financial condition, operational results, and cash flows.
• The Company relies significantly on doctors, nurses, medical professionals, and support staff. As of September 30, 2025, the doctor attrition rate was 33.72%. Difficulty in retaining or attracting such personnel may negatively affect the Company’s business, results of operations, and financial condition.

Outlook and Valuation

The Company plans to expand its hospital network through both organic development and acquisitions, with a continued focus on North India. The region has a large population and a significant gap in recommended hospital bed capacity, creating growth opportunities. The company has already added 1,650 beds through eight acquisitions and continues to pursue facilities with scalable capacity. Ongoing projects in Ambala, Panchkula, Rohtak, New Delhi, Gorakhpur and Kanpur reflect this expansion strategy. Approved acquisitions such as Durha Vitrak and renovated assets in Kanpur further strengthen the network. These initiatives are expected to increase coverage across high-demand healthcare markets.

The company aims to grow its presence in adjacent markets by following a cluster-based approach that leverages brand recognition and operational synergies. Expansion into Uttar Pradesh illustrates this strategy, supported by an operations and management agreement for a 400-bed hospital in Gorakhpur. The company intends to enhance occupancy, scale newer hospitals and invest in advanced technology, including robotics systems like iMARS for minimally invasive procedures. Additional specialties, such as kidney transplants, are expected to broaden treatment offerings. It also plans to strengthen its payor mix by increasing focus on cash and insurance patients and expanding international patient outreach.

It expects to continue investing in technology integration, electronic medical records and upgraded medical equipment to improve efficiency and patient experience. Retaining and developing skilled doctors and clinicians remains a priority, supported by training, global collaborations and access to advanced medical tools. IPO proceeds are also expected to improve financial strength through debt repayment, supporting margins and overall profitability. With strong EBITDA performance, a diverse specialty mix, established acquisition capabilities and a doctor-led leadership team, the company plans to strengthen its brand, expand high-value specialties such as oncology and cardiology and enhance its position in North India’s healthcare market. At the upper end of the price band, the issue is valued at 29x FY25 EPS. We believe IPO is reasonably priced. We recommend a SUBSCRIBE rating to the issue for the long term.