Hannah Joseph Hospital Limited, a multi-specialty healthcare provider based in Madurai, Tamil Nadu, is set to launch its Initial Public Offering (IPO) worth ₹34.98 crores. The company, established in 2008 and incorporated in 2011, operates a 150-bed facility specializing in neurosurgery, neurology, cardiology, psychiatry, and trauma care services. The hospital has achieved NABH accreditation and NABL certification, demonstrating its commitment to international healthcare standards.

IPO Details and Timeline

The public offering is scheduled to open on January 22, 2026, and close on January 27, 2026, with listing expected on January 30, 2026. The entire issue comprises fresh shares worth ₹34.98 crores, with no offer for sale component.

Strong Financial Performance

Hannah Joseph Hospital has demonstrated robust financial growth over the past three years. The company's revenue from operations increased from ₹54.62 crores in FY2023 to ₹77.53 crores in FY2025, representing a compound annual growth rate of 19.36%. More notably, the hospital's profitability showed remarkable improvement, with net profit growing from ₹1.01 crores in FY2023 to ₹7.21 crores in FY2025.

The company's debt-to-equity ratio improved from 1.08 in FY2023 to 0.61 in FY2025, indicating better financial management and reduced leverage.

Use of IPO Proceeds

The primary objective of the IPO is to establish a Radiation Oncology Centre, which will receive the entire ₹34.98 crores raised. This specialized facility will provide radiation therapy services for brain and spinal cord tumor patients, featuring advanced diagnostic imaging and targeted therapies with a multidisciplinary oncology approach. Additional funds will support general corporate purposes including operating expenses, business development, and marketing activities.

Business Operations and Specializations

Hannah Joseph Hospital operates from a strategically located two-acre campus in Madurai, featuring centrally air-conditioned facilities with state-of-the-art infrastructure. The hospital's core specializations include:

• Comprehensive neurosurgery and neurology services
• Advanced cardiology and cardiothoracic surgery
• Psychiatry and mental health services
• Emergency and trauma care
• Orthopedics and joint replacement surgeries

As of September 2025, the hospital operates 133 beds out of its total 150-bed capacity, with a bed occupancy rate of 38.14%.

Management and Leadership

The company is led by an experienced management team of 12 key personnel, headed by Managing Director Mosesjoseph Arunkumar and Chief Executive Officer Fenn Kavitha Fenn Arunkumar. The leadership team includes directors Arunkumar Nalina and Noyel Arunkumar, along with Chief Financial Officer Daniel Dayanand Fenn and Chief Operating Officer Yuvaraj Saravanan.

Risk Considerations

Potential investors should consider several risk factors, including the company's dependency on a single location in Madurai and the execution risk associated with establishing the radiation oncology center. The hospital has not yet placed orders for medical equipment or applied for government approvals for the ₹42.68 crore project. Additionally, the company faces 10 civil litigation cases totaling ₹16.10 lakhs and has a concentration risk with the top 10 suppliers contributing 69.70% of purchases as of September 2025.

Financial Position

As of FY2025, Hannah Joseph Hospital reported total assets of ₹99.29 crores and total equity of ₹51.94 crores. The company generated operating cash flow of ₹19.60 crores in FY2025, with investing cash flow of negative ₹13.49 crores and financing cash flow of negative ₹3.18 crores, resulting in a net cash flow of ₹2.94 crores.

The IPO represents an opportunity for investors to participate in the growth of a regional specialty healthcare provider with strong financial momentum and expansion plans in the high-growth radiation oncology segment.

Hannah Joseph Hospital Limited, a multi-specialty healthcare provider established in 2008, is set to launch its Initial Public Offering (IPO) worth ₹34.98 crores. The Madurai-based hospital operates from a strategically located two-acre campus with 150-bed capacity, specializing in comprehensive neurosurgery, neurology, cardiology, psychiatry, and trauma care services. The company has achieved NABH accreditation and NABL certification, demonstrating its commitment to international healthcare standards.

IPO Timeline and Structure

The public offering opens on January 22, 2026, and closes on January 27, 2026, with allotment scheduled for January 28, 2026, and listing on January 30, 2026. The entire issue comprises fresh shares worth ₹34.98 crores, with no offer for sale component.

Strong Financial Performance

The company has demonstrated robust financial growth over the past three years. Revenue from operations increased from ₹54.62 crores in FY2023 to ₹77.53 crores in FY2025, representing a compound annual growth rate of 19.31%. More significantly, profitability has improved dramatically with PAT margins expanding from 1.84% in FY2023 to 9.26% in FY2025.

The company's balance sheet as of September 30, 2025, shows total assets of ₹104.58 crores with total equity of ₹57.06 crores and a debt-to-equity ratio of 0.83.

Use of IPO Proceeds

The primary objective of the IPO is to fund capital expenditure for establishing a Radiation Oncology Centre. This facility will provide specialized radiation therapy services for patients with brain and spinal cord tumors, offering early detection, advanced diagnostic imaging, targeted therapies, chemotherapy, radiation therapy, surgical oncology, and palliative care through a multidisciplinary approach. The remaining proceeds will be utilized for general corporate purposes including meeting operating expenses, initial development costs for projects, and strengthening business development capabilities.

Business Strengths and Specializations

Hannah Joseph Hospital has established itself as a leading healthcare provider in neurosciences with highly skilled surgeons specializing in complex brain and spinal surgeries. The hospital features state-of-the-art neuroimaging and navigation systems for precise diagnostics and surgical interventions. The facility also provides comprehensive cardiac care including diagnostic tests, interventional cardiology procedures, and cardiothoracic surgeries.

Key operational highlights include:

• Bed Capacity: 150 beds (133 operational)
• Campus Size: Two-acre facility
• Location: 134, Lake View Road K.K.Nagar, Madurai, Tamil Nadu
• Certifications: NABH accreditation and NABL certification
• Specializations: Neurosciences, cardiology, orthopedics, trauma care, and emergency services

Risk Considerations

Investors should consider several risk factors before participating in the IPO. The company's bed occupancy rate stands at 38.14% as of September 30, 2025, indicating potential capacity underutilization. The hospital derives almost all revenue from its single location in Madurai, creating geographic concentration risk. Additionally, the company has 10 pending civil litigation cases with amounts totaling ₹16.10 lakhs.

The proposed Radiation Oncology Centre, estimated to cost ₹42.68 crores, faces implementation risks as the company has not yet placed orders for medical equipment or applied for requisite government approvals. Past corporate compliance violations, including violations of Section 42 of the Companies Act, 2013, also present regulatory concerns.

Management and Operations

The hospital is led by Managing Director Mosesjoseph Arunkumar and Chief Executive Officer Fenn Kavitha Fenn Arunkumar, supported by a diverse management team across various functions. The company operates with 69.70% of total purchases concentrated among its top 10 suppliers as of September 30, 2025, creating supplier dependency risks.

Hannah Joseph Hospital's IPO presents an opportunity to invest in a growing regional healthcare provider with strong financial momentum and expansion plans, though investors must weigh these prospects against operational and regulatory risks inherent in the single-location healthcare business model.