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 operates a 150-bed capacity hospital specializing in neurosurgery, neurology, cardiology, and trauma care services. Established in 2008 and incorporated in 2011, the hospital has achieved NABH accreditation and NABL certification, demonstrating adherence to international healthcare standards.

IPO Timeline and Structure

The public offering opens on January 22, 2026, and closes on January 27, 2026, with listing scheduled for January 30, 2026. The entire issue consists of 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 19.35%. More significantly, net profit surged from ₹1.01 crores in FY2023 to ₹7.21 crores in FY2025.

The company's profitability metrics show consistent improvement, with profit after tax margin expanding from 1.84% in FY2023 to 9.26% in FY2025. Return on equity increased substantially from 2.92% to 13.88% during the same period.

Use of IPO Proceeds

The primary objective of the IPO is to fund the establishment of a radiation oncology centre, which will require the entire ₹34.98 crores raised. This expansion represents a strategic move to offer comprehensive cancer treatment services, including specialized radiation therapy and advanced diagnostic imaging capabilities. The remaining funds will support general corporate purposes including working capital requirements and business development initiatives.

Business Operations and Infrastructure

Hannah Joseph Hospital operates from a two-acre campus in Madurai, featuring centrally air-conditioned facilities with state-of-the-art medical infrastructure. The hospital currently operates 133 beds out of its sanctioned 150-bed capacity, achieving a bed occupancy rate of 38.14% as of September 30, 2025. The facility offers comprehensive medical services across multiple specialties:

• Neurosurgery and neurology with advanced neuroimaging systems
• Cardiology and cardiothoracic surgery services
• Psychiatry and mental health care
• Trauma care and emergency services
• Orthopedics and joint replacement procedures
• Critical care and ICU services

Management and Leadership

The hospital is led by an experienced management team of 12 professionals headed by Managing Director Mosesjoseph Arunkumar and Chief Executive Officer Fenn Kavitha Fenn Arunkumar. The leadership team includes specialized roles such as Chief Financial Officer Daniel Dayanand Fenn, Chief Operating Officer Yuvaraj Saravanan, and Chief Technology Officer Natarajan Arunkumar.

Key Risk Factors

Despite strong financial performance, the company faces several operational and regulatory challenges. The proposed radiation oncology centre carries implementation risks, with an estimated cost of ₹4,268.27 lakhs but no orders placed or regulatory approvals obtained yet. The hospital's single-location dependency in Madurai creates geographic concentration risk, while the current bed occupancy rate of 38.14% indicates underutilized capacity.

Additionally, the company has 10 outstanding civil litigation cases totaling ₹16,10,122 and past corporate compliance violations related to private placement procedures under the Companies Act, 2013. The business also shows heavy dependence on key management personnel for day-to-day operations.

Investment Outlook

Hannah Joseph Hospital presents a growth story in India's expanding healthcare sector, with strong financial metrics and plans for specialized service expansion. The company's NABH accreditation and focus on neurosciences and cardiac care provide competitive advantages in the regional market. However, investors should carefully evaluate the execution risks associated with the radiation oncology centre project and the company's ability to improve bed occupancy rates for sustainable growth.

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.