- Our view
- Subscribe
- Market cap then
- ~INR 158.89 Cr.
- Price band
- INR 67 to 70 per share
Hannah Joseph Hospital Ltd operates a multi-specialty hospital in Madurai, Tamil Nadu, with a focus on neurosciences and 133 operational beds. Minerva Capital Research Solutions recommends Subscribe to its IPO at INR 67 to 70 per share, citing the hospital’s neuroscience capabilities, planned oncology expansion and valuation based on annualized H1-FY26 PAT.
About Hannah Joseph Hospital
Established in 2008 in Madurai, Tamil Nadu, Hannah Joseph Hospital operates a multi-specialty hospital on a 2 acres campus. It has a combined capacity of 150 beds, including 133 operational beds, and focuses on Neurology, Cardiology, Psychiatry, Orthopaedics and Trauma Healthcare. The hospital states that it complies with NABH and has received NABL 128 Certification. As on 30-Nov’25, it had 24 full time consultants, 15 duty medical doctors, 25 visiting doctors and 300 other manpower; it also provides academic programmes in neurosurgery.
Hannah Joseph Hospital IPO Details
| Particulars | Details |
|---|---|
| Price Band (INR) | 67 to 70 |
| Face Value (INR) | 10.00 |
| Implied M.Cap (INR Cr.) | 158.89 |
| Exchange | BSE SME |
| Lot Size | 2,000 |
| IPO Min. Lot Size (Retail | HNI) | 4,000 | 6,000 |
| Issue Opens on | 22-Jan’26 |
| Issue Closes on | 27-Jan’26 |
| Listing Date | 30-Jan’26 |
| Fresh Issue of Shares (#) | 60,00,000 |
| Offer for Sale (#) | - |
| Funds Mobilized (INR Cr.) – Fresh Issue of Shares | 42.0 |
Objects of the Issue
- Radiation Oncology Centre: INR 34.98 Cr. is earmarked for funding capex to establish a Radiation Oncology Centre on newly acquired land adjacent to the current hospital campus.
- General Corporate Purposes: Also listed as an object of the issue; the report does not show an amount against it.
Strengths
- Neuroscience capabilities: The hospital undertakes complex brain and spinal surgeries, tumour procedures and minimally invasive procedures, supported by neuroimaging and navigation systems. It serves Central and South Tamil Nadu.
- Planned oncology expansion: The proposed Radiation Oncology Centre is intended to provide treatment for brain and spinal cord tumours alongside existing services, including radiation therapy and oncological services.
- State health scheme partnerships: The hospital is partnered under the Tamil Nadu Health Insurance Scheme (TNNHIS) and Chief Minister Comprehensive Health Insurance Scheme (CMHIS).
- Experienced promoter: Promoter, Chairman and Managing Director Dr. Mosesjoseph Arunkumar has a Masters in Neuro Surgery and leads the hospital’s neuroscience focus.
- Improving reported profitability: PAT increased from 1.0 in FY23 to 7.2 in FY25, while PAT % rose from 1.8% to 9.3%.
Hannah Joseph Hospital Key Financials
| Particulars | FY23 | FY24 | FY25 | Sep’25 |
|---|---|---|---|---|
| Revenue (excl. other inc.) | 54.6 | 63.4 | 77.5 | 42.5 |
| Growth Rate Y-o-Y % | (6.0%) | 16.1% | 22.3% | |
| EBITDA (excl. other inc.) | 16.5 | 18.1 | 20.7 | 11.7 |
| EBITDA % (excl. other inc.) | 30.2% | 28.6% | 26.7% | 27.6% |
| PAT | 1.0 | 4.1 | 7.2 | 5.1 |
| PAT % | 1.8% | 6.4% | 9.3% | 12.0% |
| Debt (Short+Long) | 48.9 | 36.0 | 36.9 | 34.2 |
| Equity | 34.6 | 45.7 | 51.9 | 57.1 |
| Debt/Equity | 1.4x | 0.8x | 0.7x | 0.6x |
| ROE % | 3.41% | 10.13% | 14.77% | 9.39%* |
| ROCE % | 11.35% | 13.83% | 17.03% | 10.41%* |
Sep’25 figures are not annualized.
Revenue grew to 77.5 in FY25 from 63.4 in FY24, and the report records PAT of 5.1 for Sep’25. NWC includes Inventory, Receivables & Payables; NWC days is computed as % of rev.
Revenue Mix
Healthcare services form the largest reported revenue stream, alongside pharmacy and food sales. H1-FY26 figures are reported for the half year.
| Segment | FY23 | FY24 | FY25 | H1-FY26 |
|---|---|---|---|---|
| Healthcare Services Rev. | 40.1 | 47.3 | 57.4 | 30.9 |
| Pharmacy Revenues | 14.1 | 15.7 | 19.7 | 11.4 |
| Food Sales Revenues | 0.4 | 0.5 | 0.5 | 0.3 |
| Total Revenues | 54.6 | 63.4 | 77.5 | 42.5 |
Management
- Dr. Mosesjoseph Arunkumar: Promoter, Chairman and Managing Director; holds MBBS from University of Madras and Masters in Neuro Surgery from Dr. M.G.R. Medical University.
- Dr. Fenn Kavitha Fenn Arunkumar: Promoter and Whole-time Director; the report notes over 22 years of experience in medicine and healthcare.
IPO Valuation and Our View
The issue is valued at ~22x based on FY25 PAT and ~15.5x based on annualized H1FY26 PAT. Minerva Capital Research Solutions recommends Subscribe for a long term horizon, citing the experienced promoter, neuroscience capabilities, planned diversification using IPO proceeds and valuation relative to annualized H1FY26 PAT.
- INR 67 to 70 per share
- IPO price band
- ~INR 158.89 Cr.
- Implied market capitalization
- Subscribe
- Recommendation
Key Risks
- Single-location concentration: Revenue is derived from one hospital in one location. Occupancy was 37.21% in FY24, 42.49% in FY25 and 38.14% in H1-FY26.
- Regulatory and reputational exposure: The report describes healthcare as a highly regulated and sensitive sector requiring statutory approvals; a mishandled case could lead to distrust among the masses.
- Capex and operating performance: Monitor completion of capex from IPO proceeds, subsequent increase in revenues per patient and improvement in occupancy.
- KMP remuneration: The report flags any further increase in KMP remuneration as a monitorable. Dr. Arunkumar received INR 4.95 Cr. as remuneration and INR 0.82 Cr. as professional charges, perquisites during FY25.
Our View
The IPO case rests on the hospital’s neuroscience focus and planned oncology expansion, with the report highlighting its valuation based on annualized H1-FY26 PAT. The single-hospital footprint and occupancy levels remain key monitorables. Minerva Capital Research Solutions’ recommendation is Subscribe for a long term horizon.
Standard disclosures
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Regulatory disclosures
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Rating rationale
Minerva Capital Research Solutions endeavors to provide objective opinions and recommendations. Ratings are assigned to stocks according to their fair value vs current market price and then categorizes them as Buy, Hold, Reduce, Sell. The performance horizon is one year unless specified and fair value is defined as analyst’s valuation for a stock.
- Buy:> 15%
- Hold: -5% to 15%
- Reduce: -15% to -5%
- Sell: <-15%