Hannah Joseph Hospital
- Hannah Joseph Hospital is coming out with an initial public offering (IPO) of 60,00,000 shares in a price band of Rs 67-70 per equity share.
- The issue will open on January 22, 2026 and will close on January 27, 2026.
- The shares will be listed on SME Platform of BSE.
- The face value of the share is Rs 10 and is priced 6.7 times of its face value on the lower side and 7.0 times on the higher side.
- Book running lead manager to the issue is CapitalSquare Advisors.
- Compliance Officer for the issue is Yuvaraj Saravanan.
Profile of the company
Hannah Joseph Hospital, is an established 150-bedded institute, is renowned for its comprehensive and specialized medical care in Neurosciences, Cardiac Sciences, Orthopaedics, and Traumatology. Catering predominantly to the population of Central and South Tamil Nadu, the hospital stands out for its advanced medical services, commitment to patient care, and cutting-edge technologies. It strives to serve with its ultra-modern medical practices and state of the art infrastructure for medical as well as surgical care solutions. It has been consistently registering phenomenal growth in terms of complicated surgeries, patient volume and turnover making the hospital a landmark for neurosciences in the city of Madurai & South Tamil Nadu. Its medical facility encompasses full-fledged department of neuroradiology by meeting standards of Neurological Institute of International Standard. It has also added the department of cardiac sciences with a Cath lab and cardiac operation theatres. It now performs complex coronary angioplasties and open-heart Surgeries.
It was assessed and found to comply with NABH Accreditation Standards for Hospital 5th edition and has been awarded with a Certificate of Accreditation from National Accreditation Board for Hospitals and Healthcare Provider. Further, it has also received NABL 128 Certification from National Accreditation Board for Testing and Calibration Laboratories. It is led by its promoter, Mosesjoseph Arunkumar, Chairman and Managing Director and Fenn Kavitha Fenn Arunkumar, Whole Time Director, who has been associated with the company since inception and has over 2 decades of experience in the field of medicine and healthcare. A dedicated team with a significant experience in the healthcare industry is trained to take care of the patients and handle all kinds of emergencies.
Currently, its primary focus is Neurology, Cardiology, Psychiatry and Trauma healthcare where it has a understanding of global nuances, customer culture and the mindset of medical professionals and where there is a significant need for quality and affordable healthcare services. It has also partnered with MDIndia Healthcare Services (TPA) under the Tamil Nadu New Health Insurance Scheme (TNNHIS). This scheme facilitates comprehensive cashless medical treatment for employees of Tamil Nadu Government departments, PSU, statutory bodies, undertakings, PSU, statutory boards, State Universities, Noon meal workers, Anganwadi workers, State Govt organization registered under TN registration of societies, TN electricity regulatory commission, TN institute of labor studies under the control of Government of Tamilnadu. As part of this agreement, the hospital commits to provide high-quality medical and surgical care for procedures specified under the scheme its key commitments include maintaining robust infrastructure. This partnership highlights its role in delivering accessible and standardized healthcare under the TNNHIS, aligning with the Government’s aim to enhance public health services.
Proceed is being used for:
- Funding of capital expenditure for establishing Radiation Oncology Centre
- General corporate purposes
Industry Overview
Healthcare has become one of India’s largest sectors, both in terms of revenue and employment. Healthcare comprises hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance and medical equipment. The Indian healthcare sector is growing at a brisk pace due to its strengthening coverage, services, and increasing expenditure by public as well as private players. India’s healthcare delivery system is categorised into two major components - public and private. The government, i.e., the public healthcare system, comprises limited secondary and tertiary care institutions in key cities and focuses on providing basic healthcare facilities in the form of Primary Healthcare Centers (PHCs) in rural areas. The private sector provides most secondary, tertiary, and quaternary care institutions with a major concentration in metros, tier-I, and tier-II cities. India's competitive advantage lies in its large pool of well-trained medical professionals. India is also cost-competitive compared to its peers in Asia and Western countries. The cost of surgery in India is about one-tenth of that in the US or Western Europe. The low cost of medical services has resulted in a rise in the country’s medical tourism, attracting patients from across the world. Moreover, India has emerged as a hub for R&D activities for international players due to its relatively low cost of clinical research.
The Indian healthcare sector, valued at Rs 9,42,590 crore ($110 billion) in 2016 and Rs 31,87,668 crore ($372 billion) in 2023, is projected to reach Rs 54,67,022 crore ($638 billion) by 2025, growing at a robust 17.5-22.5% CAGR. Healthcare spending accounted for 3.3% of India’s GDP in 2022 and is expected to rise to 5% by 2030, reflecting the sector’s increasing role in the economy. India continues to expand its healthcare infrastructure. In FY26, private hospitals are expected to add over 4,000 beds with investments of Rs 11,500 crore ($1.34 billion). As of April 1, 2025, the country has 13,86,150 registered allopathic doctors and 7,51,768 AYUSH practitioners, resulting in a doctor-to-population ratio of 1:811. Medical education capacity is also growing, with 157 new medical colleges being established by upgrading district and referral hospitals, of which 131 are operational. Under the Central Sector Scheme for new AIIMS, 22 institutes have been approved, and undergraduate courses have commenced in 19. By April 2025, India had 74,306 postgraduate seats and 1,18,190 MBBS seats, strengthening the talent pipeline.
India’s healthcare sector is extremely diversified and is full of opportunities in every segment, which includes providers, payers, and medical technology. India is a land full of opportunities for players in the medical devices industry. The country has also become one of the leading destinations for high-end diagnostic services with tremendous capital investment for advanced diagnostic facilities, thus catering to a greater proportion of the population. Besides, Indian medical service consumers have become more conscious towards their healthcare upkeep. Rising income levels, an ageing population, growing health awareness and a changing attitude towards preventive healthcare are expected to boost healthcare services demand in the future. Greater penetration of health insurance aided the rise in healthcare spending, a trend likely to intensify in the coming decade.
Pros and strengths
Excellence in Neurosciences: In Neurosurgery it offers advanced surgical expertise where the hospital’s Neurosurgery department is equipped with highly skilled surgeons specializing in complex brain and spinal surgeries, including tumour resections, spinal fusions, and minimally invasive procedures. Also, its state-of-the-art technology utilization of the latest neuroimaging and navigation systems for precise diagnostics and surgical interventions, ensuring optimal outcomes for patients with neurological conditions. Further, its Neurolog provides comprehensive diagnostic services where it offers advanced diagnostic tools such as MRI, CT scans, and EEGs to accurately diagnose and manage neurological disorders including epilepsy, stroke, and neurodegenerative diseases. It also gives innovative treatment protocols access to cutting-edge therapies and rehabilitation programs designed to improve the quality of life for patients with chronic neurological conditions.
Advanced Cardiac Sciences Cardiology: The Cardiology department offers a wide range of services including diagnostic tests such as echocardiography, stress tests, and cardiac catheterization, enabling accurate diagnosis and management of heart conditions. It also offers Interventional Cardiology where its Expertise in performing angioplasty and stenting procedures to treat coronary artery disease and other cardiovascular issues, utilizing the latest technology for optimal results. Further, in Cardiothoracic Surgery it offers High-Caliber Surgical Procedures where it specialized in complex cardiothoracic surgeries, including coronary artery bypass grafting (CABG), valve repairs/replacements, and surgeries for lung diseases, with a focus on precision and patient safety. It also provides Advanced Surgical Techniques for employing innovative surgical technologies and minimally invasive approaches to enhance recovery and minimize complications.
Commitment to Patient-Cantered Care: In personalized treatment plans it offers individualized care development of tailored treatment plans based on each patient’s unique medical needs and conditions, utilizing the latest research and medical guidelines to ensure effective and targeted care. It also offers psychological counselling, nutritional guidance, and patient education to support overall well-being and recovery. Further, its modern facilities provides state-of-the-art amenities and comfortable facilities to enhance the patient experience and ensure a supportive environment throughout their treatment journey. Its efficient services streamlined processes for admissions, diagnostics, and treatments to minimize wait times and improve the efficiency of care delivery.
Risks and concerns
Dependence on single hospital and local risks: It derives almost all of its revenue from operations from its only hospital at Madurai. Any material impact on its revenues from its hospital, including by reason of a reduction in patient footfall, regulatory changes, reputational harm, liabilities on account of medical negligence, adverse publicity or natural calamities and increased competition, could have a material adverse effect on its business, financial condition and results of operations. Due to the geographical concentration of its hospital, it is exposed to adverse economic or political circumstances that affect demand for healthcare services in the region. Any regional slowdown, political unrest, disruption, disturbance or sustained downturn in the economy of such regions could adversely affect its business, financial condition and results of operations.
Impact of changes in government healthcare agreements: It provides medical services under various government schemes i.e. Tamil Nadu New Health Insurance Scheme (TNNHIS) partnered with the MDIndia Healthcare Services (TPA) and Chief Minister’s Comprehensive Health Insurance Scheme (CMCHIS) partnered with the MDIndia Healthcare Services (TPA) and United India Insurance Co. Government schemes are an important source of new patient registrations and revenue for it. As a result, if the applicable tariffs specified in the agreements with government payers are revised downwards, or if the extent of coverage or limits are reduced, or if the payment terms are made longer, or if the reimbursement policies are changed in the agreements with the government payers, or if the government payers terminate their agreements with it, its number of new patient registrations will decline and its revenue and profitability could be negatively affected.
Revenue dependence on key medical services: For the Fiscal 2025, its major revenue from its neurosciences, interventional neuro-radiology, trauma services and radiology services contribute significantly to its revenue from operations. Thus, its financial conditions and results of operations are dependent on its revenue from these fields. Due to its dependence on the field of neurosciences, interventional neuro-radiology, trauma services and radiology services, a number of factors could cause material fluctuations or decline in its revenue. These factors could include its inability to use modern technology and infrastructure while undertaking surgeries and procedures in these fields or the innovation and implementation of modern techniques by other hospitals which it is unable to implement, a decrease in the number of new patients registered, a loss of key experienced medical professionals, liabilities on account of medical negligence, or regulatory changes. A decline in its revenue from these fields could materially and adversely impact its business, prospects, financial condition and results of operations.
Outlook
Hannah Joseph Hospital is a healthcare provider offering exceptional medical services across various specialties. The company is excellence in neurosciences, with proven expertise in orthopaedics and traumatology. On the concern side, it derives almost all of its revenue from operations from its only hospital at Madurai. Any material impact on its revenues from its hospital, including by reason of a reduction in patient footfall, regulatory changes, reputational harm, liabilities on account of medical negligence, adverse publicity or natural calamities and increased competition, could have a material adverse effect on its business, financial condition and results of operations. Moreover, it is dependent on limited number of external suppliers for its medicine and consumables requirements. Any delay or failure on the part of such suppliers to deliver products at acceptable prices or failure of third parties to meet their obligation may adversely affect its business, profitability and reputation.
The company is coming out with a maiden IPO of 60,00,000 equity shares of face value of Rs 10 each. The issue has been offered in a price band of Rs 67-70 per equity share. The aggregate size of the offer is around Rs 40.20 crore to Rs 42.00 crore based on lower and upper price band respectively. On performance front, the revenue from operation for FY25 stood at Rs 7,753.13 lakh whereas in FY24 it was Rs 6,340.78 lakh representing an increase of 22.27%. Moreover, profit after tax for the period ended March 31, 2025, stood at Rs 720.99 lakh and for the year ended March 31, 2024 it was Rs 406.64 lakh representing an increase of 77.30%.
The company is a growing organization dedicated to establishing itself as a leading provider of healthcare services. It strengthens its position by combining ultra-modern medicinal practices with state-of-the-art infrastructure for medical and surgical care. It aims to enhance patient care by maximizing efficiencies through the integration of healthcare facilities and the implementation of standardized processes, and advanced patient management systems. These efforts are further supported by its commitment to leveraging specialized know-how and continuously refining systems and processes across its network to deliver superior healthcare solutions.
