Hannah Joseph Hospital Limited

Hannah Joseph Hospital Limited operates hospital with an objective to provide comprehensive range of neurosurgery and neurology services. Recognizing the demand for increased bed capacity and lack of space, the hospital was relocated in the year 2020. Hannah Jospeh Hospital Limited, a multi-speciality healthcare provider, strategically located in Madurai, operating in a two acres campus, centrally air-conditioned hospital with central water heating system with a combined bed capacity of 150 beds. They have also partnered with MDIndia Healthcare Services (TPA) Pvt. Ltd. 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. Moreover, they have also entered into a Memorandum of Understanding with the MDIndia Healthcare Services (TPA) Pvt. Ltd. and United India Insurance Co. Ltd to participate in the Chief Minister’s Comprehensive Health Insurance Scheme ('CMCHIS'). This initiative aims to provide cashless health insurance coverage to the family of poor 'eligible person' for coverage of up to Rs 5 lakhs per family per year.  As per financial performance, Hannah Joseph Hospital Limited has posted total income / net profits of Rs 54.89 / 1.01 Cr (FY23), Rs 63.62 / Rs 4.06 Cr (FY24), Rs 77.90 Cr / 7.20 Cr (FY25) and Rs 42.75 Cr / 5.11 Cr (uptoQ2 FY26). So as per previous financials data, company has shown steady growth. Company has an average EPS of Rs 3.09 and average RoNW of 10.95% for last three fiscals. Issue is priced at a P/BV of 2.20 as per NAV of Rs 31.87/- as on 30.09.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 39.07, 22.04 and 15.52 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front,  CapitalSquare Advisors Private Limited is associated with this IPOs, and has not handled any SME / Main board IPOs in last three fiscal years. (as on 19.01.26 ) As per financials, Hannah Joseph Hospital Limited has shown steady growth, RoNW is 14.74% and P/E is 39.07, 22.04 and 15.52 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced. Company is a multi-speciality healthcare provider in Tamil Nadu. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Mosesjoseph Arunkumar
• 2 Fenn Kavitha Fenn Arunkumar
• 3 Arunkumar Nalina
• 4 Noyel Arunkumar