Updated on 02.02.2026|9:09 PM
Hannah Joseph Hospital Limited (HJHL) has announced its Initial Public Offering (IPO) on the BSE SME platform. It is a Madurai-based multi-specialty hospital.
The subscription will open on January 22, 2026 and close on January 28, 2026, with a price band of ₹67 to ₹70 per share. You can track the details of this and all other IPOs at IPO calendar hub page.
The hospital, which operates a 150-bed facility, aims to raise approximately ₹42.00 Crores through a 100% fresh issue.
It is a hospital renowned for its expertise in Neurosciences, Cardiac Sciences, and Trauma Care and aims to make a significant vertical expansion into cancer care. The proceeds are intended to fund the establishment of a new Radiation Oncology Centre.
In this article, you will find Hannah Joseph Hospital IPO GMP today, price band, and a detailed review. For day wise subscription details of this and all other IPOs, you can check our IPO subscription status hub page. And for allotment status, you can check our allotment status hub page of IPO which is updated and have all the necessary details.
Briefs of Hannah Joseph Hospital IPO Details:
- Price Band: ₹67 – ₹70 per equity share
- IPO Open / Close Dates: January 22, 2026 – January 28, 2026
- Lot Size: 1,500 Shares (Note: Retail Minimum Application is 2 Lots / 3,000 Shares)
- Issue Size: 60,00,000 Equity Shares / ~₹42.00 Crores
- Fresh Issue / OFS: 100% Fresh Issue
- Registrar: Bigshare Services Pvt. Ltd.
- Listing Exchange: BSE SME
Here is the detailed guide on Bigshare IPO allotment status for the investors who want to know how to check allotment status post allotment date.
What Is The Hannah Joseph Hospital IPO GMP Today?
You can check the GMP of this and other issues at our GMP today hub page which is updated regularly.
Note: The Grey Market Premium (GMP) changes daily based on market demand. It is an unofficial indicator and is not regularised by SEBI, NSE, or BSE. Investors should not rely solely on GMP for investment decisions.
Listing Updates:
| Type | Issue Price | Open | Gain/loss |
| Lisiting | 70 | 65 | -7.1 |
What Are The Important Hannah Joseph Hospital IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline for the issue:
- IPO Open Date: Thursday, January 22, 2026
- IPO Close Date: Tuesday, January 28, 2026
- Basis of Allotment Date: Wednesday, January 28, 2026
- Refund Initiation Date: Thursday, January 29, 2026
- Credit of Shares: Thursday, January 29, 2026
- Listing Date: Feb 02, 2026
What Are The Objectives of Hannah Joseph Hospital IPO?
The company proposes to utilize the Net Proceeds from the Fresh Issue towards the following strategic purposes:
- Capital Expenditure: A significant sum of ₹34.98 Crores is allocated for setting up a Radiation Oncology Centre. This involves procuring advanced medical equipment to offer comprehensive cancer treatment.
- General Corporate Purposes: To meet ongoing operational contingencies and strengthen the corporate structure (limited to 25% of gross proceeds).
How is The Financial Performance of Hannah Joseph Hospital?
The following table summarizes the financial performance of the company based on restated financial statements.
(Figures in ₹ Crores)
Particulars (₹ in Crores) | Period Ended 30 Sep 2025 | Year Ended 31 Mar 2025 | Year Ended 31 Mar 2024 | Year Ended 31 Mar 2023 |
Total Income | 42.75 | 77.90 | 63.63 | 54.90 |
Profit After Tax (PAT) | 5.12 | 7.21 | 4.07 | 1.01 |
EBITDA | 11.65 | 20.52 | 17.98 | 16.38 |
Total Borrowing | 31.64 | 33.58 | 31.39 | 42.95 |
Assets | 104.58 | 99.29 | 89.97 | 92.14 |
Source: RHP
Financial Analysis & Observations:
Total Income:
The company reported Total Income of ₹77.90 Crores in FY25, reflecting a growth of approximately 22% over FY24. This upward trajectory continued in the first half of FY26 with ₹42.75 Crores, driven by higher in patient admissions which contribute nearly two-thirds of the revenue.
Profit After Tax (PAT):
Hannah Joseph Hospital has demonstrated a robust financial turnaround. PAT surged to ₹7.21 Crores in FY25 from just ₹1.01 Crores in FY23. The PAT margin improved significantly to 9.30%, indicating successful absorption of fixed costs and better operational leverage.
EBITDA:
The company maintained strong operating profitability with an EBITDA of ₹20.52 Crores in FY25 (margin ~26.47%). Although margins contracted slightly from the previous year, they remain healthy for a specialized healthcare provider dealing with high-cost medical infrastructure.
Total Borrowing:
As of September 2025, total borrowings stood at ₹31.64 Crores. However, the Debt-to-Equity ratio has improved to 0.55, showcasing the company's efforts to deleverage its balance sheet using internal accruals.
Assets:
The hospital has invested heavily in fixed assets, with Net Fixed Assets standing at ₹66.06 Crores as of September 2025. The IPO proceeds will further expand this asset base, specifically adding oncology capabilities which are capital-intensive but high-revenue generating.
What Are The P/E Ratio and Peer Comparison?
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹4.32, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 16.20x at the upper end of the price band (₹70).
P/E Ratio = ₹70(Price) / ₹4.32(Earnings Per Share)
P/E Ratio ≈ 16.20x
Peer Comparison Table (FY 2024-25 Data)
| Company | P/E Ratio | RoNW (%) | Revenue (₹ Cr) |
Hannah Joseph Hospital | ~16.20x | 14.74% | 77.53 |
| Asarfi Hospital | 32.26x | 13.48% | 120.57 |
| Maitreya Medicare | 74.29x | 7.10% | 44.41 |
Analysis:
Hannah Joseph Hospital is entering the market at a P/E multiple of approximately 16.20x.
When compared to listed peers like Asarfi Hospital (32.26x) and Maitreya Medicare (74.29x), the issue appears to be priced very attractively.
Also, compared to its competitors, HJHL has a stronger Return on Net Worth (RoNW) of 14.74%, which means it generates returns for shareholders more efficiently.
What is The Industry Outlook Hannah Joseph Hospital Ltd?
Growth Potential:
The Indian healthcare market is projected to reach $372 billion by 2022, driven by rising income, health awareness, and lifestyle diseases. The demand for specialized tertiary care in Tier-2 cities like Madurai is growing faster than in metros.
Market Trends:
There is a distinct shift towards integrated care models. By adding Oncology to its existing Neurology and Cardiology specialties, Hannah Joseph is positioning itself as a comprehensive destination for critical care, capturing a larger share of the patient's wallet.
What Are The Strengths and Risks of Hannah Joseph Hospital IPO?
Strengths:
- Niche Specialization: Focusing on high-complexity fields like Neuro and Cardiac sciences creates a moat against general hospitals.
- Financial Turnaround: The sharp increase in PAT margins from ~1.8% to over 9% in two years demonstrates effective management and operational scaling.
- Expansion Plan: The addition of the Oncology centre is a logical vertical integration that utilizes existing patient flow and enhances revenue potential per bed.
Risks:
- Geographic Concentration: The hospital derives almost 100% of its revenue from a single location in Madurai. Any local disruption could severely impact business.
- Regulatory History: Past instances of non-compliance with statutory filings indicate potential gaps in corporate governance that investors should monitor.
- Execution Risk: The success of the IPO depends on the timely setup of the new Oncology centre. Delays in equipment procurement or regulatory approvals could stall growth.
Key Considerations for Investors
This section is for information purposes only and does not constitute financial advice.
Investors should note the Minimum Investment structure.
- Minimum Application: The lot size is 1,500 Shares. Based on the data provided, the minimum application for Retail Individual Investors is 2 Lots (3,000 Shares), amounting to ₹2,10,000. Note: This investment amount exceeds the typical ₹2 Lakh retail limit, which implies this category may technically be treated as Small-HNI.
- Valuation: At ~16.2x P/E, the valuation leaves significant room for upside compared to industry peers.
- Occupancy: The current occupancy rate of ~42% suggests underutilization but also implies room for growth without immediate bed expansion.
Standard Disclaimer: This article is strictly for educational purposes. Please consult a SEBI-registered investment advisor before making any investment decisions.
Key Takeaways
- IPO Price: ₹70 per share (Upper Band).
- Min Investment: ₹2,10,000 (3,000 Shares).
- Allotment Date: January 28, 2026
- Listing: BSE SME platform on Feb 02, 2026.
FAQs on Hannah Joseph Hospital IPO
What is Hannah Joseph Hospital IPO GMP today?
The GMP is a dynamic market sentiment indicator. You can check the gmp at our gmp today page which is updated regularly.
What is Hannah Joseph Hospital IPO price band?
The price band is fixed at ₹67 to ₹70 per equity share.
What is Hannah Joseph Hospital IPO allotment date?
The allotment status is expected to be finalized on Wednesday, January 28, 2026.
How to check Hannah Joseph Hospital IPO allotment status?
Investors can check the status on the website of Bigshare Services Pvt. Ltd. (the Registrar) or via the BSE IPO allotment portal.
What is Hannah Joseph Hospital IPO listing date?
The shares are tentatively scheduled to list on Feb 02, 2026.
Investment Perspective on Hannah Joseph Hospital IPO
Hannah Joseph Hospital offers a specialized healthcare play with a compelling turnaround story and attractive valuation. While geographic concentration and regulatory history are risks, the expansion into oncology and strong return ratios make it a candidate for investors with a higher risk appetite looking for value in the SME healthcare space.
