NSE: JLHL · BSE: 543980
JUPITER LIFE LINE HOSP L
Operates a chain of multi-specialty hospitals across western and central India — Thane, Pune, Indore and the newly commissioned Dombivli — earning ₹1,499.8 crore in FY26 (+15.2% YoY). The Dombivli greenfield (500-bed capacity with 300 beds currently fitted out across 750,000 sq ft) opened in February 2026 two months ahead of schedule, and a 400-bed quaternary-care hospital is being set up on a one-lakh-sq-ft site in BKC Mumbai, with further projects in the pipeline at Pune South, Mira Road and Thane, taking the long-term bed-count target to roughly 3,000. Revenue is driven by inpatient and outpatient volumes — 10.8 lakh volumes in FY26, with Average Revenue Per Occupied Bed at ₹67,700 and Average Length of Stay of 3.87 days; insurance payers contributed 55.4% of FY26 revenue and government schemes 1%. The model is asset-heavy and expansion-driven: FY26 capex was deployed across Dombivli, BKC land, Pune and Mira Road, with gross debt at ~₹500 crore against cash of ~₹545 crore, leaving the balance sheet net cash positive. Other operating expenses (40.9% of revenue) and employee costs (17.1%) are the largest cost lines, followed by depreciation at 5.8%. A subsidiary has separately acquired Sulcus Private Limited to set up an IV fluids and pharmaceutical manufacturing facility near Ujjain with ₹35–40 crore of further investment planned. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hospital services — insurance payers, Hospital services — self-pay and corporate patients, Hospital services — government schemes. Asset-heavy, owned-infrastructure multi-specialty hospital chain in active greenfield expansion.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 1,070 | 1,262 | 1,500 |
| EBITDA (ex other income) | 238 | 297 | 343 |
| margin % | 22.3 | 23.5 | 22.9 |
| Owners' profit | 0 | 193 | 194 |
| EPS, as reported (₹) | 28.65 | 29.47 | 29.59 |
| ROE % · ROCE % | 15.1 · 18.9 | 14.3 · 15.3 | 12.9 · 13.8 |
| Debt / equity (x) | 0.00 | 0.24 | 0.33 |
| Cash from operations | 115 | 253 | 268 |
| Capex | (85) | (321) | (502) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 323 | 321 | 327 | 348 | 394 | 365 | 388 | 411 |
| Profit before tax | 69 | 67 | 62 | 62 | 74 | 57 | 66 | 51 |
| Net profit | 52 | 53 | 45 | 44 | 57 | 42 | 49 | 38 |
| EPS (₹) | 7.86 | 8.01 | 6.84 | 6.69 | 8.75 | 6.49 | 7.66 | 5.72 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| APOLLO HOSPITALS ENTER. L | 1,12,042 | 53.6 | 11.23 | 29.6 | 20.1 | 16.6 | 19.0 | 16.2 |
| MAX HEALTHCARE INS LTD | 82,239 | 56.4 | 7.65 | 36.1 | 13.4 | 11.1 | 27.3 | 27.0 |
| FORTIS HEALTHCARE LTD | 55,603 | 53.1 | 5.47 | 27.5 | 10.5 | 9.7 | 17.8 | 22.0 |
| NARAYANA HRUDAYALAYA LTD. | 35,048 | 42.7 | 7.72 | 23.5 | 17.8 | 9.2 | 25.0 | 18.8 |
| ASTER DM QUALITY CARE LTD | 34,204 | 106.8 | 7.08 | 34.9 | 8.8 | 8.5 | (11.6) | 14.3 |
| GLOBAL HEALTH LIMITED | 33,865 | 60.9 | 8.50 | 34.4 | 13.9 | 13.5 | — | 23.7 |
| KRISHNA INST OF MED SCI L | 29,211 | 136.4 | 11.42 | 39.7 | 9.5 | 5.1 | 24.0 | 20.3 |
| DR AGARWALS HEALTH CARE L | 15,073 | 101.4 | 7.11 | 24.6 | 7.9 | 7.1 | — | 28.8 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.9 | 42.2 | 4 of 30 | 90% |
| P/B | 1.1 | 5.4 | 2 of 24 | 96% |
| ROCE | 12.3 | 10.9 | 12 of 30 | 62% |
| ROE | 12.9 | 11.8 | 11 of 24 | 57% |
| Debt / Equity | 0.3 | 0.2 | 18 of 24 | 26% |
| EBITDA margin | 21.9 | 22.0 | 13 of 24 | 48% |
| Revenue growth | 18.2 | 20.2 | 13 of 23 | 46% |
| Profit growth | (14.5) | 8.1 | 18 of 21 | 15% |
| Market cap | 1675 | 2481 | 17 of 30 | 45% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Audio link shared for Q2 and H1 FY27 analyst call | investor communications | low | — | — |
| 25 Oct 2026 · September 2026 results: H1 revenue up 52%, profit up 57% | compliance | minimal | — | — |
| 23 Oct 2026 · Q2 FY27 growth, Pune land purchase and 2,900-bed expansion plan | investor communications | medium | — | — |
| 23 Oct 2026 · Board approves Rs 150 crore South Pune land acquisition | strategic transactions | medium | — | — |
| 23 Oct 2026 · Holitti healthcare subsidiary and Rs 150 crore Pune land deal approved | strategic transactions | medium | — | — |
| 23 Oct 2026 · Q2 revenue up 11%, half-year profit up 21%; Rs150 crore land purchase | results | high | — | — |
| 19 Oct 2026 · Jupiter Hospital secures Rs 500 Cr term loan from HDFC Bank | credit debt | medium | — | — |
| 8 Oct 2026 · Earnings call set for Oct 26 to discuss Q2 and H1 FY27 results | board shareholder meetings | low | — | — |
| 8 Oct 2026 · Board meeting on Oct 23 to consider Q2/H1 FY26 results | results | low | — | — |
| 7 Oct 2026 · Routine SEBI demat compliance certificate for Q2 FY27 | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.