JLHL
Micro CapJupiter Life Line Hospitals Limited
Pharma
Jupiter Life Line Hospitals Limited operates a chain of multi-specialty quaternary care hospitals in Western India, with facilities in MMR, Pune, and Indore. The company focuses on expanding its bed capacity and strengthening its regional leadership through strategic land acquisitions and phased commissioning.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is acceptable, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 52/100margin compression · Rev +15% YoY · PAT +11% YoY · +6% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹388 Cr | +15.1% | +6.3% |
| EBITDA | ₹89 Cr | +11.3% | +7.2% |
| Operating margin | 23.0% | -100 bps | +0 bps |
| PAT | ₹50 Cr | +11.1% | +19.1% |
| PAT margin | 12.9% | -46 bps | +138 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FY26 revenue grew 15.3% YoY to Rs 1,435.6 Cr, with PAT up marginally by 0.2% to Rs 194.2 Cr. Q4FY26 revenue increased 15.1% YoY. Initial operational losses and higher depreciation from the newly commissioned Dombivli hospital impacted Q4 and FY26 profitability.
While the company achieved significant strategic milestones with new hospital commissioning and land acquisition, the immediate financial impact from ramp-up losses, increased depreciation, and higher finance costs has pressured short-term profitability. The thesis is under stress as the benefits of expansion are yet to materialize fully.
Payor Mix (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Strategic Expansion in Western India
Company is expanding its bed capacity to 2,900 across MMR, Pune, and Indore, cementing leadership in Western India.
New Hospital Commissioning
Operationalization of Dombivli hospital and ongoing projects in Pune II, Mira-Bhayandar, and BKC drive future growth.
Strategic Land Bank
Acquisition of land at BKC for a 400-bed hospital in a high-demand micro market positions for future growth.
Dombivli Hospital
500-bed capacity, 200 beds operationalized on Feb 25, 2026, ahead of Q1 FY27 schedule. Fit-outs completed for an additional 100 beds.
BKC Hospital
400-bed multispecialty quaternary care hospital. Land acquired (1,07,923 sq. ft.) for 80-year lease. Currently in documentation & registration phase.
Pune II Hospital
500-bed greenfield project currently under construction.
Mira-Bhayandar Hospital
300-bed project currently at the conceptualization and planning stage.
High-Demand Micro Markets
Strategic land bank in high-demand micro markets supports future expansion and patient volumes.
Initial Ramp-up Losses
Dombivli hospital incurred an operational loss of Rs 9.4 Cr during its initial ramp-up phase, impacting EBITDA.
Higher Depreciation
Depreciation expense increased significantly YoY (Rs 87.6 Cr vs Rs 57.1 Cr) following the commercialization of Dombivli hospital.
Increased Finance Costs
Finance costs rose YoY (Rs 32.7 Cr vs Rs 10.7 Cr) due to an increase in gross debt for ongoing capital expenditure.
New Labour Code Changes
PAT was impacted by the statutory impact of new labour code changes.
Profitability Drag from New Hospitals
New hospitals like Dombivli will incur initial operational losses and higher depreciation, impacting consolidated profitability during ramp-up.
Rising Debt and Finance Costs
Increased gross debt to fund ongoing capex leads to higher finance costs, which could pressure net earnings.
Execution Risk of Greenfield Projects
Large-scale greenfield projects (Pune II, Mira-Bhayandar, BKC) carry risks of time and cost overruns.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is essential for assessing annual growth and overall financial health in a capital-intensive business like hospitals. QoQ comparison is useful to track sequential momentum, especially with new capacity additions and their ramp-up impact on profitability.
Revenue from Operations
FY26: Rs 1,435.6 Cr (15.3% YoY); Q4FY26: Rs 371.7 Cr (15.1% YoY, 6.5% QoQ)
EBITDA
FY26: Rs 343.3 Cr (14.4% YoY); Q4FY26: Rs 89.2 Cr (12.3% YoY, 7.0% QoQ)
EBITDA Margin
FY26: 22.9% (vs FY25: 23.0%); Q4FY26: 23.0% (vs Q4FY25: 23.6%, Q3FY26: 22.8%)
PAT
FY26: Rs 194.2 Cr (0.2% YoY); Q4FY26: Rs 50.2 Cr (11.5% YoY, 18.2% QoQ)
Landmark Year for Expansion
Management states FY26 was a landmark year with BKC land acquisition and Dombivli hospital operationalization ahead of schedule.
Existing Hospitals Performing as Expected
Thane, Pune, and Indore hospitals are performing on expected lines, and Pune South construction is progressing on schedule.
Phased Commissioning Strategy
Company plans phased commissioning to optimize capital deployment and leverage operating scale.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Dombivli Hospital Ramp-up | 200 beds operational, 100 fit-outs completed, incurred Rs 9.4 Cr operational loss in Q4FY26. | Improvement in occupancy rates and reduction in operational losses as more beds become active and patient volumes grow. |
| Occupancy Rate (Excluding New Hospitals) | FY26 average occupancy rate was 61.2%, but 62.3% excluding Dombivli Hospital. | Sustained or improving occupancy rates in mature hospitals, indicating stable demand and operational efficiency. |
| Progress of Greenfield Projects | Pune II under construction, Mira-Bhayandar in planning, BKC in documentation. | Adherence to commissioning timelines and capex budgets for Pune II, Mira-Bhayandar, and BKC hospitals. |
| Gross Debt Levels and Finance Costs | Gross debt increased for capex, leading to higher finance costs (Rs 32.7 Cr in FY26). | Management's ability to manage debt levels and finance costs effectively as new projects come online and generate cash flows. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
47NeutralSMA20 -1.5% / mo
Technical chart
JLHLdaily · 3Y-11.2%Technical trend read
Bullish setupTrend is constructive — long-term trend unclear. RSI 59.
- SMA20 rising (~5.0% over last month) — short-term momentum positive.
- RSI(14) at 59 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 12% off 52W high · 13% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Growth contributes 21/25 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Fair-value margin of safety is negative at -8.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 8/20; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 73rd percentile of the scored universe and 64th percentile within Pharma. Main check: financial discipline is weak at 58/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: ROCE trend is -2.9%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 64th pctile, median 70 · Micro: 60th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸4 years of positive FCF.
- ▸8/8 recent quarters had positive YoY revenue growth.
- ▸OPM spread across recent quarters is 2%.
Trust risks
- ▸ROCE trend is -2.9%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 44.20
- P/B
- 5.65
- EV/EBITDA
- 21.62
- Market Cap
- 8734.00Cr
Profitability
- ROE
- 13.60%
- ROCE
- 15.40%
- ROA
- 8.14%
- Dividend Y
- 0.08%
Growth (CAGR)
- Revenue 5Y
- 25.00%
- EPS 5Y
- 145.00%
- Revenue 3Y
- 19.00%
- EPS 3Y
- 39.00%
Balance Sheet
- Debt/Equity
- 0.38
- Interest Coverage
- 10.39×
- Altman Z
- 8.21
- Book Value
- 236.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 4/5
- OCF
- 268.00 Cr
- EPS TTM
- 29.59
Shareholding
- Promoter Hold
- 40.91%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 38%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.