JSLL
Micro CapJeena Sikho Lifecare Limited
Pharma
Jeena Sikho Lifecare Limited (JSLL) is an Indian Ayurveda healthcare service provider and product manufacturer. It operates hospitals and clinics through a hub-and-spoke model, offering holistic treatments and a portfolio of 330+ Ayurveda medicines. The company emphasizes a capital-light model and natural wellness.
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.
Investable fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is weak.
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
Excellent · 90/100Rev +55% YoY · PAT +80% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹216 Cr | +55.4% | -2.7% |
| EBITDA | ₹78 Cr | +69.6% | -22.8% |
| Operating margin | 36.0% | +300 bps | -900 bps |
| PAT | ₹45 Cr | +80.0% | -32.8% |
| PAT margin | 20.8% | +284 bps | -935 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
JSLL reported strong FY26 revenue growth of 71% YoY to INR 80,135 lakhs, with EBITDA margins improving to 44%. Q4 FY26 revenue grew 55% YoY, but EBITDA margins moderated QoQ to 36% due to one-off provisions and performance-linked bonuses.
The company demonstrated robust annual growth in both services and products, driven by patient volumes and expanding reach. While Q4 margins saw sequential moderation due to specific provisions, the underlying operational leverage and asset utilization improved significantly for FY26, supporting the long-term growth narrative.
Revenue by Vertical (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Expanding Service Reach
Total bed capacity increased to 2,861, with 2,300 beds currently operational, enhancing regional penetration.
Patient Volume Growth
IPD volumes grew 65% and OPD volumes grew 69% in FY26, driven by rising awareness of Ayurveda.
Product Diversification
Ayurveda Healthcare Products business maintained strong momentum, growing 93% in Q4, benefiting from product diversification.
Capital-light Business Model
Low CAPEX per bed (INR 3-4 lakh for 100-bed facility) and mix of own & franchise assets enable rapid scaling.
Operational Beds
2,300 beds currently operational, with 561 beds recently added.
Total Bed Capacity
Increased to 2,861 total beds.
Beds in Pipeline
445 beds in pipeline across 5 facilities.
Active Operational Centres
119 active operational centres (61 hospitals, 58 clinics & day care centres).
Rising Ayurveda Acceptance
Continued rise in awareness and acceptance of Ayurvedic healthcare solutions across India is strengthening demand visibility.
Government Empanelment
Empanelled for treatment of government employees of UP, Bihar, Haryana, Punjab, CGHS, CAPF, ECHS, and other entities.
Health Card Initiative
Launched Jeena Sikho Health Card to enhance patient loyalty through referral benefits and diagnostic discounts.
QoQ Margin Moderation
Q4 FY26 EBITDA margins moderated sequentially due to higher provisioning for labor code amendments, ESOP, and performance-linked bonuses.
One-off Provisions
Reported margins affected by one-off employee-related provisions (~INR 7 Cr), one-time ECL provision (~INR 5 Cr), and Ind AS transition adjustments (~INR 9 Cr).
Execution Risk for Expansion
Rapid expansion of operational centers and bed capacity requires efficient management and sustained patient inflow to maintain utilization and profitability.
Regulatory Changes
Changes in labor codes or accounting standards could lead to one-off provisions impacting short-term profitability, as seen in Q4 FY26.
Competition in Wellness Sector
The growing wellness market may attract more players, potentially increasing competition for patients and talent.
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.
Annual (YoY) comparison is crucial for assessing overall business expansion and the impact of new capacity. Quarterly (QoQ) comparison is relevant for tracking sequential momentum in patient volumes, operational efficiency, and the impact of one-off provisions on profitability.
Revenue from Operations (FY26)
INR 80,135 lakhs, up 71% YoY.
EBITDA Margin (FY26)
44%, up 1400 bps YoY from 30% in FY25.
EBITDA Margin (Q4 FY26)
36%, down 930 BPS QoQ from 45% in Q3 FY26, but up 331 BPS YoY from 33% in Q4 FY25.
Ayurveda Healthcare Services Revenue (FY26)
Increased by 52%.
Sustained Growth Momentum
Jeena Sikho continued its growth momentum in Q4 FY26, delivering strong operational and financial performance across both verticals.
Improved Profitability Drivers
FY26 EBITDA margins improved to 44% reflecting operating leverage, improved asset utilization, and increasing scalability.
Robust Expansion Pipeline
Expansion pipeline remains robust, with bed additions expected to enhance capacity and support sustained volume-led growth.
Shareholder Returns
Board recommended a final dividend of Rs. 4.50 per equity share for FY26, reflecting confidence and focus on rewarding shareholders.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 36% (Q4 FY26) | Sustained improvement and stability, especially after one-off provisions. |
| Operational Bed Occupancy | 2,300 operational beds out of 2,861 total beds. | Monitor occupancy rates and ramp-up of newly added beds to ensure efficient asset utilization. |
| New Product Launches | Pet Yakrit Pleeha Shuddhi Kit launched; Plant Based Protein Powder, Gyno Syrup, Joint Pain Oil, Ointment, Balm, Tablets upcoming. | Track success and contribution of new product categories to overall revenue and margins. |
| Health Card Adoption | Program in trial phase with encouraging early response. | Assess the long-term impact of the Jeena Sikho Health Card on patient loyalty and repeat business. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
44NeutralSMA20 -3.8% / mo
Technical chart
JSLLweekly · 6M-15.1%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 46.
- RSI(14) at 46 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 26% off 52W high · 22% 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
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 18.8%.
- Quality contributes 20/20 to the score.
Main drags
- Valuation is weaker at 4/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; 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.
Mixed Trust: Claim history is still being built. It ranks around the 57th percentile of the scored universe and 45th percentile within Pharma. Main check: cash conversion is weak at 43/100.
Healthy Trust Lite: Promoter holding is 63.6%. Key concern: Only 0 years of positive FCF.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Pharma: 45th pctile, median 70 · Micro: 40th 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
Mixed 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 holding is 63.6%.
- ▸Promoter pledge is zero.
Trust risks
- ▸Only 0 years of positive FCF.
- ▸OPM spread across recent quarters is 22%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 34.50
- P/B
- 16.33
- EV/EBITDA
- 19.57
- Market Cap
- 7644.00Cr
Profitability
- ROE
- 61.30%
- ROCE
- 64.10%
- ROA
- 32.94%
- Dividend Y
- 0.18%
Growth (CAGR)
- Revenue 5Y
- 75.97%
- EPS 5Y
- 172.26%
- Revenue 3Y
- 58.00%
- EPS 3Y
- 88.00%
Balance Sheet
- Debt/Equity
- 0.27
- Interest Coverage
- 26.85×
- Altman Z
- 10.01
- Book Value
- 37.60
Cash Flow
- FCF Yield
- 0.68%
- FCF Positive Y
- 2/5
- OCF
- 254.00 Cr
- EPS TTM
- 17.85
Shareholding
- Promoter Hold
- 63.62%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 48%
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.