Jupiter Life Line Hospitals Limited (JLHL)
Micro CapPharma stocks · Micro cap · NSE
Jupiter Life Line Hospitals Limited (JLHL) operates a chain of multi-specialty quaternary care hospitals in Western India, with facilities in MMR, Pune, and Indore. The company recently operationalized its Dombivli hospital and acquired land for a new 400-bed hospital in BKC, aiming to expand its bed capacity to 2,900.
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.
Weak fundamentals, management trust is acceptable, price trend argues for patience, 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 30 Jun 2026
Bad · 2/100PAT -14% YoY · margin compression · Rev +16% YoY · +6% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹411 Cr | +16.4% | +5.9% |
| EBITDA | ₹79 Cr | +1.3% | -11.2% |
| Operating margin | 19.0% | -300 bps | -400 bps |
| PAT | ₹38 Cr | -13.6% | -24.0% |
| PAT margin | 9.3% | -321 bps | -364 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
JLHL reports 15.2% YoY total income growth in FY26, but PAT growth was minimal at 0.2% YoY due to initial losses from the new Dombivli hospital, higher depreciation, increased finance costs, and new labor code changes.
While top-line growth remains robust, profitability is under stress due to significant investments in new capacity. The operationalization of Dombivli hospital ahead of schedule impacted Q4 and FY26 financials with initial losses and higher depreciation. The company's aggressive expansion strategy requires close monitoring of ramp-up timelines and debt levels.
Payor Mix (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Bed Capacity Expansion
Company is scaling bed capacity to 2,900, with 1,700 beds added post-IPO at an average cost/bed of ~Rs 1.5 Cr (including land cost).
Strategic Land Bank
Acquisition of land at BKC for a 400-bed hospital and existing land bank in high-demand micro markets support future growth.
Phased Commissioning
Strategy of phased commissioning for new projects like Dombivli and Pune II aims to optimize capital deployment.
Operating Leverage
Management expects strong operating leverage from consolidated scale as new hospitals ramp up.
Dombivli Hospital
Operationalized on Feb 25, 2026, ahead of Q1 FY27 schedule. Phase I has 300 beds fit-out, 200 beds operational, with civil construction for 500 beds completed. Capex ~Rs 425 Cr.
BKC Hospital
Land acquired for a 400-bed multispecialty quaternary care hospital. Land cost Rs 354 Cr for an 80-year lease. Project in documentation & registration phase.
Pune II Hospital
A 500-bed greenfield project is currently under construction.
Mira - Bhayandar Hospital
A 300-bed project is at the conceptualization and planning stage.
Ahead-of-Schedule Project Delivery
Dombivli hospital was operationalized before its scheduled launch date of Q1 FY27, demonstrating execution capability.
Strong Location for New Projects
BKC hospital site is strategically located, with over 2/3 of Mumbai's population within a 45-minute drive, adjacent to Bullet Train station.
Initial Ramp-up Losses
Q4 financials were impacted by Rs 9.4 Cr opex losses from Dombivli hospital during its initial ramp-up phase.
Higher Depreciation
Depreciation expense increased following the commercialization of the Dombivli hospital, impacting profitability.
Increased Finance Costs
Finance costs increased YoY due to higher gross debt levels undertaken to fund ongoing capital expenditure.
New Labour Code Impact
PAT was impacted due to statutory changes from new labour codes.
Execution Risk for New Projects
Large-scale expansion projects (Pune II, Mira-Bhayandar, BKC) carry risks of time and cost overruns.
Ramp-up of New Hospitals
New hospitals like Dombivli will incur initial operational losses and higher depreciation, impacting near-term profitability until full utilization.
Increased Debt Levels
Gross debt has increased to fund ongoing capex, leading to higher finance costs and potential balance sheet strain.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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 full-year performance and growth trends. QoQ comparison is relevant for Q4FY26 to understand the immediate impact of the Dombivli hospital's operationalization on sequential profitability and costs.
Total Income
Total Income grew 15.2% YoY to Rs 1,499.8 Cr in FY26 (vs Rs 1,302.4 Cr in FY25). Q4FY26 Total Income grew 15.1% YoY to Rs 387.8 Cr.
EBITDA
EBITDA grew 14.4% YoY to Rs 343.3 Cr in FY26 (vs Rs 300.1 Cr in FY25). Q4FY26 EBITDA grew 12.3% YoY to Rs 89.2 Cr.
EBITDA Margin
EBITDA Margin was 22.9% in FY26 (vs 23.0% in FY25). Q4FY26 EBITDA Margin was 23.0% (vs 23.6% in Q4FY25).
PAT
PAT grew 0.2% YoY to Rs 194.2 Cr in FY26 (vs Rs 193.8 Cr in FY25). Q4FY26 PAT grew 11.5% YoY to Rs 50.2 Cr.
Landmark Year for Expansion
Management states FY26 was a landmark year with BKC land acquisition and Dombivli hospital operationalization.
Western India Leadership
Operationalizing Dombivli cements leadership in Western India with four hospitals in MMR, two in Pune, and one in Indore.
Existing Hospital Performance
Thane, Pune, and Indore hospitals are performing on expected lines, and Pune South construction is progressing on schedule.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Dombivli Hospital Ramp-up | 200 beds operational, 300 beds fit-out completed. | Progress in operationalizing remaining fit-out beds and achieving higher occupancy rates to mitigate initial losses. |
| Pune South Construction | Progressing on schedule. | Timely completion and commissioning of the 500-bed Pune II project without significant cost overruns. |
| BKC Hospital Development | Land acquired, documentation & registration phase. | Progress in planning, regulatory approvals, and commencement of construction for the 400-bed facility. |
| Debt Levels and Finance Costs | Gross debt increased to Rs 500.9 Cr (non-current) and Rs 7.6 Cr (current) in Mar-26. | Management of debt and finance costs as capex continues, and impact on overall profitability. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
40Neutralfull bear SMA stack · SMA20 -64.8% / mo · RSI oversold · MACD + · near 52W low · sector +2.2pp vs Nifty (3M)
Technical chart
JLHLdaily · 1Y · AUTO-78.0%Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 15. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~184.2% over last month) — short-term momentum negative.
- RSI(14) at 15 — oversold zone; bounce conditions.
- MACD above signal but histogram contracting — bullish momentum cooling.
- Within 5% of 52-week low — testing support.
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
U-Score 39 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 39 · WATCHLIST · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
WATCHLISTWhy 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 -11.3%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 2/20; 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
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
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 63rd percentile of the scored universe and 50th percentile within Pharma. Main check: cash conversion is weak at 55/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: ROCE trend is -3.5%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Pharma: 50th pctile, median 70 · Micro: 43rd pctile, median 73
52 documents have extracted text, 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.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸OPM spread across recent quarters is 5%.
Trust risks
- ▸ROCE trend is -3.5%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 49.10
- P/B
- 6.07
- EV/EBITDA
- 22.83
- Market Cap
- 9391.00Cr
Profitability
- ROE
- 13.10%
- ROCE
- 14.80%
- ROA
- 7.96%
- Dividend Y
- 0.07%
Growth (CAGR)
- Revenue 5Y
- 25.00%
- EPS 5Y
- 143.00%
- Revenue 3Y
- 19.00%
- EPS 3Y
- 37.00%
Balance Sheet
- Debt/Equity
- 0.38
- Interest Coverage
- 9.30×
- Altman Z
- 8.25
- Book Value
- 47.10
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 3/5
- OCF
- 268.00 Cr
- EPS TTM
- 5.72
Shareholding
- Promoter Hold
- 40.91%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 51%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
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Peers
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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.