Jupiter Life Line Hospitals (JLHL IN) – Company Update – Dombivli to emerge as the next growth engine – BUY
Published on 10 Mar 2026
We remain constructive on Jupiter Life Line Hospitals (JLHL) following our recent Dombivli hospital visit, with strong visibility on occupancy ramp-up and scalable capacity expansion. The recently operationalized Dombivli facility, along with steady growth in the base business, should support gradual improvement in revenues and operating leverage over the medium term. Additionally, the company remains on track to commercialize its upcoming greenfield hospital in the Pune South market by CY28, followed by the Mira–Bhayandar project by CY29. These expansions, along with ramp-up at existing facilities, are expected to strengthen JLHL’s presence across high-density micro-markets in western India and provide multi-year growth visibility. Overall, we see 15%/15% CAGR in EBITDA/PAT over FY26-28E with healthy return ratios. Maintain ‘BUY’ rating with a TP of Rs1,600/share, valuing at 23x EV/EBITDA based on FY28E EBITDA.
