Jupiter Life Line Hospitals (JLHL IN) -Q2FY27 Result Update – Strong quarter; Dombivli unit near break-even – BUY
Published on 27 Oct 2026
JLHL’s Q2 consolidated EBITDA grew by 16% YoY to Rs 1.1bn; we est at INR 909mn. The EBITDA beat largely attributable to sharp reduction in Dombivli losses and seasonality. We expect Dombivli unit to further ramp up on improving occupancy and case mix. Base business growth should be driven by occupancy led operating leverage at Pune and Indore alongside inflation led pricing, While Thane growth is likely to remain largely price led and likely bed addition to extent of 30-40. JLHL’s operational efficiency has been strong in the competitive markets of MMR. The company reported revenue/EBITDA CAGR of ~20% over FY23-26. Given its expansion plans, scale-up in occupancy and improving margins, growth momentum is expected to sustain over the medium term. We believe strategic greenfield expansions in densely populated micro-markets of western regions will drive sustainable growth. Our FY28E and FY29E EBITDA broadly remain unchanged. Overall, we see 16% CAGR in EBITDA over FY26-28E. Maintain ‘BUY’ rating with a revised TP of INR 330/ share (earlier INR 360/share), valuing at 23x EV/EBITDA based on Sept FY28E EBITDA.
