Jupiter Life Line Hospitals (JLHL IN) – Q3FY26 Result Update – In-line quarter; Dombivli to commence in Q4 – BUY
Published on 03 Feb 2026
JLHL’s Q3 consolidated EBITDA adjusted for one offs grew by 12% YoY to Rs 850mn; in line with our estimates. Its operational efficiency has been strong in the competitive markets of MMR. The company reported revenue/EBITDA CAGR of 20%/25% over FY22-25. 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 FY27E and FY28E EBITDA stands reduced by 9-10% as we factor in lower occupancy across existing units. Overall, we see 15%/15% CAGR in EBITDA/PAT over FY26-28E with healthy return ratios of ~15%. Maintain ‘BUY’ rating with a TP of Rs1,600/share, valuing at 23x EV/EBITDA based on FY28E EBITDA.
