Jupiter Life Line Hospitals (JLHL IN) – Q4FY26 Result Update – Strong growth ex Dombivli unit – BUY
Published on 19 May 2026
JLHL’s Q4 consolidated EBITDA grew by 12% YoY to Rs 892mn; in line with our estimates. Adjusted for Dombivli unit loss; EBITDA growth was strong at 24% YoY. Its 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 FY27E and FY28E EBITDA stands marginally increased by 3-4% as we factor in faster occupancy ramp up in Dombivli unit. Overall, we see 17%/10% CAGR in EBITDA/PAT over FY26-28E. Maintain ‘BUY’ rating with a TP of Rs1,600/share, valuing at 23x EV/EBITDA based on FY28E EBITDA.
