Jupiter Life Line Hospitals (JLHL) Q2 26/27 earnings summary

Executive summary

• Q2FY27 total income was INR 456.5 crore (+16.0% YoY), EBITDA INR 106.9 crore (+15.9%) and PAT INR 56.359 crore (-1.7%).

• H1FY27 total income was INR 867.479 crore (+16.2% YoY), EBITDA INR 186.2 crore (+9.1%) and PAT INR 93.871 crore (-7.4%).

• Existing hospitals performed in line with expectations; Dombivli's Q2 EBITDA loss narrowed to INR 0.2 crore from INR 9.5 crore in Q1, while its H1 loss was INR 9.7 crore.

• Bed capacity is planned to expand from 1,700 to 2,900; Pune South construction is on schedule and its land acquisition was approved.

Financial highlights

• Q2FY27 revenue from operations was INR 436.3 crore (+15.8% YoY); total income was INR 456.5 crore (+16.0%), EBITDA INR 106.9 crore, PBT INR 75.1 crore and PAT INR 56.4 crore.

• H1FY27 revenue from operations was INR 828.8 crore (+16.0% YoY); total income was INR 867.5 crore (+16.2%), PBT INR 125.7 crore (-7.6%) and PAT INR 93.9 crore (-7.4%).

• H1 operating cash flow was INR 136.1 crore versus INR 130.2 crore; investing outflow was INR 176.3 crore and financing inflow INR 28.4 crore.

• Standalone Q2 revenue was INR 364.597 crore and net profit INR 51.454 crore; H1 revenue was INR 693.082 crore and net profit INR 88.643 crore.

Outlook and guidance

• Planned projects target 2,900 beds: Pune II (500 beds, CY28), Mira-Bhayandar (300 beds, CY29) and BKC (400 beds, CY31).

• Dombivli is commissioning in phases, with ~200 beds operational and fit-outs completed for another 100; transplants are expected to start in the next couple of quarters and radiation oncology in the next quarter.

• Management expects new hospitals to face budgeted EBITDA drag for roughly two years and will reassess Dombivli expectations after 1–2 quarters; its case mix and ARPOB are expected to mature over 2–3 years.

• Indore bed additions are not expected for the next couple of quarters; occupancy needs to reach the mid-60s from the current mid-to-high-50s before expansion.

• Dombivli occupancy was in the mid-30s; insurance empanelment is ongoing and typically takes about a year, with improved local access expected after completion.