Jupiter Life Line Hospitals (JLHL) Q3 25/26 earnings summary

Executive summary

• Dombivli hospital, a 500-bed facility, was completed ahead of schedule and on budget, with phased operational ramp-up starting at 200 beds and OPD services to begin in early February 2026; full operations expected by mid-February 2026.

• Pune South project construction has begun, Mira Road project is under regulatory approval, and Bibwewadi (Pune) is in early construction stages; total bed capacity is expected to increase from 1,048 to approximately 2,500 with upcoming projects.

• Existing hospitals continue steady operations, with no major surprises except for a one-time labor code impact.

• Consolidated revenue from operations for Q3 FY26 was ₹3,653.67 million, up from ₹3,328.07 million in Q3 FY25; nine-month revenue reached ₹11,119.49 million, up from ₹9,657.41 million year-over-year.

• Net profit for Q3 FY26 stood at ₹424.98 million, compared to ₹522.16 million in Q3 FY25; nine-month net profit was ₹1,439.20 million, down from ₹1,484.72 million year-over-year.

Financial highlights

• Q3 FY26 total income: INR 366.5 crore, up 9.8% year-over-year; EBITDA: INR 83.4 crore, up 9.2% year-over-year; EBITDA margin: 22.8%.

• Q3 FY26 PAT: INR 42.5 crore, down 18.7% year-over-year, impacted by a one-time labor code provision of INR 6.4 crore.

• 9M FY26 total income: INR 1,111.9 crore, up 15.1% year-over-year; EBITDA: INR 254 crore, up 15.2% year-over-year; EBITDA margin: 22.8%.

• 9M FY26 PAT: INR 143.9 crore, down from INR 148.5 crore in 9M FY25, also impacted by labor code changes.

• Q3 ARPOB: INR 68,000; 9M ARPOB: INR 66,800; 9M ALOS: 3.85 days; 9M average occupancy: 67.5%.

Outlook and guidance

• Dombivli hospital expected to be EBITDA-negative for 1-2 years, with break-even anticipated by end of year 2.

• Consolidated margins will face drag from Dombivli for the next two years; mature hospitals expected to maintain margins, Indore to see incremental margin improvement.

• ARPOB for mature hospitals expected to grow in line with inflation; new hospitals to see faster ARPOB growth in early years.

• Pune South and Mira-Bhayandar projects are on track for CY28 and CY29, respectively.

• The group continues to monitor regulatory developments regarding the new labour codes and will adjust accounting as needed.