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 200 beds operational initially and full operations set for mid-February 2026; OPD services to start in early February 2026.

• Pune South project construction has started, Mira Road is under regulatory approval, and Bibwewadi (Pune) is in early construction with minimal CapEx so far.

• Existing hospitals show steady operating momentum, with no major operational surprises except for a one-time labor code impact.

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 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 PAT: INR 143.9 crore, down 3.1% year-over-year, also impacted by labor code changes.

• Q3 ARPOB: INR 68,000; 9M ARPOB: INR 66,800; 9M ALOS: 3.85 days; 9M occupancy: 61.9% to 67.5%.

Outlook and guidance

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

• Consolidated margins will face a drag due to Dombivli's ramp-up; mature hospitals expected to maintain stable margins, while Indore should see incremental margin improvement.

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

• Total bed capacity expected to increase from 1,048 to approximately 2,500 with upcoming projects.