Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Jupiter Life Line Hospitals Ltd (NSE: JLHL) Q4 2026 Earnings Call dated May. 18, 2026
Corporate Participants:
Ankit Thakker — Joint Managing Director and Chief Executive Officer
Analysts:
Unidentified Participant
Ashutosh Nemani — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Jupiter Lifeline Hospitals Limited Q4 and FY26 earnings call. This conference call may contain forward looking statements about the company which are based on the beliefs, opinions and expectations of the company as on the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes.
Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Dr. Ankit Thakkar, Joint Managing Director and CEO. Thank you. And over to you sir.
Ankit Thakker — Joint Managing Director and Chief Executive Officer
Good morning everyone. Thank you for joining us this Monday morning for Jupiter Hospital’s earnings call for the 2526 financial year. With me today are Shivasi Sen, our CFO Suma Operathy, our Company Secretary and Compliance Officer and Aditya Gupta, our Senior Vice President of Corporate Affairs. I hope you had a chance to go through the investor presentation and financials we uploaded on the exchanges and our website. Before I get into the numbers, I’d like to take you through the year. What we accomplished and where we are headed.
FY26 was in many ways a momentous year for us. The inauguration of Dombeivali in February marked the fulfillment of a commitment. It was the first Greenfield hospital we have launched since listing. We had set ourselves a target of commissioning it by Q1FY24. Sorry, Q1FY27 and I am very pleased that we beat that and opened ahead of schedule. To give you a sense of the scale, we built 750,000 square feet, the entire superstructure for 500 beds and completed fit outs for approximately 300 beds all in just over 24 months.
And we did it without any cost. Escalations on time, on budget, no surprises. The early response from doctors and the local community has been very encouraging. Accreditation and insurance impanelement processes are underway and we remain confident about achieving the year two break even that we guided to. Even as Dombeivali ramps up, our other projects are moving along well. Pune south is on track to open in calendar year 28 as we had committed, Mira Road has completed its architectural drawings and is undergoing regulatory clearances.
We expect excavation to begin by the end of the year. Domvivali, Pune south and Meera Road were all commitments we had made explicitly. BKC however is something a little different. BKC is one of the most prominent addresses in the country. Putting up a 400 bed quaternary care hospital on over 1 lakh square feet of land. There is not just another hospital. It’s a declaration that Jupiter is ready to compete at the very highest levels in India’s most consequential healthcare market. But we will build it the way we build everything else.
Patient centric, clinically efficient and with responsible capex. The goal from day one will be to earn the trust of patients who will have every option in the world available to them. With BKC in the pipeline, we are looking at approximately 1700 new beds in this expansion cycle taking our long term capacity to nearly 3,000 beds. That’s a network we believe will be genuinely differentiated and will cement our position as the leading hospital group in western India. We are not trying to just grow fast, we are trying to grow right.
Every project in our pipeline is Greenfield. Each one is designed as a full scale hub. Not a spoke, not a satellite, but a flagship facility in its own right. Every one of them is in a densely populated urban geography in Mumbai and Pune and we pretty much own all the real estate. This is an asset heavy model. By deliberate choice we believe owned infrastructure gives us the stability of operations for the long term value of what we are building across the four hospitals in this cycle from Domvivali all the way to BKC.
The 1700 beds will come up at an average cost of around 1.5 crores per bed. A quick word on the balance sheet before moving to the P and L numbers. We deployed around 500 crores in capex this year. Dombiwoli, BKC land payment, ongoing Pune and Mirador projects. And yet on a net basis we are still cash positive. The gross debt stood at around 500 crores while the cash on hand was around 545 crores. This has been possible because of the strong operating cash flows coming in from our hospitals in Thane, Pune and Indore.
Our current view is that the internal accruals over the next four odd years combined with debt at under three times EBITDA should be sufficient to fund everything that we have announced. Now to the numbers. Total income for FY26 is 1499.8 crores up 15.2%. Year on year EBITDA came in at 343.3 crores up 14.4% with margins at 22.9%. PAT for the full year was 194.2 crores. For the quarter the revenue was 387.8 crores up 15.1%. EBITDA 89.2 crores representing a 23% margin and the PAT was 50.2 crores up 11.5%.
Our POP grew 11.7% to 67,700. ALOS was 3.87 days and the bed occupancy for the three pre existing hospitals stood at 61.2%. Overall volumes were up 9.9% to 10.8 lakhs. With both OP and IP numbers reporting growth. The insurance revenues now make up 55.4% of our revenue mix while government stands at just 1%. Jupiter’s had a strong year. We remain focused on where we are going and excited about what lies ahead. Thank you and I’ll now be happy to take questions.
Operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question May Press Star N1 on the Touchstone telephone. If you wish to remove yourself from the question queue, you May Press Star N2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Kurpa Shah from AS Capital. Please go ahead.
Questions and Answers:
Unidentified Participant
Hello sir. Thank you for the opportunity. First question is. So could you please help us understand how the recently commissioned hospital is ramping up in terms of occupancy and revenue contribution and also by when we can expect some major insurance tariffs to be in the place.
Ankit Thakker
Good morning. So it’s still very early days to talk about occupancy and numbers. We are just about two months into operation. So it is, you know, the initial response, as I said from the patients and the doctors, quite eager to join the team has been quite good. The occupancy status we could probably meaningfully discuss in a quarter or two when we have had some time under the bed. The insurance tie ups typically get linked to the accreditation which means at least six months of operational data before you can proceed with that.
So we have started with the process of engaging both the accreditation NABH committees as well as the insurance but it is likely to happen between 6 to 12 months.
Unidentified Participant
Okay, got it from a second question. As the overall bed capacity increases from around 1200 bed currently to nearly 2900 bed over the next few years. How are we planning to manage the overall capex and funding requirement over the next five years?
Ankit Thakker
So our internal accruals that we generate over the next five years along with some debt as I said, with a currently self imposed ceiling of three times of ebitda, we believe that a combination of these two should take us over there.
Unidentified Participant
Thank you sir.
Ankit Thakker
Thank you.
Operator
Thank you. Before we take the next question, a reminder to all the participants. If you wish to ask a question, please press star N1. We will take our next question from the line of Amaya Chalkya from JM Financial. Please go ahead.
Ashutosh Nemani
Yeah, thank you for taking my question and congrats on the good number. So I have first question ankit on the device occupancy and RPAP for full year at least can be provided. That would be helpful.
Ankit Thakker
Hi Amex. So for Thane the occupancy has been around 75, Pune close to 65 and Indore between 45 and 50 because of the added capacity that we did last year.
Ashutosh Nemani
And going ahead apart from Domburg Lee for our base business, how should we look at it? Like Thane would be able to grow at 10% driven by little bit of mix as well as some bit of volumes or you think it would be lower than 10%?
Ankit Thakker
So Thane essentially should have inflation linked growth at the current capacity. Whatever the inflation number comes to Pune as I said, you know, still has headroom to grow in terms of capacity utilization as well. So Pune will have occupancy and inflation as a driver. Besides of course Indore which will have all the drivers.
Ashutosh Nemani
Right. So for the base business at least more than 10% growth should be possible. Right. For next two years.
Ankit Thakker
I mean, I mean in the current world situation I don’t want to take a guess of how inflation will play out but qualitatively that is what I want to tell you that inflation, Pune inflation and occupancy, indoor inflation, occupancy and case banks.
Ashutosh Nemani
Sure. And on the cost side what are the metrics? Should we watch out how the doctor Cost etc is evolving in each of these regions? Are you facing any competitive pressure in any of these region which we should keep in mind?
Ankit Thakker
On the cost side the only thing that I am watching out for very keenly is the depreciating rupee and the cost of capex. So that is kind of a national reality. So that is something if the situation does not come under goods and so to really balloon. But apart from that Nothing really to say in terms of doctor Costs. Some consumable costs again linked to global supply chain disruptions. Not meaningfully impacted yet. But those are some things on the cost side that we are watching out for.
Ashutosh Nemani
Sure. The last question I have is on the Mumbai asset. Like how we finalize the or the plan for how the capex and all would be funded etc.
Ankit Thakker
So qualitatively what I just said earlier, back of the envelope, three times of EBITDA and internal accruals over the next four, five years should take us through the line of everything including BKC and the other two projects. Detailed calculations of course we will do subsequently. Currently the land we are still. It has been allotted to us. We have paid some initial money but it is still in the regulatory clearance and repossession formalities are underway with mmrda. So once all of that happens we will sit down on the drawing board, figure out what the exact scope is before we can finalize specific capex numbers.
Ashutosh Nemani
So that 300 plus crore which was initial amount that has already been in our capex side for this year or something is left for next year.
Ankit Thakker
No. We have paid 25% of the land cost as per the condition.
Ashutosh Nemani
Okay. So remaining would be paid next year or it will also be in a staggered manner.
Ankit Thakker
It should be paid in this financial year. Everything will be paid in this financial year.
Ashutosh Nemani
So. So thank you so much. I will join. But.
Ankit Thakker
Thank you.
Operator
Thank you. Next question is from the line of Priya Kulkarni from PN Capital. Please go ahead.
Unidentified Participant
Hello sir. I’m audible.
Ankit Thakker
Yes.
Unidentified Participant
Yes, thanks. Thank you sir. For this opportunity I would like to ask a question on the Thane Hospital expansion. So could you please provide an update on the approval process for the additional floor? Also by when do you expect the approvals to come through and the expansion work to begin?
Ankit Thakker
So we have. The approval processes are underway. We have received some interim approvals but not final. That is, I have not specifically pointed it out. I can’t really predict regulatory timelines. But I think sometime in this financial year we should have the approvals with us. And once I have them I will be happy to inform everyone about the exact scope and scale of expansion.
Unidentified Participant
Understood. That answers my question. Thank you.
Ankit Thakker
Thank you.
Operator
Thank you. A reminder to all the participants. Anyone who wishes to ask a question may press star and 1. We will take our next question from the line of Gaurav Bhama from JM Financial. Please go ahead.
Unidentified Participant
Good morning. Am I audible?
Ankit Thakker
Yes, Gaurav.
Unidentified Participant
Yes, sir. Thank you for the opportunity. I had a small bookkeeping question. Actually the 9.4 crores from the domain that is completely baked in in the quarter four result, right?
Ankit Thakker
Yes.
Unidentified Participant
Okay. That’s all for my answer. Thank you.
Operator
Thank you. Participants, anyone who wishes to ask a question may press star N1. We will take our next question from the line of Hetvi Sanghvi from HH Investment. Please go ahead.
Unidentified Participant
Hi. Thank you for the opportunity. So I had question regarding the second phase of indoor expansion involving the addition of 111 beds. So by then and do we expect this phase to come operation.
Ankit Thakker
So HV, as I said the occupancy currently is just under 50%. Now once the occupancy crosses 60 or near 60 then we will think about the next phase of bed edition.
Unidentified Participant
Okay, noted. And another question I had was about RPOB. The ARP has increased from around 60,600 to 67,600 during the financial year. So could you help us understand what is driving this strong improvement? Is this largely because of better casements and specialty contribution or the pricing improvements also play a role?
Ankit Thakker
So it is combination of a couple of things in those maturing and improving in case mix and is definitely, you know adding to the R curve. And we have had couple of renewals from the insurance company which happened once in two years. So some price increase that has kicked in after a two year period as well. So a combination of some inflation, some inflationary price growth and.
Unidentified Participant
Got it. Thank you for answering.
Operator
Thank you. Participants, you may please press star and one to ask a question. Next question is from the line of Dikshan Gupta from Geojit pms. Please go ahead.
Unidentified Participant
Good morning sir and thank you. So I just wanted to know how what will be the EBITDA burn for down this year?
Ankit Thakker
So we have said between 2 to 3 crores a month on an average for the whole year.
Unidentified Participant
Yeah. And by the by Q1 of FY28 can we expect an EBITDA break even
Ankit Thakker
Around 20? Yeah. So end of two years we should expect an EBITDA break here.
Unidentified Participant
End of two years. So that would be Q4, FY28. Right.
Ankit Thakker
Two years of operations. 26. Calendar year 26 we have started. So calendar year end of. Yeah. 2728. You should expect it.
Unidentified Participant
Okay. Thank you so much.
Operator
Thank you. A reminder to all the participants. Anyone who wishes to ask a question may press star N1. Now. We will take our next question from the line of Karan Sharma from Sharma Securities. Please go ahead.
Unidentified Participant
Hello. Good morning sir.
Ankit Thakker
Good morning.
Unidentified Participant
So sir, I have one Question. So when is the next insurance renewal is lined up for all our existing hospital Kane Pune Indoor across.
Ankit Thakker
So this is an ongoing process and there are, you know, government insurances and multiple different private insurances. Each of them have their own cycles. So essentially every year there are a few, few contracts which are up from renewal. So there is no specific month or season in which all of them get renewed. It’s on a rolling day.
Unidentified Participant
Yes. You are saying something.
Ankit Thakker
I said it’s on a rolling basis. There is no specific date.
Unidentified Participant
Okay. So yeah. Thank you.
Ankit Thakker
Thank you.
Unidentified Participant
Thank you.
Operator
Thank you. As there are no further questions from the participants, I now hand the conference back to the management for closing comments. I’m sorry sir, we have questions. Can we take that?
Ankit Thakker
Yes, go ahead.
Operator
We will take our next question from the line of vanish from dsp. Please go ahead.
Unidentified Participant
Hi. Am I audible?
Ankit Thakker
Yes.
Unidentified Participant
So I actually wanted some qualitative direction on the indoor facility. I think in the last year. If I think about your subsidiary revenues, those are mainly from indoor. Except for the last quarter. The EBITDA as well seems to have seen a very strong ramp up. If you can just explain the levers going forward. I understand you’ve mentioned case mix occupancy, but a little more detail on the same.
Ankit Thakker
Dhwani, you managed to catch the important bits. Unfortunately, I don’t have too much more to say. Currently Indore is in its ramp up phase. The new beds that we added last year, last year have slowly started getting occupied and essentially that is what it is. The occupancy has to improve and the case makes, you know, over the next one or two years we still believe has a potential to improve a little more. Combined both these factors should, you know, take it to a near maturity state in the next two or three.
Next two or three years.
Unidentified Participant
Understood. And one more thing on the Doombabili asset is all doctor hiring and the fixed cost now in the base or will there be some additional costs coming in on the fixed side going forward?
Ankit Thakker
So there will be some additional definitely coming in though a large part of the team we have had in place for the launch. But it is team building is not a one time event. It will keep on happening for the next couple of years. You know, you will keep adding more and more doctors because it’s a large facility. So yeah, you should expect more fixed costs.
Unidentified Participant
Understood. Okay. Thank you so much.
Operator
Thank you. Next question is from the line of Anuj Keshab from A3 capital. Please go ahead.
Unidentified Participant
Hello, I’m audible.
Ankit Thakker
Yes.
Unidentified Participant
Yes sir. I wanted to know as we are in MMR region so what is the percentage of revenue we drive from the foreign patients?
Ankit Thakker
Very little. We have very little reliance on international medical tourism. We predominantly our model is catering to local residential communities and all our hospitals are designed such that the capacity is sufficient to cater to the immediate 45 minute driving distance community. So yeah we don’t have too much of reliance on foreign medical tourism.
Unidentified Participant
One more forward looking question I have is like the central government is taking the initiative like to just to bring in more foreign patients into the, into our systems and so do Jupiter as an hospital chain is focusing on that, that very thing like what the government is trying to do.
Ankit Thakker
So personally from an organizational standpoint no we are not very focused on international medical will do this but
Unidentified Participant
And so just add on to it sir, like is it margin accretive like the intellectual tourism? There’s the medical tourism
Ankit Thakker
I mean depends on your individual P and L as far as we are concerned most of the facilities have enough local demand and we don’t find it very margin accretive or we don’t find the need to focus on international. We’d rather focus on domestic and local.
Unidentified Participant
Thank you sir. Thank you.
Operator
Thank you. That was the last question for today. I now hand the conference over to the management for closing comments. Thank you.
Ankit Thakker
Thank you everyone for joining us today on this call. If you have any further questions that I was not able to answer please feel free to get in touch with us through sga, our investment relations advisors. Thank you.
Operator
Thank you very much on behalf of Jupiter Lifeline Hospitals Ltd. That concludes this conference. Thank you all for joining us today and you may now disconnect your lines.