Jupiter Life Line Hospitals Ltd (NSE: JLHL) Q1 2026 Earnings Call dated Aug. 04, 2025
Corporate Participants:
Unidentified Speaker
Ankit Thakker — Joint Managing Director and Chief Executive Officer
Analysts:
Unidentified Participant
Nancy Yadav — Analyst
Amey Chalke — Analyst
AbdulKader Puranwala — Analyst
Neil — Analyst
Karan Mehra — Analyst
Anjana Shah — Analyst
Parth Singhal — Analyst
Saurabh Bhole — Analyst
Dheeresh — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Jupiter Lifeline Hospital’s Q1FY26 earnings conference call. A brief disclaimer 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 this conference call, please signal an operator by pressing Star then zero on a Touchstone phone.
Please note that this call is being recorded with this. 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. I thank you for joining us on our earnings call to discuss the business and financial performance of Q1FY26. I hope you all had a chance to view our financial results and investor presentation which were uploaded on the company. Website and the stock exchanges. I’m accompanied by our Chief of business and strategy Mr. Anand Apte, our chief financial officer, Mr. Sivasi, senior head of finance, Mr. Nitin Patodi, our company secretary and compliance officer Ms. Suma Upadathy and. SGA, our IR advisers. On this call. It’s been a rather uneventful quarter with no significant updates to give this time. Progress of all three greenfield units, that is Dumbiwali, the second, Pune Hospital and Mira Road are as per the previous updates in this quarter, we have commissioned a new solar power plant of 1.2 megawatts in Madhya Pradesh. This adds to our existing wind energy capacity taking our total renewable energy installed. Base to 6.8 megawatts. These investments will not only offset our carbon footprint but will also help us in reduction of power costs for the. Company over their life cycle. Before beginning with the financial results for the quarter, I wanted to inform everyone about the increased depreciation and finance costs that we have reported in Q1 of this year. Compared to last year, the same trend is expected to continue for the rest of the financial year as well. The CapEx incurred in the last year, including the 100 new census beds, the new OTs, biomedical enhancements I.e. the surgical robos, MRIs, Cat Labs, etc. Have increased the depreciation load by over 10 crores this quarter compared to the same period last year. The new debt has also contributed to some higher finance cost that we have.
Reported in our pnl. Therefore, for the entire financial year while the EBITDA margins are likely to be preserved. But the gap between PAT and EBITDA is expected to widen leading to lower. PAT margins this year. The total income stood at 347.6 crore. In Q1 of this year. That is a 20.5% increase year on year. This includes the 6.6 crore consolidated net income from the Jupiter Pharmacy as well. The EBITDA stood at 78.1 crores this quarter increased by 19.6% year on year. The margin represented is 22.5%. PAT was 43.9% in this quarter, a decrease of 1.6%. Year on year the PAT margin is 12.6%. The RPOB was 67,300 in this quarter and the ALOS was 3.78 days. The average occupancy rate was 60.1% in Q1 of 26 compared to 63.9% last year. This is a dilution in relative terms because of the increase in census beds last year.
In absolute terms the occupancy is higher by about 5% compared to last year. The overall patient volume also has increased by 11.7% to 2.6 odd lakhs in. The first quarter of this year. The payer mix is 56.3% for insurance 42.3% for self payers and government schemes around 1.4%. So this is the update from me and I’m happy to take questions. Thank you.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles. The first question comes from the line of Nancy Adav from Aligro. Please go ahead.
Nancy Yadav
Hi, am I audible?
operator
Yes.
Ankit Thakker
Hi Nancy.
Nancy Yadav
Thank you for the opportunity. Sir, I just want net debt number.
Ankit Thakker
Net debt is still zero. The total debt is 325 crores and the cash position is something in the. Zip code of 600 crores. So we are net cash of 275.
Nancy Yadav
All right, understood. And so also could you give some background about the locations in which you are setting up the new. Like if you could, you know, explain a little bit more about Bhridaywari and culture and the logic behind that. Because in Vidiwari we also have Sayadri. So how does the competitive landscape look and what’s the rationale behind the geography?
Ankit Thakker
So we are doing three Greenfield hospitals, two in the Mumbai metropolitan region, that. Is Dombivali and Mirabayendar and the third in Biphiwadi. As you said, all three in our view are very dense residential locations and. They are underserved in terms of quality and tertiary health care on the ground. So Dombiwali in that 30, 40 minute. Driving distance of Domiwali, Kalyan, Ulas Nagar, Bhatlapur Ambarnath has about 2 million people and it does not have quality health care today. Similarly, Meera and the Isar Vasai Vira don’t have quality healthcare today. And Bibvayawadi, Gangadam going up to that entire south Pune belt we believe is also underserved and densely populated. So that is the thesis for investment.
Nancy Yadav
Sure sir. Thank you and all the best.
Ankit Thakker
Thank you.
operator
Thank you. The next question comes from the line of from JM Financial. Please go ahead.
Amey Chalke
Yeah, thank you for taking my question and congrats on good set of numbers. I have first question on the hospital wise performance. If it is possible to elaborate on let’s say Kanye and Pune Hospital, the occupancy, revenue growth etc that would be. Helpful during the quarter.
Ankit Thakker
Hi Amin. So on the. Can you hear me?
Amey Chalke
Yes, I can hear you.
Ankit Thakker
Yeah. So on the occupancy side I think as you know I have said last. Time that Thane already has near mature occupancy in the mid 70%. So it is continuing in that zip code. Pune and Indore both which had increased capacity that we added last year, both of those places have in absolute terms started utilizing some of those increased capacities. And the absolute occupancy of both Pune and Indore has increased compared to last year the total occupancy as I said in this quarter was 60% which is in absolute terms 5 odd, 5.4 odd percent higher than last year.
Amey Chalke
So is it fair to say the last part of volume growth is led by Pune and indoor?
Ankit Thakker
That is fair, absolutely fair.
Amey Chalke
And in terms of ARPA growth it also looks very healthy around more than 10%. Is it possible to like give some factors to what is driving the fact is this totally led by the case mix or there isn’t any factor of price hikes etc.
Ankit Thakker
So as I said price hike is a factor in all the three locations I.e. inflation linked price hike that will be a factor for all three locations. For indoors especially there will be a factor of case mix optimization as well. Because it is still not a matured hospital. So it is a little bit of combination of case mix and price hike. Both which are giving rise to rpoc. So everything higher than inflation that you. See is case mix.
Amey Chalke
Sure. And in terms of the Pune hospital particularly considering Thane is already mature but Pune is also equivalent to a big hospital. So the case mix how the case share, the Congo mix share in the Pune hospital how much scope you have to improve that Congo share
Ankit Thakker
How much Scope do I have to improve what.
Amey Chalke
The the Congo therapies, the cardiac, oncology, gastro etc the top five therapies. How much do we have to increase. The therapy Shampoo Good.
Ankit Thakker
I learned a new abbreviation today so. I had not heard of that before. Congo. Okay so I don’t know we don’t track occupants. I mean specialty wise revenue too much. But I think Pune though on occupancy level I can’t say that it is at its peak or full maturity but on the complexity wise I think it is pretty much there. I don’t think there is too much of scope to optimize case mix to. A great extent in Pune. Maybe small here or there. Indore definitely has scope to improve case. Mix but not so much from Pudde.
Amey Chalke
So this last question so going ahead this remained reminder of the year because our Lombari hospital is coming in next year. How this remaining 3/4 we should see from the RPOB and the volume perspective any qualitative guidance would also help.
Ankit Thakker
Yeah so similar in line with what is happening I think general organic growth. That is a part of life cycle. You will see in both Pune and. Indore with new beds, new time going paths. So you should see some growth for Pune and Indore more than for Thana in this financial year before Dombioli starts contributing from next year.
Amey Chalke
Sure. Thank you so much. I will join.
Ankit Thakker
Thank you Amish.
operator
Thank you. Before we proceed with the next participant a reminder to all participants you may press star and one to ask a question. The next question comes from the line of parts singer from swing Master Private Ltd. Please go ahead.
Parth Singhal
Hello sir, my question is we are coming with a Hospital in Mumbai next year. But going forward how much expenditures we have incurred and how much expenditures we have to incur for starting the Dominique hospital.
Ankit Thakker
Hi Path. So I think we have incurred something around 200 crores of expenditure already till now. And we should incur similar around 200 crores more in the next few months till we start the Domvivali hospital. So we are halfway there in terms of Capex.
Parth Singhal
Are we expecting our margins to decline?
Ankit Thakker
So yes. So first year Domioli should have negative. EBITDA to some number. I don’t know what that number will be. So while on the individual strength the three hospitals will continue performing in line as they should. But on a consolidated level next year. There should be some compression on account of Domioli. Thank you.
operator
Thank you. The next question comes from the line of Abdul Kader from ICICI Securities. Please go ahead.
AbdulKader Puranwala
Yeah. Hi sir. Thank you for the opportunity. My first question is with regards to certain beds you plan to add at your Tani hospital by adding one more floor. So where are we on that now?
Ankit Thakker
No, so there is no update on that front. The government is still not accepting applications in the environment committee from Thane. There is some supreme Court story going on because of which new environmental permissions in Thane are not being granted to anybody. So because it is subjugation, you know, we are not competent to comment on that. I don’t have any timelines today but. As soon as I have a development. I’ll definitely be happy to talk about it.
AbdulKader Puranwala
And secondly on, on your change in the peer mix. So this quarter and you know in last quarter so we saw a slight increase in the insurance based payers slightly. So would it be fair towards you? It would be because of indoor hospital ramp up which has happened now.
Ankit Thakker
Yeah. So I think this is going to. Be a kind of lasting trend nationwide. The insurance penetration is increasing year on year everywhere in the country and that will get reflected, you know, in the patients who walk into our facilities also. So I think this trend, I don’t. Know at what speed but I think. This trend is likely to continue.
AbdulKader Puranwala
Understood. And lastly on your expansion plans, so 200 crores you just mentioned that you spent and then from Q3 onwards the new hospital at Pune is also starting to begin. So for FY26 and 27 then what is the kind of Capex also we should see and at the same time the sustainable debt levels for the next one or two year perspective.
Ankit Thakker
So Capex, as I said earlier, Dombelli will need about 200 crores more of capex which should get consumed by Q1 of next year. So and Puna in the initial phases will not need too much money. So if broadly, just as a thumb. Rule, for everybody’s benefit, if you break. Down the project implementation into three years, we spend around 15% in the first. Year, 25 in the second year and 60 in the third year. So that is a broad thumb rule calculation. So Pune will just spend about 15% the next year.
AbdulKader Puranwala
Got it, sir. Thank you.
Ankit Thakker
Thank you.
operator
Thank you. Before we proceed with the next participant, a reminder to all participants. You may press star and one to ask a question. The next question comes from the line of Neil from Prunetra Investment in Advisors Private Limited. Please go ahead.
Neil
Hello. Am I audible?
operator
Yes sir, you’re audible. Please go ahead.
Ankit Thakker
So that is a new ICU which is pretty much ready and commissioned based on occupancy. We will just hire some local manpower. Hours there and start using it. But currently it is not commissioned. Maybe sometime towards the end of the year it should get commissioned.
Neil
Okay, so it’s ready but it will be commissioned towards the end of the year. Right?
Ankit Thakker
Based on occupancy. Correct.
Neil
Okay. And what do you expect the peak occupancy?
Ankit Thakker
So all the hospitals, we expect the peak to be in the mid 70% range.
Neil
Okay. That’s it for now. Thank you.
Ankit Thakker
Thank you.
operator
Thank you. A reminder to all participants, you may press star and one to ask a question. The next question comes from the line of Karan Mehra from Mehta Investment. Please go ahead.
Karan Mehra
Hi. Thank you for the opportunity. What is the estimated cost benefit or. Energy savings from the installation of the solar plant at the Indore facility? And also do we have any plans. To replicate this model at other hospitals as well?
Ankit Thakker
So Indore solar plant has cost us about roughly 5 crores in capex. It is expected to result in around a crore in OPEC savings annually with. A lifetime of 20, 25 years. So that is a project outlay of solar in Madhya Pradesh in Maharashtra also we are thinking of adding some more renewable capacity in view of new hospitals coming in. So we are in advanced stages of discussing 3 megawatts of solar in Maharashtra as well.
Karan Mehra
Understood that answers for now. Thank you.
Ankit Thakker
Thank you.
operator
Thank you. A reminder to all participants, you may press Star and one to ask questions. The next question comes from the line of Anjana Shah from Shah Investment. Please go ahead.
Anjana Shah
Thank you for this opportunity, sir. I just would want to understand that we operationalized 78 beds at the beginning of Q4FY25. So how was the market, how has the market responded so far? Also has the occupancy to these beds crossed about you know like above 50%?
Ankit Thakker
Yes. So in absolute terms indoor occupancy has increased and the new beds are getting. Operationalized. In specific unit wise occupancies. Currently we, we have not disclosed but. Qualitatively I can tell you that the occupancy on the indol side has increased.
Anjana Shah
So additionally if you could just help me understand how has the patient volume growth been on a YOY and a QOQ basis. A ballpark update would also be helpful.
Ankit Thakker
So patient volume as I said was around 12% on a yoy basis. QOQ numbers currently I don’t have but yoy was 12% right?
Anjana Shah
Sir, another question would be that a peer hospital has recently commenced operations in Thane. Have we observed any impact on patient volumes or any churn to consultants or doctors because of that?
Ankit Thakker
So there is no impact on volumes or HR because of that and our occupancies and performance are tracking in line as they were before.
Anjana Shah
Sure sir, understood that was helpful. Thank you. And that’s it from my end.
Ankit Thakker
Thank you.
operator
Thank you. The next question comes from the line of Dheeresh from Vito Capital. Please go ahead.
Dheeresh
Yeah, thank you for the opportunity. So the phase out of the capex that you gave 15, 25, 60, that is excluding land right? Because land is bought earlier.
Ankit Thakker
That’s right.
Dheeresh
Understood sir. On Dombeivali, given that you said underserved, dense population area so how quickly do you expect to do the phase two?
Ankit Thakker
So current thought is by year two we should break even on a EBITDA level and after that depending on how. Fast the occupancy ramps up, we will think of phase two. The thumb rule that we work by is once we have reached 60 odd percent occupancy at the installed base, we start commissioning work on phase two.
Dheeresh
Phase two would need only the civil is also done right along with phase two.
Ankit Thakker
Civil will be fully done for the whole hospital, small interior and biomedical related. Capex for those beds. So the cost will be much lower for the additional beds.
Dheeresh
So out of the 500 crore project cost, how much would be left for phase two?
Ankit Thakker
So we would spend little over 400. For phase one and less than 100 for phase two. Understood. Phase two may be broken into phase. Two and three and things like that because you know, no point adding everything together but we’ll keep adding those.
Dheeresh
Makes sense. Makes sense. And so like what we are seeing is, you know lot of hospitals are Creating new benchmark in terms of breaking even on greenfield assets. So when you think about year to break even, you’re thinking early part of year two or the late part of year two?
Ankit Thakker
I don’t know. I’m not an astrologer. You know, too much of advanced crystal. Ball gazing I don’t think would be my expertise. But we will obviously put in efforts to make sure that we ramp up well and the clinical facilities are also in line with expectations.
Dheeresh
Sure. And lastly sir, is there an estimate of the 2 year EBITDA burn that you have shared or you would like to share for? Don’t be willing.
Ankit Thakker
So in the past the experience has been around two, two and a half crores a month. I think we should be similar. But once we have operated for about one or two quarters, maybe we’ll understand better.
Dheeresh
Okay, thank you for taking my question.
Ankit Thakker
Thank you.
operator
Thank you. A reminder to all participants, you may press STAR and one to ask a question. The next question comes from the line of Sourav Boule, an individual investor. Please go ahead.
Saurabh Bhole
Good morning sir. Am I audible?
operator
Yes, please go ahead.
Saurabh Bhole
First of all, very good. Congratulations for a good set of numbers. So I just want to highlight one thing that ALOS in days that you presented in your presentation. So sir, what is your expectation for this year? Quarter on quarter growth of this alof?
Ankit Thakker
So alos for this year this quarter is 3.78 days. We think that ALOS is a reflection of the complexity of the cases that we do. For example, liver transplant will stay for. 15 days, gallbladder for two days. Why? Because it is not possible for us. To really predict what kind of patients. Will walk into our door. We can’t make predictions on how the ALOS will pan out. But the trend has been over the. Last several quarters to be in this zip code of around four days.
Saurabh Bhole
Okay sir, thank you so much. And sir, my second question is for this financial year, what do you expect about your fact because it’s now since burning that you expect that is shown here for depreciation and finance cost high. So any expectation or anticipation that you have for this financial year?
Ankit Thakker
Yeah, as I said, the. The gap between EBITDA and PPT or EBITDA and PAT should be a little wider on account of depreciation and finance cost. I don’t have an expectation currently.
Saurabh Bhole
Okay sir, thank you so much for your answer.
Ankit Thakker
Thank you so much.
Saurabh Bhole
Thank you. Best wishes.
operator
Thank you. A reminder to all participants, you may press STAR and one to ask a question. A reminder to all participants, you may press STAR and one now to ask a question. As there are no further questions, I would now like to hand the conference over to Dr. Ankit Thakkar. Closing comments.
Ankit Thakker
Thank you, everyone. I hope the questions were answered satisfactorily. However, if there are any more questions or you need further clarifications, please feel free to contact SGA and they’ll connect you to us. Thank you.
operator
Thank you very much on behalf of Jupiter Lifeline Hospital Limited. That concludes this conference. Thank you all for joining us. And you may now disconnect your line.