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Jupiter Life Line Hospitals Ltd

JLHL

NSE

₹243.90-1.28%19 Oct 2026

Reports

Hospitals

Jupiter Life Line Hospitals Ltd

JLHL

NSE

₹243.90

-1.28%

19 Oct 2026

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Hospitals

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

Jupiter Life Line Hospitals is a pure-play hospital company that builds and runs full-scale, multi-specialty hospitals in Western India’s most crowded urban pockets - and it builds them on land it owns, not leases. Founded in 2002 by Dr. Ajay Thakker and opening its first hospital in Thane in 2007, the company has grown deliberately by adding one flagship facility at a time, each designed as a self-sufficient hub rather than a spoke in a network. The recurring approach that explains everything else is an asset-heavy, “all-hub-no-spoke” model: every hospital is a greenfield, quaternary-care centre on owned real estate, funded by the cash flows of the ones that came before it.

Business segments

A single healthcare engine - one hospital network, one patient type, one revenue model - with a small hotel division that is too minor to report separately.

1. Multi-specialty hospitals: the only business that matters

The company earns nearly all its money by treating patients inside four owned, full-service hospitals, collecting a fee for every occupied bed, every outpatient consultation, and every procedure performed.

Fee-for-service, paid per occupied bed - the core revenue driver is the inpatient department, where the company charges for room, nursing, surgery, tests, food, and drugs, all bundled into a single metric called ARPOB (average revenue per occupied bed), which was ₹67,700 in FY26. Outpatient consultations and a small “others” stream round out the top line, but the hospital business is fundamentally about filling beds and performing procedures.
All-hub-no-spoke model - the network consists of Thane (opened 2007), Pune-Baner (2017), Indore (2020), and a planned Dombivli hospital, together offering 1,248 operational beds across more than 30 clinical specialties. Each hospital is a standalone quaternary-care centre equipped to handle organ transplants, complex neurosurgery, and advanced cardiac procedures, so patients do not need to travel to a central flagship for the hardest cases.
Owned real estate as the moat - the company owns substantially all the land under its hospitals, a deliberate choice that gives it operational stability and a compounding cost advantage over competitors who pay rent. This asset-heavy model means expansion is slower and more capital-intensive, but it also means the company is not exposed to lease renewals or rising rents in prime urban locations.
Greenfield execution is the growth engine - every new hospital is built from the ground up on a fresh site, with the company acting as its own project manager. The Dombivli hospital, a 750,000-square-foot structure with capacity for 500 beds, was completed in just over 24 months, on time and on budget with no cost escalations - a track record the company is now replicating across three more projects that will add roughly 1,700 beds.
Doctors come for the infrastructure - the company enters micro-markets where existing hospitals are mostly Tier-2 in quality, then builds facilities with 3-Tesla MRIs, robotic rehabilitation devices, and modular operating theatres that naturally attract skilled doctors who want better tools to practise with. Most doctors work on minimum guarantees with flexible pay tied to their effort, not fixed salaries, which aligns incentives without capping earnings.

2. Hotel division: a rounding error that supports medical tourism

A single hotel in Thane generates room, food, and banquet revenue, but it is too small to warrant its own reporting segment - it exists to serve visiting patients and families.

Ancillary to the core - The Hotel division provides accommodation and catering, and its revenue, profit, and assets all fall below the 10% threshold that would require separate segment disclosure under accounting standards.
Positioned for medical tourism - the hotel is marketed as a facility that can house patients travelling from outside the region for treatment, though its financial contribution remains immaterial to the consolidated business.

Group structure and partners

A publicly listed, founder-led company with three subsidiaries that exist mainly to hold specific hospital assets or run pharmacy counters - and a consolidation underway to simplify the structure.

Founder at the helm - Dr. Ajay Thakker serves as Chairman and Managing Director, while his son Dr. Ankit Thakker is WTD and CEO, bringing 14 years of healthcare experience to the day-to-day running of the business.
Three subsidiaries, one consolidation - Jupiter Hospital Projects Private Limited (96.56% owned) operates the Indore hospital; Jupiter Hospital Pharmacy Private Limited (95% owned) runs the outpatient pharmacy shops; and Medulla Healthcare Private Limited (100% owned) was incorporated for healthcare and diagnostic services but is proposed to be merged into the parent company through a scheme of amalgamation for which the NCLT has allowed the first motion application, with no cash or share consideration changing hands.
Listed and independent - the company trades on the BSE and NSE, and its board includes four independent directors alongside the two executive promoters, with a professional management team handling finance, compliance, and corporate affairs.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹8,002Cr

Close Price

₹244.10

Industry

Hospitals

Price To Earnings

42.67

Price To Sales

5.14

Revenue

₹1,558Cr

Rev Gr TTM

Revenue Growth TTM

14.76%

PAT Gr TTM

PAT Growth TTM

-2.86%

Upcoming Results on

23 Oct 2026

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	263	273	291	289	335	333	337	353	394	365	388	411
Growth YoY Revenue Growth YoY%	18.9	19.4	20.3	18.6	27.3	22.1	15.5	22.3	17.5	9.8	15.2	16.4
Expenses ExpensesCr	202	211	228	223	257	256	257	275	301	282	299	332
Operating Profit Operating ProfitCr	61	62	63	65	78	76	80	78	92	83	89	79
OPM OPM%	23.2	22.7	21.7	22.6	23.4	22.9	23.7	22.2	23.4	22.8	23.0	19.3
Other Income Other IncomeCr	3	8	10	7	7	7	7	13	11	3	11	11
Interest Expense Interest ExpenseCr	12	1	1	1	1	3	6	8	8	8	9	13
Depreciation DepreciationCr	11	11	10	11	14	14	18	21	21	22	23	26
PBT PBTCr	41	58	62	60	70	67	63	62	74	57	68	51
Tax TaxCr	8	14	17	16	18	15	18	18	17	14	17	13
PAT PATCr	34	44	45	45	52	52	45	44	57	43	50	38
Growth YoY PAT Growth YoY%	24.4	11,592.1	187.4	-17.4	53.9	19.6	0.0	-1.5	10.9	-18.6	11.0	-14.7
NPM NPM%	12.8	16.0	15.5	15.5	15.5	15.7	13.4	12.4	14.6	11.6	13.0	9.1
EPS EPS₹	1.1	1.3	1.3	1.4	1.6	1.6	1.4	1.3	1.8	1.3	1.5	1.1

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	263	273	291	289	335	333	337	353	394	365	388	411
Growth YoY Revenue Growth YoY%	18.9	19.4	20.3	18.6	27.3	22.1	15.5	22.3	17.5	9.8	15.2	16.4
Expenses ExpensesCr	202	211	228	223	257	256	257	275	301	282	299	332
Operating Profit Operating ProfitCr	61	62	63	65	78	76	80	78	92	83	89	79
OPM OPM%	23.2	22.7	21.7	22.6	23.4	22.9	23.7	22.2	23.4	22.8	23.0	19.3
Other Income Other IncomeCr	3	8	10	7	7	7	7	13	11	3	11	11
Interest Expense Interest ExpenseCr	12	1	1	1	1	3	6	8	8	8	9	13
Depreciation DepreciationCr	11	11	10	11	14	14	18	21	21	22	23	26
PBT PBTCr	41	58	62	60	70	67	63	62	74	57	68	51
Tax TaxCr	8	14	17	16	18	15	18	18	17	14	17	13
PAT PATCr	34	44	45	45	52	52	45	44	57	43	50	38
Growth YoY PAT Growth YoY%	24.4	11,592.1	187.4	-17.4	53.9	19.6	0.0	-1.5	10.9	-18.6	11.0	-14.7
NPM NPM%	12.8	16.0	15.5	15.5	15.5	15.7	13.4	12.4	14.6	11.6	13.0	9.1
EPS EPS₹	1.1	1.3	1.3	1.4	1.6	1.6	1.4	1.3	1.8	1.3	1.5	1.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	463	486	733	893	1,073	1,302	1,500	1,558
Growth Revenue Growth%		5.0	50.8	21.8	20.3	21.3	15.2	14.8
Expenses ExpensesCr	380	419	580	691	831	1,002	1,157	1,214
Operating Profit Operating ProfitCr	83	67	153	201	242	300	343	344
OPM OPM%	17.8	13.8	20.9	22.6	22.6	23.0	22.9	22.1
Other Income Other IncomeCr	2	4	4	8	22	28	37	35
Interest Expense Interest ExpenseCr	26	39	44	42	26	11	33	37
Depreciation DepreciationCr	26	31	36	39	42	57	88	93
PBT PBTCr	33	2	77	129	195	261	260	249
Tax TaxCr	3	4	26	56	19	67	66	61
PAT PATCr	30	-2	51	73	177	194	194	188
Growth PAT Growth%		-107.8	2,325.9	42.6	142.3	9.7	0.2	-2.9
NPM NPM%	6.4	-0.5	7.0	8.2	16.4	14.9	12.9	12.1
EPS EPS₹	5.8	-0.5	10.1	12.9	5.7	5.9	5.9	5.7

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	463	486	733	893	1,073	1,302	1,500	1,558
Growth Revenue Growth%		5.0	50.8	21.8	20.3	21.3	15.2	14.8
Expenses ExpensesCr	380	419	580	691	831	1,002	1,157	1,214
Operating Profit Operating ProfitCr	83	67	153	201	242	300	343	344
OPM OPM%	17.8	13.8	20.9	22.6	22.6	23.0	22.9	22.1
Other Income Other IncomeCr	2	4	4	8	22	28	37	35
Interest Expense Interest ExpenseCr	26	39	44	42	26	11	33	37
Depreciation DepreciationCr	26	31	36	39	42	57	88	93
PBT PBTCr	33	2	77	129	195	261	260	249
Tax TaxCr	3	4	26	56	19	67	66	61
PAT PATCr	30	-2	51	73	177	194	194	188
Growth PAT Growth%		-107.8	2,325.9	42.6	142.3	9.7	0.2	-2.9
NPM NPM%	6.4	-0.5	7.0	8.2	16.4	14.9	12.9	12.1
EPS EPS₹	5.8	-0.5	10.1	12.9	5.7	5.9	5.9	5.7

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	51	51	51	57	66	66	66
Reserves ReservesCr	186	188	241	309	1,103	1,291	1,479
Current Liabilities Current LiabilitiesCr	103	96	123	132	106	158	227
Non Current Liabilities Non Current LiabilitiesCr	263	447	497	489	7	421	612
Total Liabilities Total LiabilitiesCr	603	789	909	986	1,281	1,936	2,383
Current Assets Current AssetsCr	134	113	180	209	410	693	685
Non Current Assets Non Current AssetsCr	469	676	728	776	872	1,243	1,698
Total Assets Total AssetsCr	603	789	909	986	1,281	1,936	2,383

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	51	51	51	57	66	66	66
Reserves ReservesCr	186	188	241	309	1,103	1,291	1,479
Current Liabilities Current LiabilitiesCr	103	96	123	132	106	158	227
Non Current Liabilities Non Current LiabilitiesCr	263	447	497	489	7	421	612
Total Liabilities Total LiabilitiesCr	603	789	909	986	1,281	1,936	2,383
Current Assets Current AssetsCr	134	113	180	209	410	693	685
Non Current Assets Non Current AssetsCr	469	676	728	776	872	1,243	1,698
Total Assets Total AssetsCr	603	789	909	986	1,281	1,936	2,383

Consolidated

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	74	123	137	176	115	267	268
Investing Cash Flow Investing Cash FlowCr	-43	-296	-85	-94	-246	-497	-442
Financing Cash Flow Financing Cash FlowCr	-32	184	32	-51	128	297	136
Net Cash Flow Net Cash FlowCr	-1	12	84	31	-3	66	-38
Free Cash Flow Free Cash FlowCr	46	-118	46	100	29	-60	-234
CFO To PAT CFO To PAT%	250.4	-5,372.5	267.9	242.0	64.8	137.7	137.9
CFO To EBITDA CFO To EBITDA%	89.8	183.7	89.3	87.6	47.3	88.9	78.0

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	74	123	137	176	115	267	268
Investing Cash Flow Investing Cash FlowCr	-43	-296	-85	-94	-246	-497	-442
Financing Cash Flow Financing Cash FlowCr	-32	184	32	-51	128	297	136
Net Cash Flow Net Cash FlowCr	-1	12	84	31	-3	66	-38
Free Cash Flow Free Cash FlowCr	46	-118	46	100	29	-60	-234
CFO To PAT CFO To PAT%	250.4	-5,372.5	267.9	242.0	64.8	137.7	137.9
CFO To EBITDA CFO To EBITDA%	89.8	183.7	89.3	87.6	47.3	88.9	78.0

Consolidated

Standalone

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					7,854	10,448	8,345	8,002
Price To Earnings Price To Earnings					44.5	54.1	43.0	42.7
Price To Sales Price To Sales					7.3	8.0	5.6	5.1
Price To Book Price To Book					6.7	7.7	5.4	5.2
EV To EBITDA EV To EBITDA					31.2	35.8	25.8	25.1
Profitability Ratios Profitability Ratios
GPM GPM%	69.5	68.0	70.8	72.0	72.8	69.1	69.3	69.3
OPM OPM%	17.8	13.8	20.9	22.6	22.6	23.0	22.9	22.1
NPM NPM%	6.4	-0.5	7.0	8.2	16.4	14.9	12.9	12.1
ROCE ROCE%	11.5	6.1	15.4	20.5	19.0	15.5	13.8	13.8
ROE ROE%	12.5	-1.0	17.5	19.9	15.1	14.3	12.6	12.6
ROA ROA%	4.9	-0.3	5.6	7.4	13.8	10.0	8.2	8.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					7,854	10,448	8,345	8,002
Price To Earnings Price To Earnings					44.5	54.1	43.0	42.7
Price To Sales Price To Sales					7.3	8.0	5.6	5.1
Price To Book Price To Book					6.7	7.7	5.4	5.2
EV To EBITDA EV To EBITDA					31.2	35.8	25.8	25.1
Profitability Ratios Profitability Ratios
GPM GPM%	69.5	68.0	70.8	72.0	72.8	69.1	69.3	69.3
OPM OPM%	17.8	13.8	20.9	22.6	22.6	23.0	22.9	22.1
NPM NPM%	6.4	-0.5	7.0	8.2	16.4	14.9	12.9	12.1
ROCE ROCE%	11.5	6.1	15.4	20.5	19.0	15.5	13.8	13.8
ROE ROE%	12.5	-1.0	17.5	19.9	15.1	14.3	12.6	12.6
ROA ROA%	4.9	-0.3	5.6	7.4	13.8	10.0	8.2	8.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	RAINBOW	YATHARTH	HCG	JLHL	KOVAI	ARTEMISMED	INDRAMEDCO
Market CapitalizationMkt CapCr	12,635	9,327	8,510	8,002	6,427	4,777	2,888
Close PriceClose₹	1,244.00	968.00	570.00	244.10	5,874.00	301.75	315.05
IndustryIndustry	Hospitals	Hospitals	Hospitals	Hospitals	Hospitals	Hospitals	Hospitals
Price To EarningsPE	44.25	51.49	370.13	42.67	25.08	41.97	15.36
Price To SalesPS	6.94	6.99	3.24	5.14	3.91	4.29	1.90
RevenueRevenueCr	1,820	1,334	2,627	1,558	1,644	1,114	1,524
Revenue Growth TTMRev Gr TTM%	18.3%	44.0%	13.7%	14.8%	15.0%	15.0%	10.9%
PAT Growth TTMPAT Gr TTM%	12.4%	22.7%	-19.2%	-2.9%	16.3%	31.2%	12.1%

	RAINBOW	YATHARTH	HCG	JLHL	KOVAI	ARTEMISMED	INDRAMEDCO
Market CapitalizationMkt CapCr	12,635	9,327	8,510	8,002	6,427	4,777	2,888
Close PriceClose₹	1,244.00	968.00	570.00	244.10	5,874.00	301.75	315.05
IndustryIndustry	Hospitals	Hospitals	Hospitals	Hospitals	Hospitals	Hospitals	Hospitals
Price To EarningsPE	44.25	51.49	370.13	42.67	25.08	41.97	15.36
Price To SalesPS	6.94	6.99	3.24	5.14	3.91	4.29	1.90
RevenueRevenueCr	1,820	1,334	2,627	1,558	1,644	1,114	1,524
Revenue Growth TTMRev Gr TTM%	18.3%	44.0%	13.7%	14.8%	15.0%	15.0%	10.9%
PAT Growth TTMPAT Gr TTM%	12.4%	22.7%	-19.2%	-2.9%	16.3%	31.2%	12.1%