Anand Rathi's research report on Jupiter Hospitals
In-line with our estimates, Jupiter Lifeline Hospitals posted delivered a stable performance in Q4FY26 with revenue/EBITDA rising by 15/12% y/y. However, PAT grew by just 11% y/y, mainly due to higher interest cost and depreciation charges owing to commissioning of new Dombivli unit. ARPOB rose by 12% y/y to Rs67,700/day in FY26, while overall occupancy stood at 61.2% (ex-Dombivli: 62.3%) vs. 65.3% in FY25, due to commissioning of Dombivli unit and bed addition in Indore. IPD/OPD volume grew by 2/10% y/y in FY26, suggesting strong service utilisation. Key Highlights: (a) it added 187 operational beds (123 census and 64 noncensus beds) in FY26; (b) second unit at Pune remains on track to begin in FY29; (c) Mira-Bhayandar project’s awaits regulatory clearances (architectural drawings complete); and (d) BKC land parcel acquired for Rs3.5bn on 80-year lease (~25% cost has been paid, while the rest is to be paid in FY27e).
Outlook
We maintain BUY rating on the stock with a revised TP of Rs1,560 (from Rs1,700 earlier), valuing it at 22x FY28e EV/EBITDA.
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Jupiter Hospitals - 1905026 - anand