Prabhudas Lilladher's research report on Jupiter Life Line Hospitals
Jupiter Life Line Hospitals (JLHL) Q2 consolidated EBITDA grew by 23% YoY (17% QoQ) to Rs. 750mn; in line with our estimates aided by higher ARPOB and occupancy. JLHL’s operational efficiency has been strong in competitive markets of MMR. The company reported Revenue/EBITDA CAGR of 24%/35% over FY21-24. Given expansion plans, scale up in occupancy and improving margins, business is expected to aid growth momentum over the medium term in our view. We believe strategic greenfield expansions in densely populated micro-markets of western regions augur well to drive sustainable growth.
Outlook
Our FY26E and FY27E EBITDA broadly remains unchanged. Overall we see 21%/19% EBITDA/PAT CAGR over FY24- 27E with healthy return ratios of ~20%. Maintain ‘Buy’ rating with a TP of Rs 1,660/share valuing at 25x EV/EBITDA based on FY27E EBITDA.
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