Summary
Jeena Sikho Lifecare Limited - Q3 FY 2026 Earnings Call Summary Monday, February 09, 2026, 03:30 p.m. IST
Event Participants
Executives 2 Manish Grover (Managing Director), Nanak Chand (CFO)
Analysts 10 Abhishek Sen Gupta, Akhilesh Rawat, Akshay, Amit Agarwal, Amit Jeswani, Ankit, Deepak Pruthi, Harish Kumar, Omkar G, Pravinkumar, Priyanshu Jain, Sampee Barlota, Shubhanu
Financials & KPIs
| Metric | Reported | Commentary |
|---|---|---|
| Revenue from Operations | ₹221.7 crores | +92% YoY and +17% QoQ; driven by volume growth in patient consultations and product sales. |
| EBITDA | ₹100.8 crores | +240% YoY; first quarter crossing the ₹100 crore mark. |
| EBITDA Margin | 45.4% | Significant improvement YoY; driven by operating leverage and high-margin OTC product contributions. |
| Profit After Tax (PAT) | ₹66.7 crores | +405% YoY; PAT margin remained robust at 30%. |
| Gross Margin | 89% | Maintained high margins due to the “capital-light” model and premium product mix. |
| OPD & Video Consultations | 4.34 lakhs | +247% YoY; reflects successful scaling of the hub-and-spoke Ayurvedic consultation model. |
| IPD Patients | 11,313 | +84% YoY; grew from 9,600 in Q2 FY26 despite the quarter being a seasonally weak period for healthcare. |
| Bed Occupancy | 58% | Marginal increase from 57% in Q2; management intentionally held back operationalizing 500 built beds to protect margins. |
| Operational Beds | 2,290 | Total beds under development/ready reached ~2,850; management focuses on occupancy before operationalizing new units. |
Geographic & Segment Commentary
- Ayurvedic Healthcare Services: Growth driven by increased health insurance penetration, with 25% of patients currently utilizing insurance. Management is shifting focus from government business (reduced to ₹8 crores this quarter) toward private and insurance-linked patients due to better payment cycles and margins.
- Ayurvedic Products (OTC & E-com): Segment saw 131% QoQ growth in e-commerce pieces sold (1.99 lakh units). The “Pet Yakrit Pleeha Shuddhi Kit” crossed ₹10 crores in monthly sales, prompting the launch of a second OTC product, “NutriRoz,” in February 2026.
- International Expansion: Operationalized two international daycare centers in Abu Dhabi (Khalifa City and Khalidiya). Expansion is underway in Dubai (4 centers), Kazakhstan, Nepal, and planning stages for the United States to serve as feeders for Indian hospitals.
Company-Specific & Strategic Commentary
- Distribution Partnership: Finalized an exclusive Ayurveda partnership with Entero Healthcare, providing access to over 1.25 lakh medical stores (approx. 10% of India’s chemist network).
- Diagnostic Integration: Partnership with Chandan Diagnostics reached ₹3 lakhs per day in revenue across 34 centers; target is to reach ₹5 lakhs per day and expand to 64 centers.
- Corporate Governance: Appointed Forvis Mazars (Ranked 7th globally) as internal auditors and Grant Thornton as statutory auditors; migrating to Oracle and Salesforce for international-standard reporting.
- Product Strategy: Identified 24 core products for future launch; focus is on “preventive” medicine (Blue Ocean strategy) rather than just curative, targeting lifestyle diseases like BP, diabetes, and obesity.
Guidance & Outlook
| Metric | Guidance / Outlook | Commentary |
|---|---|---|
| Profit Target | ₹225+ crores | FY 2026 target based on 9M FY26 performance of ₹586 crores revenue. |
| Bed Capacity | 7,000 - 10,000 beds | Target timeframe of next 3 to 5 years; expansion to follow a “Super Specialty Clinic” model in state capitals. |
| Long-term Profit | ₹1,000 crores | Multi-year target driven by 15-24 high-volume OTC products and 70-80% bed occupancy. |
| OTC Revenue | ₹500 crores | Targeted within the next two financial years as the product portfolio expands to 16 items. |
Risks & Constraints
| Risk | Context |
|---|---|
| Seasonal Cyclicality | Q3 is historically weak due to festivals (Diwali) and the wedding season in India, which reduces hospital footfall; mitigated this year by aggressive product sales. |
| Regulatory/Govt Payments | Government business entails delayed payments and protocol challenges; management is actively reducing this exposure to focus on cash/insurance business. |
| Competition in OTC | While management claims a “Blue Ocean,” the entry into OTC supplements puts them against established giants like Dabur and Patanjali; reliance is on “trust” and internal patient funnels. |
Q&A Highlights
Diagnostic Deal (Abhishek Sen Gupta)
- Question: How much revenue is coming from the Chandan partnership?
- Answer: Currently generating ₹3 lakhs per day from 34 centers. Chandan handles all capex (₹3.5 crores invested in Fibro scans recently) and manpower, while JSLL receives a percentage of the collection (estimated ₹10-15 crores annual revenue addition) (Manish Grover).
OTC Expansion (Deepak Pruthi)
- Question: What is the distribution model for new products like NutriRoz?
- Answer: Using a super stockist and state distributor model. 40% margin goes to the network. The deal with Entero will expand reach from 2,500 stores to potentially 1.25 lakh stores (Manish Grover).
Bed Occupancy (Shubhanu)
- Question: Why has operational bed growth been slow (only +60 beds)?
- Answer: Intentionally delayed operationalizing 500 built beds in Q3 to avoid fixed costs (nurses, doctors) during a weak season. Focus is on reaching 70-80% occupancy in existing operational beds before more are opened (Manish Grover).
Strategic Acquisitions (Pravinkumar)
- Question: Are there plans for acquisitions with the current cash pile?
- Answer: Looking for high-level acquisitions or tie-ups in Ayurvedic products or services to achieve “double or triple X” growth. Management is also considering acquiring a ready-made manufacturing facility to bring production in-house (Manish Grover).
Key Takeaway
Jeena Sikho Lifecare reported a milestone quarter, crossing ₹100 crores in quarterly EBITDA with a 45.4% margin and a 405% YoY increase in PAT. The company successfully navigated seasonal healthcare weakness by scaling its product segment, particularly the “Pet Yakrit Pleeha Shuddhi Kit,” which now generates over ₹10 crores monthly. Strategically, the firm is evolving into an integrated Ayurvedic powerhouse, combining a 2,290-bed hospital network with an expansive OTC distribution play via an exclusive deal with Entero Healthcare. With a strong focus on corporate governance through Big 5/Top 10 auditors and a transition toward a “Super Specialty” daycare model, the management remains confident in reaching a long-term goal of ₹1,000 crores in profit. Investors should monitor the ramp-up of the 500 newly operationalized beds and the market reception of the “NutriRoz” supplement launched in February 2026.
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