1. At a Glance
Jeena Sikho Lifecare Ltd (JSLL) just dropped Q1 FY26 results and the market went full bhangra mode — stock up 17.67% in a day. Why? Because apparently, Ayurveda isn’t just grandma’s remedy anymore — it’s a ₹8,201 crore listed juggernaut running hospitals, selling “Shuddhi” medicine kits, and now threatening to open centres from Dubai to Dunedin. In a country where people will drink turmeric latte for ₹300 at Starbucks, Jeena Sikho is making sure they buy the ₹1,500 “detox kit” too.
2. Introduction
Ten years ago, if you said you were investing in Ayurveda hospitals, people would’ve smiled politely and walked away. Today? They’ll ask for the stock ticker and a demat link. Jeena Sikho started with the modest ambition of curing chronic ailments through Ayurveda, but somewhere along the way decided, “Why stop at curing? Let’sownthe entire patient journey.”
And so, they built:
- 36 NABH-accredited hospitals and 74 clinics/day-care centres across 100+ cities.
- A 1,530-bed capacity (and another 518 beds in the making).
- A product empire of 350+ SKUs under theShuddhibrand with 90% gross margin (yes, 90%, your overpriced jeans don’t come close).
Their business model is part healthcare, part retail, part marketing powerhouse. They’ve blended hospital chains, Ayurvedic products, call-centre sales funnels, and reality-TV-level marketing into one. Throw in a bed expansion plan to 3,000 by FY26, global ambitions in UAE, Vietnam, and London, and a foray into OTC Ayurvedic medicines for BP, diabetes, and hair care, and you have the perfect masala mix for investors.
But here’s the catch — the market has already priced this as if they’ve cured death. The P/E is 97.1 vs industry 32.9, and the price-to-book is a spicy 30.0. Still, when profit jumps 218% YoY in a quarter, investors ignore the price tag and yell, “Next stop ₹1,000!”
3. Business Model (WTF Do They Even Do?)
Think Apollo Hospitals meets Patanjali, but in a hub-and-spoke model.
Hospitals & Clinics (53% of revenue)
- Flagships in Meerut (315 beds), Navi Mumbai (145 beds), Lucknow (115 beds), Derabassi (113 beds), and the recently opened Panchkula (50 beds).
- Occupancy rate: 51%, ARPOB ₹8,100, IPD admissions 12,030, OPD visits 1.58 lakh in the quarter.
- Hub-and-spoke means clinics funnel patients into hospitals, improving bed fill and margins. About 40% of facilities are run by franchise partners — less capex, more reach.
Products (47% of revenue)
- Ayurvedic medicines, tonics, powders, oils — all under
- theShuddhilabel.
- Manufactured by third-party vendors (asset-light), sold via hospitals, clinics, call centres, and e-commerce.
- Call centres do ~59,000 video consultations per half-year, and also upsell products like your neighbourhood salesman with an MBA.
Marketing Machine
- National TV ads, social media blitz, celebrity endorsements — they’ve turned Ayurveda into prime-time content.
Upcoming Moves
- Bed capacity to double to 3,000 by FY26.
- 20 new facilities in pipeline, adding 600+ beds short term.
- OTC retail product launch for chronic ailments (BP, diabetes, liver, migraine, etc.), starting in Punjab, UP, Gujarat, and Maharashtra.
- Global push — 6 centres in Dubai in a year, early talks in UK, US, Australia, and more.
4. Financials Overview
Quarterly Comparison (₹ Cr)
| Metric | Jun 2025 | Jun 2024 | Mar 2025 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 174 | 100 | 139 | 74.2% | 25.2% |
| EBITDA | 78 | 25 | 47 | 212% | 66.0% |
| PAT | 51.3 | 16 | 27 | 218% | 90.0% |
| EPS (₹) | 4.13 | 1.30 | 2.20 | 218% | 87.7% |
P/E (annualised)= ₹660 ÷ (₹4.13 × 4) = 39.96 — still lower than the reported trailing 97.1 because of strong recent earnings momentum.
Commentary: When your YoY PAT is up 218%, you can charge any multiple and people will still fight to buy. The only problem? This pace is not sustainable forever — unless they start bottling immortality.
5. Valuation (Fair Value RANGE only)
Method 1: P/E Based
- Annualised EPS: ₹16.52
- Industry P/E: 32.9 → FV = ₹543
- Premium P/E (growth factor 1.5×): 49.35 → FV = ₹816
Method 2: EV/EBITDA
- Annualised EBITDA: ₹312 Cr
- Industry EV/EBITDA: ~20× → EV = ₹6,240 Cr → FV/share
