JSLL - Jeena Sikho

📊 NSE: JSLL 🏢 Pharmaceuticals - Indian - Formulations 📅 Last Updated: 12/14/2025 8:36

💰 Financial Performance

Revenue Growth by Segment

Total revenue grew 66% YoY to INR 190 Cr in Q2 FY26. The product segment grew approximately 78% YoY, while the services segment contributed 50% of the total revenue during the quarter.

Geographic Revenue Split

The company operates across 23 states and 100+ cities in India. Specific percentage contribution per region is not disclosed, but the footprint has expanded to 2,802 beds as of Q2 FY26.

Profitability Margins

Net Profit (PAT) margin stood at 31% in Q2 FY26, an improvement of 810 bps YoY. The company targets a sustainable long-term healthy profit margin of 20% to 25%.

EBITDA Margin

EBITDA margin reached 48% in Q2 FY26, marking a significant increase from 35% in Q2 FY25 and 45% in Q1 FY26. EBITDA grew 129% YoY to INR 92 Cr.

Capital Expenditure

Cash used in investing activities was INR 70.37 Cr in FY25, primarily for property, plant, and equipment (INR 92.34 Cr total PPE). Setup costs for new facilities are optimized at INR 3-4 lakh per bed.

Credit Rating & Borrowing

The company took a debt of INR 10 Cr from a director to meet working capital requirements in FY25. Total borrowings stood at INR 10.73 Cr (INR 0.43 Cr non-current and INR 10.30 Cr current) as of FY25.

⚙️ Operational Drivers

Raw Materials

Ayurveda medicines (exclusively supplied by JSLL to franchises) and Panchakarma equipment. Specific cost percentages for individual raw materials are not disclosed.

Import Sources

Sourced within India to support the 117 facilities across 23 states.

Key Suppliers

JSLL acts as the exclusive supplier of Ayurveda medicines to its 35 franchise-operated clinics and day-care centers.

Capacity Expansion

Current operational capacity is 2,220 beds as of Q2 FY26, with a total of 2,802 beds reached within the first half of the year. Planned expansion targets 7,000 to 10,000 beds within the next 3 to 5 years.

Raw Material Costs

Inventory stood at INR 2.95 Cr in FY25, down from INR 3.50 Cr in FY24. The company uses a capital-light model where medicines are bundled with services.

Manufacturing Efficiency

Bed occupancy was 57% in Q2 FY26. The company aims to increase utilization to 70-80% within the next 6 to 8 months to drive operating leverage.

Logistics & Distribution

The company is actively increasing its distributor chain to support the planned INR 300-500 Cr turnover from OTC and product marketing.

📈 Strategic Growth

Expected Growth Rate

66%

Growth Strategy

Growth will be driven by expanding bed capacity to 10,000 beds, increasing occupancy from 57% to 80%, and launching an OTC product segment targeting INR 300-500 Cr in revenue. The shift from Government Panel to higher-margin private business is also a key driver.

Products & Services

Ayurveda medicines, IPD (In-Patient Department) hospital services, OPD (Out-Patient Department) consultations, Day Care services, and Video-Call consultations.

Brand Portfolio

Jeena Sikho Lifecare Limited (JSLL).

New Products/Services

Introduction of diagnostics and wellness centers, alongside a major push into the OTC (Over-The-Counter) product market.

Market Expansion

Expansion into 23 states and 100+ cities, with recent analyst meets in Singapore (Dec 2025) to attract international institutional investors.

Strategic Alliances

Franchise model for 35 clinics/day-care centers where JSLL provides doctors and medicines while franchisees manage operations.

🌍 External Factors

Industry Trends

Growing trust and preference for alternative healthcare (Ayurveda) in India, evidenced by a 57% YoY increase in IPD and 67% YoY increase in OPD volumes.

Competitive Landscape

JSLL competes in the healthcare and Ayurveda sector, positioning itself through integrated services (clinics to hospitals) and product sales.

Competitive Moat

Capital-light hub-and-spoke model with low setup costs (INR 3-4 lakh per bed) and a 3-year average ROCE of 71%, providing a significant competitive advantage in scaling.

Macro Economic Sensitivity

Performance is subject to changes in the Indian macroeconomic environment and regulatory landscape for alternative healthcare.

Consumer Behavior

Increasing patient preference for bundled services (products + treatment) and digital health (121% YoY growth in video consultations).

⚖️ Regulatory & Governance

Industry Regulations

Compliance with Ind-AS accounting standards following migration to the Main Board in 2025. Appointment of M/s. Ankur Singh & Associates as Secretarial Auditor for FY26-FY30.

⚠️ Risk Analysis

Key Uncertainties

Material differences in actual results may arise from unforeseen changes in the regulatory landscape or macroeconomic environment. Government debtor delays pose a working capital risk.