Jeena Sikho — Q3 FY26 earnings call

Call held 9 Feb 2026

Management summary

Jeena Sikho reported a strong Q3 FY26, significantly outperforming previous periods with robust growth in revenue, EBITDA, and PAT. This was driven by increased patient volumes across all service lines and strong traction in Ayurvedic product sales, despite the quarter typically being weak for the healthcare sector. The company is aggressively pursuing product launches, expanding its bed capacity, and focusing on international growth and health insurance penetration to sustain its growth trajectory.

Highlights

  • Total operational income (Revenue) of ₹221.7 crores, up 92% YoY and 17% QoQ.

  • EBITDA reached ₹100.8 crores, marking a 240% YoY increase, with an EBITDA margin of 45%+.

  • Profit after tax (PAT) stood at ₹66.7 crores, reflecting a 400% YoY growth, with a PAT margin of 30%.

  • Basic EPS for the quarter was ₹5.37.

  • OPD and COD video consultation patients grew by 247% to 4.34 lakhs.

  • IPD patients increased by 84%, and day care patients by 139%.

  • Occupancy rate maintained at 58% despite Q3 being a weak quarter for the healthcare industry.

  • Target to launch 16 new products by December 31, 2026, and achieve ₹500 crores in OTC revenue in two financial years.

Key financials

  1. Revenue ₹221.7 Cr +92%YoY
  2. EBITDA ₹100.8 Cr +240%YoY
  3. EBITDA Margin 45%
  4. PAT ₹66.7 Cr +400%YoY
  5. PAT Margin 30%
  6. Basic EPS ₹5.37
  7. Occupancy Rate 58%

What they filed

Q1 FY27: revenue up 28.7%, net profit up 29.4% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue114 116 139 174 190 +67%222 +91%216 +55%224 +29%
EBITDA40 30 46 79 92 +130%101 +237%78 +70%92 +16%
Net profit27 13 25 51 59 +119%67 +415%45 +80%66 +29%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Segment breakdown

  • FY25 Annual Revenue Breakdown
    ₹215 Cr Medicine Sales₹136 Cr Hospital Services₹118 Cr Government Services₹469 Cr Total Revenue54% Healthcare Share46% Medicine Share

Guidance & targets

Product

  • New Product Launches Product · by December 31, 2026 · High confidence 16 products
    In total, I have taken a target of 16 products within this year.

    — Manish Grover, Managing Director

Capacity

  • Total Beds Capacity · next 3 to 5 years · High confidence 7,000 to 10,000 beds
    My target is 7000 to 10000 beds in the next three to five years.

    — Manish Grover, Managing Director

  • Occupancy Rate Capacity · ongoing · High confidence 70%-80%
    I am planning to reach 70%-80% occupancy very easily so that it maintains at 70%-80%.

    — Manish Grover, Managing Director

  • Company-owned Super Specialty Clinics Capacity · initial plan · High confidence 5 to 10
    So first, we will do 5 to 10 ourselves, and after that, we will decide whether to do franchises or not.

    — Manish Grover, Managing Director

Revenue

  • Diagnostics Turnover (Chandan) Revenue · annual · High confidence INR10 to INR15 crores
    My target is to increase turnover by INR10 to INR15 crores just from diagnostics.

    — Manish Grover, Managing Director

  • OTC Revenue Revenue · in two financial years · High confidence INR500 crores
    So meaning, in two financial years, you will have INR500 crores OTC revenue. Correct? Easily. Easily.

    — Manish Grover, Managing Director

Volume

  • Chandan Daily Sales Volume · soon · High confidence 5 lakh per day
    Now my next target is 5 lakh per day.

    — Manish Grover, Managing Director

Profitability

  • Profit Profitability · in 3-4 years · High confidence INR1,000 crores
    After this, my next target is straight INR1,000 crores. Now for that, if I have to work hard for 3-4 years, I am ready.

    — Manish Grover, Managing Director

  • Profit Growth Profitability · long vision · High confidence 4x to 5x
    I am planning to make the profit 4x to 5x from here.

    — Manish Grover, Managing Director

Risks & concerns

  • Payment issues and operational challenges with government business.

    medium

    Management is actively reducing exposure to government business due to problems with timely payments and complex protocols.

    Management acknowledged

  • Cyclical weakness in the healthcare industry during Q3 (Diwali, winter, New Year).

    low

    Management anticipated this seasonal weakness and mitigated its impact by strategically increasing focus on product sales, leading to strong Q3 results.

    Management acknowledged

  • Competition in the Ayurveda sector.

    low

    Management believes their integrated model, focus on quality, customer trust, and comprehensive value chain (products, hospitals, diagnostics, international) differentiates them from competitors.

    Analyst downplayed

Areas of evasion (2)

  • FY26 revenue guidance
  • specific timeline for government portal improvements

Q&A highlights

1 direct, 2 evasive
Government portal readiness and payment issues for government business. Evasive
Sir, I cannot control the government, right? That is the government's sector. When will the government do it? And why do I need to do government business? There are problems upon problems in government business. Money doesn't come on time.

Reveals management's cautious stance on government business due to payment delays, indicating a strategic shift towards private and insurance-based revenue.

Asked by Priyanshu Jain

Revision of FY26 revenue guidance given strong 9-month performance. Evasive
To be honest, I don't pay attention to numbers. I only focus on curing patients, patient valuation. I don't know the calculations, that is your job. I won't be able to speak on numbers because -- when the third quarter is a weak quarter and we perform so well in it, then this is a normal quarter. You do the calculation yourself sir.

Management avoids providing updated revenue guidance despite strong performance, which could be interpreted as conservative or a reluctance to provide specific financial forecasts.

Asked by Akshay

Strategy to achieve the INR 1,000 crore profit goal. Direct
See sir, I have identified 15 products. 15 products identified which are the need of every human. Now, with one product, I am taking INR10 crores monthly sales. And those 15 products are such that, now my idea is such, I didn't want to reveal it on this con call, I am going to launch a product which every single person in India will have to eat for 3 months in a year. How will I market it? Because that thing is so needed in India. So like this, 12 to 15 products are there and there are 7,000 to 10,000 beds. If I give 7,000 beds, my 50% occupancy is done. And I get a sale of about INR1,000 crores from 10 products, so my INR500 crores profit is being made like this, sir, 12x.

Provides a detailed strategic roadmap for achieving ambitious long-term profit targets, combining product launches and bed expansion, offering clarity on future growth drivers.

Asked by Amit Jeswani

2 min read 6 chapters

Detailed narrative

Exceptional Q3 FY26 Financial Performance

Jeena Sikho reported a robust Q3 FY26, with total operational income reaching ₹221.7 crores, marking a significant 92% year-on-year and 17% quarter-on-quarter growth. EBITDA surged by 240% year-on-year to ₹100.8 crores, achieving a margin of over 45%. Profit after tax (PAT) saw an impressive 400% year-on-year increase to ₹66.7 crores, with a PAT margin of 30%. This strong performance, yielding a basic EPS of ₹5.37, was achieved despite Q3 typically being a weak period for the healthcare sector.

Strategic Product Launches and Distribution Expansion

The company is aggressively expanding its product portfolio, targeting 16 new product launches by December 31, 2026. Its first OTC product, 'Pet Yakrit Pleeha Shuddhi Kit', has already achieved monthly sales exceeding ₹10 crores. Jeena Sikho has also finalized a key distribution agreement with Entero, aiming to reach 1 lakh medical stores across India and targeting ₹500 crores in OTC revenue within the next two financial years. This strategy is expected to significantly boost product sales and market penetration.

Robust Patient Growth and Capacity Expansion

Jeena Sikho demonstrated strong patient growth, with OPD and COD video consultations increasing by 247% to 4.34 lakhs patients. IPD patients grew by 84%, and day care patients by 139%. The company maintained a 58% occupancy rate for its 2,290 operational beds, with a total of 11,313 patients admitted in Q3. Management plans to expand total bed capacity to 7,000-10,000 beds in the next 3-5 years, targeting a sustained occupancy rate of 70-80%.

International Expansion and Diagnostics Partnership Progress

The company's international expansion is gaining momentum, with two day care centers operational in UAE and four more under construction in Dubai. Operations have also commenced in Kazakhstan and Nepal, with plans for US expansion underway. Domestically, the partnership with Chandan Diagnostics is progressing well, with 34 centers operational and a target to increase daily sales to 5 lakh, aiming for an annual turnover of ₹10-15 crores from diagnostics.

Shift Towards Wellness, Prevention, and Health Insurance Leverage

Jeena Sikho is strategically focusing on wellness and preventive healthcare, aiming to educate the public on healthy living and launching preventive products like 'Nutri-Roz'. A significant development is the increasing reimbursement of Ayurveda treatments, including day care and medicines, by health insurance companies. This is expected to be a major growth driver, as health insurance currently accounts for less than 25% of their business, indicating substantial untapped potential.

Enhanced Corporate Governance and Employee Incentives

To strengthen corporate governance and operational efficiency, Jeena Sikho has appointed Forvis Mazars as its internal auditor and Grant Thornton as its main auditor, alongside implementing international-level software like Salesforce and Oracle. A new 3-year ESOP policy has been introduced, with vesting at 20%, 30%, and 50% annually, designed to attract and retain top talent and align employee incentives with company profitability.

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