Jupiter Life Line: revenue +16% YoY to ₹456 Cr, but consolidated PAT flat as Dombivli drag persists

Jupiter Life Line's consolidated revenue for Q2 FY27 came in at ₹456.50 Cr, up 15.97% YoY from ₹393.63 Cr and up 11.08% QoQ from ₹410.98 Cr — ahead of the ₹420-430 Cr range we flagged pre-result. Consolidated PAT, however, was ₹56.36 Cr, down 1.95% YoY from ₹57.48 Cr even as it rebounded 50.23% QoQ off a weak June-quarter base (₹37.51 Cr) that had absorbed the bulk of the Dombivli ramp-up drag. On a standalone basis PAT was ₹51.45 Cr on revenue of ₹364.60 Cr (EPS ₹1.57); consolidated basic EPS was ₹1.72 (post the 1:5 stock split effective July 24, 2026). Standalone and consolidated tell the same directional story this quarter, so the headline rests on consolidated, the primary basis. No exceptional items featured in either the current or year-ago quarter, so these are clean, unadjusted comparisons. The YoY profit stagnation despite double-digit revenue growth is a margin story playing out below the operating line. Consolidated OPM was 23.41%, essentially flat against 23.45% a year ago (and sharply up from 19.29% in Q1 FY27), so core hospital operations held their margin. The drag instead shows up in finance costs, up 76.5% YoY to ₹13.83 Cr (from ₹7.84 Cr), and depreciation, up 32.7% YoY to ₹28.48 Cr (from ₹21.46 Cr) — both consistent with the Dombivli greenfield hospital capitalising onto the balance sheet. The effective tax rate also ticked up to 24.94% from 22.56%. Net effect: NPM compressed to 12.07% from 14.20% YoY, even as it improved sequentially from 8.90% in Q1. Against management's own framing from the August 2026 concall — Dombivli running a ₹2-3 Cr/month EBITDA loss with a 1.5-2 year path to breakeven, capex funded from internal accruals, debt held under 3x EBITDA — this quarter looks broadly on track directionally (OPM recovering sequentially, no cost blowout), though the filing carries no hospital-level segment disclosure to confirm the exact Dombivli loss run-rate. Consolidated borrowings rose to ₹588.8 Cr from ₹508.5 Cr at FY26-end, with ₹71 Cr of fresh secured borrowings drawn in H1 per the cash flow statement — consistent with continued debt-funded expansion. No analyst consensus specifically for this quarter turned up in a web search; grading against our own pre-result preview (revenue ~₹420-430 Cr, OPM ~19-20%, "PAT pressure sustained"), the print beat on revenue and margin while the PAT line played out largely as flagged. Corporate actions this quarter reinforce the expansion narrative: new CFO Harshad Purani took charge (July 31, 2026) the same day the pharmacy subsidiary completed its ₹3.78 Cr acquisition of Sulcus Private Limited, adding ₹5.11 Cr of consolidation goodwill; the board also signed a ₹150 Cr agreement to buy the South Pune hospital land it currently leases. Post quarter-end, the company secured a ₹500 Cr term loan from HDFC Bank (October 19, 2026), which will likely fund the next leg of this capex. No separate management press release accompanied the results beyond the standard board-outcome letter, so this read relies on the filing and the prior concall record alone.