JEENA SIKHO- seems shady, one off?

HarshVijay · April 5, 2026, 4:59pm

Emami to acquire remaining 73.5% stake in Axiom Ayurveda Pvt Ltd for up to ₹200 crore

Already held 26.5%, now bought 36.7% (first tranche) → stake crosses 63%

Remaining stake to be acquired in next 3 months (subject to approvals)

Financials & Growth

FY25 revenue: ~₹107 crore

FY26 expected: ~₹180 crore (strong growth expected)

Industry Trend

Ayurveda & natural products market: $10–12 billion

Growth rate: 15–20% annually

Hindustan Unilever Limited (HUL) has strategically expanded its Ayurveda and premium personal care portfolio through targeted acquisitions, most notably

acquiring the Ayurvedic hair oil brand Indulekha for ₹330 crore in 2015. HUL has continued this push with investments in modern wellness brands, recently buying the remaining 49% stake inOZiva(plant-based nutrition) to become a wholly-owned subsidiary by 2026

besides all these recent notable Major M&As, I am also observing a lot of interest in the private markets among private equity and venture capital investors in the Ayurveda space.

Tanay_Malpani · June 1, 2026, 2:05pm

The fuel for Growth is in the rich cash position of the company further strengthened by the decrease in AR in FY 26 as compared to FY 25 despite the increase in base (Sales). The company has huge cash to operate, a well placed capex and a MOAT in its Ayurvedic expertise. The volumes of IPD, OPD and Day Care are down slightly on a QoQ basis which is either attributable to the Quarterly factor or a shift in trend. Historically, March Quarter has been better for the company similar to the healthcare industry but it is different this time for the company. This factor is to be deep dived into.

In my opinion, it is not much of a concerning factor as the number of Beds for the chain has expanded and will be seeing much better occupany i.e. capacity utilization in the coming years.

Inviting other members to pour their thoughts on the same and add more to the discussions.

Disclosure: Invested

dinesh111a · June 1, 2026, 3:11pm

I was doing some math on the numbers posted by the Jeena Sikho in last year.. as per the May 2025 Presentation they were having total 115 care centre..

If we go through the number of last year out of total revenue of 469 cr. employee cost was 21.42 % which comes to around 100.5 Cr..

Employee cost per center comes to around 87.35 lac per year.. and at around 7.27 lac per month for one care center

They claimed to be having hospital also in this data..

is it really possible to maintain a hosptial with such low employee cost??

even running a small shop will need more expenditure than this towards the employee

please correct me if I am wrong

Rajneesh_Vashisht · June 2, 2026, 3:26am

I think one needs to assume different cost of hospitals vs day care centers/clinics. If there’s an information on how many staff they have on such clinics the entire calculations changes and numbers will start making sense.

rahulshares · June 2, 2026, 9:42am

Also doctors are usually not employees but work as consultants with various hospitals. So that will skew the analysis as well

dinesh111a · June 2, 2026, 10:12am

There is no payment towards consultancy or professional fees as per AR of the company.. they were having total 3764 permanent employee and 1000 other than permanent..

Total wages paid was 90.87 Cr. which comes to 2.41 lac per employee.. no mention about the wages paid to other employee..

shareholder · June 3, 2026, 4:24am

Under Ind AS 116 for lease accounting, EBITDA goes up as part of the rent is accounted below EBITDA as depreciation and interest. Why are they saying EBITDA was down on account of Ind AS accounting?

Prabhu1004 · June 3, 2026, 4:49am

As per my understanding the top line affected due. Change in accounting practices. They used clock the sale once the patient pays booking. But now they are counting only after the treatment.
Feels little off about the way they handled this quarter con call. But I still believe there no change in fundamentals.

Disclosure: Invested

shareholder · June 3, 2026, 4:59am

I can understand the advance from patients not booked as revenue impacted topline, but their explanation of one-off in EBITDA looks bit off.

ranvir · June 3, 2026, 12:06pm

Jeena Seekho Lifecare -

Q4 FY 26 results and concall highlights -

Q4 outcomes -

Revenues - 215 cr, up 55 pc

EBITDA - 78 cr, up 70 pc ( margins @ 36 vs 33 pc )

PAT - 45 cr, up 80 pc

In Patients @ 10.9k vs 6.41k, up 70 pc

Out Patients @ 150k vs 96k, up 56 pc

FY 26 outcomes -

Revenues - 801 vs 469 cr, up 71 pc

EBITDA - 349 vs 140 cr, up 148 pc ( margins @ 44 vs 30 pc )

PAT - 222 vs 80 cr, up 178 pc

The sequential moderation in margins was largely on account of higher provisioning relating to labour code

amendments ( they took the hit in Q4 vs most other companies that took the hit in Q3 ), ESOP provisioning, and certain performance-linked bonuses paid to employees at the close of the financial year

For FY26, EBITDA margins improved to 44% compared to 30% in FY25, reflecting operating leverage, improved asset utilization, and increasing scalability across both business verticals

Company’s infra -

61 operational hospitals

58 operational clinics

2300 operational beds, 2861 total beds

No of SKUs of ayurvedic medicines that the company sells @ 330. Have been selling Ayurvedic medicines and related products since 2009

Company’s cost of new bed addition stands @ Rs 4 lakh / bed vs an allopathic hospital where this cost is usually > 50 lakh per bed

Notes from previous concalls -

Have launched 1 new OTC product ( Pet Yakrit Pleeha Suddhi Kit ) in FY 26. Has started to clock sales of Rs 10 cr / month - very encouraging response. Should launch a total of 5-6 products by Dec 26

Have opened 2 hospitals in ME. Going to open hospitals / clinics in US, 6 more in ME, Kazakhstan. International expansion should be a key focus area going forward

Company’s key focus areas wrt treatment at their hospitals include - body detox, improving metabolic and gut health, addressing joint pains, stress relief, improving immunity, improving skin conditions

Have also started diagnostic services ( via a tie-up with Chandan Healthcare ). Should be able to clock 15 cr kind of revenues from this vertical in FY 27. At present, have 34 operational centers for diagnostics. Should ramp up to 70 centers by end of FY 27

Company’s ARPOB in Q3 stood @ Rs 8400

Have entered into a distribution agreement with Entero Healthcare for distribution of their Ayurvedic medicines and OTC products. Entero’s reach covers aprox 10 pc of Indian chemists

Going to launch a herbal Multi Vitamin to cure common vitamin deficiencies in India. It’s a twice daily syrup by the name - NutriRoz. It’s being made out of 33 herbs. The addressable mkt for this is huge. Will also be launching Ayurvedic products for blood purification, diabetes, BP etc in next 1 yr

As the health insurance companies have started recognising Ayurvedic treatments - it is turning out to be a significant tailwind for the company

Have identified 15 OTC products that address a person’s day to day nutritional / wellness requirements. Have only launched 1 out of them ( 2nd launch is imminent ). These set of 15 products can really help the company ramp up its sales and profitability in a big way. These products will also include products for ppl who are pre-diabetic and pre-hypertensive. These areas have huge growth and profitability possibilities

Chandan Healthcare is Jeena Seekho’s exclusive partner for their diagnostic services. Jeena Seekho has picked up stakes in Chandan Healthcare. Chandan also gives out a percentage of revenue to Jeena Seekho for the patients referred by them

All of company’s products go through ICMR approvals before hitting the markets

Notes from Q4 concall -

Revenues from healthcare services - 385 cr

Revenues from sale of Ayurvedic products - 416 cr

Capex estimates for a typical 100 bedded hospital -

Furniture and Fixtures @ 50 - 60 lakh

Medical Equipment @ 65 - 70 lakh

Other Infra @ 250- 260 lakh

Grand total @ 3.5-4 cr or 3-4 lakh / bed

Opex estimates for a typical 100 bedded hospital -

20 Ayurveda docs

80 support staff

100 contractual staff

Total salary bill of around 55 lakh / month

10-12 lakh of monthly rental

Variable costs - 12-15 pc of monthly sales

Revenue potential from a typical 100 bedded hospital -

ARPOB @ aprox 8500 ( including panchkarma )

Avg occupancy @ say 70 pc ( after 12-18 months )

Avg monthly revenue @ 1.8 cr / month

Hospitals start breaking even @ 35-40 pc occupancies

Insurers that r now empaneled with Jeena Sikho include - ICICI Lombard, Bajaj Allianz, SBI General, HDFC ERGO, Ifco Tokio etc

33 of their hospitals r run by Franchisees. All expenses ( except Doctor’s salaries r bourne by the franchisee )

Key focus disease @ Jeena Seekho include -

Thyroid

Obesity

High Cholesterol

Depression/Anxiety

Migraine

Joint and Muscle pain

Skin care

Psoriasis

Asthma

No of operational beds should jump from 2300 to 3000 by Q2 FY 27

Company is also empanelled with CGHS, ECHS. Also empaneled with state Govts of Punjab, Haryana, UP

They made an ECL provision of 5 cr in Q4 - again, surpassing profitability

Did see some cancellations of advance bookings in Mar - due breakout of Iran war. Already seeing these preventive customers coming back in Q1

Aim to more than triple their consol ( both hospital + medicines ) sales inside next 5 yrs

Company has stopped recognising advances received ( against appointments booked ) as sales. Sales r only recognised when the patient actually receives the bill post receipt of treatment. This has also led to non-recognition of certain revenues in Q4

Adjusted for impact of new labour laws, additional bonus to employees, ECL provisions, Gratuity - EBITDA margins would ve been around 43-44 pc

Company has tied up rates of 8.8 to 9.2k / day with various health insurance companies

GoI’s Ayushmann Bharat scheme is also planning to empanel company’s Ayurvedic treatments. If this happens, company’s occupancy may just shoot up ( timely payments would still remain a concern - imho )

Company’s adv and promotions cost reduced to 8 pc of revenues from 12 pc in FY 25 - despite a steep increase in revenues - very encouraging trend

Govt sales in FY 25 was 118 cr. In FY 26, the same was at only 36 cr. They did this deliberately because of long payment cycles wrt Govt business

Two yrs back, contribution from health insurance to total revenues was 4 pc. Has jumped to 26 pc in FY 26 - very encouraging trend. This is also a proof of concept - If Insurance companies are paying up, the treatments offered by them must be really effective

Going to open 2 luxury hospitals @ Panchkula and Manali. The one @ Manali is ultra luxury

Confident of achieving a PAT of 300 cr in FY 27 !!!

Chandan Diagnostics helped them clock PAT of aprox 1 cr in FY 26 - growing @ a brisk pace

New hospitals are gonna come up in Ahmedabad, Kolkata, Patna, Lucknow, another one in Pune, adding beds in Mumbai

Disc: holding a small position, inclined to add more, not SEBI registered, not a buy/sell recommendation, posted only for educational purposes

mitansh · June 13, 2026, 4:53pm

Thoughts on this?:

Mohit_baid · June 13, 2026, 5:37pm

There are naysayers, just like how Ayurvedic doctors do not quite accept allopathy and its practices, and allopathy believers too have their disagreements…I am not saying what was said in the video was right or wrong, as I hardly found time to watch it fully, but what matters in the end is the patient satisfaction, which is acceptable in the case of Jeena Sikho, as most hospitals and clinics are rated between 3.9 and 4.9 stars (ratings seem genuine and not bought).

HighCAGR · June 14, 2026, 7:57am

I think it’s healthy to be skeptical, especially in healthcare and wellness businesses.

After spending time going through the FY26 results, investor presentation, and conference call, I haven’t yet seen evidence that supports calling JSLL a fraud.

In fact, one thing that stood out to me was cash flow quality. FY26 operating cash flow was actually higher than PAT, which is usually not what you see in businesses that are simply selling stories.

What I’m personally trying to understand is not whether Ayurveda works or doesn’t work. The investment question is different:

Can they continue scaling occupancy across hospitals?

Can they maintain patient growth?

How much of the product business comes from repeat customers?

Can the clinic, hospital, medicine ecosystem continue working at a larger scale?

If those metrics hold up over the next few years, the business can continue growing. If they don’t, the bear case becomes stronger.

So far, I see reasons to be cautious, but not enough evidence to conclude fraud. Happy to change my view if someone has specific data points rather than broad accusations.