Jeena Sikho Lifecare Ltd
About the Company
Jeena Sikho Lifecare Limited (JSLL) is an Ayurvedic healthcare and medicine enterprise that provides quality, affordable, and holistic healthcare. The company was founded in 2009 by Mr. Manish Grover, also known as Acharya Manish Ji, and Mrs. Bhavna Grover, and was incorporated as a company in 2017. JSLL is headquartered in Zirakpur, Punjab, with a major business execution center in Delhi.
JSLL's mission is rooted in the wisdom of Ayurveda, combined with contemporary healthcare practices to redefine holistic wellness. The company aims to provide accessible and high-quality Ayurvedic care across India. JSLL strives to offer a unique approach by focusing on treatment rather than wellness alone, differentiating itself from competitors. The company's services include Ayurveda, Panchakarma, Homeopathy, and Naturopathy.
The man behind the Company: Mr. Manish Grover (Managing Director)
Mr. Manish Grover is the visionary founder of Jeena Sikho Lifecare Limited and Shuddhi Ayurveda. With nearly 15 years of experience in Ayurvedic healthcare products and services, he began his entrepreneurial journey in 2009, which seeded the idea of what is now Jeena Sikho Lifecare. In 2017, he incorporated it into Jeena Sikho Lifecare Private Limited. Mr. Grover actively promotes the Shuddhi brand on various television channels and social media platforms, spreading awareness about the importance of Ayurveda. He holds a B. Com degree from Chaudhary Charan Singh University, Meerut.
Business Overview
Business Model
Comprehensive Offerings:
- Healthcare Services: JSLL provides Ayurvedic healthcare services via a network of hospitals and clinics. These services are delivered through a hub-and-spoke model to ensure accessibility and efficiency. Jeena Sikho Lifecare Ltd offers in-patient (IPD) and out-patient (OPD) care through hospitals, clinics, and daycare centers, along with 72-hour health camps, Panchakarma therapies, medical kits, and diet care. The company specializes in natural disease reversal, addressing kidney failure, liver detox, cancer progression, arthritic disorders, and neurological recovery. It also provides cardiac and respiratory care, sexual health treatments, and autoimmune disorder management. It treats various ailments, including thyroid issues, obesity, cholesterol, depression, migraines, joint and back pain, psoriasis, ulcers, asthma, and sexually transmitted diseases. Revenue is driven by healthcare centers, tele-calling, and e-commerce, with a strong third-party manufacturing network ensuring consistent quality and supply.Jeena Sikho Lifecare Ltd offers in-patient (IPD) and out-patient (OPD) care through hospitals, clinics, and daycare centers, along with 72-hour health camps, Panchakarma therapies, medical kits, and diet care. The company specializes in natural disease reversal, addressing kidney failure, liver detox, cancer progression, arthritic disorders, and neurological recovery. It also provides cardiac and respiratory care, sexual health treatments, and autoimmune disorder management. It treats various ailments, including thyroid issues, obesity, cholesterol, depression, migraines, joint and back pain, psoriasis, ulcers, asthma, and sexually transmitted diseases. Revenue is driven by healthcare centers, tele-calling, and e-commerce, with a strong third-party manufacturing network ensuring consistent quality and supply.
- Ayurvedic Products: JSLL offers a diverse portfolio of Shuddhi-branded Ayurvedic products, with over 300 SKUs. These products address various health concerns and are available through healthcare centers and e-commerce platforms
- Cross-Selling Synergies: JSLL leverages significant cross-selling opportunities between its product and service verticals. Patients who purchase products are encouraged to visit healthcare centers for more holistic treatments, and vice versa.
Robust Care Funnel:
- Patient Engagement: JSLL employs a strategic approach to engage patients and transform care into long-term relationships.
- Multi-Channel Approach: The care funnel leverages social media, national and regional TV presence, call centers, and healthcare camps to ensure a steady influx of patients.
- Call Centers: JSLL uses call centers for continuous and proactive engagement with patients, addressing queries, and converting patient problems into appointments and consultations.
- Healthcare Camps: The company organizes healthcare camps that attract visitors, who are then referred to clinics and hospitals. In FY24, 17 health care camps were organized, attracting 1,069 cumulative visitors.
Geographical Footprint:
- Broad Presence: JSLL has expanded its reach across 25 states and 97 cities and towns.
- Operational Facilities: The company has 111 operational facilities, including 32 hospitals and 79 clinics and day care centers.
- Bed Capacity: JSLL has a total of 1,277 operational beds, with an additional 123+ beds in the pipeline.
Capital-Light & High-Return Business Model
Low CAPEX and Efficient Setup
Jeena Sikho Lifecare Ltd follows a capital-light approach, optimizing investments while maximizing returns. The company maintains a low CAPEX per bed, ranging from ₹2.5-3.5 lakh, by utilizing leased facilities and making minimal investments in Panchakarma beds and equipment. This cost-efficient model enables scalable expansion without significant financial strain.
Franchise-Based Growth Model
The company operates through a mix of owned and franchise-based facilities, with 44 out of 110 centers managed by franchisees. These franchise-run clinics and daycare centers handle their own investments and daily operations, while Jeena Sikho ensures service standardization by keeping Ayurveda doctors on its payroll and exclusively supplying all medicines. This franchise-driven approach facilitates rapid expansion with minimal capital expenditure.
Hub-and-Spoke Model for Patient Flow
A unique hub-and-spoke model further strengthens the business structure. Clinics and daycare facilities serve as feeder units for hospitals, driving inpatient department (IPD) volumes through a steady patient inflow. This well-integrated system enhances operational efficiency and revenue generation across its network.
Strong Revenue Potential and Profitability
The company’s 100-bed facility model, with a total CAPEX of ₹250-350 lakh, has a revenue potential of ₹8,100 per bed per day, reaching ₹170 lakh monthly at 70% occupancy. With a breakeven point at approximately 35% occupancy, the model ensures profitability with minimal financial risk. Revenue Streams:
In FY24, Ayurveda healthcare services generated ₹139 Crores (43% of total revenue), while Ayurveda healthcare products generated ₹186 Crores (57%).
Company's Ayurvedic healthcare portfolio achieves 90% gross margins, driven by franchise healthcare centers, tele-calling, and e-commerce sales. A strong network of third-party manufacturers ensures quality and supply consistency.
Products Portfolio:
JSLL offers a diverse portfolio of Shuddhi-branded Ayurvedic products catering to various health concerns. As of 2023-2024, they have approximately 300 SKUs (stock keeping units) in their Ayurveda medicine and product portfolio.
- Dr. Shuddhi Package (Shuddhi Kit) – 40-Day Detox Package
- Shuddhi 32 Herbs Tea
- Shuddhi Addiction Free Kit
- Shuddhi Addiction Free Kit
- Shuddhi Diabetes Care Package
- Shuddhi Divya Sanjeevani – Anti-Viral
Financial Report
Share Capital & Number of Employees
N/A
Share price and Volume (last 1 year):
Month and Year | April-2024 | May-2024 | June-2024 | July-2024 | August-2024 | September-2024 | October-2024 | November-2024 | December-2024 | January-2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Volume | 709000 | 1021000 | 454000 | 250000 | 404000 | 483000 | 482000 | 1056000 | 556000 | 688000 |
Prev Close
N/A
Sector
Pharmaceuticals
Market Cap
₹4636 Cr.
TTM PE
N/A
Sectoral PE Range
N/A
PE Remark
N/A
BSE
N/A
COMPANY TYPE | EVERGREEN |
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| (IN INR CR) |
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Key Metrics
Market Cap
₹4,636 Cr.
Current Price
₹1,865
PE Ratio
55
D/E Ratio
N/A
ROCE%
57.9%
CWIP
₹10.6 Cr.
ROIC%
N/A
Cash Conversion Cycle
92 day
ROE%
42.7%
PEG Ratio
0.88
Business Segment
Key Highlights & Management Guidance
Revenue Growth: The company achieved a 36% year-on-year increase in revenue from operations, reaching INR214 crores. This growth was primarily driven by hospital services, which grew by 72% year-on-year, contributing INR114 crores. Product sales also increased by 10% to INR100 crores.
Jeena Sikho Lifecare Limited has expanded its reach to 100 cities in 21 states. They are also planning to add around 600 beds shortly with new hospitals.
Bed Occupancy and Revenue: The company is managing 1530 beds, with an occupancy rate of 51% in the six-month result, compared to 38% in the previous year. The average revenue per bed has increased from ₹7900 to ₹8100.
OTC Market Entry: Jeena Sikho Lifecare Limited is planning to enter the OTC (Over-The-Counter) market and has completed clinical trials for several products, with plans to launch them in the next 2-3 months.
International Expansion: Jeena Sikho Lifecare Limited is also expanding internationally, with plans to open six new setups in Dubai within one year.
Expansion Strategy: JSLL is expanding its hospital network, aiming to increase the number of beds to 2100 by the end of the fiscal year and 5000 in the next 3-5 years.
Acquisitions: Jeena Sikho Lifecare Limited is actively pursuing acquisitions to enhance its business, with discussions underway in "3-4 places". JSLL is focusing on acquisitions that will benefit its business, specifically targeting products, clinics, call center setups, hospitals, and factories.
Industrial Outlook
India’s Pharmaceutical Industry
India's pharmaceutical industry is poised for exponential growth, with exports projected to reach $350 billion by 2047—a 10-15x increase from current levels. Already a global leader in generic drug supply, India is expected to move up the value chain by focusing on specialty generics, biosimilars, and innovative pharmaceutical products.
According to a report by Bain & Company, India currently ranks 11th in pharmaceutical export value but has the potential to be among the top five nations by 2047. The country’s pharma exports are expected to grow from $27 billion in 2023 to $65 billion by 2030, before reaching the ambitious $350 billion target by India’s 100th year of independence.
This transformation will be driven by:
Active Pharmaceutical Ingredients (APIs): Exports, currently valued at $5 billion, are projected to reach $80-90 billion by 2047. With China controlling 35% of the global outsourced API market, India can benefit from supply chain diversification efforts like the U.S. Biosecure Act. Strengthening domestic API production, investing in bulk drug parks, and ensuring self-sufficiency in critical raw materials will be crucial.
Biosimilars: Indian biosimilar exports, presently valued at $0.8 billion, are expected to grow fivefold to $4.2 billion by 2030 and reach $30-35 billion by 2047. Increased R&D investments, regulatory simplifications, and capacity expansion will enhance India’s global standing.
Generic Formulations: Currently the largest segment of India’s pharma exports at $19 billion (70% of total exports), generic formulations are expected to reach $180-190 billion by 2047. India must shift towards specialty generics, which offer higher margins and greater global market potential.
Domestic Market Growth and Healthcare Reforms
India’s domestic pharmaceutical market is projected to grow from $54.6 billion in 2023 to $64 billion in 2024, fueled by:
- Rising middle-class income (41% of the population)
- Increased health insurance penetration
- Epidemiological changes (e.g., cardiovascular diseases becoming the leading cause of death, accounting for 28.1% of fatalities)
To address these evolving healthcare demands, the Indian government has introduced a National Pharmaceutical Policy (NPP) aimed at:
- Reducing drug prices through local API manufacturing (India currently imports 70% of its API needs, mostly from China)
- Encouraging innovation by liberalizing Foreign Direct Investment (FDI), facilitating strategic partnerships between Indian and foreign pharmaceutical companies.
Additionally, India aims to increase its global medical devices market share from 1.5% to 12% by 2030, supported by a $400 million Production Linked Incentive (PLI) scheme to boost manufacturing in cancer care devices, radiology, anesthetics, and implants.
With these policies in place, India’s drug and pharmaceutical exports increased from $2.13 billion in 2023 to $2.31 billion in 2024, making pharmaceuticals and MedTech devices India’s fourth-largest merchandise export.
The Rise of Ayurveda and the Wellness Industry
The Indian Ayurvedic products market has also gained significant momentum. Valued at ₹748.5 billion in 2023, it is expected to grow to ₹3,207.6 billion by 2032, at a 17% CAGR. This expansion is driven by:
- Rising health consciousness
- Growing preference for herbal and organic alternatives over synthetic drugs
- Easy availability of Ayurvedic products across online and offline platforms
- Government support, including exhibitions, trade fairs, and funding for research
India’s wellness industry is also experiencing rapid growth, driven by:
Medical tourism: India ranks 10th on the Medical Tourism Index (MTI) and 12th in global wellness tourism. With affordable treatment, high-quality healthcare, and multilingual professionals, India is well-positioned to expand its market share.
Government initiatives: The Ministry of AYUSH has introduced various schemes to integrate Ayurveda into mainstream healthcare, develop alternate healing centers, and increase the global visibility of Indian wellness treatments.
Evolving consumer preferences: Post-pandemic, consumers have shifted towards natural healing, with Ayurveda, naturopathy, and yoga gaining widespread acceptance.
The Ayushman Bharat initiative has transformed 1.5 lakh health centers into Ayushman Bharat Health and Wellness Centres, integrating Ayurveda and other traditional medicine into primary healthcare.
Challenges and Opportunities:
While India's pharmaceutical and wellness sectors are on a rapid growth trajectory, challenges remain:
- API dependence: India still imports 70% of its APIs, making it vulnerable to supply chain disruptions.
- Regulatory hurdles: Simplification of approval processes for new drugs and biosimilars is essential.
- Lack of awareness in Ayurveda: The Ayurvedic industry faces skepticism due to limited scientific validation and regulatory inconsistencies.
However, government incentives, foreign investments, and shifting consumer trends present immense opportunities. With 100% FDI permitted, increased R&D spending, and expanding international markets, India is well on track to becoming a global leader in pharmaceuticals and holistic wellness.
Financial Highlights
| PARTICULARS | H2FY24 | H1FY25 |
|---|---|---|
| Sales | ₹167 Cr | ₹214 Cr |
| OPM | 29% | 28% |
| Net Profit | ₹37Cr | ₹47Cr |
Shareholding Pattern
Mar'2024 | Sep'2024 | |
|---|---|---|
| Promoters | 67.91% | 65.84% |
| FIIs | 0.26% | 4.05% |
| DIIs | 0.00% | 0.07% |
| Retailers | 31.83% | 30.04% |
Capsule’s View
Revenue Target:
- Jeena Sikho Lifecare Limited is maintaining its revenue target of INR450 crores and a 25% PAT margin for the current year.
- The revenue target for FY26 is INR650-INR700 crores, with a long-term goal to reach INR1000 crores by FY28.
Global Expansion:
The company is planning to expand globally to Dubai, Vietnam, Mauritius, London, America, Australia, and New Zealand.
Ayushman Yojana: The Supreme Court has directed the Indian government to include Ayurveda in the Ayushman Yojana, which could potentially lead to rapid expansion for the company.
NABH Accreditation:
Jeena Sikho Lifecare Limited has 33 NABH accredited beds and expects to increase this to 37 in the next month.
OTC Market:
Jeena Sikho Lifecare Limited is planning to enter the over-the-counter (OTC) market with medicines for blood pressure, diabetes, kidney, and liver.
- Clinical trials have been completed for several products.
- The company has launched products for piles and hair