Ladies and gentlemen, good day and welcome to Jupiter Life Line Hospitals Limited Q2 and H1 FY26 earnings conference call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict. I now hand the conference over to Dr. Ankit Thakker, Joint Managing Director and CEO. Thank you, and over to you, sir. Good afternoon, everyone. I thank you for joining us on our earnings call to discuss the business and financial performance for the second quarter and first half of FY26. I hope you had a chance to go through our financial results and investor presentations, which are available on our website and on the stock exchanges. I am joined today by Mr. Anand Apte, our Chief of Business and Strategy, Mr. Sankha Sen, our CFO, Ms. Suma Upparatti, our Company Secretary and Compliance Officer, and our Investor Relations Advisors from SGA. This quarter, we complete two years since our listing. We are pleased to report that our journey over the last two years has been fully in line with our plans leading up to the IPO. Our Dombivli Hospital is nearing completion and is set to begin operations on schedule without any foreseeable delay. The South Pune Hospital construction has commenced in this third quarter of the financial year, and the Mira Road Hospital is now on the architectural drawing board. All our three existing operating hospitals have also grown in line with expectations over the last couple of years. Our focus continues to be on expanding our presence in Western India by building high-quality hospital infrastructure with top-end technology and growing through clinical excellence, patient trust, and community support. We remain committed to our ethos of care, to keep on enhancing the patient experience, and creating long-term value for all our stakeholders. Now coming to our financial performance for this period, Q2 of this year versus last, the total operating income stood at INR 374.4 crores and increased by 11.7% year-on-year. EBITDA for the quarter was INR 85.4 crores, a 9.3% increase year-on-year, representing a 22.8% margin. The PAT for the quarter is INR 57.4 crores, that is a 11% year-on-year growth, and the margin is 15.3%. The H1 numbers, the total operating income stood at INR 727.4 crores, a 14.9% increase year-on-year, whereas the EBITDA was INR 163.8 crores, a 13.7% increase year-on-year, with a margin of 22.5%. The PAT is INR 101.4 crores, with a growth of 5.3% year-on-year, representing a margin of 13.9%. The ARPOB for H1 is INR 66,100. The ALOS is 3.84 days, and the average occupancy rate is 62.2% on our expanded bed capacity. The payer mix for H1 FY26 remains largely unchanged, with insurance accounting for 55.5% of the revenue, self-payers 43.2%, and government schemes just 1.3%. With this, I open the floor for questions and answers. Thank you. Thank you, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Mr. Rahul Jain from Jain Investment. Please go ahead, sir. Yes, sir. Thank you so much for taking my question. I have two questions. First, how much CapEx has been incurred in H1 FY26, and what's the current status of our Dombivli Hospital? Are we planning to start when we are planning to start the sale, and about their hiring process? Hi Rahul. So thank you for the questions. The Dombivli Hospital, as I said, is on track. It is forecasted to start Q1 of next financial year, so we are not anticipating any delays there. We have just started the discussions on the recruitment front, which are expected to gain some momentum in the coming few months. On the CapEx side, this year so far, we have spent about INR 110-odd crores on CapEx for the new project. Thank you, sir. That's so much helpful. My second question is regarding our current EBITDA margin is stood at around 23%. So how should we view the medium-term margin trajectory, especially with Dombivli Hospital coming on stream? Is there any possibility of margin temporarily moderating towards 20%? Is that so? So on an individual hospital level, mature margins are expected to be in the mid-20%. As the new hospitals come up, they are expected to be EBITDA negative in the first year and break even in the second year. That is our general observation and expectation. So as Dombivli comes up, it should lead to a little dilution in consolidated margins in the first year. And then in the next year, while it stops dragging the EBITDA, then the next hospitals will come up. Thank you, sir. That's very helpful. I will join back with you. Thank you. Thank you. Thank you. Participants, if you wish to ask a question, you may press star and one on your touch-tone telephone. We will wait for a moment while the question queue assembles. Participants, if you wish to ask a question, you may press star and one on your touch-tone telephone. The next question is from the line of Mr. Devane from Marcellus Investment Managers. Please go ahead, sir. Hi. I'm sorry. Sir, your voice is breaking. Can you come again, please? Is it better now? Yes, sir. Please go ahead. Yeah. So I just wanted to understand the difference between reported revenue and the one which we have given? You know, if you can explain in the version of 2020 we have explored? Sorry to interrupt. Mr. Devane, you are breaking up. Yeah, no, I understand what he's asking. I will paraphrase the question for everybody's benefit. So from this period onwards, we have started reporting what is known as unbilled revenue, which we understand is in line with industry practice. So previously, what we did is we only recognized revenue once the patients got discharged, which means at the end of every reporting period, all those patients who were still admitted in the hospital and had received partial services but had not been discharged, we did not report the partial revenue that was accrued on that account. This period onwards, we have also started reporting this unbilled revenue. The revenue for this quarter is INR 19.2 crores. So this is the difference between your presentation number and the P&L reported number that you were referring to. This is a one-time delta which you are seeing in this quarter. Next quarter onwards, they are broadly expected to cancel each other out because in the beginning of the quarter, you will see a reversal entry of previous quarter's unbilled revenue, and towards the end of the quarter, you will see the unbilled accrued for that quarter, and in a steady-state business, they should broadly cancel each other out, so going forward from next quarter onwards, you should not see any significant impact of this. Understood. Thank you. Thank you, Devane. Participants, if you wish to ask a question, you may press star and one on your touch-tone telephone. The next question is from the line of Mr. Amit from H.G Hawa & Company. Please go ahead. Mr. Amit, can you please unmute yourself and ask your question? Hello. Good afternoon. Am I audible? Yes, sir. Please go ahead. Yeah. Thank you for the opportunity. So my question was connected to the debt. What is the strategic plan for debt reduction, and what is the company's policy, and what is the average cost of funding that the company spends? Hi, Amit. So the current consolidated debt stands at INR 325 crores. Against that, we have liquid investments and deposits of over 500 crores, around 550, if I'm not wrong, at the end of September. This is essentially a building up of coffers. The three projects that we have underway, that is Dombivli, South Pune, and Mira Road, we expect that we should broadly be able to complete with our resources and future internal approvals. This debt might kick in if we need or if we get an opportunity to do one more project. And if we do that project, then this debt will kind of continue for a few years. What will be the blended cost of interest on this INR 325 crores? So it is between 7 and 8%, I think, currently. The second question was connected to. But the carrying cost is pretty much around 1% because, as I said, the. Because of the billing. Yes. So the second question was connected to the doctor retention and wage inflation policy of the company. Sorry? Go ahead again. Doctor retention and wage inflation policy because we are on expansion mode, so doctor caps and all these things will be what is the policy of the company? So most of our doctors are on minimum guarantees with flexible paid systems. So no one is really employed with a fixed cap. So essentially, there is no wage as such. By and large, they are compensated, commensurate with the efforts that they put in. So we don't really have to discuss wage inflation with doctors on an ongoing basis for the most part. I appreciate you answering my questions. Thank you for the questions, and all the best for the future. Thank you. Participants, if you wish to ask a question, you may press star and one on your touch-tone telephone. The next question is from the line of Mr. Rishab Sisodia, an individual investor. Please go ahead. Yeah. Hi, sir. Thank you for the opportunity. Am I audible? Yes, sir. Please go ahead. All right. Thank you. So my first question is on the stated pipeline of the new hospitals that we have. So as you have mentioned, operationalization of the first phase of the hospitals, what is the expected timeline for the second phase? Since operation, would it be like one year down the line or maybe two years down the line when we add up the second phase of those individual hospitals? So second phase will depend on how the occupancy ramps up. I don't really want to play an astrologer and get into when that will happen. But our general philosophy is that once we cross 60% occupancy of the installed base, we think about expansion. So as and when we manage to reach 60% of phase one, then gradually we'll keep on adding beds. Okay. That's understood. Secondly, sir, do we have anything on the inorganic side on the cards, or do we plan to move out of the Maharashtra market? Because we have predominantly dominated over here, barring Indore. So do we have any plans to get out of this market, maybe nearby Gujarat, MP, or Karnataka maybe? Yeah. So first, inorganic, there is nothing live that we are chasing. But if and when there is something which we are discussing or that materializes, I'll be happy to talk about it. On the focus areas, we are open to any sensible opportunity in Western India. We are open to Gujarat and Madhya Pradesh as well, not necessarily Maharashtra. But currently, we have seen more promising opportunities coming out of Maharashtra. And those are the ones we have tapped. Okay. Understood. So last would be on the specialty mix. If you can break them down for first half, what is our specialty mix and what is our targeted mix, if at all we have anything in mind? We don't track specialty mix, and we don't even have any targets. We are a full-service community hospital. So whichever our specialty mix pretty much mimics the disease burden of the communities that we serve. So whoever walks into our doors, we are bound to serve them for their needs. Okay. That's helpful. So one last question from my side. So as in when you operationalize these new hospitals, what is the expected timeline of getting the insurance companies getting tied up for those hospitals? I don't know. It's a dynamic process, so I really can't predict when it will start. But yes, we understand that cashless services are important for patients in today's time. So we will make our best efforts to make sure that the patients are not inconvenienced. Okay. That's helpful from my side. Thank you. All the best for the future. Thank you. Thank you. Participants, if you wish to ask a question, you may press star and one on your touch-tone telephone. The next question is from the line of Mr. Dinesh from White Oak Capital Asset Management Limited. Please go ahead, sir. Yeah. Thank you for the opportunity. So the IP volumes for the quarter, they have declined, right? Low single digit when you look at them year- over- year. So if you can give some further insights into the hospitals that have seen more decline versus less decline. So the IP volumes are pretty much flat. Last year, I think, was 27,200. This time, it is 27,400. So largely flat. I'm talking about H1, sir. I'm talking about Q2. Q2? I have one edge number. But okay. Let me look up Q2. But basically, Q2 number, Q2 generally sees an occupancy peak due to infection burden, which superimposes over the average occupancy that we see throughout the year. So generally, based on the infection outbreak, there is year-to-year variation of a couple of percentage points in occupancy in Q2. This year, Pune had a lower outbreak than usual, which is, on the community health side, a good sign. But yes, so Pune did not see as high a peak occupancy as it did in the last year. So I'm guessing that could be contributing to the Q numbers. I don't have them right now, but that could be an explanation. All right. And for the adjustments that you've done, the adjusted growth is what you've shown in the PPT, right? If I look at the PPT. So the PPT shows as if there is no adjustment. It only shows operating numbers, operating revenue, and operating EBITDA because that is what we have been doing all along. So I did not want confusion there. The P&L table shows the adjusted numbers. Okay, so Q2 is like 12% top-line growth and 9% EBITDA growth. Correct. So this is lower than the one Q growth run rate. So the EBITDA, some of it I understand is lower IP because of seasonality this quarter. But is there some drag on the Dombivli in the cost that is reflective of lower EBITDA, or is it just operating leverage? I think it is operating. I don't think Dombivli should be having a drag now. But I think towards the last quarter, we should start seeing some Dombivli effects coming in. All right. Thank you, sir. Thank you. Thank you. The next question is from the line of Ms. Anjana Shah from Shah Investments. Please go ahead, ma'am. Thank you for this opportunity, sir. So I have a question. AR improved from INR 57,700 to INR 66,100 during the first half of FY26. So if you could highlight, what are the key factors driving this almost close to around 15% increase? So it is a combination of some case mix optimization in Indore, some of the ongoing rate revisions which happen with insurance companies on a periodic basis as and when the contracts expire, and general inflation-based pricing. Sure, sir. Sure. Thank you. That's it from my end. Thank you. Participants, if you wish to ask a question, you may press star and one on your touch-tone telephone. The next question is from the line of Mr. Ankit Pandya from Baroda BNP Paribas Mutual Fund. Please go ahead, sir. Yeah. Hi. Good afternoon, and thank you for the opportunity. So two, three questions from my side. So firstly, just if you can take us through the occupancy level at all the three hospitals for the current quarter. I think we don't have reporting of unit-wise occupancy. Consolidated level, I can tell you, for this quarter, we were at 64%, 64.5%. And this is on the expanded base of occupancy on, I mean, expanded base of beds that we added last year. Last year, this quarter, we were at 70%. And this year, we are at 64.5%, but we added 150 odd beds in this year. But just directionally or qualitatively, if you can just highlight, if possible, for the. Yeah. Qualitatively, I'm happy to do that. So, Thane, mid-70s, it is largely plateaued, as I've said earlier. Pune, going towards 70-ish and getting matured in the next couple of years. And in those, we have added all those 80-90 beds. So they are showing increase in occupancy and revenue both in the last couple of quarters. Thank you, sir. So secondly, just for the quarter, on the professional expenses, professional fee side, there's almost 31%-32% year-on-year growth, and even sequentially, almost 24% growth. So anything one-off, or this should be sort of like the base that one can work with? No, sir. This is completely one-off. If you have put a short note, and this is pretty much in line with the new accounting treatment that we have done. There is a 12-crore one-time provision in the professional fee component based on this new policy which we have done. So if you read the financials without this one-off INR 12 crore, INR 12.5 crore impact, then you will see the continual and ongoing operating cost. Okay. Fair enough. And just lastly, so once the Dombivli Hospitals gets commissioned, given that there's no other organized player in that market, how should one look at the occupancy and RPOB for the first year onwards and in general then ramping up? But for the first year, how should one look at it? So yes, there is no large provider in that region. We believe that in the long run, the demand should be very good in that region for the simple reason of lack of supply, like you said, and dense population. What will specifically happen in year one or year two, I don't want to hazard that guess. But in the long run, we see a very strong demand in that region. But can we assume that at least by the second year or third year, we can go upwards of 50%-55% occupancy? Yeah. So year two, I think we definitely think that EBITDA break-even should happen. And typically, that happens upwards of 40%-45% occupancy as we have seen. So yeah, I think that could be a decent assumption. Okay. And just on the RPOB also, can we assume that it will be significantly lower or around 15%-20% lower than the current company level or RPOB, given that also? Yeah. A lot of the RPOB is dependent on two main things: the pricing and the case mix optimization. In early years of a hospital, you generally do more primary and secondary work and less of tertiary work. And second is pricing, which should be pretty much similar to the MMR pricing that we are getting now. But because of early years, we should definitely expect a slightly lower RPOB in Dombivli than we see in matured hospitals. Okay. That's it from my side, sir. Thank you. Thank you. Thank you. Participants, if you wish to ask a question, you may press star and one on your touch-tone telephone. The next question is from the line of Mr. Bhavesh from DV Investment Advisors. Please go ahead, sir. It appears that the participant dropped off from the call. We will move on to the next participant. The next question is from the line of Mr. Dinesh from White Oak Capital Asset Management Limited. Please go ahead. Yes. Thank you again. Just so that I properly understand the accounting, it says there were unbilled revenue, which is INR 19.2 crores, and the cost related to those unbilled revenues is INR 12.3 crores, which has been included in professional fees. So I'm just curious to understand. It should have been across all the three line items, right? There'll be professional fees, there will be cost of goods, there will be employee cost. Why is it all in professional fees, the cost of servicing that incremental unbilled revenue of INR 19 crores? Yeah. So this 12 crores is two components. One component is a cost pertaining to this 19 crores. That is the professional fee for this 19 crores, which is 3 crores. The other component is another 9.3 crores. That is, while we did this policy of unbilled revenue, we also thought that we should be a little more conservative in our provisions for the professional fee. So, so far, the understanding with the doctors is that the professional fee variable component gets paid only if the bills get settled by the insurance companies and when the money gets realized. So for all outstanding bills, that is, the money which was not yet received by the company, there was no provision for the doctor's share. We thought that we should be a little more conservative and provide for the entire doctor's cost, assuming the money would come. So the 9.3 crores is towards the unsettled and outstanding bills, and the 3 crores is towards this unbilled revenue. So the doctor's component includes these two things. As far as the cost of goods and other things are concerned, those were already getting captured on a period-to-period basis, and it is very hard to define cost of goods based on specific IPs. So even though we were not recognizing the unbilled revenue, but that material cost was getting reflected on an ongoing operations basis. Understood. And just to understand, this INR 9.3 crore, you have recognized, but in reality, the way you pay out is if it is collected, only then you pay out, or the liability arises even if you don't recognize? Only if we realize the money we pay out. So if there are any bad debts or anything, then to that extent, the provisions will get reversed. Okay. Okay. This is an industry practice, or this is your policy? Because the doctor should not have the risk of, let's say, an insurance company not paying. Exactly. It is an industry practice. It's an industry practice. It's what we understand. Yes. Okay. All right. Thank you. Yeah. Thank you. Participants, if you wish to ask a question, you may press star and one on your touch-tone telephone. The next question is from the line of Mr. Shashank Sharma from HEM Securities. Please go ahead. Good afternoon. Thank you for taking my question. My only question is, sir, you were planning seven hospitals, which was in discussion stage last time. So is there something concrete on this as to the location you are targeting or any land acquisition plan or something, timeline as such? No, nothing concrete yet. We are in few discussions, but because it's organic and with all the uncertainties associated with land, currently, I have nothing to report on that. Okay, sir. Thank you. Ladies and gentlemen, that was the last question for this session. I would now like to hand over the conference to the management for closing comments. Please go ahead, sir. So thank you, everyone, for joining. I hope the questions were answered satisfactorily. However, if you need any more clarifications or want to know anything else in particular, please don't hesitate to reach out to our IR team with SGA. Thank you. Thank you, sir. On behalf of Jupiter Life Line Hospitals Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.