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    Vijaya Diagnost.

    VIJAYA
    Healthcare·8 May 2026
    Management Summary

    Vijaya Diagnostic Centre reported a robust Q4 and FY26, with strong revenue growth and significant EBITDA margin expansion driven by volume growth and operating leverage. The company outlined ambitious expansion plans for FY27, including new hubs, spokes, and an automated lab, while maintaining a focus on quality and B2C-centric growth. Management expressed confidence in sustaining double-digit growth in core markets and achieving profitability targets.

    Highlights

    5

    • Q4 FY26 consolidated revenue grew strongly by 26.6% YoY to INR 219 crores, exceeding expectations.

    • EBITDA margin in Q4 FY26 expanded significantly by 379 bps YoY to 43.5%, reflecting strong operating leverage and faster breakeven of new centers.

    • FY26 revenue reached INR 814 crores, marking a 19.5% YoY growth and crossing the INR 800 crores milestone.

    • New hubs in Khammam and Nandyal achieved breakeven within just 2 quarters, outperforming the guided timeline of 3 quarters.

    • The company successfully doubled its centers from 81 to 162 and expanded its footprint from 2 to 6 states over the last 5 years.

    Key financials

    Metrics

    13

    Periods

    2

    Headline

    8
    • Revenue
      ₹219 Cr
      YoY+26.6%
    • EBITDA
      ₹95.5 Cr
      YoY+38.7%
    • EBITDA Margin
      43.5%
    • PAT
      ₹47.9 Cr
      YoY+37.5%
    • PAT Margin
      21.8%

    FY26

    5
    • Revenue
      ₹814 Cr
      YoY+19.5%
    • EBITDA
      ₹337 Cr
      YoY+23.3%
    • EBITDA Margin
      41.4%
    • PAT
      ₹173 Cr
    • PAT Margin
      21.2%

    Segment breakdown

    Geography (Q4 FY26)
    67% Hyderabad Contribution20% Rest of AP, Telangana Contribution6% Pune Contribution4% West Bengal Contribution3% Rest of Geographies Contribution
    Business Model (Q4 FY26)
    92% B2C Revenue
    Service Type (Q4 FY26)
    37% Radiology Business
    List

    Capital allocation

    1
    high confidence
    CategoryHeadline
    Capex

    ₹140 crores

    Guidance & targets

    7
    CategoryTargetPriority
    Capex
    Total Capex Outlay
    INR 140 crores to INR 150 crores
    		High
    Capex
    Maintenance Capex
    INR 10 crores to INR 15 crores
    		High
    Capex
    Maintenance Capex as % of Topline
    2% to 2.5%
    		Medium
    Network Expansion
    Hubs and Spokes Commissioned
    4 to 5 hubs and 10 to 12 spokes
    		High
    Profitability
    EBITDA Margin
    more than 40%
    		High
    Revenue
    Pune Revenue
    doubling
    		Medium
    Pricing
    Price Hike
    1% to 1.5%
    		Medium

    FY27 Capex Deployment Progress

    Next quarter
    CurrentINR 169 crores (FY26 actual), INR 140-150 crores (FY27 plan)
    TargetProgress on commissioning 4-5 hubs, 10-12 spokes, and automated lab

    Why it matters

    Tracking execution on planned capacity expansion and growth strategy for FY27.

    Coming to our expansion plan for FY'27, we would be commissioning 4 to 5 hubs and 10 to 12 spokes across the network. We're also coming up with a state-of-the-art, totally automated lab in Panjagutta, Hyderabad with an automated track system, which is expected to enhance turnaround times and operational productivity. Additionally, we plan to introduce advanced Genomic Testing as part of our specialized diagnostic offering.

    How to verify

    capital_allocation.capex.fy_planned

    Risks & concerns

    3
    RiskSeverity

    Slow revenue ramp-up from Genomic Testing

    Genomic Testing is a long-term play and not expected to contribute significant revenue in the near term. — Management acknowledged

    low

    Past delays in Pune market growth

    Growth in Pune was slower than expected due to integration challenges post-acquisition, but now resolved with confidence in future growth. — Management acknowledged

    low

    Competition from online diagnostic players

    Online players are often aggregators that outsource to established diagnostic centers, posing no significant direct impact. — Management downplayed

    low

    Q&A highlights

    8

    “So, Surya, all our packages have a mix of both radiology and pathology. So, while we don't have the very exact number because it's a bundled package, from corporate wellness to retail wellness, it's a mix of both radiology and pathology. But if you see more or less, they'll be mostly at 50%-50% proposition.”

    Clarifies the composition of the growing wellness segment, indicating a balanced contribution from both pathology and radiology services.

    asked by Surya Patra, PhillipCapital

    2 min read5 chapters

    Detailed Narrative

    01

    Robust Q4 and FY26 Financial Performance

    Vijaya Diagnostic Centre delivered a strong Q4 FY26, with consolidated revenue growing 26.6% YoY to INR 219 crores, driven by an 18.5% increase in test volumes. EBITDA for the quarter rose 38.7% YoY to INR 95.5 crores, resulting in a healthy EBITDA margin of 43.5%, an improvement of 379 basis points. For the full fiscal year FY26, the company's revenue reached INR 814 crores (up 19.5% YoY), with EBITDA of INR 337 crores (up 23.3% YoY) and an EBITDA margin of 41.4%. PAT for FY26 stood at INR 173 crores, with a margin of 21.2%.

    02

    Strategic Network Expansion and Operational Efficiency

    Over the past 5 years, Vijaya Diagnostic has doubled its centers from 81 to 162 and expanded its footprint from 2 to 6 states. New hubs, such as Ambegaon (Pune) and Khammam/Nandyal, achieved breakeven faster than anticipated, within 1 year and 2 quarters respectively. The company plans to commission 4-5 new hubs and 10-12 spokes in FY27, alongside a state-of-the-art automated lab in Panjagutta, Hyderabad, and introduce advanced Genomic Testing.

    03

    Geographic Growth and Market Penetration

    Hyderabad contributed 67% of Q4 revenue, showing a strong 20% growth, which management expects to remain double-digit for the next 2-3 years. The Pune market, after initial integration challenges, is now expected to achieve double-digit growth in the next 1-2 years and double its revenue in 3-5 years. The company is also establishing a flagship center in Bannerghatta, Bangalore, featuring high-end PET CT, MRI, and cardiac CT, expected to be operational in the next couple of months.

    04

    Capital Allocation for Future Growth

    The total capex outlay for FY26 was INR 169 crores. For FY27, the estimated capital outlay is INR 140-150 crores, primarily allocated to new centers (INR 120-130 crores) and the automated lab. This includes INR 10-15 crores for replacement capex. Management indicated a disciplined approach to M&A, prioritizing targets that align with their B2C focus, value system, and offer reasonable valuations.

    05

    Wellness Segment and Competitive Differentiators

    The wellness segment continues to show strong traction, with packages typically comprising a 50-50 mix of pathology and radiology. Management highlighted Vijaya's competitive advantages, including its B2C-focused integrated business model, high-quality services, advanced technology, and affordability (20-25% cheaper than hospital-based labs). They also noted that online diagnostic players often act as aggregators, outsourcing tests to established centers like Vijaya, thus posing no significant direct competitive threat.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.