| Net Profit Q2 | ₹59.47 Cr+37.4% YoY |
|---|---|
| EBITDA Margin | 44.1%350 bps expansion |
| Market Cap | ₹14,904 CrHealthcare Services |
| PE Ratio (TTM) | 73.18xSector 53.84x |
Key highlights
- Consolidated revenue grew 26.7% YoY to ₹255.39 crore, driven by 16.5% volume growth
- Net profit increased to ₹59.47 crore, up 37.4% from the corresponding quarter last year
- EBITDA margins expanded by 350 basis points to 44.1% due to strong operating leverage
- Management raised FY27 revenue growth guidance to at least 20% from the previous 15-20% range
- Entry into the North East market via the acquisition of Arya Wellness Centre in Guwahati
- Total cash surplus stood at ₹355 crore as of September 2026 to fund future expansion
Volume Led Revenue Growth and Operating Leverage
Vijaya Diagnostic reported a significant top-line expansion in Q2 FY27, with consolidated revenue reaching ₹255.39 crore. This growth was fundamentally led by a 16.5% increase in test volumes and a favorable shift in the test mix toward high-end radiology. The company's EBITDA margins expanded to 44.1% from 40.6% in the previous year, highlighting the impact of strong operating leverage.
As 65% to 70% of the company's expenses are fixed in nature, revenue growth beyond the 15% to 18% threshold directly translates into significant margin improvements at the EBITDA level.
Expansion Strategy and North East Entry
- Planned commissioning of 8 hub centers and 14 spokes by the end of Q1 FY28
- Estimated CapEx for the 8-hub expansion project is ₹155 crore to ₹160 crore
- Acquisition of Arya Wellness Centre in Guwahati marks the company's entry into the North East
- Relocation and up-gradation of two existing hubs in Pune to larger premises for higher capacity
- Purchase of land in Kadapa for ₹9 crore to establish a new hub center over the next two years
- Establishment of a third flagship diagnostic center in Western Hyderabad with advanced equipment
Market Dominance and Segment Mix
The Hyderabad market remains the company's core fortress, contributing 67% of total revenue and growing at over 20% YoY. Radiology accounted for 37% of the revenue mix, while Pathology contributed 63%. The company maintains a high-quality B2C focus, with 92% of its revenue coming from direct customers.
Management noted a meaningful turnaround in the Pune market, which has delivered double-digit growth for the past four quarters. The wellness segment also showed robust traction, contributing 14.5% of overall revenue, growing at 27% during the quarter.
Confidence in Long-Term Guidance
Considering this expansion for a long-term sustainable revenue guidance over a period of like three to five years, we would be comfortable in achieving mid-teen growth of close to about 15% revenue guidance is fairly achievable.
| Date | Announcement | Amount |
|---|---|---|
| 06 Aug 2026 | Q1 FY27 consolidated financial results (net profit ₹53.10 Cr); earnings call guidance of ₹190–195 Cr expansion CapEx to commission 9 hubs and 10–12 spokesSource: medicalbuyer.co.in | ₹230.98 Cr |
| 07 May 2026 | Q4 FY26 consolidated financial results (net profit ₹47.93 Cr); earnings call guidance of ₹140–150 Cr FY27 CapEx for 4–5 hubs and 10–12 spokesSource: sahi.com | ₹219.38 Cr |
| 13 Feb 2026 | Q3 FY26 consolidated financial results (net profit ₹43.18 Cr); earnings call guidance maintaining ~15% FY26 revenue growth and ~40% EBITDA marginSource: scanx.trade | ₹205.00 Cr |
| 04 Nov 2025 | Q2 FY26 consolidated financial results (net profit ₹43.28 Cr); earnings call update on accelerated breakeven of new regional hubsSource: mcapital.in | ₹201.56 Cr |
| 28 Jul 2025 | Q1 FY26 consolidated financial results (net profit ₹38.59 Cr); earnings call guidance targeting ~15% CAGR over next couple of yearsSource: smartbrokercrmportal.icicidirect.com | ₹188.05 Cr |
What to watch next
- Commissioning of 3 new hubs and 7 spokes by March 31, 2027
- Completion of the Arya Wellness acquisition in Guwahati within the next two months
- Launch of 3 additional hubs in Q1 FY28, strengthening the Bengaluru and Pune presence
- Operationalization of the new automated track system at the Punjagutta Central Laboratory
“Our existing centers have also grown at a strong growth rate of 20%. The centers that we have opened in the last two years contributed to the balance growth.”
“Our Hyderabad business continued its strong performance growing by over 20% year-on-year while Pune also delivered an encouraging growth of approximately 15.5% year-on-year.”
| Share price | ₹1447.1 |
|---|---|
| Market capitalisation | ₹14,904.80 Cr |
| Revenue (annual) | ₹814.20 Cr |
| Net profit (annual) | ₹172.98 Cr |
| Revenue (latest quarter) | ₹255.39 Cr+10.57% vs previous quarter |
| Net profit (latest quarter) | ₹59.47 Cr+12.00% vs previous quarter |
| P/E (TTM) | 73.18×Sector 53.84× |
| Promoter holding | 52.46%-0.05% QoQ |
| FII holding | 10.67%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Earnings call transcript for Vijaya Diagnostic Centre Limited for the quarter ended September 30, 2026. Market figures from a third-party data provider.
