Vijaya Diagnostic Centre Ltd(VIJAYA)

NSE: VIJAYABSE: 543350

₹ 1,388.05-0.20%refreshed 23 Oct, 03:58 pm ISTMarket cap: ₹ 14,297 crWebsite: www.vijayadiagnostic.comUpdated: 24 Oct 2026

About

Vijaya Diagnostic Centre Ltd is a South India-based integrated diagnostics chain offering pathology and radiology services through a hub-and-spoke model. In FY26, the company reported revenue of ₹814.2 Cr, operating 162 centres across Andhra Pradesh, Telangana, Karnataka, Maharashtra, West Bengal, and NCR. It is one of the few pure-play diagnostic chains to combine radiology and pathology under one roof at scale, with ~92% of revenue coming directly from retail (B2C) patients.^[1][2][3][4]

Network and reach

As of Q1 FY27, the network comprised 51 hub centres and 115 spokes (166 total), with ~26 processing units across 6 states.^[4]
The network doubled from 81 to 162 centres and expanded from 2 to 6 states in the five years since IPO (measured to March 2026).^[2]
States of operation: Andhra Pradesh, Telangana, Karnataka, Maharashtra, West Bengal, and NCR, as of FY25.^[3]
In July 2026, a flagship hub at JP Nagar, Bengaluru was commissioned with a 3T Wide-Bore MRI, digital PET-CT with inbuilt cardiac CT, and a central automated lab for the Bengaluru network.^[4]

Service mix

Radiology revenue mix was 62.8% in Q1 FY27; in FY25 the radiology business constituted 37% of total revenue (the remainder being pathology).^[4][3]
Wellness packages (preventive health check-ups) accounted for 14.8% of revenue in Q1 FY27, up from ~8% pre-COVID, growing 27.7% YoY in Q1 FY27.^[4]
Wellness share was 15.6% in Q4 FY26 and 14.8% for full-year FY26, with packages ranging from basic blood/urine tests to whole-body MRI/CT imaging and cardiac angios.^[2][4]
B2C (retail) revenue share held at 92% in Q1 FY27, Q4 FY26, Q3 FY26, and Q2 FY26, with institutional (B2B) revenue at ~8%.^[4][2][5][6]

Key operating metrics

Tests performed: 4.59 million in Q1 FY27; total tests for FY25 were 11.9 million and total footfall 4.2 million.^[4][3]
Footfall: 1.24 million in Q1 FY27 (+12.7% YoY); 1.21 million in Q4 FY26 (+15.8% YoY).^[4][2]
Revenue per test: ₹503 in Q1 FY27 vs ₹488 in Q4 FY26 and ₹461 for full-year FY26.^[4][2][3]
Revenue per footfall: ₹1,860 in Q1 FY27 vs ₹1,808 in Q4 FY26 and ₹1,740 for full-year FY26.^[4][2]
Tests per footfall: 3.70 in Q1 FY27, compared to ~2.5 - 3 for pure-pathology chain peers per management.^[4]
Test volume grew 16.5% YoY in Q1 FY27, 18.5% YoY in Q4 FY26, and 14.4% YoY for full-year FY26.^[4][2]

Geography concentration

Hyderabad contributed ~67% of Q1 FY27 revenue, growing 17% YoY without new hub additions; rest of AP-Telangana 20%, Pune 6%, West Bengal 4%, other 3%.^[4]
Hyderabad's revenue share has declined from ~72% at IPO to 67% in Q1 FY27, tracking the company's stated geographic diversification.^[4]
Karnataka is identified as the next core geography after AP-Telangana; management views it as comparable to Hyderabad on a 10 - 15 year horizon.^[4]
North India geographic entry deferred for at least 3 - 5 years from FY26; no organic new cluster entry planned in the near term.^[2]

Hub breakeven performance

All 10 hubs added in FY26 had largely achieved breakeven by Q1 FY27; combined EBITDA burn from remaining laggards was below 0.5% of revenue.^[4]
Khammam and Nandyal (core market) hubs achieved breakeven within 2 quarters vs guided 3 quarters; Ambegaon (Pune) broke even in 1 year in line with guidance.^[2]
Krishnanagar and Barasat (West Bengal) hubs opened Q1 FY26 reached breakeven within 3 quarters, ahead of 12-month guidance.^[5]
Both initial Bengaluru hubs (HSR Layout and Yelahanka) broke even within one year, faster than guidance.^[4][6]

Expansion and capex

FY27 total capex revised up to ₹190 - 195 Cr covering 9 new hub centres, 10 - 12 spokes, the Panjagutta automated reference lab, and AP land acquisition.^[4]
Bengaluru: 3 additional hubs planned in FY27 to reach 6 total in Karnataka; spokes and home collection to follow once the central lab is accredited.^[4]
West Bengal: 1 additional hub planned in the next 12 months (from Q1 FY27) to bring total to 8 centres in East India.^[4]
Pune: 1 - 2 additional hubs in the next 12 months plus a fully automated hub/lab to enable home collection and wellness expansion.^[4]
Land acquisition in a key AP tier-2 medical hub for a new state-of-the-art hub centre; investment of ₹8 - 10 Cr.^[4]
A fully automated laboratory with track infrastructure at Panjagutta, Hyderabad is planned to go live in FY27 to improve turnaround times.^[2][4]
Expansion is funded through internal accruals and existing cash reserves; no debt planned, with surplus cash of ₹2,869 million as of March 2026.^[3][2]

Recent developments

Merger of Medinova Diagnostic Services Ltd received stock exchange, shareholder, and creditor approvals as of FY25 annual report; aimed at consolidating market position.^[3]
Board approved ESOP 2018 Scheme 7 on August 6, 2026 to align employee incentives with milestones, performance, geographics, and business targets; subject to shareholder approval.^[7]
24th Annual General Meeting held September 24, 2026 via video conferencing; annual report for FY 2025-26 dispatched electronically.^[7]
New CFO Ankit Shah (20+ years experience, healthcare background), new CTO Sai Prasad, and returning COO Siva Rama Raju were onboarded during Q3 FY26.^[5]
Five-year revenue CAGR since IPO listing came in at ~17%, exceeding the stated 15% long-term guidance, with no EBITDA margin dilution.^[2]

Market Cap

₹14,297 Cr

High / Low

₹1,592 / 848

Stock P/E

76.1

Price / Book

14.9

Book Value

₹93

EPS

₹16.8

No. of Shares

10.29 Cr

ROCE

21.7%

ROE

19.7%

OPM

31.9%

Debt / Equity

0.00

Sales

₹814 Cr

Net Profit

₹173 Cr

Promoter holding

52.5%

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