VAIDYASANEAYURVEDLABORAT Q4 FY26 earnings call.
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Revenue
₹106.91 Cr
verification pending
Revenue YoY
18.89%
reported change
EBITDA
₹15.42 Cr
latest reported figure
Source
bse pending
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Vaidya Sane Ayurved Laboratories reported FY26 revenue of ₹106.91 Cr (up 18.9% YoY) driven by patient volume growth and improved product mix. EBITDA declined 152bps YoY to 14.4% margin due to a new call center (₹50-60 lakh/month) and elevated marketing spend in H2, though management expects margins to recover toward 20% by FY28. The strategic shift from preventive wellness to higher-value disease reversal programs (₹50-60K annual billing vs ₹10-13K) is improving unit economics. Hospital capacity expansion to 250-300 beds by March 2027 (from current ~120 operational) and the Paras Healthcare acquisition (70 franchise clinics, ₹14 Cr revenue) provide near-term growth drivers. However, franchise count has stagnated at ~180-190 over 3 years, and care plan conversions declined to 28-29K from 33.3K in FY25, raising execution questions. The FY27 revenue guidance of ₹170-180 Cr implies ~60% growth, requiring significant acceleration.
Colored figures show movement against the previous available record.
Guidance to track
- Hospital revenue expected at ₹50-60 Cr and clinic revenue at ₹100-110 Cr. Growth driven by bed capacity additions, marketing push targeting 2 lakh new patients annually.
- Hospital contribution targeted at ₹100-125 Cr from 250-300 beds; blended RPB expected at ₹70,000+ per bed.
- Margins expected to improve from ~15% in FY27 toward 20%+ by FY28 through higher patient enrollments and cost control; COGS already at 18% and well-managed.
- Asset-light franchise expansion prioritized in new geographies while strengthening existing 180-190 franchise clinics with increased patient footfall.
Risks flagged
- Franchise count remained flat at 180-190 over 3 years after a failed experiment with non-medical franchise owners. Management pivoted to hospital growth but hasn't demonstrated franchise scaling capability.
- Annual therapy conversions declined from 33,800 in FY25 to 28-29,000 in FY26. Analyst flagged this as concerning; management attributed to excluding smaller diet care plans but didn't provide consolidated conversion data.
- H2 EBITDA (excluding other income) was ₹6.80 Cr on revenue of ₹56.96 Cr (~11.9% margin), down from ₹8.56 Cr in H2 FY25. Management cited ₹50-60 lakh/month call center costs but did not quantify total H2 margin impact.
- Three hospitals awaiting CGHS portal activation despite NABH approval; Nagpur hospital expansion awaiting government permissions. Delays could impact FY27 bed capacity targets.
Key quotes
- We haven't increased [franchise count] as of now last 3 years. The reason is that we have stopped because I want to nourish the existing franchise clinics with more number of new patients. Once that happens then we'll be growing with the number of franchise clinics.
- Growth of 18 to 20% per year seems to be a healthy growth compared to any other competitor. I don't think growth can be about 100%. As I planned for 30%, yes I'm still sure about it that the growth will slowly get on to that level.
- We are heading towards 160-170 Cr and whatever I see right now our social media digital engagement used to be hardly in thousands and now it is about 1.5 lakh followers on Instagram as well as YouTube about 1 lakh followers.
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