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Revenue
₹205 Cr
verified against source
Revenue YoY
21.4%
reported change
EBITDA
₹86 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Vijaya Diagnostic delivered a record quarter with revenue of ₹205 crore (+21.4% YoY) and EBITDA margin expansion of 221 bps to 41.9%, driven by strong volume growth of 14.7% and favorable seasonality. The core Hyderabad market grew 15% organically, while new hubs in West Bengal and Bangalore broke even ahead of schedule. Management guided for 4-5 new hubs and 10-12 spokes in FY27, with capex of ₹100-120 crore. EBITDA margin guidance remains at ~40% due to investments in talent and digital initiatives. Key risk: competitive intensity from organized chains entering radiology could pressure pricing in new geographies.
Colored figures show movement against the previous available record.
Guidance to track
- Capex outlay for new hubs and spokes in FY27 estimated at ₹100-120 crore, inclusive of replacement capex.
- Management plans to add 4-5 hubs and 10-12 spokes in FY27, with more spokes in FY28-29.
- Despite operating leverage from faster break-even, management guides EBITDA margin at ~40% due to investments in talent and digital.
- Management maintains guidance that new hubs outside Hyderabad will break even within 12-14 months, though recent hubs achieved it in 3 quarters.
Risks flagged
- Large pathology chains are venturing into advanced radiology, potentially increasing competition in core and new markets.
- As new hubs stabilize, higher pathology share could reduce revenue per test, though tariff hikes may offset.
- USD/INR volatility and GST changes could affect equipment costs, though management expects minimal net impact.
- Rapid hub and spoke expansion in West Bengal, Bangalore, and Pune may strain operational bandwidth and delay stabilization.
Key quotes
- I think both consolidation and disruption they'll take its own time and like you rightly said these players... they're at a very initial stage where they're doing a pilot in their home geographies.
- The differential would be... the work that comes in is just not wellness-driven. So it's a lot more that's also reason why you see the PET cities ramping up quickly.
- We still want to guide the margins at 40%. The reason being we are also doing significant investments onto talent and onto few IT initiatives.
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