Test Volume Growth
14.7%
+14.7pp YoY
Volume growth drove revenue; balanced across radiology and pathology.
VIJAYADIAGNOSTICCENTRE
Other
15 Jan 2026
Vijaya Diagnostic Centre Limited — Q3 FY26
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.
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2-Min Summary
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.
Key Numbers
Revenue per Test
₹487
+6.7% YoY
Increase due to favorable test mix; expected to stabilize with pathology ramp-up.
Revenue per Footfall
₹1,756
flat
Stable realization per patient visit.
Wellness Revenue Share
15%
+7pp vs pre-COVID
Wellness segment growing faster; expected to exceed 20% over time.
Management Guidance
FY27 capex of ₹100-120 crore for new centers
Capex outlay for new hubs and spokes in FY27 estimated at ₹100-120 crore, inclusive of replacement capex.
capex4-5 new hubs and 10-12 spokes in FY27
Management plans to add 4-5 hubs and 10-12 spokes in FY27, with more spokes in FY28-29.
expansionEBITDA margin guidance of ~40%
Despite operating leverage from faster break-even, management guides EBITDA margin at ~40% due to investments in talent and digital.
marginsNew hubs to break even in 12-14 months
Management maintains guidance that new hubs outside Hyderabad will break even within 12-14 months, though recent hubs achieved it in 3 quarters.
growthKey Risks
Competitive disruption from organized chains entering radiology
Large pathology chains are venturing into advanced radiology, potentially increasing competition in core and new markets.
medium · analyst_questionRealization dilution from pathology mix shift
As new hubs stabilize, higher pathology share could reduce revenue per test, though tariff hikes may offset.
low · analyst_questionCurrency and GST impact on capex
USD/INR volatility and GST changes could affect equipment costs, though management expects minimal net impact.
low · analyst_questionExecution risk in new geography expansion
Rapid hub and spoke expansion in West Bengal, Bangalore, and Pune may strain operational bandwidth and delay stabilization.
medium · data_observationNotable 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.