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Competitive disruption from organized chains entering radiology
View Risks →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.
bullish
high
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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.
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Test Volume Growth
14.7%
+14.7pp YoY
Volume growth drove revenue; balanced across radiology and pathology.
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.
Fast read
Guidance and risk preview
Capex outlay for new hubs and spokes in FY27 estimated at ₹100-120 crore, inclusive of replacement capex.
Large pathology chains are venturing into advanced radiology, potentially increasing competition in core and new markets.
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