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View Promises →Vijaya Diagnostic Centre Limited — Q4 FY26
Vijaya Diagnostic delivered a strong Q4 FY26 with revenue of ₹219 crore (+26.6% YoY) and EBITDA margin of 43.5% (+379bps YoY), driven by 18.5% volume growth and favorable seasonality.
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2-Minute Summary
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Vijaya Diagnostic delivered a strong Q4 FY26 with revenue of ₹219 crore (+26.6% YoY) and EBITDA margin of 43.5% (+379bps YoY), driven by 18.5% volume growth and favorable seasonality. The wellness segment and Hyderabad market (20% growth) were key contributors. PAT stood at ₹47.9 crore (+37.5% YoY). Management guided for 40%+ EBITDA margins in FY27 despite new center investments, with capex of ₹140-150 crore for 4-5 hubs and 10-12 spokes. The automated lab in Punjagutta and genomic testing are new initiatives. Risk: competitive intensity from hospital labs and online aggregators could pressure pricing and market share.
Promises0 met · 1 missedRisks3 trackedTranscriptfull text
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Risks
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Risk Intelligence
Competition from hospital labs and online aggregators
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Volume Growth
18.5%
+18.5pp YoY
Test volume growth for Q4 FY26, driven by pathology and radiology segments.
Revenue per Test
₹488
+4.3% YoY
Increase due to change in test mix from new hubs ramping up.
Revenue per Footfall
₹1,808
+8.1% YoY
Driven by wellness segment growth and favorable seasonality.
B2C Revenue Share
92%
flat YoY
Consistent B2C focus, with radiology contributing 37% of revenue.
What Changed vs Last Quarter
NEW
Double-digit revenue growth in Pune for FY27
Confident of double-digit growth in Pune for the full year, driven by network expansion and corporate segment.
NEW
Price hike of 1-1.5% in Q1 or Q2 FY27
Selective price increases on certain tests, similar to previous year.
UPDATED
FY27 EBITDA margin guidance of 40%+
Management expects to deliver over 40% EBITDA margin despite new center investments and technology/talent costs.
UPDATED
Capex of ₹140-150 crore for FY27
Includes 4-5 hubs, 10-12 spokes, and an automated lab in Punjagutta, Hyderabad.
DROPPED
4-5 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.
DROPPED
New 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.
NEW RISK
Competition from hospital labs and online aggregators
Hospital labs and online players could pressure pricing and market share, especially in new geographies.
NEW RISK
Capex intensity and cash deployment
High capex of ₹140-150 crore may strain cash flows if expansion opportunities exceed planned leases.
RISK GONE
Competitive disruption from organized chains entering radiology
Large pathology chains are venturing into advanced radiology, potentially increasing competition in core and new markets.
RISK GONE
Realization dilution from pathology mix shift
As new hubs stabilize, higher pathology share could reduce revenue per test, though tariff hikes may offset.
RISK GONE
Currency and GST impact on capex
USD/INR volatility and GST changes could affect equipment costs, though management expects minimal net impact.
Fast read
Guidance and risk preview
Management expects to deliver over 40% EBITDA margin despite new center investments and technology/talent costs.
Hospital labs and online players could pressure pricing and market share, especially in new geographies.
View Risks →