Earnings Call Transcript for call held on May 08, 2026
VIJAYA · price
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Vijaya Diagnostic reported strong Q4 FY'26 results with revenue of INR 219 crores (26.6% Y-o-Y growth) and EBITDA margin expansion to 43.5% (up 379 bps). Full year FY'26 revenue crossed INR 800 crores at INR 814 crores with 19.5% growth. The company doubled its centers from 81 to 162 over 5 years and expanded from 2 to 6 states. Management guided for 4-5 hubs and 10-12 spokes in FY'27 with capex of INR 140-150 crores. They plan to open a state-of-the-art automated lab in Hyderabad and introduce advanced Genomic Testing. Hyderabad contributed 67% of Q4 revenue with 20% growth showing continued market share gains. Pune cluster returned to growth at 16% Y-o-Y in Q4 after acquiring and stabilizing PH Diagnostics.
The strong margin expansion and volume growth demonstrate operating leverage from the existing network. The conservative EBITDA margin guidance of 40% for FY'27 leaves room for upside given the robust Q4 performance. Management's focus on capacity addition in Karnataka and West Bengal alongside continued double-digit growth in core Hyderabad market supports the long-term growth thesis.