VIJAYA DIAGNOSTIC CEN LTD

Operates an integrated diagnostic services network under a hub-and-spoke model, selling pathology and radiology tests to retail and corporate customers across 6 states. The network has grown from 81 to 162 centers over five years, supported by a workforce of over 3,500 employees. Pathology and radiology contribute roughly equally to revenue, with a wellness segment growing around 30% year-on-year layered on top. Q4 FY26 revenue per patient was INR 1,808 and revenue per test was INR 488, with retail wellness realisations at INR 2,500 versus INR 2,000 for corporate customers. Hyderabad is the largest and most mature cluster, growing around 20% year-on-year, while Bangalore (with a Bannerghatta flagship featuring PET CT, high-end MRI and cardiac CT), Pune (under the PH Diagnostics brand), and Kolkata are the next priority geographies; new hubs in these markets have broken even within 9-12 months. The company owns and operates all centres directly (no franchise model) and plans 4-5 hubs and 10-12 spokes in FY27, plus an automated lab in Panjagutta, Hyderabad, with advanced genomic testing being introduced as a long-term play. The largest cost lines are other operating expenses (30.9% of revenue) and employee costs (16.1%), while materials — reagents and consumables — are only 11.6% of revenue, reflecting the asset-heavy, knowledge-labour nature of the business.