NSE: VIJAYA · BSE: 543350
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Pathology, Radiology, Wellness. Asset-heavy, hub-and-spoke integrated diagnostic services network with high operating margins
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 462 | 459 | 548 | 681 | 814 |
| EBITDA (ex other income) | 204 | 182 | 219 | 272 | 337 |
| margin % | 44.1 | 39.6 | 40.0 | 39.9 | 41.4 |
| Owners' profit | 110 | 85 | 119 | 143 | 173 |
| EPS, as reported (₹) | 10.76 | 8.29 | 11.62 | 13.95 | 16.81 |
| ROE % · ROCE % | 23.6 · 25.3 | 15.6 · 17.1 | 18.1 · 20.1 | 18.0 · 19.8 | 18.1 · 19.2 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 158 | 165 | 183 | 224 | 271 |
| Capex | (122) | (125) | (88) | (96) | (183) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 183 | 169 | 173 | 188 | 202 | 205 | 219 | 231 |
| Profit before tax | 57 | 47 | 47 | 52 | 58 | 58 | 64 | 71 |
| Net profit | 42 | 35 | 35 | 39 | 43 | 43 | 48 | 53 |
| EPS (₹) | 4.09 | 3.42 | 3.38 | 3.76 | 4.21 | 4.20 | 4.66 | 5.16 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DR. LAL PATH LABS LTD. | 31,676 | 45.6 | 12.46 | 36.8 | 20.1 | 24.8 | 11.8 | 35.0 |
| VIJAYA DIAGNOSTIC CEN LTD ◆ | 14,858 | 79.2 | 15.52 | 41.4 | 18.1 | 16.8 | — | 46.4 |
| METROPOLIS HEALTHCARE LTD | 11,403 | 23.6 | 7.48 | 27.2 | 12.5 | 14.4 | 10.5 | 25.8 |
| THYROCARE TECH LTD | 7,875 | 28.9 | 13.44 | 28.7 | 27.8 | 33.2 | 10.9 | 33.9 |
| NEPHROCARE HEALTH SERV L | 6,272 | 64.8 | 5.62 | 24.8 | 6.9 | 8.6 | — | 25.3 |
| SURAKSHA DIAGNOSTIC LTD | 1,615 | 45.1 | 6.63 | 16.4 | 12.9 | 11.5 | — | 36.0 |
| KRSNAA DIAGNOSTICS LTD | 1,609 | 16.5 | 1.64 | 8.3 | 10.3 | 8.4 | — | 27.7 |
| 3B BLACKBIO DX LTD. | 1,199 | 20.0 | 3.61 | 14.1 | 18.1 | 22.5 | (8.9) | 52.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 79.2 | 23.6 | 22 of 25 | 13% |
| P/B | 15.5 | 2.1 | 24 of 24 | 0% |
| ROCE | 16.8 | 6.1 | 6 of 29 | 82% |
| ROE | 18.1 | 6.0 | 4 of 24 | 87% |
| Debt / Equity | 0.0 | 0.1 | 1 of 23 | 77% |
| EBITDA margin | 46.4 | 25.6 | 3 of 24 | 91% |
| Revenue growth | 22.8 | 20.8 | 10 of 25 | 63% |
| Profit growth | 37.6 | 22.0 | 7 of 25 | 75% |
| Market cap | 14858 | 34 | 2 of 30 | 97% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · Quarterly compliance certificate for demat and remat of securities | compliance | minimal | — | — |
| 28 Sept 2026 · Trading Window Closure from Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 26 Sept 2026 · All 7 resolutions passed at 24th AGM; final dividend of Rs 2 per share declared | board shareholder meetings | low | — | — |
| 24 Sept 2026 · AGM proceedings: Rs.2 final dividend declared, ESOP Scheme 7 approved | board shareholder meetings | low | — | — |
| 11 Sept 2026 · Vijaya acquires Arya Wellness Centre in Guwahati for about Rs 46 Cr | investor communications | medium | — | — |
| 11 Sept 2026 · Vijaya Diagnostic acquires Arya Wellness Centre in Guwahati for about INR 46 Cr | compliance | low | — | — |
| 11 Sept 2026 · Vijaya Diagnostic to acquire Arya Wellness Centre business for Rs 46.20 Cr | strategic transactions | high | — | — |
| 2 Sept 2026 · Analyst and investor meet scheduled with Emkay Global on September 10 | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Dr Venkata Naresh Yallapragada appointed as Chief Information Officer | management changes | medium | — | — |
| 27 Aug 2026 · AGM notice published in newspapers; 24th AGM on September 24, 2026 | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.