VIJAYA
Large CapVijaya Diagnostic Centre Limited
Pharma
Vijaya Diagnostic Centre is India's largest integrated B2C focused diagnostic chain, operating 162 centers across 27 cities. Founded in 1981, it offers a full range of pathology and radiology services, emphasizing quality, reliability, and affordability to a broad customer base.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 90/100Rev +27% YoY · PAT +37% YoY · margin expansion · +7% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹219 Cr | +26.6% | +6.8% |
| EBITDA | ₹96 Cr | +39.1% | +11.6% |
| Operating margin | 44.0% | +400 bps | +200 bps |
| PAT | ₹48 Cr | +37.1% | +11.6% |
| PAT margin | 21.9% | +169 bps | +94 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4 FY26 revenue grew 26.6% YoY to INR 2,194 Mn, with EBITDA up 38.7% YoY to INR 955 Mn (43.5% margin). FY26 revenue rose 19.5% YoY to INR 8,142 Mn, and EBITDA increased 23.3% YoY to INR 3,369 Mn (41.4% margin). PAT for Q4 and FY26 also saw strong YoY growth.
Vijaya Diagnostic delivered robust Q4 and FY26 results, exceeding revenue guidance with strong volume growth. Network expansion is yielding quick break-evens in new hubs, reinforcing confidence in the growth strategy. Healthy margins reflect disciplined execution, supporting the long-term thesis.
Revenue by Geography (Q4 FY26)
Latest issuer-disclosed distribution across 5 reported categories.
Network Expansion
The company's network of centres doubled over the past five years, reaching 162 centres as of March 31, 2026.
New Market Penetration
Khammam and Nandyal hubs achieved break-even within two quarters, while Ambegaon hub in Pune broke even within one year of launch.
Wellness Segment Growth
Wellness testing observed sustained momentum with 32.2% YoY growth in Q4 FY26, driven by increased awareness and growing chronic disease burden.
Technology Adoption
Strategic digital evolution includes new CRM, ERP, and AI-driven solutions for radiology (CT KUB AI) and dental diagnostics (CBCT Dental AI).
Current Centre Count
Total number of centres as at 31-Mar-26 was 162.
FY27 Expansion Plan
Management intends to further strengthen presence through the addition of 4-5 hubs and 10-12 spokes in FY27.
Automated Laboratory
A fully automated laboratory with track infrastructure is being set up at Panjagutta, Hyderabad, to enhance turnaround times and operational productivity.
Advanced Genomic Testing
Plans to introduce advanced genomic testing capabilities as part of specialised diagnostics offering.
Increased Wellness Testing Demand
High volume of wellness testing observed in younger population due to increased awareness and growing chronic disease burden.
Digital Promotion & Healthcare Platforms
Digital promotions by organised players and third-party healthcare platforms have aided in increased footfalls for wellness packages.
Tier 2 and Tier 3 City Growth
Adoption of wellness testing is scaling across markets, with Tier 2 and Tier 3 cities emerging as key growth drivers.
Convenience of Home Testing
Faster report turnaround times (TAT) coupled with the convenience of home testing have been key drivers of growth.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing annual growth and overall business expansion, especially given the network additions. QoQ comparison provides insight into sequential momentum, operational efficiency, and the ramp-up of new centers.
Revenue Growth
Q4 FY26 Revenue from Operations grew 26.6% YoY and 6.9% QoQ. FY26 Revenue from Operations grew 19.5% YoY.
Test Volume Growth
Q4 FY26 Test Volume grew 18.5% YoY. FY26 Test Volume grew 14.4% YoY.
Footfall Growth
Q4 FY26 Footfall grew 15.8% YoY. FY26 Footfall grew 11.7% YoY.
EBITDA Margin
Q4 FY26 EBITDA Margin was 43.5% (up 379 bps YoY, 161 bps QoQ). FY26 EBITDA Margin was 41.4% (up 129 bps YoY).
FY26 Performance Exceeded Guidance
FY26 revenues crossed INR 800 Cr, translating into a 16.5% CAGR over five years, outperforming the long-term guidance of 15%. EBITDA margins remained ahead of 40% guidance.
Strong Q4 FY26 Performance
Q4 FY26 was particularly strong, with highest-ever quarterly revenue of INR 219 Cr, supported by 18.5% volume growth across the network.
Validation of Expansion Strategy
Expansion strategy delivers encouraging outcomes, with Khammam, Nandyal, and Ambegaon hubs achieving break-even quickly, reinforcing confidence in scaling new geographies efficiently.
Future Strategic Initiatives
In FY27, the company intends to add 4-5 hubs and 10-12 spokes, set up a fully automated lab in Hyderabad, and introduce advanced genomic testing capabilities.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Network Expansion | 162 centres as of 31-Mar-26. | Addition of 4-5 hubs and 10-12 spokes in FY27. |
| Automated Lab Commissioning | Setting up a fully automated lab at Panjagutta, Hyderabad. | Enhancement of turnaround times and operational productivity post-commissioning. |
| Genomic Testing Launch | Plan to introduce advanced genomic testing capabilities. | Successful introduction and ramp-up of specialised diagnostics offering. |
| New Hub Break-even | Khammam and Nandyal hubs broke even within two quarters; Ambegaon hub within one year. | Continued quick break-even and profitability ramp-up in newly launched geographies. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
55NeutralSMA20 +27.1% / mo
Technical chart
VIJAYAweekly · 1Y+36.4%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 59. Wait for confirmation.
- SMA20 rising (~21.3% over last month) — short-term momentum positive.
- RSI(14) at 59 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 9% off 52W high · 53% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 13/20 to the score.
- Cash flow contributes 6/10 to the score.
Main drags
- Fair-value margin of safety is negative at -83.4%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 8/15; verify the latest quarterly trend.
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +1 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 98th percentile of the scored universe and 98th percentile within Pharma. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Pharma: 98th pctile, median 70 · Large: 95th pctile, median 74
89 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.7%.
- ▸7 years of positive FCF.
- ▸ROCE is 21.3%.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 77.50
- P/B
- 14.06
- EV/EBITDA
- 32.23
- Market Cap
- 13404.00Cr
Profitability
- ROE
- 19.70%
- ROCE
- 21.30%
- ROA
- 11.48%
- Dividend Y
- 0.15%
Growth (CAGR)
- Revenue 5Y
- 17.00%
- EPS 5Y
- 15.00%
- Revenue 3Y
- 21.00%
- EPS 3Y
- 27.00%
Balance Sheet
- Debt/Equity
- 0.44
- Interest Coverage
- 10.21×
- Altman Z
- 8.39
- Book Value
- 93.00
Cash Flow
- FCF Yield
- 0.72%
- FCF Positive Y
- 7/5
- OCF
- 271.00 Cr
- EPS TTM
- 16.81
Shareholding
- Promoter Hold
- 52.51%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 79%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.