Vijaya Diagnostic Centre is a business built on a simple idea that turned out to be hard to copy: put pathology and radiology under one roof so a patient can get blood work and an MRI in the same visit, and do it with enough quality that doctors and patients keep coming back for four decades. Founded in 1981 by a radiologist in Hyderabad, it has grown from a single ultrasound clinic into India’s largest B2C-focused integrated diagnostic chain, now operating 162 centres across six states. The recurring approach is a hub-and-spoke network - dense clusters of small collection centres feeding patients into large, equipment-heavy flagship centres - which lets the company offer advanced imaging that home-collection rivals simply cannot replicate.
Business segments
A single integrated diagnostic engine - pathology and radiology delivered together through a hub-and-spoke network, overwhelmingly direct to patients - where the radiology moat protects the franchise and the combined offering drives footfall.
1. Integrated diagnostics: one roof, one visit, one report
The company’s entire business is providing pathology and radiology services together at the same location, which creates a competitive shield because advanced imaging cannot be done through home collection or aggregator apps.
- Radiology is the moat - MRI, CT and PET-CT scanners must be on-site and operated by trained technicians, so aggregator platforms and pure-play pathology labs cannot compete for roughly 37% of the company’s revenue. The equipment fleet includes 40 CT machines, 43 MRI machines and 9 PET-CT or Gamma cameras as of FY26, sourced from long-standing suppliers like Siemens, Philips and Wipro GE Healthcare.
- Pathology provides the volume - over 2,000 tests spanning routine biochemistry to advanced molecular diagnostics, contributing about 63% of revenue, with samples processed through NABL-accredited automated labs that reduce turnaround time and human error. A new fully automated central lab in Hyderabad was planned for FY'27 to further speed up processing.
- Paid per test and per footfall - the company performed 14.79 million tests and served more than 4.19 million patients in FY25, with revenue per test at INR 488 and revenue per footfall at INR 1,808 in the most recent quarter. Growth comes almost entirely from more patients walking in, not price increases, which management says add barely 1-2% a year.
- Wellness packages bundle both services - preventive health check-ups combine pathology and radiology in a single package, with retail packages split roughly 50-50 between the two, and the wellness segment contributed about 15% of revenue in FY26. The company also serves over 450 corporate clients with pre-employment and annual health check-ups.
- Direct-to-patient, not middlemen - B2C revenue is 92% of the total, with aggregator platforms contributing only about 1%, because management believes healthcare is trust-based and quality-driven, not price-driven. The company terminated some low-margin corporate contracts post-acquisition rather than compromise on payment terms.
2. The hub-and-spoke network: how the model scales
Large, capital-intensive hub centres with full radiology and automated labs anchor each geography, while smaller spoke centres collect samples and refer patients to the hub, making expansion capital-efficient.
- Hubs carry the heavy equipment - a typical hub houses 3T MRI, CT scanners and an automated laboratory, requiring roughly INR 44-48 lakhs in monthly revenue to break even, and new hubs in Tier-2 cities have reached that point in as little as two quarters. The network stood at 162 centres across 27 cities as of March 2026, up from 95 centres in 16 cities four years earlier.
- Spokes are low-cost feeders - smaller centres with basic radiology like X-ray and ultrasound collect samples and send patients to the hub for advanced imaging, so the company can densify a market without putting an MRI in every neighbourhood. In FY27, the plan was to add 4-5 hubs and 10-12 spokes.
- Core markets are deep, not just wide - Hyderabad alone contributed 67% of Q4 FY26 revenue, with the rest of Andhra Pradesh and Telangana adding another 20%, and the company estimates it holds roughly 15% market share in these states, where the rest of the market is largely unorganised. The Hyderabad share has fallen from 82% before the Pune acquisition, showing geographic diversification is working.
- New geographies follow the same playbook - in Pune, the acquisition of PH Diagnostics gave the company an established hub-and-spoke network that was quickly co-branded and integrated onto the parent’s IT systems; in West Bengal, five hubs were inaugurated in FY26 under the Vijaya brand; in Bengaluru, two hubs opened in FY26 with plans to build a dense network organically.
Technology backbone
A proprietary digital infrastructure standardises every step from sample collection to report delivery, reducing errors and making the patient experience uniform across all 162 centres.
- Lab systems track every sample - the Laboratory Information Management System (LIMS) uses end-to-end barcoding so a blood sample drawn at a spoke centre is tracked through transport, testing and report generation, with results delivered by SMS, email and web.
- Radiology goes digital - integrated RIS and PACS systems with DICOM viewers give radiologists 3D reconstruction tools and bi-directional integration with imaging machines, while an AI-powered software platform adopted in FY25 enables instant sharing of X-ray and scan images with patients and doctors via WhatsApp.
- Home collection is logistics, not an afterthought - temperature-controlled transport and pre-sealed sterile kits aim to get samples to the lab within two hours of collection, generating INR 189 million in revenue in FY25. An in-house logistics team handles specimen movement, supplemented by third-party couriers and airfreight for longer distances.
Group structure and partners
The listed parent operates under three brands - Vijaya Diagnostic Centre, Vijaya PH Diagnostic Centre and Medinova - after two major acquisitions were absorbed to expand beyond the core South Indian market.
- PH Diagnostics brought Pune - acquired in December 2023 for INR 147.5 Crores in an all-cash deal, PH Diagnostics was Pune’s largest B2C integrated diagnostic chain with 22 customer-facing centres and a radiology-heavy revenue mix of roughly 43-47%. All centres were co-branded and migrated onto the parent’s IT systems by April 2024.
- Medinova brought Kolkata and was merged in - Medinova Diagnostic Services, a BSE-listed company in which Vijaya held 62%, was amalgamated into the parent effective November 2025 through an NCLT-approved scheme, with Medinova shareholders receiving one Vijaya share for every 22 Medinova shares held. The amalgamation simplified the group structure and pooled resources for integrated diagnostics in eastern India.
- A small MRI business was bought from a subsidiary - in May 2026, the board approved acquiring the MRI, EEG and NCV services business from Medinova Millennium MRI Services LLP (which became a Vijaya subsidiary after the amalgamation) for approximately INR 4.20 Crore in cash.
- Two non-operational subsidiaries were cleaned up - Doctorslab Medical Services and Namrata Diagnostic Centre, both with no operations for three years, decided to apply for strike-off in early 2024.