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Vijaya Diagnostic Centre Ltd

VIJAYA

NSE

₹1,368.20-0.98%19 Oct 2026

Reports

Diagnostic Services

Vijaya Diagnostic Centre Ltd

VIJAYA

NSE

₹1,368.20

-0.98%

19 Oct 2026

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Diagnostic Services

Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Guidance Report: Management guidance vs outcomes.Forensic Report: Accounting quality and red flags.Deep Dive Report: In-depth business analysis.

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.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹14,092Cr

Close Price

₹1,368.20

Industry

Diagnostic Services

Price To Earnings

75.05

Price To Sales

16.44

Revenue

₹857Cr

Rev Gr TTM

Revenue Growth TTM

20.18%

PAT Gr TTM

PAT Growth TTM

24.27%

Consolidated

Standalone

Numbers

Percentage

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	139	133	155	156	183	169	173	188	202	205	219	231
Growth YoY Revenue Growth YoY%	15.0	17.3	28.3	29.1	31.8	27.4	11.6	20.4	10.2	21.4	26.6	22.8
Expenses ExpensesCr	81	80	92	95	107	102	104	115	120	119	124	132
Operating Profit Operating ProfitCr	57	52	63	61	76	67	69	74	82	86	96	99
OPM OPM%	41.3	39.4	40.7	39.2	41.5	39.7	39.8	39.1	40.6	41.9	43.5	42.7
Other Income Other IncomeCr	7	3	3	4	5	5	5	7	6	5	2	9
Interest Expense Interest ExpenseCr	6	6	6	6	6	7	7	7	8	9	9	11
Depreciation DepreciationCr	14	15	16	17	17	18	19	21	22	24	24	25
PBT PBTCr	45	35	44	42	57	47	47	52	58	58	64	71
Tax TaxCr	11	9	10	10	15	11	13	14	15	15	16	18
PAT PATCr	34	26	34	32	42	35	35	39	43	43	48	53
Growth YoY PAT Growth YoY%	43.0	58.0	21.5	19.4	25.5	35.8	3.5	22.5	2.8	22.3	37.5	37.6
NPM NPM%	24.2	19.6	21.7	20.2	23.0	20.9	20.1	20.5	21.5	21.0	21.9	23.0
EPS EPS₹	3.3	2.5	3.3	3.1	4.1	3.4	3.4	3.8	4.2	4.2	4.7	5.2

Quarter	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	139	133	155	156	183	169	173	188	202	205	219	231
Growth YoY Revenue Growth YoY%	15.0	17.3	28.3	29.1	31.8	27.4	11.6	20.4	10.2	21.4	26.6	22.8
Expenses ExpensesCr	81	80	92	95	107	102	104	115	120	119	124	132
Operating Profit Operating ProfitCr	57	52	63	61	76	67	69	74	82	86	96	99
OPM OPM%	41.3	39.4	40.7	39.2	41.5	39.7	39.8	39.1	40.6	41.9	43.5	42.7
Other Income Other IncomeCr	7	3	3	4	5	5	5	7	6	5	2	9
Interest Expense Interest ExpenseCr	6	6	6	6	6	7	7	7	8	9	9	11
Depreciation DepreciationCr	14	15	16	17	17	18	19	21	22	24	24	25
PBT PBTCr	45	35	44	42	57	47	47	52	58	58	64	71
Tax TaxCr	11	9	10	10	15	11	13	14	15	15	16	18
PAT PATCr	34	26	34	32	42	35	35	39	43	43	48	53
Growth YoY PAT Growth YoY%	43.0	58.0	21.5	19.4	25.5	35.8	3.5	22.5	2.8	22.3	37.5	37.6
NPM NPM%	24.2	19.6	21.7	20.2	23.0	20.9	20.1	20.5	21.5	21.0	21.9	23.0
EPS EPS₹	3.3	2.5	3.3	3.1	4.1	3.4	3.4	3.8	4.2	4.2	4.7	5.2

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	251	293	339	377	462	459	548	681	814	857
Growth Revenue Growth%		16.8	15.8	11.2	22.7	-0.7	19.3	24.4	19.5	20.2
Expenses ExpensesCr	171	198	206	211	259	277	327	408	477	495
Operating Profit Operating ProfitCr	80	94	133	166	204	182	221	273	337	362
OPM OPM%	31.7	32.2	39.1	44.0	44.0	39.6	40.3	40.1	41.4	42.2
Other Income Other IncomeCr	7	10	15	12	13	14	19	17	21	22
Interest Expense Interest ExpenseCr	5	5	15	15	16	21	24	27	33	37
Depreciation DepreciationCr	26	28	49	50	53	62	57	71	92	96
PBT PBTCr	55	71	83	112	147	114	159	193	233	251
Tax TaxCr	20	22	21	27	37	28	39	49	60	64
PAT PATCr	35	50	63	85	111	85	120	144	173	187
Growth PAT Growth%		43.0	25.8	36.2	30.0	-23.0	40.4	20.2	20.3	24.3
NPM NPM%	13.9	17.0	18.4	22.6	23.9	18.6	21.8	21.1	21.2	21.9
EPS EPS₹	77.4	109.1	6.1	8.3	10.8	8.3	11.6	14.0	16.8	18.2

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	251	293	339	377	462	459	548	681	814	857
Growth Revenue Growth%		16.8	15.8	11.2	22.7	-0.7	19.3	24.4	19.5	20.2
Expenses ExpensesCr	171	198	206	211	259	277	327	408	477	495
Operating Profit Operating ProfitCr	80	94	133	166	204	182	221	273	337	362
OPM OPM%	31.7	32.2	39.1	44.0	44.0	39.6	40.3	40.1	41.4	42.2
Other Income Other IncomeCr	7	10	15	12	13	14	19	17	21	22
Interest Expense Interest ExpenseCr	5	5	15	15	16	21	24	27	33	37
Depreciation DepreciationCr	26	28	49	50	53	62	57	71	92	96
PBT PBTCr	55	71	83	112	147	114	159	193	233	251
Tax TaxCr	20	22	21	27	37	28	39	49	60	64
PAT PATCr	35	50	63	85	111	85	120	144	173	187
Growth PAT Growth%		43.0	25.8	36.2	30.0	-23.0	40.4	20.2	20.3	24.3
NPM NPM%	13.9	17.0	18.4	22.6	23.9	18.6	21.8	21.1	21.2	21.9
EPS EPS₹	77.4	109.1	6.1	8.3	10.8	8.3	11.6	14.0	16.8	18.2

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	5	5	5	5	10	10	10	10	10
Reserves ReservesCr	155	204	270	354	458	535	647	785	947
Current Liabilities Current LiabilitiesCr	40	50	59	44	66	66	73	163	124
Non Current Liabilities Non Current LiabilitiesCr	33	39	149	138	178	241	250	312	426
Total Liabilities Total LiabilitiesCr	234	301	482	541	713	853	983	1,274	1,507
Current Assets Current AssetsCr	103	138	186	239	270	276	211	307	322
Non Current Assets Non Current AssetsCr	131	163	296	302	444	578	771	966	1,185
Total Assets Total AssetsCr	234	301	482	541	713	853	983	1,274	1,507

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	5	5	5	5	10	10	10	10	10
Reserves ReservesCr	155	204	270	354	458	535	647	785	947
Current Liabilities Current LiabilitiesCr	40	50	59	44	66	66	73	163	124
Non Current Liabilities Non Current LiabilitiesCr	33	39	149	138	178	241	250	312	426
Total Liabilities Total LiabilitiesCr	234	301	482	541	713	853	983	1,274	1,507
Current Assets Current AssetsCr	103	138	186	239	270	276	211	307	322
Non Current Assets Non Current AssetsCr	131	163	296	302	444	578	771	966	1,185
Total Assets Total AssetsCr	234	301	482	541	713	853	983	1,274	1,507

Consolidated

Standalone

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	62	77	106	130	158	165	183	224	271
Investing Cash Flow Investing Cash FlowCr	-98	-90	-31	-130	-123	-110	-142	-182	-174
Financing Cash Flow Financing Cash FlowCr	-8	6	-30	-49	-31	-42	-45	-52	-69
Net Cash Flow Net Cash FlowCr	-44	-7	46	-49	4	13	-4	-9	27
Free Cash Flow Free Cash FlowCr	32	18	69	98	37	40	99	132	91
CFO To PAT CFO To PAT%	178.8	154.8	169.8	152.3	142.8	193.2	153.2	156.1	156.4
CFO To EBITDA CFO To EBITDA%	78.1	81.7	80.0	78.1	77.6	90.4	83.0	82.2	80.3

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	62	77	106	130	158	165	183	224	271
Investing Cash Flow Investing Cash FlowCr	-98	-90	-31	-130	-123	-110	-142	-182	-174
Financing Cash Flow Financing Cash FlowCr	-8	6	-30	-49	-31	-42	-45	-52	-69
Net Cash Flow Net Cash FlowCr	-44	-7	46	-49	4	13	-4	-9	27
Free Cash Flow Free Cash FlowCr	32	18	69	98	37	40	99	132	91
CFO To PAT CFO To PAT%	178.8	154.8	169.8	152.3	142.8	193.2	153.2	156.1	156.4
CFO To EBITDA CFO To EBITDA%	78.1	81.7	80.0	78.1	77.6	90.4	83.0	82.2	80.3

Consolidated

Standalone

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					4,464	3,993	6,499	10,333	8,864	14,092
Price To Earnings Price To Earnings					40.7	47.2	54.7	71.9	51.3	75.0
Price To Sales Price To Sales					9.7	8.7	11.5	15.2	10.9	16.4
Price To Book Price To Book					9.5	7.3	9.9	12.9	9.3	14.7
EV To EBITDA EV To EBITDA					21.9	22.7	30.3	38.8	27.4	40.3
Profitability Ratios Profitability Ratios
GPM GPM%	70.9	72.4	78.1	76.1	76.7	77.6	78.5	78.8	79.7	79.7
OPM OPM%	31.7	32.2	39.1	44.0	44.0	39.6	40.3	40.1	41.4	42.2
NPM NPM%	13.9	17.0	18.4	22.6	23.9	18.6	21.8	21.1	21.2	21.9
ROCE ROCE%	32.4	31.6	23.2	25.5	25.1	17.0	19.9	19.7	19.3	19.3
ROE ROE%	21.8	23.8	22.8	23.7	23.6	15.6	18.2	18.1	18.1	18.1
ROA ROA%	14.8	16.5	13.0	15.7	15.5	10.0	12.2	11.3	11.5	11.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					4,464	3,993	6,499	10,333	8,864	14,092
Price To Earnings Price To Earnings					40.7	47.2	54.7	71.9	51.3	75.0
Price To Sales Price To Sales					9.7	8.7	11.5	15.2	10.9	16.4
Price To Book Price To Book					9.5	7.3	9.9	12.9	9.3	14.7
EV To EBITDA EV To EBITDA					21.9	22.7	30.3	38.8	27.4	40.3
Profitability Ratios Profitability Ratios
GPM GPM%	70.9	72.4	78.1	76.1	76.7	77.6	78.5	78.8	79.7	79.7
OPM OPM%	31.7	32.2	39.1	44.0	44.0	39.6	40.3	40.1	41.4	42.2
NPM NPM%	13.9	17.0	18.4	22.6	23.9	18.6	21.8	21.1	21.2	21.9
ROCE ROCE%	32.4	31.6	23.2	25.5	25.1	17.0	19.9	19.7	19.3	19.3
ROE ROE%	21.8	23.8	22.8	23.7	23.6	15.6	18.2	18.1	18.1	18.1
ROA ROA%	14.8	16.5	13.0	15.7	15.5	10.0	12.2	11.3	11.5	11.5
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	LALPATHLAB	VIJAYA	METROPOLIS	THYROCARE	VIMTALABS	KRSNAA	SURAKSHA
Market CapitalizationMkt CapCr	30,946	14,092	10,769	7,497	2,256	1,663	1,552
Close PriceClose₹	1,843.70	1,368.20	519.10	471.00	504.70	512.80	297.95
IndustryIndustry	Diagnostic Services	Diagnostic Services	Diagnostic Services	Diagnostic Services	Diagnostic Services	Diagnostic Services	Diagnostic Services
Price To EarningsPE	56.80	75.05	53.35	42.59	28.26	17.06	43.31
Price To SalesPS	10.71	16.44	6.30	8.56	5.39	2.04	4.77
RevenueRevenueCr	2,891	857	1,710	876	419	815	325
Revenue Growth TTMRev Gr TTM%	14.3%	20.2%	21.8%	21.1%	14.2%	10.2%	23.3%
PAT Growth TTMPAT Gr TTM%	5.4%	24.3%	32.9%	67.2%	7.7%	21.5%	8.0%

	LALPATHLAB	VIJAYA	METROPOLIS	THYROCARE	VIMTALABS	KRSNAA	SURAKSHA
Market CapitalizationMkt CapCr	30,946	14,092	10,769	7,497	2,256	1,663	1,552
Close PriceClose₹	1,843.70	1,368.20	519.10	471.00	504.70	512.80	297.95
IndustryIndustry	Diagnostic Services	Diagnostic Services	Diagnostic Services	Diagnostic Services	Diagnostic Services	Diagnostic Services	Diagnostic Services
Price To EarningsPE	56.80	75.05	53.35	42.59	28.26	17.06	43.31
Price To SalesPS	10.71	16.44	6.30	8.56	5.39	2.04	4.77
RevenueRevenueCr	2,891	857	1,710	876	419	815	325
Revenue Growth TTMRev Gr TTM%	14.3%	20.2%	21.8%	21.1%	14.2%	10.2%	23.3%
PAT Growth TTMPAT Gr TTM%	5.4%	24.3%	32.9%	67.2%	7.7%	21.5%	8.0%

FY2026

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FY2024

FY2023

FY2022

FY2026

Jun 26