Vijaya Diagnostic Centre (VIJAYA) Q1 25/26 earnings summary

Executive summary

• Achieved 20.4% year-on-year revenue growth in Q1 FY26, with Hyderabad returning to double-digit growth driven by volume and favorable test mix.

• All new hubs in Pune, Bangalore/Bengaluru, and West Bengal/Kolkata are operational and ramping up, with one Bangalore hub and Nizamabad hub achieving or nearing break-even ahead of schedule.

• Five hubs and one spoke were commissioned in the quarter, with a total of 10 hubs planned for the year.

• The company continues to gain market share, especially in new geographies, supported by an integrated B2C model and strong brand trust.

• Unaudited standalone and consolidated financial results for Q1 ended June 30, 2025, were approved by the Board of Directors.

Financial highlights

• Consolidated revenue for Q1 FY26 was INR 188 crores (INR 1,881 Mn/₹18,805.31 lakhs), up 20.4% year-on-year.

• Test volume grew 17% year-on-year, and patient footfall increased by 14%.

• EBITDA margin stood at 39.1%, with PAT margin at 20.4%; EBITDA was INR 735 Mn and PAT was INR 383 Mn.

• EPS (Basic) for Q1 FY26 was INR 3.8, up 22.9% year-on-year.

• Net cash position at quarter end was INR 220 crores after capital creditors; surplus cash increased to INR 2,067 Mn as of March 2025.

Outlook and guidance

• Management maintains guidance of 15%+ revenue growth, backed by 13% volume growth and 1.5%-2% price/mix.

• EBITDA margin guidance remains at 38%-39% for the full year, with a 1.5% drag expected from new hubs.

• CapEx for FY26 is guided at INR 150-155 crores for new centers, with replacement CapEx at 2%-3% of topline.

• Three new hubs to be commissioned in Q2 FY26 across core geographies and West Bengal, with two more in West Bengal by H2 FY26.

• No further price hikes planned for the remainder of FY26.