Vijaya Diagnostic Centre (VIJAYA) Q2 25/26 earnings summary

Executive summary

• Consolidated Q2 FY26 revenue reached ₹2,016 Mn (INR 202 crore), up 10.2% year-on-year, with H1 FY26 revenue at ₹3,896 Mn (INR 390 crore), up 15% YoY, driven by 8.3% YoY test volume growth and network expansion.

• EBITDA margin for Q2 FY26 was 40.6%, with PAT margin at 21.5%; H1 FY26 EBITDA was ₹1,554 Mn (40% margin) and PAT was ₹819 Mn (21% margin).

• New hub launches in Kasba (Kolkata), Nandyal (AP), Khammam (Telangana), and Bengaluru, with network expanding to 159 centres; early break-even achieved at Yelahanka Hub Centre, Bengaluru.

• NCLT approved the merger/amalgamation of Medinova Diagnostic Services Limited, effective April 1, 2024, with financials restated and share exchange ratio set at 1:22.

• Unaudited standalone and consolidated financial results for Q2 and H1 FY2025-26 were approved, reflecting continued growth in revenue and profitability.

Financial highlights

• Surplus cash as of September 30, 2025, was INR 235 crore (excluding deferred capital creditors); actual cash balance was INR 295 crore.

• Gross margin increased YoY from 87.2% to 88%, with Q2 FY26 gross profit margin at 87.9%.

• Volume growth for the quarter was 8.2-8.3%, with realization growth at 1.8%.

• Standalone and consolidated net profit for Q2 FY2025-26 was ₹4,270.08 lakhs and ₹4,357.86 lakhs, respectively.

• Dividend of ₹2 per equity share for FY2024-25 was approved and paid in September 2025.

Outlook and guidance

• Guidance maintained at 15% CAGR revenue growth over the next three years, with EBITDA margin guidance of 38-40% for the full year.

• CapEx for FY26 expected at INR 160 crore, with FY27 CapEx projected at INR 100-120 crore.

• Two more hubs in West Bengal are on track for commissioning in Q3 FY26; further expansion planned in Hyderabad, Bengaluru, and ROAPT.

• Continued focus on expanding diagnostic services and integrating acquired businesses for operational synergies.