Vijaya Diagnostic Centre (VIJAYA) Q3 25/26 earnings summary

Executive summary

• Achieved highest ever quarterly revenue of INR 205 crore (INR 2,052 Mn) in Q3 FY26, up 21.4% year-over-year, with robust performance across both top and bottom lines and volumes up nearly 15%.

• Leadership team strengthened with new CFO, COO, CTO, and Lab Director, and two new non-executive independent directors appointed for five years.

• Integrated business model and balanced growth in radiology and pathology, with radiology benefiting from hub expansions and pathology led by wellness and network expansion.

• Expanded network with new hubs in West Bengal, Khammam, and Nandyal, and completed integration of Medinova Diagnostic Services Limited effective April 2024.

• Unaudited standalone and consolidated financial results for Q3 and nine months ended December 31, 2025, were approved.

Financial highlights

• Q3 FY26 consolidated revenue: INR 205 crore (INR 2,052 Mn), up 21.4% year-over-year; test volume growth of 14.7%.

• EBITDA: INR 86 crore (INR 861 Mn), up 28.2% year-over-year; EBITDA margin improved by 221 bps to 41.9%.

• Profit after tax: INR 43 crore (INR 432 Mn), up 22.3% year-over-year; PAT margin at 21%.

• Nine months ended Dec 2025: revenue INR 595 crore (INR 5,948 Mn, up 17.1%), EBITDA INR 241 crore (INR 2,414 Mn, up 18.1%), PAT INR 125 crore (INR 1,251 Mn, margin 21%).

• Net surplus cash as of Dec 31, 2025: INR 260 crore (INR 2,067 Mn as of Mar 2025).

Outlook and guidance

• Focus on stabilizing new hubs, commissioning more spokes, investing in technology, and strengthening brand presence.

• FY27 CapEx for new centers estimated at INR 100-120 crore.

• FY27 to see 4-5 new hubs and 10-12 spokes; FY28-29 to have an optimal mix of hubs and spokes.

• EBITDA margin guidance maintained at 40% due to ongoing investments in talent and digital initiatives.

• Plans to add multiple hubs and spokes in Hyderabad, ROAPT, Bengaluru, and West Bengal in H2 FY26 and H1 FY27.