Vijaya Diagnostic Centre (VIJAYA) Q4 24/25 earnings summary

Executive summary

• Six new hubs launched in Pune, Bengaluru, and West Bengal in the last two months, with three more in West Bengal to be operational in 3-4 months and two in AP and Telangana scheduled for H2 FY26.

• Expanded network with additional spokes in Pune and consolidated PH Diagnostic Centre, Pune, as a wholly owned subsidiary from December 2023.

• Audited standalone and consolidated financial results for FY 2024-25 were approved, with statutory auditors issuing unmodified opinions.

• Key management changes include appointment of interim CFO, new CTO, and re-appointment of cost auditor.

• 1,91,150 ESOPs granted to eligible employees under the 2018 plan, with vesting schedules based on time and performance criteria.

Financial highlights

• FY25 consolidated revenue at ₹6,814 Mn (INR 681 crores), up 24.4% YoY; Q4 FY25 revenue was ₹1,732 Mn (INR 173 crores), up 12% YoY.

• FY25 EBITDA at ₹2,732 Mn (INR 273 crores, 40.1% margin); Q4 EBITDA at ₹689 Mn (INR 69 crores, 39.8% margin).

• FY25 PAT at ₹1,431 Mn (INR 143 crores, 21% margin); Q4 PAT at ₹346 Mn (INR 35 crores, 20% margin).

• EPS (basic) for FY25 was ₹13.95, up from ₹11.62 YoY.

• Dividend of ₹2 per share recommended for FY 2024-25.

Outlook and guidance

• Expecting 15%+ CAGR revenue growth over the next three years, mainly volume-driven, with 1-2% from pricing.

• FY26 CapEx planned at INR 140-150 crores for 10 new hubs; similar CapEx expected for the year.

• EBITDA margin drag of 1-2% anticipated for 2-3 quarters due to new hub ramp-up, with normalization expected by end-FY26.

• Price increases of 1-2% planned for select tests to offset input cost inflation.

• Proposed amalgamation of Medinova Diagnostic Services Limited pending final NCLT and regulatory approvals.