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Vijaya Diagnostic Centre (VIJAYA): Q2 FY27 results analysis (Quarter ended 30 Sep 2026)

Vijaya Diagnostic Centre (VIJAYA) No replies

Vishal @vishal #1

Consolidated figures, ₹ crore. Results were filed on 3 Nov 2026 .

EBITDA is as reported by the company. YoY/QoQ % and margins are my calculations. Q1 FY27 figures are H1 minus Q2.

MetricQ2 FY27YoYQoQ
Revenue from ops255.4+26.7%+10.6%
EBITDA112.8+37.8%+14.4%
EBITDA margin44.1%40.6%42.7%
PAT59.5+37.4%+12.0%
PAT margin23.3%21.5%23.0%
Tests / footfalls4.98 mn / 1.37 mn+16.5% / +14.5%–
Revenue per test₹513+8.8%–

Margin rows show the year-ago and last-quarter values.

Quality of earnings

Both volume and price grew:

  • Volume: tests rose 16.5% and footfalls 14.5% [1].
  • Realisation: revenue per test rose 8.8% and revenue per footfall 10.6% [1].
  • Existing centres grew about 20%, per the CEO [1], so this isn't only new-centre growth.
  • Standalone revenue grew 27.4% [3], close to the consolidated growth. Coverage also credits the integrated Medinova business [3].

PAT grew in line with EBITDA (+37%). So the gain is operational, not from tax or one-offs (my reading). Other income and tax weren't in my sources.

Base effect: Q2 FY26 was a soft quarter. PAT then grew only 3.3% YoY and the EBITDA margin was 40.6%, as new hubs ramped up [6]. That flatters the YoY growth somewhat. QoQ PAT +12% is the cleaner read.

Margins (Chart 3)

EBITDA margin over five quarters: 40.6% → 41.9% → 43.5% → 42.7% → 44.1%. Q2 FY27 is the highest of the five. The CEO says the newer centres are ramping up well [1].

Guidance: what changed

  • FY27 growth (Q1 call): "high double-digit" revenue growth, and ~15% over the medium term [5].
  • Margin: the company's long-run guide is about 40% EBITDA [4].
  • H1 actual: revenue up 24.8% and EBITDA margin at 43.4% [2]. Both are ahead of guidance.
  • Network: 2 hubs and 7 spokes opened in H1. Another 3 hubs and 7 spokes are planned for H2 [1]. There are now 168 centres; 92% of revenue is B2C [2].
  • Acquisition: an agreement to buy Arya Wellness Centre, the company's first entry into the North-East [1].

Positives

  • Volume and realisation both growing [1]
  • Margin at a five-quarter high [1]
  • H1 ahead of guidance on growth and margin [2][5]

Concerns

  • Ten new centres in H2 could dilute margins while they ramp up, as happened in FY26 [6]
  • Revenue is concentrated in Hyderabad (~67%) [5]
  • Integration of acquisitions (Medinova, Arya Wellness) (my view)

Things to track in Q3 FY27

  1. Whether the EBITDA margin holds above 42% as new hubs open
  2. Organic growth at existing centres (~20% in Q2)
  3. Growth in tests vs revenue per test
  4. Arya Wellness closing and contribution

Not a buy/sell recommendation.Facts are sourced; opinions are labelled.

Sources [1] InvestyWise – Q2 FY27 results & commentary · [2] InvestyWise – Q2 FY27 presentation · [3] Whalesbook – filing summary · [4] BSE – Q4 FY26 presentation · [5] FundsIndia – Q1 FY27 note · [6] ScanX – Q2 FY26 · [7] NSE – Q4 FY24 presentation · [8] Upstox – FY23

Charts:

(1) last 5 quarters revenue & PAT

(2) FY23–FY26 revenue & PAT

(3) EBITDA and PAT margin (own calc.);

(4) volumes and realisation [1], Q2 FY26 values derived from the reported growth.

Author's disclosure: Not invested

Posts are members’ own views and are not investment advice. Holdings shown are what each member disclosed when posting. Research notes are by SEBI-registered analysts under their own registration; Mudraa hosts them and does not endorse them.

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