In , Vijaya Diagnostic Centre Ltd (Diagnostics) is outperforming Nifty 500 with +33.9% relative strength. Fundamentals: Average. On a 4-week streak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Apr 19, 2026
What: EBITDA Margin: 41.9%
Impact: 221 bps expansion
“2 hubs launched in Q1 FY '26 in West Bengal, Krishnanagar and Barasat have achieved breakeven within just 3 quarters, ahead of the expected 1-year timeline.”
What: West Bengal Hub Count: 7 hubs
Impact: 3% revenue contribution
“successful commissioning of two new hub centers in Phoolbagan and Diamond Harbour, bringing our West Bengal hub footprint to 7.”
What: Wellness Revenue Share: 15%
Impact: Up from 8% pre-COVID
“So, pre-COVID, you were getting 8% of our revenue from wellness. So, 5 years from then to now, so from 8% has become 15%.”
What: Revenue growth of 21.4% vs 15% guidance.
“supported by volume growth of nearly 15% in Q3 FY '26. Revenues also surpassed Q2 in absolute terms.”
What: 38%-39% → 40%
“But like you rightly said, if you see at a center level EBITDA, there will be a leverage that would be coming because of this faster breakeven.”
Earnings deceleration risks from management commentary
Trigger: Currency depreciation increases the cost of advanced radiology equipment.
Impact: PAT impact: Minimal
Management view: Offset by GST benefits reducing from 12% to 5% on capex.
Monitor: fx
Trigger: Exit of CTO and need for specialized radiologists in new geographies.
Management view: Continuous hiring and training of local teams in Hyderabad before deployment.
Monitor: labor
Key quotes from recent conference calls
“We are comfortable guiding at 15% CAGR over the next three years. Obviously, every quarter you might see maybe we deliver 16%-17%. [Previous Revenue Growth guidance]”
“for this financial year if you remember we guided about 38%... I think more or less for the financial year we will be surpassing the guidance. [Previous EBITDA Margin guidance]”
“We are going to come up with a very high-end CRM and many other investments into digital apps... moved all our core applications to cloud. [Initiative: Digital Transformation (CRM & Cloud)]”
“impact because of the USD-INR breaching INR 90, but then there has been a GST benefit also from 12% to 5%, which has more or less offset the negative impact. [Risk (fx): LOW]”
Headline numbers from the latest earnings call
Revenue
₹205 Cr
Why: Growth was driven by a 14.7% increase in test volumes and a favorable pathology season that outpaced industry growth.
Revenue surpassed Q2 levels despite Q3 typically being impacted by festive and seasonal softness.
EBITDA
₹86 Cr
Why: Margin expansion was aided by faster-than-expected breakeven of new hubs in West Bengal and operating leverage from existing capacity.
EBITDA margin improved by 221 basis points year-on-year.
PAT
₹43 Cr
Why: Profit growth followed the strong operational performance and margin expansion in both radiology and pathology segments.
PAT margin remained stable at 21%.
Other Highlights
• Radiology business contribution stood at 37% of total revenue.
• B2C revenue share remained dominant at 92%.
• Two West Bengal hubs (Krishnanagar and Barasat) achieved breakeven within 3 quarters.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
B2C Revenue %
92%
Why: Strategy remains focused on direct-to-customer walk-ins rather than B2B tie-ups.
Radiology Revenue %
37%
Why: Radiology benefited from strong execution in hub expansions.
Revenue per Footfall
₹1,756
Why: Driven by the mix of high-end radiology and pathology tests.
Test Volume Growth (YoY)
14.7%
Why: Strong demand in core markets and ramp-up of new hubs.
Hyderabad Revenue Contribution
68%
Why: Core market remains dominant but share is gradually diversifying.
Wellness Revenue Share
15%
Why: Increased health consciousness post-COVID.
Net Cash Balance
₹260 Cr
Why: Strong internal accruals despite ongoing capex.
Hub Breakeven Timeline
9 months
Why: Strong demand for integrated diagnostics in new regions like West Bengal.
Forward-looking targets from management for Next 3 years
Revenue Growth Target
15%
OPM Guidance
40%
Capex Plan
₹120 Cr
15% CAGR
REAFFIRMED
₹100-120 Cr
New center expansion
Guidance Changes
EBITDA Margin: 38%-39% → 40%
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +27% | +21% | Stable |
| PAT (Net Profit) | +37% | +27% | Stable |
| OPM | 44.0% | +400 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 19, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Vijaya Diagnostic Centre Ltd's latest quarterly results (Mar 2026) show
Vijaya Diagnostic Centre Ltd's profit is growing with an stable trend.
Vijaya Diagnostic Centre Ltd's revenue growth trend is stable.
Vijaya Diagnostic Centre Ltd's operating margin is volatile.
Vijaya Diagnostic Centre Ltd's long-term compounding rates
Vijaya Diagnostic Centre Ltd's earnings growth is stable with mixed signals on a sequential basis.
Vijaya Diagnostic Centre Ltd's trailing twelve month (TTM) performance
Vijaya Diagnostic Centre Ltd appears significantly overvalued based on our fair value analysis.
Vijaya Diagnostic Centre Ltd's current PE ratio is 76.1x.
Vijaya Diagnostic Centre Ltd's current PE is 76.1x.
Vijaya Diagnostic Centre Ltd's price-to-book ratio is 13.8x.
Vijaya Diagnostic Centre Ltd is rated Average with a fundamental score of 58.23/100. This score is calculated from objective financial metrics
Vijaya Diagnostic Centre Ltd has a debt-to-equity ratio of N/A.
Vijaya Diagnostic Centre Ltd's return ratios over recent years
Vijaya Diagnostic Centre Ltd's operating cash flow is positive (FY2026).
Vijaya Diagnostic Centre Ltd's current dividend yield is 0.16%.
Vijaya Diagnostic Centre Ltd's shareholding pattern (Mar 2026)
Vijaya Diagnostic Centre Ltd's promoter holding has decreased recently.
Vijaya Diagnostic Centre Ltd has been outperforming Nifty 500 for 4 consecutive weeks, indicating building momentum.
Vijaya Diagnostic Centre Ltd is an established outperformer with 4 weeks of consecutive Nifty 500 outperformance.
Vijaya Diagnostic Centre Ltd has 5 key growth catalysts identified from recent earnings analysis
Vijaya Diagnostic Centre Ltd has 2 key risks worth monitoring
In Q3 FY26, Vijaya Diagnostic Centre Ltd's management highlighted
Vijaya Diagnostic Centre Ltd's management has provided the following forward guidance for Next 3 years
Vijaya Diagnostic Centre Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why Vijaya Diagnostic Centre Ltd may be worth studying
Vijaya Diagnostic Centre Ltd investment thesis summary:
Vijaya Diagnostic Centre Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
