Vijaya Diagnostic Centre (VIJAYA) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 revenue was ₹25,538.72 lakh, up 26.7% YoY; EBITDA rose 37.8% to ₹1,127.5 Mn and net profit increased 37.4% to ₹5,947.35 lakh.

• H1 revenue grew 24.8% to ₹48,636.91 lakh; EBITDA increased 36% to ₹2,112.9 Mn and net profit rose 37.5% to ₹11,257.46 lakh.

Financial highlights

• Q2 consolidated revenue was ₹25,538.72 lakh vs ₹20,156.18 lakh YoY; PBT was ₹7,941.65 lakh and net profit ₹5,947.35 lakh.

• Q2 EBITDA margin expanded 355 bps to 44.1%; PAT margin increased 181 bps to 23.3%.

• H1 EBITDA margin rose 357 bps to 43.4%; PAT margin increased 213 bps to 23.1%.

• Q2 revenue growth was supported by 16.5% volume growth, favorable test mix and the CGHS tariff revision.

• Q2 gross profit was ₹2,271.2 Mn, up 28.1%, with gross margin up 100 bps to 88.9%; basic EPS was ₹5.8.

Outlook and guidance

• FY27 revenue growth of at least 20% is considered achievable; long-term revenue growth guidance is above 15% over three to five years.

• FY27 EBITDA margin guidance is 42% or higher; H1 margin was 43.4% and Q2 margin was 44.1%.

• Plan is to commission three hubs and seven spokes in H2 FY27, followed by three hubs in Q1 FY28; eight hubs and 14 spokes are planned by Q1 FY28.

• FY27 expansion spans Hyderabad, Bengaluru, Mysore, West Bengal and Pune; plans also include Vijayawada, Guntur and additional spokes across AP and Telangana.

• Growth is expected to be primarily volume-led; pricing has historically contributed ~2% realization CAGR, with any FY27 price increase under review for Q3 or Q4.