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 hubs in West Bengal to commence in the next 3-4 months; additional spokes added in Pune.

• Achieved strong year-over-year revenue growth of 24.4% in FY25, with organic growth at 18.9%.

• Consolidated PH Diagnostic Centre, Pune, as a wholly owned subsidiary from December 2023.

• Audited standalone and consolidated financial results for the year ended March 31, 2025, were approved, with statutory auditors issuing unmodified opinions.

• Key management changes include the appointment of an interim CFO and a new CTO, and the grant of 1,91,150 ESOPs to eligible employees.

Financial highlights

• FY25 consolidated revenue was ₹69,970.96 lakhs, up 24.4% year-over-year; Q4 FY25 revenue was ₹1,732 crores, up 11.6% year-over-year.

• FY25 EBITDA was ₹2,732 Mn (40.1% margin); Q4 EBITDA was ₹689 Mn (39.8% margin).

• FY25 PAT stood at ₹1,431 Mn (21.0% margin), up 20.4% year-over-year; Q4 PAT was ₹346 Mn (20.0% margin).

• Standalone EPS for FY25 was ₹13.16 (basic); consolidated EPS was ₹13.95 (basic), both up year-over-year.

• Dividend of ₹2 per share (200% of face value) recommended for FY25, pending shareholder approval.

Outlook and guidance

• Expect 15%+ CAGR revenue growth over the next three years, driven mainly by volume and 1%-2% value growth.

• CapEx guidance for FY26 is INR 140-150 crores for 10 new hubs.

• Focus on stabilizing new hubs, building brand equity, and investing in technology and talent.

• Plans to operationalize additional hubs in Tier-2 locations in AP & Telangana in H2 FY26.

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