Sun Pharmaceutical Industries Ltd.
NSE: SUNPHARMA
Healthcare · Drug Manufacturers - Specialty & Generic
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Research updated
Vijaya Diagnostic Centre Ltd.
NSE: VIJAYAHealthcareDiagnostics & Research
- Last close
- ₹1,389.40
- Day change
- −₹1.40 (−0.10%)vs
- Market cap
- ₹14,231 crIndian rupees
- Research updated
- 1 report
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About Vijaya Diagnostic Centre
Vijaya Diagnostic Centre Ltd. operates as a comprehensive diagnostic service provider, catering to the healthcare needs of a diverse clientele in India. Established in 1981, the company has grown to become a significant player in the diagnostic sector, offering an extensive range of medical diagnostic services, including laboratory tests, radiology, and imaging investigations. These services are essential for the assessment and monitoring of health, disease prevention, and the management of existing conditions. The company's state-of-the-art facilities and skilled professionals ensure high-quality standards and accuracy in diagnostics. Vijaya Diagnostic Centre Ltd. plays a crucial role in the healthcare industry, helping to facilitate timely and accurate diagnoses, which is vital for effective treatment and patient care. With a focus on expanding its network, enhancing service offerings, and integrating advanced technologies, Vijaya Diagnostic Centre Ltd. contributes to improving healthcare accessibility and quality, highlighting its significance in India's growing healthcare landscape.
- Sector
- Healthcare
- Industry
- Diagnostics & Research
- Listing
- NSE: VIJAYA
- Chief executive
- Ms. Sura Suprita Reddy
- Employees
- 2,507
- Headquarters
- Hyderabad, India
- ISIN
- INE043W01024
- Website
- vijayadiagnostic.com
Public research · Report of
Business model & financial foundation
Vijaya Diagnostic (NSE: VIJAYA), Diagnostic services (integrated pathology and radiology chain): revenue of ₹814.2 crore in FY26 (+19.5% on FY25), an EBITDA margin of 41.4%, net profit of ₹173.0 crore and net debt of ₹103.8 crore.
- Revenue, FY26 (₹ crore)
- 814.2
- consolidated
- Revenue growth, FY26
- +19.5%
- on FY25
- EBITDA margin, FY26
- 41.4%
- EBITDA (company definition) / revenue
- Net profit, FY26 (₹ crore)
- 173.0
- to owners
- Return on equity, FY26
- 19.7%
- on average equity
- Net debt, FY26 (₹ crore)
- 103.8
- Net debt incl. leases, negative for net cash
- Market capitalisation (₹ crore)
- 14,814
- at the close of 17 Oct 2026
Company profile
Vijaya Diagnostic runs an integrated pathology and radiology chain of 166 centres (51 hubs, 115 spokes as of Q1 FY27) across Telangana, Andhra Pradesh, Karnataka, Maharashtra (Pune) and West Bengal, with about 67% of revenue from Hyderabad. Over 90% of revenue is walk-in (B2C), and radiology is about 37% of revenue, which gives it the highest EBITDA margin among listed Indian diagnostic chains (41.4% in FY26). The founder family holds 52.5%.
| Item | Value |
|---|---|
| Legal name | Vijaya Diagnostic Centre Limited |
| Exchange and ticker | NSE: VIJAYA; BSE: 543350 |
| ISIN | INE043W01024 |
| CIN | L85195TG2002PLC039075 |
| Sector | Healthcare |
| Industry | Diagnostic services (integrated pathology and radiology chain) |
| Headquarters | Hyderabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R and Co. (FRN 128510W) |
| Market capitalisation | ₹14,814 crore (17 Oct 2026) |
| Shares outstanding | 10.29 crore shares (FY26) |
| Price | ₹1,382 (close, 17 Oct 2026) |
| 52-week range | ₹848.0 - ₹1,594 (to 17 Oct 2026) |
| Website | https://www.vijayadiagnostic.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| P H Diagnostic Centre Private Limited | 100% | Diagnostic chain in Pune, acquired 21 Dec 2023 for INR 147.5 cr |
| Medinova Millennium MRI Services LLP | 100% | MRI services; direct subsidiary since 4 Nov 2025 after Medinova amalgamation |
| VDC Diagnostic (Karnataka) LLP | 100% | Dormant; strike-off applied |
Medinova Diagnostic Services Ltd amalgamated into the parent, appointed date 1 Apr 2024, effective 4 Nov 2025; no material subsidiaries per the FY26 annual report.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 52.60% | 52.51% | 52.51% | 52.46% |
| Promoter holding pledged | 1.48% | 1.48% | 1.96% | 2.00% |
| Foreign institutions | 15.10% | 13.38% | 11.66% | 10.66% |
| Domestic institutions | 28.59% | 29.93% | 31.61% | 32.50% |
| of which mutual funds | 27.98% | 29.06% | 30.66% | 31.44% |
| Retail | 3.71% | 4.18% | 4.23% | 4.38% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Vijaya Diagnostic Centre (NSE VIJAYA) provides integrated pathology and radiology services, predominantly walk-in B2C (92% in Q1FY27), at 166 centres (51 hubs and 115 spokes), with Hyderabad 67% of revenue. The diagnostics-services segment is the only reportable segment. Radiology is 37% of revenue; the rest is pathology. Central labs and equipment-bearing hubs feed a spoke network; the brand, doctor trust, cross-testing and convenience differentiate it from cheaper pathology-only or B2B chains. P H Diagnostic in Pune is wholly owned; Medinova was amalgamated, and all current subsidiaries are 100% owned.
| Peer | Why the dossier compares them |
|---|---|
| Dr Lal PathLabs (LALPATHLAB) | Largest listed B2C pathology chain; regional hub-and-spoke model in North India |
| Metropolis Healthcare (METROPOLIS) | Listed pathology chain with presence and price competition in Hyderabad |
| Thyrocare Technologies (THYROCARE) | Listed pathology lab, B2B-led, low-cost model |
| Krsnaa Diagnostics (KRSNAA) | Listed radiology plus pathology operator, PPP-led |
| Suraksha Diagnostic (SURAKSHA) | Integrated pathology-radiology chain in East India, Vijaya's competitor in Kolkata |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 462.1 | 459.0 | 547.8 | 681.4 | 814.2 |
| Cost of revenue (vendor classification) * | 71.5 | 58.9 | 65.4 | 84.8 | 94.7 |
| Other operating costs (vendor classification) * | 115.4 | 138.7 | 170.0 | 337.8 | 250.1 |
| EBITDA (vendor classification) * | 212.8 | 190.0 | 225.3 | 291.5 | 341.4 |
| EBIT * | 162.6 | 132.9 | 180.6 | 219.9 | 264.0 |
| Finance costs | 15.2 | 19.4 | 24.0 | 26.7 | 33.2 |
| Profit before tax | 147.4 | 113.5 | 158.7 | 193.2 | 232.7 |
| Tax expense | 36.7 | 28.3 | 39.0 | 49.4 | 59.7 |
| Profit for the year (consolidated) | 110.7 | 85.2 | 119.6 | 143.8 | 173.0 |
| Diluted EPS (₹) | 10.69 | 8.26 | 11.59 | 13.97 | 16.79 |
| Cost of materials consumed | 65.4 | 84.8 | 94.7 | ||
| Employee benefits expense | 90.2 | 112.2 | 130.7 | ||
| Other expenses | 171.3 | 211.3 | 251.8 | ||
| EBITDA (company definition) | 220.9 | 273.2 | 336.9 | ||
| Other income | 20.8 | 18.3 | 20.8 | ||
| Depreciation and amortisation | 57.0 | 70.6 | 91.8 | ||
| Exceptional items (negative = charge) | -2.05 | -1.03 | 0.00 | ||
| Non-controlling interest | 0.81 | 0.00 | 0.00 | ||
| PAT attributable to owners | 118.8 | 143.8 | 173.0 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 469.5 | 546.6 | 659.9 | 799.1 | 957.2 |
| Borrowings excluding leases | 183.5 | 247.6 | 0.00 | 0.00 | 0.00 |
| Cash and bank balances incl. other bank balances | 11.1 | 24.2 | 73.1 | 48.9 | 52.7 |
| Trade receivables * | 9.77 | 9.49 | 16.2 | 14.8 | 20.9 |
| Inventories * | 4.28 | 2.05 | 5.18 | 4.93 | 4.89 |
| Trade payables * | 21.6 | 27.7 | 33.0 | 33.1 | 37.6 |
| Net property, plant and equipment * | 14.6 | 21.1 | 25.9 | 31.5 | 43.7 |
| Capital work in progress * | 54.3 | 33.6 | 12.5 | 78.6 | 47.8 |
| Total assets * | 713.5 | 853.4 | 982.8 | 1,274 | 1,507 |
| Lease liabilities (current + non-current) | 259.2 | 319.6 | 422.6 | ||
| Current investments (mutual funds) | 109.1 | 184.6 | 228.4 | ||
| Fixed deposits in other financial assets | 2.85 | 48.0 | 37.6 | ||
| Net debt incl. leases, negative for net cash | 74.1 | 38.1 | 103.8 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 145.6 | 125.5 | 183.3 | 224.5 | 270.6 |
| Free cash flow (vendor definition) * | 35.7 | 39.8 | 95.3 | 128.9 | 87.9 |
| Dividends paid | -10.2 | -10.2 | -10.3 | -20.5 | |
| Purchase of PPE and intangibles | -120.9 | -124.6 | -88.0 | -95.6 | -182.7 |
| Lease payments (principal + interest) | -37.4 | -45.9 | -52.1 | ||
| Acquisition of subsidiaries, net of cash | -145.9 | 0.00 | 0.00 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 10.20 | 10.20 | 10.22 | 10.28 | 10.29 |
| Cumulative CFO / group PAT, FY24-FY26 (x) | 1.55x | ||||
| Year-end trade receivables / annual revenue x 365 (days) | 8 | 9 | |||
| Receivables YoY growth minus revenue YoY growth (%) | -33.5% | 21.8% | |||
| CFO less cash capex and lease payments, before acquisitions/dividends | 58.0 | 83.0 | 35.7 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 183.0 | 169.0 | 173.2 | 188.1 | 201.6 | 205.2 | 219.4 | 231.0 |
| Cost of revenue (vendor classification) * | 21.4 | 24.0 | 24.9 | 25.6 | ||||
| Other operating costs (vendor classification) * | 61.5 | 62.1 | 65.1 | 69.4 | ||||
| EBITDA (vendor classification) * | 80.6 | 91.2 | 97.9 | 107.1 | ||||
| EBIT * | 59.7 | 66.8 | 73.6 | 82.0 | ||||
| Finance costs | 6.47 | 6.82 | 7.19 | 7.49 | 7.83 | 8.59 | 9.32 | 11.0 |
| Profit before tax | 57.2 | 46.7 | 47.4 | 52.2 | 58.0 | 58.2 | 64.3 | 70.9 |
| Tax expense | 15.1 | 11.4 | 12.5 | 13.6 | 14.7 | 15.1 | 16.3 | 17.8 |
| Profit for the period (consolidated) | 42.1 | 35.3 | 34.9 | 38.6 | 43.3 | 43.2 | 47.9 | 53.1 |
| Diluted EPS (₹) | 4.09 | 3.43 | 3.38 | 3.75 | 4.20 | 4.19 | 4.65 | 5.15 |
| Cost of materials consumed | 23.0 | 20.9 | 22.2 | 21.4 | 24.3 | 24.0 | 24.9 | 25.6 |
| Employee benefits expense | 27.8 | 28.6 | 28.4 | 31.6 | 32.3 | 33.0 | 33.8 | 37.5 |
| Other expenses | 56.1 | 52.4 | 53.8 | 61.5 | 63.2 | 62.1 | 65.1 | 69.4 |
| EBITDA (company definition) | 76.0 | 67.1 | 68.9 | 73.5 | 81.8 | 86.1 | 95.5 | 98.5 |
| Other income | 4.51 | 4.70 | 5.55 | 7.05 | 6.25 | 5.10 | 2.40 | 8.53 |
| Depreciation and amortisation | 16.8 | 18.3 | 18.8 | 20.9 | 22.3 | 24.3 | 24.3 | 25.1 |
| Exceptional items (negative = charge) | 0.00 | 0.00 | -1.03 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Non-controlling interest | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PAT attributable to owners | 42.1 | 35.3 | 34.9 | 38.6 | 43.3 | 43.2 | 47.9 | 53.1 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 22.8% | -0.7% | 19.3% | 24.4% | 19.5% |
| EBITDA margin | 40.3% | 40.1% | 41.4% | ||
| Net margin | 21.7% | 21.1% | 21.2% | ||
| Return on equity | 19.7% | 19.7% | 19.7% | ||
| Return on capital employed | 28.2% | 18.4% | 24.8% | 30.1% | 30.1% |
| Return on assets | 12.9% | 12.7% | 12.4% | ||
| Net debt (₹ crore) | 74.1 | 38.1 | 103.8 | ||
| Net debt / EBITDA | 0.34x | 0.14x | 0.31x | ||
| Interest cover | 10.7x | 6.85x | 7.53x | 8.22x | 7.94x |
| Asset turnover | 0.74x | 0.59x | 0.60x | 0.60x | 0.59x |
| Receivable days | 8 | 8 | 11 | 8 | 9 |
| Inventory days (on revenue) | 3 | 2 | 3 | 3 | 2 |
| Payable days (on revenue) | 17 | 22 | 22 | 18 | 17 |
| Cash conversion | 1.54x | 1.56x | 1.56x | ||
| Capex intensity | 26.2% | 27.1% | 16.1% | 14.0% | 22.4% |
| Free cash flow (₹ crore) | 24.7 | 0.91 | 95.3 | 128.9 | 87.9 |
| Dividend payout | 8.6% | 7.1% | 11.9% | ||
| EPS, diluted (₹) | 10.69 | 8.26 | 11.59 | 13.97 | 16.79 |
| Book value per share (₹) | 46.05 | 53.57 | 64.56 | 77.75 | 93.04 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (company definition) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt incl. leases, negative for net cash.
- Net debt / EBITDA: net debt / EBITDA (company definition).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 17 Oct 2026); market data at the close of 17 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 17 Oct 2026; page updated 26 Oct 2026.
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