Vijaya Diagnostic Centre, India's largest integrated B2C-focused diagnostic chain with 166 centres across 27 cities, reports Q2 FY 2026-2027 results against a quarter last year when a missing fever-season tailwind dented Hyderabad volumes. The print will speak to whether test-volume growth holds near Q1 FY27's +16.5% and whether EBITDA margins stay above the guided 40% floor as the 9-hub expansion and Rs. 190-195 crores capex program scale up.
| Results date | November 03, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 2,310 Mn (Rs. 230.98 Cr) |
| Previous quarter PAT | Rs. 531 Mn (Rs. 53.10 Cr) |
| Previous quarter EBITDA margin | 42.7% |
| Market cap | Rs. 15,100.81 Cr |
| CMP | Rs. 1,464.2 |
A board meeting is scheduled on November 3, 2026, to consider the Q2 and H1 FY27 financial results. The trading window will remain shut from October 1 to November 5, 2026.
The Q2/H1 FY27 earnings call is scheduled for November 4, 2026, at 11:00 AM IST, organized by JM Financial. The call will feature Ms. Suprita Reddy (MD & CEO), Mr. Narasimha Raju (CFO), Mr. Siva Rama Raju Vegesna (COO) and Mr. Dhiren Gala (Head–IR).
The 24th AGM held on September 24, 2026, approved a final dividend of Rs. 2 per share (200% on a Rs. 1 face value) for FY26. The record date for this dividend was September 16, 2026.
The quarter's central test is whether Vijaya repeats last year's Q2 shortfall — when a missing fever-season tailwind drove a low single-digit Hyderabad slowdown — or sustains the double-digit volume trajectory, with dengue cases building through the July-September 2026 window (10,122 in July, 13,610 in August, 23,470 in September per the Global Dengue Observatory tracker). Q1 FY27 momentum was strong, with revenue of Rs. 230.98 Cr up 22.8% YoY on 16.5% test-volume growth, realization per test at Rs. 503 (+5.5%) and a 42.7% EBITDA margin, against management's guidance of above 40% EBITDA margins for FY27 and high double-digit revenue growth within the 15% three-year CAGR framework. Margin direction will hinge on company-specific factors: the new-hub EBITDA drag from the 9-hub program (under 0.5% actual versus 1-1.5% estimated so far), wellness share at 14.8% in Q1 versus 15.6% in Q4 FY26, ARPP discipline within the guided ±3-4% band, and finance costs which rose 47% YoY to Rs. 11.00 Cr in Q1 on lease and working-capital borrowings. Pricing is a near-term catalyst, with the tariff reassessment due post Q2 and Q3 FY27 — the last hike was in June 2025, limited to Hyderabad and select tests, at roughly 1-1.5%. The Arya Wellness (Guwahati) acquisition of Rs. 46.20 Cr, approved September 11, 2026, remains pending completion and is expected to contribute no revenue in Q2 FY27, with CP completion timed around November-December 2026.
Guidance scorecard: Where management stands against its stated targets:
Arya Wellness (Guwahati) closing and Panjagutta lab
Fever-season volume print and seasonality
Balance sheet deployment
Q2 FY26 saw a low single-digit revenue slowdown in Hyderabad, which management attributed to seasonality — a lack of fever-related testing versus the prior year, concentrated in August and the last 10 days of September due to an early festive season. Radiology still grew over 16% that quarter, and management emphasized performance at the year level.
Management has stated that pricing strategy will be reassessed post Q2 and Q3 FY27; the last price hike was in June 2025, limited to Hyderabad and select tests. Historically, the company has implemented price increases of 1%-1.5% annually, and ARPP is guided to stay within ±3-4%.
Management has guided to above 40% EBITDA margins for FY27, and Q1 FY27 printed 42.7%, ahead of that level. The main source of quarter-to-quarter noise is the EBITDA drag from new hubs under the 9-hub expansion program, which has tracked below 0.5% versus an estimated 1-1.5%.
The board approved the Rs. 46.20 Cr slump-sale acquisition of Arya Wellness Centre's Guwahati diagnostics business on September 11, 2026, at approximately 8-9x the target's FY26 IND AS EBITDA, marking entry into North-East India. Completion is expected within 90 days of approval, subject to approvals, and the deal is expected to be EPS-accretive from the outset.
Surplus cash exceeded Rs. 3,300 Mn at June 30, 2026, and the company carried zero borrowings at March 2026. This comfortably covers the Rs. 46.20 Cr Guwahati acquisition outlay and the approximately Rs. 190-195 crores of capex guided over the next 12 months.