Investor presentationSep 2026
Sep 2026 · PPT
Source: Bse
Vijaya Diagnostic Centre Limited (VIJAYA)
Large CapPharma stocks · Large cap · NSE
Vijaya Diagnostic Centre is India's largest integrated B2C focused diagnostic chain, operating 162 centers across 27 cities. Founded in 1981, it offers a full range of pathology and radiology services, emphasizing quality, reliability, and affordability to a broad customer base.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result07 Aug, 02:13 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
66BullishSMA20 -3.1% / mo · MACD − · sector +4.9pp vs Nifty 500 (3M)
Stock trend: 44
Sector RS: 100
Sector 3M: -0.7% vs Nifty 500 -5.6%
Pharma FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
VIJAYAD candles · FIT view+21.7%Latest close ₹1353.40 on 2026-10-21
Bar
-1.1%
RSI
33
MACD hist
-11.39
52W pos
68%
2026-10-21O ₹1368.20H ₹1373.80L ₹1337.30C ₹1353.40Vol 85,007 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
VIJAYANifty PharmaNifty 500
- VIJAYA
- +1.7%
- Nifty 500
- -6.5%
- Nifty Pharma
- -2.0%
- Vs Nifty 500
- +8.2 pp
Chart stats
21 Oct 2026- From 52W high
- -15.1%
- 52W range position
- 68%
- ATR (14)
- 3.5%
- Volume vs 20D
- 0.66x
- Avg traded value
- ₹18.3 Cr
- 20D price channel
- ₹1,337.3 - ₹1,593.6
₹1,593.6
₹848 - ₹1,593.6
₹47.2
Latest completed session
20-session average
27.9% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, while price trend supports entry. This looks more like momentum/speculation than a clean fundamental investment setup.
Weak U-Score but strong trend: momentum may be ahead of fundamentals.
Suggested next step
Momentum only
Trend is strong but fundamentals do not support a clean investment thesis.
U-Score
Legacy · WATCHLIST43
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +22.9% · PAT +35.9% YoY
Technical
Bullish66
Price trend and sector-relative-strength timing.
Valuation
Legacy model-65.0%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence85
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +23% YoY · PAT +36% YoY · margin expansion · +5% QoQ · operating leverage
Filed 06 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹231 Cr | +22.9% | +5.5% |
| EBITDA | ₹99 Cr | +33.8% | +3.1% |
| Operating margin | 43.0% | +400 bps | -100 bps |
| PAT | ₹53 Cr | +35.9% | +10.4% |
| PAT margin | 22.9% | +220 bps | +102 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 76.20
- P/B
- 14.91
- EV/EBITDA
- 32.12
- Market Cap
- 14290.00Cr
Profitability
- ROE
- 18.30%
- ROCE
- 20.50%
- ROA
- 12.41%
- Dividend Y
- 0.14%
Growth (CAGR)
- Revenue 5Y
- 17.00%
- EPS 5Y
- 14.00%
- Revenue 3Y
- 21.00%
- EPS 3Y
- 24.00%
Balance Sheet
- Debt/Equity
- 0.44
- Interest Coverage
- 9.78×
- Altman Z
- 8.47
- Book Value
- 93.00
Cash Flow
- FCF Yield
- 0.68%
- FCF Positive Y
- 7/5
- OCF
- 271.00 Cr
- EPS TTM
- 18.23
Shareholding
- Promoter Hold
- 52.46%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 72%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 231+5.5% vs prev
Net Profit
₹ CrLatest: 53.0+10.4% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 33.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~3.2% over last month) — short-term momentum negative.
- RSI(14) at 33 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 15% off 52W high · 60% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
91
RS percentile
Stage 2 UptrendEstablished S2
1M return
-13.0%
3M return
+1.7%
6M return
+31.5%
1Y return
+34.4%
RS 1D
0
RS 20D
-3
Sector rank
#2
Industry rank
#10
Stage evidence
- Price is 4.0% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +5.3%.
- Both 3-month and 6-month returns are positive.
50-DMA
price below
200-DMA
price above
S2 entered
12 May 2026
S2 age
114 trading sessions
Sector
leading
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 138.37-0.16%
RS vs Nifty 500138
Valuation & peers
U-Score 43 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 43 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth13/25
Quality11/20
Balance Sheet8/15
Cash Flow6/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
43
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
43/100 · legacy band WATCHLIST
Positive drivers
- Piotroski is strong at 8/9.
- Cash flow contributes 6/10 to the score.
- Quality contributes 11/20 to the score.
Main drags
- Fair-value margin of safety is negative at -65.0%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 13/25; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
76.2
PB
14.9
EV/EBITDA
32.1
ROE
18.3%
ROCE
20.5%
FCF Yield
0.7%
Debt/Equity
0.4
MoS
-65.0%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
43
Previous: 43
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-65.0%
Previous: -66.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
43
43
43
43
43
43
43
43
43
43
43
43
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹195.31
-592.9% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹820.35
-65.0% MoS
PEG
4.23
Comparable companies
Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
RAINBOW
Large
Rainbow Childrens Medicare Limited
Healthcare Services
match 166
49
44.5
15.9%
+2%
FAIR VALUE
JUBLPHARMA
Large
Jubilant Pharmova Limited
Healthcare Services
match 166
24
38.5
6.5%
-1190%
OVERVALUED
ONESOURCE
Large
Onesource Specialty Pharma Limited
Healthcare Services
match 165
27
310.0
0.5%
-632%
OVERVALUED
MARKSANS
Micro
Marksans Pharma Limited
Healthcare Services
match 161
53
27.3
15.2%
+41%
FAIR VALUE
SUDEEPPHRM
Micro
Sudeep Pharma Limited
Healthcare Services
match 160
49
65.4
25.2%
-32%
FAIR VALUE
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T18:56:17.306Z
Management commentary snapshot
Q4 FY26 revenue grew 26.6% YoY to INR 2,194 Mn, with EBITDA up 38.7% YoY to INR 955 Mn (43.5% margin). FY26 revenue rose 19.5% YoY to INR 8,142 Mn, and EBITDA increased 23.3% YoY to INR 3,369 Mn (41.4% margin). PAT for Q4 and FY26 also saw strong YoY growth.
Vijaya Diagnostic delivered robust Q4 and FY26 results, exceeding revenue guidance with strong volume growth. Network expansion is yielding quick break-evens in new hubs, reinforcing confidence in the growth strategy. Healthy margins reflect disciplined execution, supporting the long-term thesis.
Current business mix
Revenue by Geography (Q4 FY26)
Latest issuer-disclosed distribution across 5 reported categories.
Hyderabad67.0%
RoAPT20.0%
Pune6.0%
Kolkata4.0%
Others3.0%
Growth engines
Network Expansion
The company's network of centres doubled over the past five years, reaching 162 centres as of March 31, 2026.
New Market Penetration
Khammam and Nandyal hubs achieved break-even within two quarters, while Ambegaon hub in Pune broke even within one year of launch.
Wellness Segment Growth
Wellness testing observed sustained momentum with 32.2% YoY growth in Q4 FY26, driven by increased awareness and growing chronic disease burden.
Technology Adoption
Strategic digital evolution includes new CRM, ERP, and AI-driven solutions for radiology (CT KUB AI) and dental diagnostics (CBCT Dental AI).
Capacity and execution
Current Centre Count
Total number of centres as at 31-Mar-26 was 162.
FY27 Expansion Plan
Management intends to further strengthen presence through the addition of 4-5 hubs and 10-12 spokes in FY27.
Automated Laboratory
A fully automated laboratory with track infrastructure is being set up at Panjagutta, Hyderabad, to enhance turnaround times and operational productivity.
Advanced Genomic Testing
Plans to introduce advanced genomic testing capabilities as part of specialised diagnostics offering.
Tailwinds
Increased Wellness Testing Demand
High volume of wellness testing observed in younger population due to increased awareness and growing chronic disease burden.
Digital Promotion & Healthcare Platforms
Digital promotions by organised players and third-party healthcare platforms have aided in increased footfalls for wellness packages.
Tier 2 and Tier 3 City Growth
Adoption of wellness testing is scaling across markets, with Tier 2 and Tier 3 cities emerging as key growth drivers.
Convenience of Home Testing
Faster report turnaround times (TAT) coupled with the convenience of home testing have been key drivers of growth.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing annual growth and overall business expansion, especially given the network additions. QoQ comparison provides insight into sequential momentum, operational efficiency, and the ramp-up of new centers.
Sector KPIs management disclosed
Revenue Growth
Q4 FY26 Revenue from Operations grew 26.6% YoY and 6.9% QoQ. FY26 Revenue from Operations grew 19.5% YoY.
Test Volume Growth
Q4 FY26 Test Volume grew 18.5% YoY. FY26 Test Volume grew 14.4% YoY.
Footfall Growth
Q4 FY26 Footfall grew 15.8% YoY. FY26 Footfall grew 11.7% YoY.
EBITDA Margin
Q4 FY26 EBITDA Margin was 43.5% (up 379 bps YoY, 161 bps QoQ). FY26 EBITDA Margin was 41.4% (up 129 bps YoY).
Management forward view
FY26 Performance Exceeded Guidance
FY26 revenues crossed INR 800 Cr, translating into a 16.5% CAGR over five years, outperforming the long-term guidance of 15%. EBITDA margins remained ahead of 40% guidance.
Strong Q4 FY26 Performance
Q4 FY26 was particularly strong, with highest-ever quarterly revenue of INR 219 Cr, supported by 18.5% volume growth across the network.
Validation of Expansion Strategy
Expansion strategy delivers encouraging outcomes, with Khammam, Nandyal, and Ambegaon hubs achieving break-even quickly, reinforcing confidence in scaling new geographies efficiently.
Future Strategic Initiatives
In FY27, the company intends to add 4-5 hubs and 10-12 spokes, set up a fully automated lab in Hyderabad, and introduce advanced genomic testing capabilities.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Network Expansion | 162 centres as of 31-Mar-26. | Addition of 4-5 hubs and 10-12 spokes in FY27. |
| Automated Lab Commissioning | Setting up a fully automated lab at Panjagutta, Hyderabad. | Enhancement of turnaround times and operational productivity post-commissioning. |
| Genomic Testing Launch | Plan to introduce advanced genomic testing capabilities. | Successful introduction and ramp-up of specialised diagnostics offering. |
| New Hub Break-even | Khammam and Nandyal hubs broke even within two quarters; Ambegaon hub within one year. | Continued quick break-even and profitability ramp-up in newly launched geographies. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
85Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 98th percentile of the scored universe and 98th percentile within Pharma. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
88 docs text-extracted · 38 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
98th percentile
overall median 67 · Pharma: 98th pctile, median 70 · Large: 94th pctile, median 73
Evidence depth
Financial-only
88 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
90
strong · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.7%.
- ▸7 years of positive FCF.
- ▸ROCE is 20.5%.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Vijaya Diagnostic Centre Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 2 Sep - Analyst/institutional investor meeting scheduled for 10 September 2026 at 11:00 a.m., hosted by Emkay Global.
Source: Bse
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 2 Sep - Dr. Venkata Naresh Yallapragada appointed Chief Information Officer effective September 2, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 11 Sep - Vijaya Diagnostic to acquire Arya Wellness Centre, Guwahati, for ~₹46 crore; closure expected in three months.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 19 Aug - Paper adv for pre-dispatch of AGM notice
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Aug - Copy of News paper publication for Q1 results
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 9 Jul - Grant of 90,000 ESOPs under VDCL Employee Stock Option Plan 2018
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 9 Jun
Source: Bse
Announcement
Shareholder Meeting / Postal Ballot-Scrutinizer"s Report 11 May - Postal ballot approved appointments of Ravi Shankararamiah and Dr. Sasikala Paruchuri Kola as independent directors.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.