Vijaya generated Rs 270.6 crore operating cash in FY26

Vijaya Diagnostic Centre generated Rs 270.6 crore of net cash from operating activities in FY26, covering Rs 182.7 crore spent on property, plant and building and ending March 2026 with Rs 286.9 crore of surplus cash. Vijaya reported nil current and non-current borrowings, although lease liabilities totalled Rs 422.6 crore.

How much operating cash did Vijaya generate in FY26?

Vijaya generated Rs 270.6 crore of net cash from operating activities in FY26, up from Rs 224.5 crore in FY25. Cash generated from operations before direct taxes rose to Rs 322.8 crore from Rs 264.4 crore, while direct taxes paid increased to Rs 52.2 crore from Rs 39.9 crore. Profit before tax was Rs 232.7 crore in FY26, compared with Rs 193.2 crore a year earlier.

Operating profit before working-capital changes reached Rs 339.7 crore in FY26, versus Rs 271.8 crore in FY25. Working-capital changes used Rs 16.8 crore, compared with an outflow of Rs 7.4 crore in FY25, while adjustments for non-operating items rose to Rs 107 crore from Rs 78.6 crore.

Vijaya reported cash flow from operations, or CFO, equal to 80% of earnings before interest, tax, depreciation and amortisation, or EBITDA, in FY26, down from 82% in FY25. EBITDA increased to Rs 336.9 crore from Rs 273.2 crore, and the EBITDA margin rose to 41.4% from 40.1%, so the reported cash-conversion ratio declined despite higher operating earnings.

How did Vijaya fund property and building spending?

Vijaya spent Rs 182.7 crore on purchase and construction of property, plant and building in FY26, compared with Rs 95.5 crore in FY25. Net operating cash exceeded this stated spending by Rs 87.9 crore in FY26, before accounting for investments, other investing movements and financing outflows.

Total investing cash flow was an outflow of Rs 174.2 crore in FY26, lower than the Rs 181.9 crore outflow in FY25 despite the increase in property and building spending. Net investments provided Rs 5.7 crore in FY26 after using Rs 89.3 crore in FY25, and other investing items added Rs 2.8 crore. The presentation does not identify individual projects within the Rs 182.7 crore spending category.

Property, plant and equipment on the balance sheet rose to Rs 562.5 crore at March 2026 from Rs 446.9 crore at March 2025. Capital work-in-progress declined to Rs 34.3 crore from Rs 70.3 crore, while right-of-use assets increased to Rs 367.2 crore from Rs 276.8 crore, reflecting growth in both owned assets and leased-use assets.

What happened to Vijaya’s cash balance after these flows?

Vijaya’s cash and cash equivalents increased by Rs 26.9 crore in FY26 to Rs 39.7 crore at March 2026, compared with a Rs 9.4 crore decline in FY25. The movement followed the Rs 270.6 crore operating inflow, a Rs 174.2 crore investing outflow and a Rs 69.5 crore financing outflow.

The financing outflow increased from Rs 52 crore in FY25 to Rs 69.5 crore in FY26. The cash-flow statement does not provide components for this financing line, but the March 2026 balance sheet records lease liabilities and no borrowings.

Vijaya’s surplus cash was Rs 286.9 crore at March 2026, up from Rs 206.7 crore at March 2025 and Rs 185.1 crore at March 2024. The surplus-cash schedule included Rs 228.4 crore of investments, Rs 39.7 crore of cash and cash equivalents and Rs 51.2 crore of bank balances, less Rs 32.3 crore of deferred capital creditors.

Does Vijaya have borrowings or lease obligations?

Vijaya reported nil non-current borrowings and nil current borrowings at March 2026, unchanged from March 2025. Equity increased to Rs 957.2 crore from Rs 799.1 crore over the same period, while other equity rose to Rs 946.9 crore from Rs 788.9 crore.

Lease liabilities totalled Rs 422.6 crore at March 2026, comprising Rs 400 crore of non-current liabilities and Rs 22.6 crore of current liabilities. This was Rs 103 crore higher than the Rs 319.6 crore at March 2025, when non-current lease liabilities were Rs 296.4 crore and current lease liabilities were Rs 23.2 crore.

The balance sheet lists Rs 13.1 crore of bank balances other than cash and cash equivalents at March 2026, while the surplus-cash schedule lists Rs 51.2 crore under that heading. The schedule says this category includes fixed deposits, but the presentation does not explain the difference between the two reported amounts.

What do Vijaya’s FY26 return ratios show?

Vijaya reported pre-tax return on capital employed, or ROCE, of 25% in FY26, unchanged from FY25 and below the 26% reported in FY23 and FY24. Vijaya defines pre-tax ROCE as profit before interest and tax excluding other income, divided by average net worth plus average long-term lease liabilities less average surplus cash.

Return on equity, or ROE, was 20% in both FY26 and FY25, compared with 17% in FY23. Vijaya defines ROE as profit after tax divided by average net worth; profit after tax increased to Rs 173 crore in FY26 from Rs 143.8 crore in FY25 while equity rose by Rs 158.1 crore at March 2026.

Revenue from operations increased to Rs 814.2 crore in FY26 from Rs 681.4 crore in FY25, alongside growth in tests performed to 1.69 crore from 1.48 crore. Revenue per test increased to Rs 481 from Rs 461, while footfalls rose to 46.8 lakh from 41.9 lakh.

Conclusion

Vijaya’s FY26 disclosures show that Rs 270.6 crore of operating cash funded Rs 182.7 crore of stated property, plant and building spending while surplus cash increased by Rs 80.2 crore to Rs 286.9 crore. Operating cash rose by Rs 46.1 crore from FY25, although CFO as a share of EBITDA declined by 2 percentage points to 80% as working capital used Rs 16.8 crore.

The next disclosed matters to watch are the reconciliation of the Rs 51.2 crore bank-balance amount in the surplus-cash schedule with the Rs 13.1 crore shown in the balance sheet, and the development of lease liabilities that increased to Rs 422.6 crore at March 2026. The presentation does not disclose a capital-spending target or a future deployment plan for the Rs 286.9 crore surplus cash.