Vijaya Diagnostic Centre's Hyderabad share falls to 67%

Vijaya Diagnostic Centre's Hyderabad revenue contribution was 67% in Q2 FY27, down from 72% in FY25, while its grouped newer markets rose to 8% from 4%, showing a broader geographic revenue mix. Hyderabad nevertheless remained the company's largest reported geography, ahead of Rest of Andhra Pradesh and Telangana at 20%.

How much has Vijaya's Hyderabad revenue concentration changed?

Vijaya's Hyderabad contribution declined by 5 percentage points, from 72% in FY25 to 67% in Q2 FY27. The share was 69% in FY26 and stayed at 67% in both Q1 FY27 and Q2 FY27, indicating that the reduction from FY25 had occurred before the second quarter of FY27.

Hyderabad remained Vijaya's largest geography at 67% of Q2 FY27 revenue, compared with 20% from RoAPT, or Rest of Andhra Pradesh and Telangana. Vijaya added one hub in Hyderabad in Q1 FY27 and listed four additional spokes for H2 FY27, showing that the lower revenue share coincided with continued capacity additions in its core city.

The company also said it planned a third flagship centre in Hyderabad's western corridor, in addition to the expansion schedule listed for H1 FY27, H2 FY27 and Q1 FY28. Its core-market strategy calls for extending the hub-and-spoke model into Tier 1 and Tier 2 cities of Andhra Pradesh and Telangana.

Which markets are gaining revenue share for Vijaya?

Vijaya's grouped newer markets of West Bengal, Gurugram, Kalaburagi and Bengaluru gained 4 percentage points of revenue mix between FY25 and Q2 FY27, doubling from 4% to 8%. Their contribution also increased sequentially from 7% in Q1 FY27, making the group the only listed revenue category to gain one percentage point in that quarter.

RoAPT contributed 20% of Q2 FY27 revenue, up from 18% in FY25 but down from 21% in Q1 FY27. The company identifies its RoAPT network as operations beyond Hyderabad in Andhra Pradesh and Telangana, including cities and towns such as Visakhapatnam, Vijayawada, Guntur, Kurnool, Tirupati, Karimnagar and Nizamabad.

Pune represented 5% of Q2 FY27 revenue, compared with 6% in FY25, FY26 and Q1 FY27. Vijaya entered Pune through the 2023 acquisition of a 100% stake in P.H. Diagnostics, and later operationalised hubs in Ambegaon and Kalyani Nagar plus two spokes under the Vijaya PH brand.

How is Vijaya expanding beyond Hyderabad?

Vijaya listed three hubs and seven spokes for H2 FY27 after launching two hubs and seven spokes in H1 FY27. The H2 FY27 plan includes four Hyderabad spokes, one RoAPT hub and one RoAPT spoke, two hubs and one spoke across Mysore and Bengaluru, and one West Bengal spoke.

For Q1 FY28, the company listed three hubs and no spokes. The schedule also shows that Vijaya launched one Pune spoke in H1 FY27, while the H2 FY27 plan has no further Pune centre specified.

In East India, Vijaya plans to add one hub over the next 12 months, taking its network to eight hubs. Its West Bengal footprint includes Krishnanagar, Greater Kolkata and Diamond Harbour, while the Greater Kolkata network includes Barasat, VIP Road, Phoolbagan, Kasba and Southern Avenue.

What is Vijaya's plan for Karnataka and core markets?

Vijaya plans to add three hubs in Karnataka in FY27, taking its overall hub network in the state to six. The company said it was actively scouting locations for multiple hubs and spokes in FY28 and FY29 after entering Bengaluru in 2025 with hubs in Yelahanka and HSR Layout.

The Karnataka network shown in the presentation includes Kalaburagi, Bengaluru and Mysore, with Bengaluru locations at Yelahanka, Rajaji Nagar, JP Nagar and HSR Layout. Kalaburagi and Bengaluru are included within the 8% grouped newer-markets revenue contribution in Q2 FY27 rather than disclosed as separate revenue lines.

Within Andhra Pradesh and Telangana, Vijaya plans to enter Vijayawada and Guntur and add multiple spokes across its core geography during the next 12 months. The company reported an existing presence in 13 cities and towns in Telangana and seven in Andhra Pradesh, alongside one Hyderabad hub added in Q1 FY27.

What operating network supports Vijaya's geographic rollout?

Vijaya reported 168 centres across 27 cities and towns, 18 laboratories accredited by the National Accreditation Board for Testing and Calibration Laboratories and more than 400 doctors in its radiologist and pathologist network. For the 12 months ended 30-Sep-26, it reported about 5.00 million footfalls and about 18.28 million tests.

Pathology accounted for 63.1% of revenue mix in Q2 FY27 and radiology represented 36.9%. Vijaya describes its model as integrated diagnostics, providing pathology and radiology services under one roof, and the presentation says this offering and customer experience focus support customer acquisition in newer geographies.

As of 30-Sep-26, the network included 41 computed tomography machines, 44 magnetic resonance imaging machines and 10 positron emission tomography-computed tomography or gamma machines. Vijaya also listed laboratory information management systems, radiology information systems and picture archive and communication systems as tools used to standardise operations and monitor turnaround time.

Conclusion

Vijaya's reported mix shows a measurable widening of its geographic base: Hyderabad fell from 72% of revenue in FY25 to 67% in Q2 FY27, while West Bengal, Gurugram, Kalaburagi and Bengaluru rose from 4% to 8%. RoAPT also increased from 18% to 20% over that period, while Pune moved from 6% to 5%, leaving Hyderabad as the principal revenue source.

The next disclosures to watch are execution of the three hubs and seven spokes scheduled for H2 FY27 and the three hubs listed for Q1 FY28. Vijaya also plans one East India hub, three Karnataka hubs in FY27, and entry into Vijayawada and Guntur over the next 12 months, which could further alter the geographic revenue mix.