Vijaya Diagnostic Centre Q2 FY27 Revenue Rises 26.7% YoY

Vijaya Diagnostic Centre Limited reported Q2 FY27 revenue of ₹255.4 crore, up 26.7% year on year. The diagnostic chain also recorded EBITDA growth of 37.8% and a 350-basis-point expansion in EBITDA margin to 44.1%, supported by higher test volumes and improved average realisation.

How did Vijaya perform in Q2 FY27?

Vijaya delivered revenue from operations of ₹255.4 crore in the quarter ended September 30, 2026, compared with ₹201.6 crore in Q2 FY26. EBITDA rose to ₹112.8 crore from ₹81.8 crore, while profit after tax increased to ₹59.5 crore from ₹43.3 crore.

The company reported a 37.8% year-on-year rise in EBITDA, ahead of revenue growth of 26.7%. Its EBITDA margin increased to 44.1% from 40.6% a year earlier. PAT margin rose to 23.3% from 21.5%, an expansion of 181 basis points.

For the first half of FY27, revenue from operations reached ₹486.4 crore, up 24.8% from ₹389.6 crore in H1 FY26. H1 EBITDA was ₹211.3 crore and PAT was ₹112.6 crore. The corresponding margins were 43.4% for EBITDA and 23.1% for PAT.

What drove Vijaya's revenue growth?

Vijaya's Q2 revenue growth was supported by a 16.5% increase in total test volumes to 4.98 million tests. Total footfall rose 14.5% to 1.37 million, while tests per footfall increased to 3.64 from 3.57 in the prior-year quarter.

Average realisation per test increased 8.8% to ₹513. Average realisation per footfall rose 10.6% to ₹1,865. Together with higher volumes, these measures explain why revenue growth exceeded the increase in footfalls.

Managing Director and Chief Executive Officer Suprita Reddy said existing centres grew by about 20%, while newer centres continued to ramp up. She said the company's core markets retained momentum, Pune had recorded consistent double-digit growth for several quarters, and brand awareness was improving in West Bengal.

The company also cited encouraging traction in Tier-II markets including Krishnanagar and Diamond Harbour. Wellness services accounted for 14.5% of Q2 revenue, broadly unchanged from 14.4% in Q2 FY26.

How did Vijaya's margins change in Q2 FY27?

Vijaya's EBITDA margin increased by 350 basis points to 44.1% in Q2 FY27, while PAT margin increased by 181 basis points to 23.3%. EBITDA and PAT therefore grew faster than revenue during the quarter.

The presentation reported EBIT of ₹90.8 crore, a 38.0% year-on-year increase. The reported margin improvement came alongside higher test volumes, rising realisation per test and growth in established centres. The company did not provide an earnings-call transcript for the quarter, so the available figures reflect the investor presentation and results release rather than additional management guidance.

For H1 FY27, EBITDA margin stood at 43.4%, compared with 39.9% in H1 FY26, an improvement of 357 basis points. PAT margin was 23.1%, compared with 21.0% a year earlier. These half-year figures show that the margin expansion was not limited to the September quarter.

For investors, the result provides evidence that Vijaya's revenue growth was accompanied by improved operating profitability. No share-price movement or market reaction was included in the provided material, so the results do not establish how the market valued the announcement.

What is Vijaya's expansion plan after Q2 FY27?

Vijaya had commissioned two hubs and seven spokes during FY27 up to the Q2 results announcement. The company plans to commission another three hubs and seven spokes in H2 FY27, followed by three additional hubs in Q1 FY28.

The network additions are intended to strengthen the company's presence across key markets. Hub-and-spoke expansion is particularly relevant for diagnostic chains because collection centres and spokes can broaden patient access while hubs handle testing infrastructure.

During the quarter, Vijaya entered into a Business Transfer Agreement to acquire Arya Wellness Centre in Guwahati, Assam. The transaction marks the company's entry into the North-East region and expands its geographical presence beyond its existing markets.

The disclosed plan provides a defined operating schedule rather than a financial forecast. The company has not stated in the supplied material the acquisition value, expected closing date, revenue contribution or capital expenditure amount connected with Arya Wellness Centre and the planned network additions.

Conclusion

Vijaya's Q2 FY27 results showed revenue growth of 26.7% to ₹255.4 crore, with EBITDA and PAT each rising by more than 37%. Test volume growth, higher realisation per test and continued growth at existing centres coincided with material expansion in EBITDA and PAT margins.

The key disclosed milestones to watch are the planned commissioning of three hubs and seven spokes in H2 FY27, followed by three hubs in Q1 FY28, and the progress of the Arya Wellness Centre acquisition in Guwahati. The supplied disclosures do not provide a closing timeline or financial terms for that transaction.