Vijaya Diagnostic Centre
Vijaya Diagnostic Centre
Healthcare ServicesKey Fundamentals
SmallcapHealthcare Service ProviderHealthcare ServicesTapetide Score
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Key Insights
Weaknesses
1- Stock is trading at 15.4 times its book value
Growth Rate
AI Analysis — Bull vs Bear
Vijaya Diagnostic Centre has a market capitalisation of about ₹15,593 Cr. Sales grew at a 21% CAGR over 3 years and 20% over the trailing twelve months, while profit grew at 24% on both measures, with ROE steady at 18-19%. The stock trades at 83.9x earnings and 16.44x book value, and has returned a 48% CAGR over 1 year and 46% over 3 years.
- Revenue growth is steady: sales CAGR is 21% over 3 years and 20% over the trailing twelve months, above the 17% 5-year CAGR, so growth has held up and slightly picked up.
- Profit growth is faster than revenue growth: 24% profit CAGR over both TTM and 3 years versus 20-21% for sales. This points to operating leverage and margins widening.
- Profit growth has sped up, from a 14% 5-year CAGR to 24% over 3 years and TTM, which suggests earnings quality has improved recently.
- Return on equity is consistent: 18% last year, 18% over 3 years and 19% over 5 years. That shows returns holding steady rather than swinging with the cycle.
- The stock has compounded at 46% a year over 3 years and 48% over the past year, so the market has consistently rewarded the company's operating performance.
- At about ₹15,593 Cr in market cap, the company is large enough to attract institutional investors and still has room to grow in a fragmented diagnostics market.
- The company pays a dividend (0.13% yield) while growing profit at 24%, so it can fund growth and still return some cash to shareholders.
- The P/E of 83.9x is steep compared with 24% profit growth, giving a PEG ratio of about 3.5x. That leaves little room for any slowdown in growth.
- The stock trades at 16.44x book value, which the data flags as a concern. With ROE at 18%, that puts the earnings yield on book at roughly 1.1%.
- Much of the recent return looks like re-rating: the 1-year stock CAGR of 48% and 3-year CAGR of 46% are well ahead of the 24% profit CAGR, so the valuation multiple has expanded.
- The longer-term record is more modest: the 5-year stock CAGR is 21% and the 5-year profit CAGR is 14%, well below the recent 3-year numbers. This raises questions about whether current growth can last.
- Over 5 years, profit grew more slowly than sales (14% vs 17% CAGR), which suggests margins came under pressure at some point.
- The dividend yield of 0.13% offers almost no valuation support or income cushion if the stock's multiple shrinks.
- An ROE of 18-19% is solid but not exceptional, and it doesn't easily justify a 16.44x price-to-book multiple without continued high growth.
- No 10-year growth or ROE data is available, and neither is data on debt-to-equity or ROCE. That limits the ability to judge performance across a full cycle and the balance-sheet risk.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- North-East entry via Arya acquisition Sep 11
Vijaya is acquiring Arya Wellness Centre in Guwahati through a slump sale for ₹46.20 crore. That is about 8.3x the target's FY26 EBITDA of ₹5.6 crore, on revenue of about ₹26 crore (around 21.5% margin), with over 85% of revenue from the B2C segment.
- Seasoned healthcare IT leader as CIO Sep 2
Dr. Venkata Naresh Yallapragada became Chief Information Officer effective September 2, 2026. He brings over 23 years of experience across clinical practice and healthcare technology strategy, which should support digital and operational scale-up.
- 24th AGM approves ₹2 dividend Sep 24
The 24th AGM was held via VC/OAVM on September 24, 2026. Shareholders adopted the FY26 financials and approved a dividend of ₹2 per share.
- Emkay institutional investor meet Sep 2
Vijaya will host an institutional investor meeting on September 10, 2026, organised by Emkay Global in Bengaluru. Only publicly available information will be discussed.
TL;DR: Vijaya Diagnostic is expanding steadily. The ₹46.20 crore Arya Wellness deal gives it a reasonably priced entry into North-East India (about 8.3x EBITDA), and the new CIO strengthens its tech leadership. No negative news came up in this period, but risks remain: the deal must meet conditions precedent before it closes, integrating a new region takes execution, and the purchase adds little to revenue. The trend looks stable to improving, and the next signals to watch are the deal closing within about three months and how the Guwahati business performs after integration.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 121 | 139 | 133 | 155 | 156 | 183 | 169 | 173 | 188 | 202 | 205 | 219 | 231 |
| Expenses | 73 | 82 | 80 | 92 | 95 | 107 | 102 | 104 | 115 | 120 | 119 | 124 | 132 |
| Operating Profit | 48 | 57 | 52 | 63 | 61 | 76 | 67 | 69 | 74 | 82 | 86 | 96 | 99 |
| OPM % | 40% | 41% | 39% | 41% | 39% | 42% | 40% | 40% | 39% | 41% | 42% | 44% | 43% |
| Other Income | 6 | 7 | 3 | 3 | 4 | 5 | 5 | 5 | 7 | 6 | 5 | 2 | 9 |
| Interest | 6 | 6 | 6 | 6 | 6 | 6 | 7 | 7 | 7 | 8 | 9 | 9 | 11 |
| Depreciation | 12 | 14 | 15 | 16 | 17 | 17 | 18 | 19 | 21 | 22 | 24 | 24 | 25 |
| PBT | 35 | 45 | 35 | 44 | 42 | 57 | 47 | 47 | 52 | 58 | 58 | 64 | 71 |
| Tax % | 26% | 25% | 25% | 23% | 25% | 26% | 24% | 26% | 26% | 25% | 26% | 25% | 25% |
| Net Profit | 26 | 34 | 26 | 34 | 32 | 42 | 35 | 35 | 39 | 43 | 43 | 48 | 53 |
| EPS in Rs | 2.57 | 3.26 | 2.53 | 3.27 | 3.06 | 4.1 | 3.43 | 3.4 | 3.76 | 4.21 | 4.2 | 4.66 | 5.16 |
Profit & Loss
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 251 | 293 | 339 | 377 | 462 | 459 | 548 | 681 | 814 | 857 |
| Expenses | 171 | 184 | 206 | 211 | 259 | 277 | 327 | 408 | 477 | 495 |
| Operating Profit | 80 | 108 | 133 | 166 | 204 | 182 | 221 | 273 | 337 | 362 |
| OPM % | 32% | 37% | 39% | 44% | 44% | 40% | 40% | 40% | 41% | 42% |
| Other Income | 7 | 10 | 15 | 12 | 13 | 14 | 19 | 17 | 21 | 22 |
| Interest | 5 | 14 | 15 | 15 | 16 | 21 | 24 | 27 | 33 | 37 |
| Depreciation | 26 | 40 | 49 | 50 | 53 | 62 | 57 | 71 | 92 | 96 |
| PBT | 55 | 65 | 83 | 112 | 147 | 114 | 159 | 193 | 233 | 251 |
| Tax % | 37% | 29% | 25% | 24% | 25% | 25% | 25% | 26% | 26% | — |
| Net Profit | 35 | 46 | 63 | 85 | 111 | 85 | 120 | 144 | 173 | 187 |
| EPS in Rs | 77.44 | 101 | 138 | 18.64 | 10.76 | 8.29 | 11.61 | 14.01 | 16.81 | 18.23 |
| Div. Payout % | 0% | 0% | 0% | 0% | 9% | 12% | 9% | 14% | 12% | — |
Balance Sheet
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 5 | 5 | 5 | 5 | 10 | 10 | 10 | 10 | 10 |
| Reserves | 157 | 203 | 270 | 354 | 458 | 535 | 647 | 789 | 947 |
| Borrowings | 33 | 146 | 161 | 141 | 183 | 248 | 259 | 320 | 423 |
| Other Liabilities | 39 | 53 | 46 | 41 | 62 | 61 | 66 | 155 | 127 |
| Total Liabilities | 234 | 406 | 482 | 541 | 713 | 853 | 983 | 1,274 | 1,507 |
| Fixed Assets | 119 | 259 | 272 | 268 | 370 | 524 | 742 | 865 | 1,069 |
| CWIP | 3 | 3 | 10 | 9 | 34 | 28 | 9 | 70 | 35 |
| Investments | 73 | 69 | 55 | 28 | 54 | 139 | 109 | 185 | 228 |
| Other Assets | 39 | 76 | 146 | 236 | 255 | 163 | 123 | 154 | 174 |
| Total Assets | 234 | 406 | 482 | 541 | 713 | 853 | 983 | 1,274 | 1,507 |
Cash Flow
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Operating | 62 | 91 | 106 | 130 | 158 | 165 | 183 | 224 | 271 |
| Investing | -98 | -90 | -31 | -130 | -123 | -110 | -141 | -182 | -174 |
| Financing | -8 | -7 | -30 | -49 | -31 | -42 | -45 | -52 | -69 |
| Net Cash Flow | -44 | -6 | 46 | -49 | 4 | 13 | -2 | -9 | 27 |
| Free Cash Flow | 32 | 31 | 69 | 98 | 37 | 40 | 99 | 132 | 91 |
| CFO/OP | 103 | 101 | 98 | 97 | 97 | 105 | 98 | 97 | 96 |
Ratios
| Particulars | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 12 | 11 | 9 | 6 | 8 | 8 | 11 | 8 | 9 |
| Inventory Days | 24 | 20 | 23 | 17 | 22 | 13 | 29 | 21 | 19 |
| Days Payable | 176 | 196 | 180 | 142 | 110 | 172 | 184 | 143 | 145 |
| Cash Conversion Cycle | -140 | -165 | -149 | -118 | -81 | -152 | -144 | -114 | -117 |
| Working Capital Days | -41 | -51 | -49 | -26 | -34 | -36 | -29 | -48 | -37 |
| ROCE % | — | 28% | 23% | 27% | 28% | 18% | 20% | 21% | 21% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY18–FY27.
Documents
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Company Information
Vijaya Diagnostics Centre limited is a leading diagnostic medicare services provider in Southern India and offers comprehensive services that include nuclear medicine, radiology, laboratory, health check-ups and medical services. The company provides its services across 13 cities through its 81 diagnostic centers and 11 reference laboratories.[1]
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