{"id":182526,"date":"2026-05-08T05:49:06","date_gmt":"2026-05-08T09:49:06","guid":{"rendered":"https:\/\/alphastreet.com\/india\/vijaya-diagnostic-centre-limited-vijaya-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-08T08:31:26","modified_gmt":"2026-05-08T12:31:26","slug":"vijaya-diagnostic-centre-limited-vijaya-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/vijaya-diagnostic-centre-limited-vijaya-q4-2026-earnings-call-transcript\/","title":{"rendered":"Vijaya Diagnostic Centre Limited (VIJAYA) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Vijaya Diagnostic Centre Limited (NSE: VIJAYA) Q4 2026 Earnings Call dated May. 08, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Suprita Reddy<\/strong> \u2014 Managing Director & Chief Executive Officer<\/em><\/p>\n

Ankit Shah<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Sivaramaraju Vegesna<\/strong> \u2014 Vice President of Operations<\/em><\/p>\n

Analysts:<\/h2>\n

Amey Chalke<\/strong> \u2014 Analyst<\/em><\/p>\n

Surya Patra<\/strong> \u2014 Analyst<\/em><\/p>\n

Rajat Baldeva<\/strong> \u2014 Analyst<\/em><\/p>\n

Anshul Agrawal<\/strong> \u2014 Analyst<\/em><\/p>\n

Akshaya Shinde<\/strong> \u2014 Analyst<\/em><\/p>\n

Kirti Agrawal<\/strong> \u2014 Analyst<\/em><\/p>\n

Rishi Modi<\/strong> \u2014 Analyst<\/em><\/p>\n

Sumit Gupta<\/strong> \u2014 Analyst<\/em><\/p>\n

Ayush Agrawal<\/strong> \u2014 Analyst<\/em><\/p>\n

Vivek<\/strong> \u2014 Analyst<\/em><\/p>\n

Akash Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Kartick Bane<\/strong> \u2014 Analyst<\/em><\/p>\n

Abin Benny<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the Q4FY26 earnings conference call for Vijaya Diagnostics hosted by JM Financial. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference, please signal an operator by pressing Star then zero on your touch tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr.<\/p>\n

Amay Chalke from JM Financial. Thank you. And over to you sir.<\/p>\n

Amey Chalke<\/strong> \u2014 Analyst<\/em><\/p>\n

Thank you. Good afternoon everyone. I’m Amer Chalker and on behalf of JM Financial I would like to extend a warm welcome to all of you on the fourth quarter FY26 earnings call of Vijaya Diagnostic Center Ltd. At the outset I would like to thank the management of Fiji Diagnostics for giving us the opportunity to host the call. We look forward to having an engaging and insightful discussion on the company’s quarterly performance and outlook from the company. We have with us today Ms. Uprita Reddy, Managing Director and Chief Executive Officer Mr.<\/p>\n

Ankit Shah, Chief Financial Officer Mr. Shivara Maharaju, Chief Operating Officer and Mr. Biren Gala, Assistant General Manager, Strategy and Investor Relations. With that I will now hand over to the management for their opening remarks. Over to you Ma’. Am.<\/p>\n

Suprita Reddy<\/strong> \u2014 Managing Director & Chief Executive Officer<\/em><\/p>\n

Thank you Amay for hosting the call. Good afternoon and thank you all for joining us on the call today. As we complete our fifth financial year since listing, I would like to first thank all our shareholders and the research houses for their continued trust, confidence and support throughout our journey. Over these five years we have accomplished several important milestones. We have doubled our centers from 81 to 162, expanded our footprint from two states to six states and successfully acquired pH diagnostics in Pune which majorly aligned with our ethos.<\/p>\n

Like we have consistently stated over the years, the core principles and DNA of the company remain unchanged. Our business continues to be guided by the key pillars. A strong focus on quality and customer experience, continuous investment into technology while ensuring affordability and most importantly, our investment into talent. Our workforce has grown from nearly 2000 employees to over 3500 employees over these five years welcoming close to 1500 new members into the Vijaya Kamil. Going forward, we will continue to invest in talent and technology while maintaining a sharp focus on quality as we always believe that sustainable financial performance is ultimately a byproduct of a discipline and a purpose driven approach.<\/p>\n

Having said that, over the last five years since listing we have delivered a revenue CAGR of 17% exceeding our guidance of 15%. Most importantly, this growth has been achieved without any dilution in the EBITDA margins. FY26 has been a landmark year for Vijaya with revenues crossing the 800 crore milestone reflecting a strong operational execution across the business. We have also delivered a robust year on year revenue growth of 26.5% in Q4FY26 supported by a healthy volume growth of around 18.5%.<\/p>\n

This performance was attributable to both Pathology and the Radiology segments aided by a very favorable seasonal environment, strong momentum in the Wellness segment, continued network expansion across geographies and accelerating traction of the IGEA brand in new markets supported by our differentiated service proposition. Turning to pH, we delivered a year on year growth of 16% primarily driven by network expansion and favorable seasonality during the quarter. Our Ambegaon center has achieved break even in one year in line with our guidance.<\/p>\n

Further, the two hubs launched in Q3 FY26 in our core markets Khammam and Nandyal achieved breakeven within just 2\/4 outperforming a guided timeline of 3\/4 for hubs in our CO markets. Coming to expansion plan for FY27 we would be commissioning 4 to 5 hubs and 10 to 12 spokes across our network. We’re also coming up with a state of the art totally automated lab in Panjagurta, Hyderabad with an automated track system which is expected to enhance turnaround times and operational productivity. Additionally, we plan to introduce advanced genomic testing as part of our specialized diagnostic offering.<\/p>\n

With this I would like to once again thank our teams across the network for their commitment to make this a very successful year for wijia. We remain confident in our ability to build on this momentum and continue to create a long term value for all of our stakeholders. I will now hand over to Ankit to walk you through the operational and the financial highlights. Thank you.<\/p>\n

Ankit Shah<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Good afternoon everyone and a very warm welcome to everyone joining us on the call today. I’ll quickly take you through the financial performance and the key developments for the current quarter, Q4 and the financial year ended March 31, 2026. The consolidated revenue for the current quarter stood at INR219 crores reflecting a strong revenue growth rate of 26.6% YoY and this strong revenue growth, just like the previous quarter was driven by test volume growth of 18.5% YoY balance growth of 8.1% was largely on account of change in the test mix.<\/p>\n

Coming to the geography wise revenue contribution for the quarter Hyderabad contributed 67%, rest of AP Telangana contributed 20%, Pune 6%, West Bengal 4% and rest of the geographies contributed 3%. Like the previous quarter, the revenue growth has been driven by both radiology and pathology segments reflecting the robustness of our B2C focused integrated business model. The B2C revenue stood healthy at 92%. Our radiology business stood at 37%. The the revenue per test and revenue per footfall stood at INR488 and INR18, not 8 respectively during the current quarter.<\/p>\n

EBITDA for the current quarter stood at rupees 95.5 crores as compared to 68.9 crores in the corresponding quarter in the previous year reflecting a YOY growth rate of 38.7%. The EBITDA margin stood healthy at 43.5% in the current quarter with a improvement of 379 basis points. YOY, the profit after tax for the current year for the current quarter stood at 47.9 crores reflecting a strong growth of 37.5%. And a PAT margin also stood healthy at 21.8%. I will now summarize our performance for the financial year ended March 2026.<\/p>\n

The consolidated revenue for the financial year ended FY26 stood at 814 crores as against 681 crores in the previous financial year. FY25 reflecting a YoY growth of 19.5%. EBITDA stood at INR337 crores as against 273 crores in the previous financial year registering a YoY growth of 23.3%. EBITDA margin stood healthy at 41.4% and the profit after tax was INR173 crores with a margin of 21.2%. Coming to the update on capital investment in the current period, the overall capex outlay has been INR169 crores inclusive of replacement capex for FY27.<\/p>\n

The capital outlay for the new centers, including the lab. The new automated lab is estimated to be INR140 to 150 crores. That’s all from my side. I would now like to request the moderator to open the lines for the Q and A session. Hello?<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Shall we proceed, sir, with the question and answer session? Certainly, sir. Ladies and gentlemen, we will now begin with the question and answer session. Anyone who wishes to ask a question may press Star and one on their touchtone telephone. If you wish to remove yourself from the question queue you may press star and two participants are requested to please use handsets while asking a question. Ladies and gentlemen, we will now wait for a moment while the question queue assembles. Our first question comes from the line of Surya Patra with Philip Capital.<\/p>\n

Please go ahead.<\/p>\n

Surya Patra<\/strong><\/p>\n

Yeah, thanks for the opportunity sir. And congratulations for the great set of numbers. So since it is the fourth quarter and we are seeing a very consistent performance in case of the wellness segment, consistently around 30% kind of growth that is maintained. So sure. I just wanted to understand what would be the mix between pathology and radiology when we talk about wellness and what should be contributing incrementally to this kind of growth.<\/p>\n

Ankit Shah<\/strong><\/p>\n

So Surya, all our packages have mix of both radiology and pathology. So while we don’t have the very exact number because it’s a bundled package, right. From corporate wellness to retail wellness, it’s mix of both radiology and pathology. But if you see more or less there’ll be the. They’ll be mostly at 50, 50% proposition. And you know it is also based on if you see our retail packages which are there on the website, right from you know lifestyle to full body health checkup, you have mix of both path and even what we are seeing, the trends that we are seeing from the corporates, right.<\/p>\n

Whenever they’re empanelling for their employee health checks they are asking us a mix of both pathology and radiology tests. So that’s the trend that we are seeing, you know, across. Across the packages.<\/p>\n

Surya Patra<\/strong><\/p>\n

Okay. Or is it fair to believe that whatever the mix that we are seeing for the overall business, that is the mix also for the wellness business that one should think<\/p>\n

Ankit Shah<\/strong><\/p>\n

So it depends when it comes to corporate wellness, it purely depends on the client’s requirement. But in terms of retail, yes, it’s more or less may be in the similar range. Okay.<\/p>\n

Surya Patra<\/strong><\/p>\n

And in terms of the growth what we are seeing that even Hyderabad, which is been considered to be a kind of mature segment in that we are seeing around 20% kind of growth, one of the strongest growth that we have reported this quarter. Anything specific that is contributing here or. And how sustainable, how sustainable is the kind of growth momentum here in Hyderabad?<\/p>\n

Ankit Shah<\/strong><\/p>\n

So like we discussed in the past, right. Whenever we have a good season, you know, when we have that kind of revenue in the market. So Hyderabad like we discussed in the previous calls also, right. We feel the market is matured but then we see the market growing at a single pace a little bit in a better pace both across hospitals and diagnostics and especially like MA’ am mentioned in our opening remarks. I think the three, four key pillars is making a strong and we being the largest player and being in the industry for more than 40 years in the market, I think we are inching.<\/p>\n

We are inching as and when there is a favorable season, we are inching the market share. And you know we are growing better than RPAs. So even in terms of network expansion and also if you see the service addition etc. In the diagnostic market we are growing better than our peers on this base. It is because of the three four things. One, we are available across the city. We have the wide range of services both in pathology and radiology. We have very high end technology and we have very good talent in terms of doctors and technical staff.<\/p>\n

While maintaining all these, we are not charging anything extra. So more or less we match the market rates maybe 2, 3% here and there. I think that over the years if you see it’s not today’s scenario, maybe like few percentage here and there. Over the years in Hyderabad we were growing in double digit and even in the near time, you know, in the current financial year also we are planning to add few more spokes in Hyderabad. There are many new markets, new pockets that have opened up in Hyderabad.<\/p>\n

So we foresee that even in the near future of two to three years of term we will still grow in double digit in Hyderabad.<\/p>\n

Surya Patra<\/strong><\/p>\n

So and in terms of the in terms of the capex or investment per annum. So we have seen obviously in the recent years because of our geographical diversification some capex intensity that we had seen. But we are now talking about similar kind of a capex momentum even in FY27. So practically what are the thought process here? Because obviously the cash flows operation if we see is obviously becoming stronger and stronger. So is it fair to believe that the capex momentum also simultaneously will become stronger and stronger with more and more kind of a newer area penetration?<\/p>\n

Ankit Shah<\/strong><\/p>\n

You’re right Surya. So the number that we just quoted is basically the centers which are like where we have taken on lease but at the same time<\/p>\n

Suprita Reddy<\/strong><\/p>\n

Executed sign registered lease is something that we would probably announce out on a call. And the capital outlook of what Ankit has given is keeping in mind the entire four halves of what has been signed and the automated Lab and the 1012 spokes that are coming. Like we’ve mentioned earlier last year you did not see any spokes coming out in Hyderabad or the CO market and this year we will be seeing a few spokes around four to five spokes coming out in Hyderabad in the newer geographies and the new pockets that are coming in the city.<\/p>\n

So this is capex guidance for the executed leases which is the 4 to 5 hubs and the 10 to 12 spokes. Like I’ve always mentioned, when there’s opportunity there’s not looking back. Now we have two or three more geographies so whether it’s going to be Bangalore or Pune or Calcutta, anything that comes across we will be signing and probably executing it on the similar lines. We’ll be able to give you guidance on that once that’s executed.<\/p>\n

Ankit Shah<\/strong><\/p>\n

Yeah, yeah. So this guidance for next 12 years because we have many newer geographies, this guidance we will revisit every single quarter and we’ll give you more updates as and when we finalize more centers.<\/p>\n

Surya Patra<\/strong><\/p>\n

Okay, last one point from my statement. So in fact in your OP remark that you mentioned over the last five years, the kind of a growth in terms of the center addition that we have seen similar is the kind of business growth that is what we have seen. So that means it is the volume and growth only that we have seen practically in a way. So is there any scope of premiumization in place in the near future that you think and simultaneously as you have mentioned also that genomics that is a new area of opportunity for you.<\/p>\n

So what is the kind of incremental business that you are thinking out of this? Or what is the target market that you are identifying for the genomics? Because as of now it is a smaller one and the competition you see justify<\/p>\n

Ankit Shah<\/strong><\/p>\n

Genomics is a long-term play. I don’t think we’ll see any significant revenue coming in the next….<\/p>\n

Suprita Reddy<\/strong><\/p>\n

There are few departments in lab Surya irrespective of what volumes say histopathology, high end IHC testing, genomics, these are all specialized testing and especially being a 92% B2C driven player, we kind of look at the load building up and then decide to add it. So histopathology has now been there for more than 35 years and one of a very large department in the lab. So we’ve started genomics, we will slowly grow it through the same medium of walk ins B2C and then add panels as what is required as per the market needs.<\/p>\n

So what we see in Kolkata might be very different from what Pune would want but it will be one central lab in Hyderabad trying to cater to all of these six geographies that we are operating in. So it’s just the beginning. So it’s something that we would like to build out and Then make it profitable in the years to come. Can’t give a number on that right away.<\/p>\n

Ankit Shah<\/strong><\/p>\n

And the focus for the next two years will be on center addition and volume driven growth. While we may have that one 1.5% of realization growth. Right. But the major focus for the next two to three years is capacity addition and then volume driven revenue growth. Thank<\/p>\n

Surya Patra<\/strong><\/p>\n

You sir, wish you all the best.<\/p>\n

Ankit Shah<\/strong><\/p>\n

Thank<\/p>\n

Operator<\/strong><\/p>\n

You. Thank you. Our next question comes from the line of Rajat Baldeva with the Kizuna Wealth. Please go ahead.<\/p>\n

Rajat Baldeva<\/strong><\/p>\n

Yeah. Hi sir, thank you for giving me the opportunity and congratulation on a good startup number. My first question is like in Q4 your EBITDA margin came in 43.5% which is a 380 big jump y expansion. Hello, Am I audible, sir?<\/p>\n

Ankit Shah<\/strong><\/p>\n

Yeah. Would you mind repeating there has been a bit of wobble?<\/p>\n

Rajat Baldeva<\/strong><\/p>\n

Yeah, okay. Yeah, yeah. So my first question would be like in Q4 the EBITDA margin came in 43.5% which is 380 bits yoy expansion. But when you strip out the operating level on the fixed cost base, the other expense line grew 21 in YoY in Q4. So what specific cost levels drive this margin outperformance? Can you show some color on that?<\/p>\n

Ankit Shah<\/strong><\/p>\n

So it’s basically the operating leverages existing network. So if you see, you know, if you see our business, except few costs like consumables, doctors, etc. It’s more a fixed cost business. Right. So whenever you see jump in the revenue growth obviously that will slow down to Ebitda. And also the other point is all the new hubs that started majority of the new hubs have broken even faster than the expectation. So it is mix of both the operating leverage and the breakeven of new centers that have led to the, you know, 43.5% margin.<\/p>\n

But at the same time if you see the company is now also focusing of adding more centers and also getting into genomics and also investing onto technology and talent. In fact, you know, in many of the newer geographies we are developing the second in line because we feel the talent is important for us to scale the centers there. So this incremental cost will become for this financial year. But in terms of the guidance with growth while opening new centers, we’ll still be delivering percent plus EBITDA margins.<\/p>\n

Sivaramaraju Vegesna<\/strong><\/p>\n

Rajat, one of The reasons why the EBITDA margins were closer to 43 and a half this time around was due to, you know, Hyderabad geography growing at 20%. There was huge splitting leverage gain due to that and overall if you look at the OPEC’s burn also for the entire year for all the new centers which commenced, it is roughly about 0.8% versus what we had envisioned before the start of the year of roughly about 2, 2.5%. So these two reasons helped in improvement in the EBITDA margin. Having said that, I think going forward because of you can say we would be slightly conservative in giving our margin guidance of 40% but we are pretty confident of delivering more than that in the future.<\/p>\n

Rajat Baldeva<\/strong><\/p>\n

Okay, great sir. And sir, the last question on the revenue per test which is being jumped by 4.3%. So even though your pathology radiology mix is quite similar. So it is it because of wellness share increase or so what’s the reason of this?<\/p>\n

Ankit Shah<\/strong><\/p>\n

No, that is largely because of the new hubs ramping up. So all you know the new hubs in Bangalore, West Bengal now they are ramping up quickly. So that is just because of the change in the testing because in the first year it is still driven largely by radiology. So that’s why you’re seeing that higher number.<\/p>\n

Rajat Baldeva<\/strong><\/p>\n

And sir, what’s the volume growth in terms of broad geography and non core geography?<\/p>\n

Ankit Shah<\/strong><\/p>\n

Volume growth in core versus non-core.<\/p>\n

Rajat Baldeva<\/strong><\/p>\n

Yeah, core versus non core.<\/p>\n

Ankit Shah<\/strong><\/p>\n

Yeah. So when it comes to Hyderabad for Q4Y on Y, the volume growth is roughly about 18 and a half percent.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Anshul Agrawal from mk. Please go ahead.<\/p>\n

Anshul Agrawal<\/strong><\/p>\n

Hi, thank you for the opportunity. Just hopping on the margins guidance. I understand we want to be conservative but if I just look at the mix of assets that we are sort of commissioning in FY27 which are more spokes than hubs, would it be fair to assume margin accretion in FY27 would be sharper than the accretion we have witnessed in FY26 itself.<\/p>\n

Ankit Shah<\/strong><\/p>\n

So Anshul, if you see the full year, I understand Q4, we have delivered 43 and a half. But if you see for the entire full year it was around 40, 41 and a half percent. Right. So like if we are opening, let’s say 12 spokes and four hubs. Yes. More or less, we may end up in the similar range. But let’s say if we like we also said there are more hubs in pipeline. If we can close higher number of hubs and we open in FY27, then maybe the drag will be slightly higher than what, you know, what we are talking now.<\/p>\n

So keeping all this in mind, what we feel is also taking both the investments onto technology and talent into consideration. We feel that we will be able to comfortably deliver more than 40%. And like Diren said, while the guidance would be 40%, we’ll try to deliver a better number than that.<\/p>\n

Anshul Agrawal<\/strong><\/p>\n

Sure. Next question I had was we already have a cash balance of almost 280 or 300 odd crore and I think by the looks of it, with you know, assuming sort of the capex that you have just outlined, you should be able to add another 150 to 200 crores odd number in the next year as well. Any plans on sort of deploying this balance for any inorganic expansion on how does management think about this deploying this cash on books?<\/p>\n

Suprita Reddy<\/strong><\/p>\n

Anshul, like we’ve mentioned earlier, anything that comes to us in terms of an inorganic or a merger acquisition, JV whatever it might be, if it is in the same value system and it is B2C driven, even if it’s pure pathology or radiology and the either matches, we are more than happy to look at that asset and then comes the valuation reasonability there also. So if something comes up, there’s almost close to about eight to 15 assets that come to us on a yearly basis. But we are very, very conscious about what we bring onto the table to the board and to our shareholders because it needs to add value and that probably that look is going to be out even for the future.<\/p>\n

And also like Shiva mentioned, these are only executed leases for this year of say that three to four hubs and if an opportunity comes up, like I mentioned, two to six days. So if say we get an opportunity to add another four or five, we would definitely go ahead doing that. So you would also see additional deployment and capex happening accordingly. And with hubs also comes folks. So that’s a reason why we are only probably committing on the number of leases that are executed today. And as we go quarter on quarter we will be giving you a quarterly update on what’s going to be happening.<\/p>\n

Anshul Agrawal<\/strong><\/p>\n

Sure, very clear ma’. Am. But there are no plans of adding another cluster for the next two odd years. I think we mentioned that if<\/p>\n

Suprita Reddy<\/strong><\/p>\n

Absolutely. You’re looking at the numbers and everybody is very happy, the operating level playing out today is because of the dense network. So we’re saying you have entire Pune and then Calcutta and now already Bangalore is a new baby and with the few more hubs coming there, so the denser we grow into Calcutta in West Bengal and into Pune, this is probably going to just get better<\/p>\n

Ankit Shah<\/strong><\/p>\n

If at all we have to add should be through inorganics which is which<\/p>\n

Suprita Reddy<\/strong><\/p>\n

Would be large enough for us to say we are ready to take on one more cluster.<\/p>\n

Anshul Agrawal<\/strong><\/p>\n

Got it Clear. Ma’, Am, just a sort of follow up question on the answer that you gave our current CAPEX guidance. If I just you know sum up the bits and pieces of our network addition or the automated lab, our current capex guidance of 140150 crore does it not assume any new hubs that you have planned which have not yet sign the lease on? Because if you could just slightly break up the 150 crore capex number in terms of network addition in terms of it spends or maintenance capex that will be very useful to help us understand you know this better.<\/p>\n

Ankit Shah<\/strong><\/p>\n

So Anshul for the new centers which have been outlined in the investor presentation which are roughly about 4 to 5 hubs and 10 to 12 spokes the capex would be between 120 to 130 and then the additional CAPEX would be on the automated lab in Panjagota. These are only, you know this CAPEX is for the leases which have been executed. Having said that as Shiva and Ma’ am mentioned there are a lot of projects in the pipeline so whenever we get the opportunity we will definitely you know revise the CAPEX guidance but that revision will happen on a quarter basis<\/p>\n

Sivaramaraju Vegesna<\/strong><\/p>\n

Just to add Anil. So what we have considered in this 150 crores is about close to 10 to 12 crores of replacement capex. It is not just a replacement capex capex within the existing centers where we’ll add some new modality.<\/p>\n

Anshul Agrawal<\/strong><\/p>\n

Got it. And are we planning any flagship hubs in the non core clusters because 120 odd crores for 4 hubs and seems heavy.<\/p>\n

Ankit Shah<\/strong><\/p>\n

Yeah. So we had announced in Q3 of FY26 that we will be coming up with flagship center in Banirgatta, Bangalore, JP Nagar which will have the high end PET ct, high end MRI and cardiac. This<\/p>\n

Suprita Reddy<\/strong><\/p>\n

Is a center Anshul where the center has equipment which are probably not there in our core markets of Hyderabad itself. So you will be looking at digital cardiac petroleum coming in there and it’s one of its kind, very wide bore omega. Mr. I think there are only a few in India. So this is what Banergatta is going to offer and probably it should be ready to go in the next couple of months. So that’s something that’s ongoing and this is and going forward will probably in the coming year look at bringing in a center like that even in the four market of Hyderabad.<\/p>\n

So finding that right Place location in Hyderabad. We will do a center like that provided we find the right location.<\/p>\n

Anshul Agrawal<\/strong><\/p>\n

Very clear. Just a couple of more questions if I may on wellness, what would be the average realizations of. In our. In our wellness portfolio for. For the company average realizations for us<\/p>\n

Ankit Shah<\/strong><\/p>\n

It’s in the range of 1800 to 2000. So for Q4. So otherwise generally at a full year level it was more or less closer to 2000 rupees. It is because of, you know, corporate wellness. Because corporate wellness, you know, every client has a different requirement. But if you see retail wellness, it will be Slightly higher than 2500 rupees is the average utilization.<\/p>\n

Anshul Agrawal<\/strong><\/p>\n

Okay. The reason I asked this question is incremental wellness. Sort of incremental contribution from wellness portfolio would not lead to realization per patient improving. Would that be fair to say?<\/p>\n

Ankit Shah<\/strong><\/p>\n

It will lead to realization per patient improving but not the realization of tests. Because if you see at a company level we are at this quarter we were at 1800 rupees realization per patient. If we add more wellness packaging, realization per patient will go up. But realization.<\/p>\n

Anshul Agrawal<\/strong><\/p>\n

Got it. Very clear. Just one last question. I think ma’ am mentioned that PH or the Pune cluster has grown by 16%. That is for the current quarter or for the full year?<\/p>\n

Ankit Shah<\/strong><\/p>\n

The current quarter. So if you see Anshul Q1, Q2 there was slight degrowth and Q3 we have seen improvement. So I think Q3 we grew by I think 8%. Right. And this quarter about 16%. So we are seeing uptick in revenue both month on month and quarter on quarter. So year on year.<\/p>\n

Anshul Agrawal<\/strong><\/p>\n

Yeah. And this would be largely on the back of the new center additions we have done. Right. Have we done any capacity bottlenecking in the PH centers that we had?<\/p>\n

Ankit Shah<\/strong><\/p>\n

So yes, we have. We have little bit of capacity constraint. But then we have seen growth even in the existing centers. But it is in the low single digit. But it’s a mix of both the old centers and.<\/p>\n

Anshul Agrawal<\/strong><\/p>\n

Lovely. That’s it from my end. All the very best. Thank you. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes from the line of Akshaya Shinde with Centrum Broking limited. Please go ahead.<\/p>\n

Akshaya Shinde<\/strong><\/p>\n

Thank you for the opportunity and congratulations on good set of numbers. My question pertains to the Kolkata region. The two hub launched in FY24 were contributing around 3% of revenue. Could you share? Now these hubs have progressed so far in terms of volume growth, the B2C mix and the breakeven trajectory. Also with the five new hubs added in FY26 do you expect similar ramp up trajectory for this center or could this scale up be relatively faster supported by the higher network density and the improving brand presence in the region?<\/p>\n

Yeah, that’s it.<\/p>\n

Ankit Shah<\/strong><\/p>\n

So as of now we have seven hub centers in Kolkata. So out of which you know, three centers were just opened a couple of quarters back. If you see the world centers Medinova and the VIP road, you’ve seen the growth rate. So they’ve grown at very majorly VIP Road because Medinamo again was a whole center and it is running at its full capacity. Right. If you see VIP road, you’ve seen double digit growth year on year. And the rest of the five centers were added during the last financial year. Out of which 2 centers which were added in Q1 of FY26 they did break even in less than 9 months.<\/p>\n

The rest of the centers like Pool Bug and Diamond harbor, they just opened couple of quarters back. But we expect the similar kind of ramp up to happen at these centers and we are confident of achieving the breakeven within one year of our guided timeline. So the next financial year. So I don’t think we should compare with the current base to the next year’s growth because of the center edition that happened. But you will see a very healthy growth of revenue in West Bengal in the next year. In the current financial year<\/p>\n

Akshaya Shinde<\/strong><\/p>\n

Also following the Pune expansion, are there any inorganic opportunities shortlisted for the further expansion in the western region? Like for the two long term<\/p>\n

Ankit Shah<\/strong><\/p>\n

Not in Pune as of now. So we want to more go organically since we have acquired a brand now. I think it is, we feel that it would be better if we expand this brand rather than acquiring one more asset in the same geography.<\/p>\n

Akshaya Shinde<\/strong><\/p>\n

Okay. Yeah. Thank you and all the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question comes on the line of Kirti Agrawal from Aditya Birla Sun Life Mutual Fund. Please go ahead.<\/p>\n

Kirti Agrawal<\/strong><\/p>\n

Yeah. Hi. Congratulations on the good set of numbers. I just had a bookkeeping question. What would be your pre India’s margin for FY26 and for the quarter if you can help me with that.<\/p>\n

Ankit Shah<\/strong><\/p>\n

See by pre India’s you are referring to more of Indian gaap.<\/p>\n

Kirti Agrawal<\/strong><\/p>\n

Yeah. It’s just India’s impact of rentals.<\/p>\n

Ankit Shah<\/strong><\/p>\n

Yeah. So while we don’t maintain books as per Indian gap, but it should be close to about 7%. So that should be about 35%.<\/p>\n

Sivaramaraju Vegesna<\/strong><\/p>\n

Yeah, it’s 35% for the entire year.<\/p>\n

Kirti Agrawal<\/strong><\/p>\n

Got it. Great. That’s helpful. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question is from the line of Rishi Modi with RDM Advisory llp please go ahead.<\/p>\n

Rishi Modi<\/strong><\/p>\n

Yeah, hi guys. Am I audible?<\/p>\n

Ankit Shah<\/strong><\/p>\n

Yeah, you’re audible.<\/p>\n

Rishi Modi<\/strong><\/p>\n

First question I had was on the tech investments that you all are making or you all have made just is it upcoming or you all have already made these CRM, ERP and AI in radiology investments.<\/p>\n

Ankit Shah<\/strong><\/p>\n

So Rishi, it’s ongoing. So we have invested a little bit in the last financial year, right. Over the years if you see from FY23 onwards, consistently every year either revamping the existing systems and we are also getting more integrations to enhance the customer service. And also like if you in terms of the building software, lims, radiology, all that we have done in the last two financial years when it comes to the CRM and when it comes to the erp. So we have started the work in the last financial year but you know we’ll be launching them in the current financial year.<\/p>\n

Apart from that, in terms of AI, we have onboarded few solutions in Q4, right. The fag end of Q4, like it can be CTKub or the dental scans. And we are also in talks with few of the other firms, you know, to see how we can implement for the other modalities like something for lung, liver and brain. So this will be an ongoing process. And also in terms of data security, right. So year on year we have, we are increasing our spends on that and in terms of digital marketing. So digital marketing was something which we started two, two and a half years back if you see last one financially we almost spent roughly around 6 to 7 crores on digital marketing where we see that cost, you know, doubling in the current and the next financial year because that’s one of the channel where we have seen good revenue coming from.<\/p>\n

So likewise Rishi, I think, you know, technology is something that is still evolving. So. Right. So the next one to financial, you’ll be seeing some investments happening on this front,<\/p>\n

Rishi Modi<\/strong><\/p>\n

Right? So this will be an ongoing process now for you and we should not expect ideally any hiccups in the implementation of this like you mentioned, right. The last time we implemented looms there was some of a hiccup in one of one or quarter<\/p>\n

Suprita Reddy<\/strong><\/p>\n

Limitation is not going to be the problem, especially in radiology. These patches that come for any kind of a specific organ, they’re basically patches which have to be layered on to our radiology information software. So they need certain licensing, just like we would need a CE or an fda. Some background to bringing in any kind of AI because you’re going to be releasing it for retail customers so we can’t just bring in something without validation. And validation requires certain paperwork and those are very limited in nature as we speak as of today.<\/p>\n

So probably something that we can release to customers is not going to be more than six or seven. And when these come in, these have to be layered onto the existing software and those are always ongoing. We have two or three that are done. You will always see two or three happening as and when it gets approved, these get layered on.<\/p>\n

Rishi Modi<\/strong><\/p>\n

All right, that’s great to hear. Second, I wanted to understand on the Pune piece, right? So great job on getting the revenue growth back on track back. And the new team I think has done a good job on ground. Just if I could get an understanding, say the second hub that you’re opened, right, the new hub, is it ramping up faster or is it approaching break even faster than the first new hub that you all had opened?<\/p>\n

Ankit Shah<\/strong><\/p>\n

No, Rishi, I think both the hubs have taken similar time because I think both the areas are on two different sites of the city. Right. So if you see both in Ambega and Kalyanagar PH never had any presence. So it was more like a newer within the city is like a newer geography. Right. So and Kalyan Nagar, the full fledged operation started in Q2 of FY26. So even that hub like Ambegaon took time. So we have almost completed six to seven months of full fledged operations by now. I think eight, eight months of full fledged operations by now.<\/p>\n

I think we’ll be taking full one year here also for the break even to happen.<\/p>\n

Rishi Modi<\/strong><\/p>\n

Okay. All right. And finally just any favorable seasonality element in our numbers this quarter like some illness or some seasonal flu or something. Not numbers,<\/p>\n

Ankit Shah<\/strong><\/p>\n

Nothing specific, Rishi. But we have seen growth across both retailers. So I think all the, all the modalities and all the, you know, all the channels have basically fired.<\/p>\n

Sivaramaraju Vegesna<\/strong><\/p>\n

Also has shown a good growth during this quarter. So that has also helped in, you know, the overall revenue growth.<\/p>\n

Rishi Modi<\/strong><\/p>\n

All right. All right, great. Thank you. Thank you guys. That’s all from my end.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question is from the line of Sumit Gupta from Antique. Please go ahead.<\/p>\n

Sumit Gupta<\/strong><\/p>\n

Hello. Hi. Hi Sumit. Hello, Sumit.<\/p>\n

Operator<\/strong><\/p>\n

Sorry to interrupt. You’re not audible clearly.<\/p>\n

Sumit Gupta<\/strong><\/p>\n

Is this fine?<\/p>\n

Operator<\/strong><\/p>\n

Much better, sir. Please go ahead.<\/p>\n

Sumit Gupta<\/strong><\/p>\n

Yeah. So with respect to Pune, So it grew 16%. So what would be the volume growth for this quarter in Ch?<\/p>\n

Ankit Shah<\/strong><\/p>\n

So foodfall growth was roughly about 15% during this quarter. Purely football growth.<\/p>\n

Sumit Gupta<\/strong><\/p>\n

Okay, okay, okay. And what is the outlook for the segment over the next? Let’s say three to four years. How should we see this contribution increasing on the.<\/p>\n

Sivaramaraju Vegesna<\/strong><\/p>\n

So for all of these new geographies. Sumit. So like we said, right. Quarter on quarter maybe we’ll have to change our guidance little bit because you know we have, we have the regional heads for each of these regions and then parallel all these regions are growing. So in terms of finding the new centers etc. The work is happening on the ground at all of these regions. So if you ask us, we are very confident in the next one to financials will be growing in double digit. But at the same time, let’s say if you find more centers, if you can close on more centers, maybe one geography may be overtaking the other geography.<\/p>\n

That is something that maybe next two years it will be slightly dynamic between these geographies. But otherwise with the existing network, with these two new hubs and two new spokes that we have opened and also the effort that is going on to the corporate segment within Pune, we are confident that we’ll be growing in double digit for the next financial year as well at the full year level.<\/p>\n

Sumit Gupta<\/strong><\/p>\n

Okay so I was asking from let’s say not in the near term but from a medium term point of view. So should we see like the kind of pressure that you’re getting in Pune market? Like can we hope to see that continuing?<\/p>\n

Ankit Shah<\/strong><\/p>\n

Sumit, can you please repeat?<\/p>\n

Sumit Gupta<\/strong><\/p>\n

So basically the kind of pressure that you are witnessing in Pune. So for the medium term, let’s say next three to four years, how should we see Pune geography as evolving? So like you would be adding more recently that has also been given. So how should we see that basically the revenue per center improving.<\/p>\n

Ankit Shah<\/strong><\/p>\n

So Sumit, I think especially in Pune, right. I think that was the only one guidance which you know did not happen according to our guidance which we gave three years back because we thought you know, Pune in three to five years we will double our revenue. But then we went very slow. We did not open centers also we went very slow because you know, after acquiring we took one, one and a half year to settle in ground level. Things like changing software, you know, aligning the processes, etc. Because before taking on growth that is very important.<\/p>\n

You know, you have to imbibe the culture there before you take on growth. So that’s one of the reason why you’ve seen the delay in the growth. But, but having said that, with whatever effort that we have put in the last two years and with the kinds of teams now we have, we are deploying there, we are very confident that in next three to five years we’ll be easily doubling up our revenue from where we are now.<\/p>\n

Sumit Gupta<\/strong><\/p>\n

Understood. Okay. With respect to revenue per center at the mature stage, let’s say in Hyderabad you are nearly around 6 crores per year. So like what kind of. What is the revenue per center which one can achieve? Or is that line is all of sugar or am I missing? So<\/p>\n

Ankit Shah<\/strong><\/p>\n

Even if you will see at maturity the revenue from the new hub that we have opened, you will see more than 12 to 15 crores kind of a revenue similar like any other geography there. But in the older hubs because of the capacity constraint, the hubs being smaller. Right. You have one hub which is already even in the older hub. One hub which is doing about 15 crores. The rest of the two hubs because of the capacity constraint they are doing more or less close to 10 crores kind of a revenue. But otherwise in the newer hubs that we open because the hubs will be more or less similar to what we do in Hyderabad.<\/p>\n

So you’ll see the similar kind of revenue profile coming from these centers.<\/p>\n

Sumit Gupta<\/strong><\/p>\n

Understood. And lastly on the Bangalore performance, two hubs which are opened in HSR and Ylanka, how are they performing? Like what’s the overall section that you’ve seen in Bangalore?<\/p>\n

Ankit Shah<\/strong><\/p>\n

So we are very optimistic about the geography with whatever results that we have seen in the last two to three quarters. We opened in Q1 of last financial year and like we told ya, Lanka did break even. And HSR is almost closer to break even. So that’s one of the reason why we have already finalized one flagship facility there. And we also finalized one more location in Rajaji Nagar which we have put in on the PPT. And we are looking for more hubs in Bangalore. So we are very optimistic about the Bangalore city.<\/p>\n

Sumit Gupta<\/strong><\/p>\n

Okay, so just want to understand on the sector point of view, let’s say so there are so many hospitals which have come with their own labs across different parts of India. So like in your geography, like have you witnessed any competition, competitive increasing which has led to a bit challenging for you.<\/p>\n

Ankit Shah<\/strong><\/p>\n

So I think Sumit, this is there across the geographies, not just the hospital based labs, you have the other labs which are into purely into diagnostics. Also Bangalore also has a very strong pathology diagnostic player. But like you know the differentiator is the radiology, right? We have both path and grade radiology and it’s more of an integrated play. And Bangalore as a market like we told you. So it is almost similar to Hyderabad but you don’t have any large integrated Diagnostic pair, you have multiple small integrated players.<\/p>\n

That’s where we see the opportunity. In terms of the bed density, bed capacity. Right. In terms of the healthcare infrastructure in hospitals, both the cities are more or less closer. And the one more challenge in Bangalore is the traffic. Right. Which will also give us the opportunity to add more centers. Even if you open two hubs within 7 kilometer radius, like if you see our HR versus the flagship, it is only hardly six 7 kilometer radius. But I don’t think a patient from, you know, JP Nagar will be traveling to HSR for their diagnostic needs.<\/p>\n

So that is also another opportunity. Right. So considering all these factors, we feel Bangalore city will give us, give us that room to add more hubs and spokes, both hubs and spokes in the next at least the, I think the CapEx deployment will be continuously happening for the next five to seven years.<\/p>\n

Sumit Gupta<\/strong><\/p>\n

Okay, so basically my question was last week on the competition from the hospital based labs<\/p>\n

Suprita Reddy<\/strong><\/p>\n

Are basically probably designed to take care of the needs of their inpatients. So if you look at their labs which are borrow less like vaccination in kitchens are to cater to their inpatient. So and when they run their OPDs, it’s also an odd time where customers will have to get their testing done during fasting and then they’ll have to have some preparation. The pricing is taken into consideration, keeping the entire capex of the hospital in mind and insurance is a major factor there for admissions.<\/p>\n

So if you look at largely the OPD business, the OPD diagnostics, there are fewer people who basically in India they need to pay out of their pocket and cost is one part of it. And that’s why we say we are a differentiated kind of a diagnostic facility. We give importance to the customer experience. The large format centers of the 6 to 8,000, they not having to go to two or three places for their pathology radiology needs and at the same time not compromising on quality and keeping the prices affordable, which would probably be say about 20 to 25% cheaper than the hospital and being in a close proximity to their residential areas.<\/p>\n

That is why the dense network of Vijaya, that is why the number of spokes to create that density and these spokes feeding into the hubs. That is the basic nature of how we grow and choose where we want to grow in.<\/p>\n

Sumit Gupta<\/strong><\/p>\n

Thank you. All the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. The next question is from the line of Ayush Agrawal from AARD Capital. Please go ahead.<\/p>\n

Ayush Agrawal<\/strong><\/p>\n

Yes, hello ma’. Am. Congratulations on the wonderful performance. I just had two quick questions that we do not have any significance significant bridge in North India. So that is a strategic decision or that is something that we are not looking at all together right now.<\/p>\n

Suprita Reddy<\/strong><\/p>\n

So to answer you directly, we are not looking at that right now because like we mentioned, we’ve grown from two to six states. Hands are full trying to build denser networks in two new states that we’ve acquired. So it’s a very strategic decision that we do not want to grow in North. We have one single center in Gurgaon which is purely wellness and single center in fact spread across almost an acre of land in 8,000 square feet. And we tend to leave it like that. We want to do more of corporate and at the point immediately we would not want to grow in that region.<\/p>\n

Ayush Agrawal<\/strong><\/p>\n

So when. Just a follow up question, ma’. Am. When you say immediately, you are talking for the next one to three years or three to five years.<\/p>\n

Suprita Reddy<\/strong><\/p>\n

Probably say another three to five years is something because we have Karnataka and West Bengal to look at, concentrate and grow with Pune already in that process. So definitely three to five years.<\/p>\n

Ayush Agrawal<\/strong><\/p>\n

Sure. Thank you, ma’. Am.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question is from the line of Vivek from MK Global. Please go ahead.<\/p>\n

Vivek<\/strong><\/p>\n

Yeah, thank you for the opportunity. So just a question on the breakdown of centers by region. Could you please help me with the numbers in terms of centers for each region?<\/p>\n

Ankit Shah<\/strong><\/p>\n

Yeah. So in Hyderabad we have roughly about 95 centers. In rest of AP Telangana we have 35 centers. In Kolkata, we have seven large hubs. In Bangalore we have two centers. We have one in Kulbarga, we have one in Gurgaon and the balance in Pune.<\/p>\n

Vivek<\/strong><\/p>\n

Okay. And could you also provide a breakdown of your centers in terms of labs? Sorry. In terms of flagship centers, hubs and diagnostics. Sorry, spokes.<\/p>\n

Ankit Shah<\/strong><\/p>\n

Yeah, so roughly we have about 50 hubs and balance, you know, 112 spokes. And as highlighted in the press Release, we have 30 labs which also include a couple of mini labs as well.<\/p>\n

Vivek<\/strong><\/p>\n

Got it, Got it. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question is from the line of Aakash Shah from Investech Capital Services India Private Limited. Please go ahead.<\/p>\n

Akash Shah<\/strong><\/p>\n

Hi sir, just one question. So what would be the indicative number for the maintenance capex for FY27?<\/p>\n

Ankit Shah<\/strong><\/p>\n

It will be around 10 to 15 crores.<\/p>\n

Sivaramaraju Vegesna<\/strong><\/p>\n

So typically the maintenance capex is roughly about, you know, two to two and a half percent of our top line. So it will depend on.<\/p>\n

Akash Shah<\/strong><\/p>\n

Okay. And so just one more question. Are we seeing any traction in the volumes from the offtake of the recent weight loss drug that has gone Generic<\/p>\n

Sivaramaraju Vegesna<\/strong><\/p>\n

So it is slightly difficult to track also because I think somebody who is onto the medicine, not every clinician is writing the package name. So sometimes it’s a list of tests that we come we get as part of prescription. So significantly we are not seeing any change. Despite<\/p>\n

Suprita Reddy<\/strong><\/p>\n

Of being majorly B2C driven company, we’ve hardly seen requests for a proper GLP package come in. So they tend to either choose to go to a physician or an endocrine and it’s the doctor choice, the test that they request. So we would not probably be able to give you that right number. We’ve not seen actual request for a GLP package come in yet in the geographies that we operate in.<\/p>\n

Akash Shah<\/strong><\/p>\n

Okay, okay. Because sorry, just to add one line because a number of players in the diagnostics space have launched their packages. So just wanted to know your view on it. Anyways, thank you. Thank you.<\/p>\n

Suprita Reddy<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question is from the line of Dr. Karthik Bunny with the Bajaj Life. Please go ahead.<\/p>\n

Kartick Bane<\/strong><\/p>\n

Thank you for the opportunity. I would like to ask when was the last time we have taken a price hike? When are we taking it next and how much would that be in terms of percentage?<\/p>\n

Sivaramaraju Vegesna<\/strong><\/p>\n

We had taken price hike in Q1 of FY26 and it was roughly about you can say one one overall growth realization. So this year also you know we’ll be, you know taking roughly about one to one and a half percent of buy hike<\/p>\n

Ankit Shah<\/strong><\/p>\n

That will be effective either in Q1 or as almost. We should not do that. Maybe in Q1 or Q2 we may take depending on the not every year we do the price hike across tests. Every year we pick few tests and then do the price hike.<\/p>\n

Kartick Bane<\/strong><\/p>\n

Okay, thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question is from the line of Abhin Benny with JM Financial. Please go ahead.<\/p>\n

Abin Benny<\/strong><\/p>\n

Hi. Good afternoon. Am I audible?<\/p>\n

Suprita Reddy<\/strong><\/p>\n

Yes sir.<\/p>\n

Operator<\/strong><\/p>\n

You are audible, sir.<\/p>\n

Abin Benny<\/strong><\/p>\n

Hi ma’. Am. Congratulations. Congratulations on the good numbers. I had two questions. First one was regarding the wellness segment. So our wellness segment growth has been really strong. So just want to understand that the demand that we are seeing in this is there any track that we are keeping on the repeat customers and the first time users like any color on that.<\/p>\n

Ankit Shah<\/strong><\/p>\n

So we have the data but it’s too early to comment because you know we started tracking these numbers being migrated to newer systems two years back and we just started tracking the numbers while with you with phone number and also with the unique Uhid we track these numbers. But then I think we should give another two years of time for us to actually see what is the what are the recurring pay? Because they don’t come. They may come once in a year or once in two years. Not every customer will come once in a year.<\/p>\n

Right. So I think we should give two, three more times. Yeah.<\/p>\n

Abin Benny<\/strong><\/p>\n

Got it. And in terms of corporates, what is the kind of pipeline or the order book that we are seeing in terms of repeat and also like retention and also the new ones that being are added.<\/p>\n

Ankit Shah<\/strong><\/p>\n

So few large corporate. Yes, we are capturing them for last couple of years but then at the same time you know we lot of aggregators in play. Right, right. And corporates, a few corporates being price sensitive, we keep seeing the churn. But in terms of the large corporates in the from the last two, three years we are continuously getting orders from them.<\/p>\n

Abin Benny<\/strong><\/p>\n

All right, just one last question. So in terms of. So ma’, am, I mentioned between that the pricing related to Vijaya versus hospitals. But in terms of online players, especially in our core geographies and the newer separately, what are the dynamics that we are seeing?<\/p>\n

Sivaramaraju Vegesna<\/strong><\/p>\n

There is no much impact from online players because for the past I think post Covid we have seen different multiple online players. You know the names have changed but then if you see as such we do not see any much impact coming from these players. The only change that we see is many of the. There are many of aggregators which have come into wellness business especially for corporate wellness but they don’t have their own labs. What they do is they take the bundle package in terms of insurance and also the wellness and then they again outsource these diagnostics to Vijay or any of the other diagnostic players.<\/p>\n

Abin Benny<\/strong><\/p>\n

Understood. Thank you very much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Our next question is from the line of Ayush Agrawal from Aard Capital. Please go ahead.<\/p>\n

Ayush Agrawal<\/strong><\/p>\n

Yes ma’. Am. I had one follow up question. So do we have a plan for the next either one to three years or three to five years of ever exploring the franchisee side of things?<\/p>\n

Suprita Reddy<\/strong><\/p>\n

No ayush at the moment I would not be able to comment on the future but all of these centers that we operate today are company owned, company operated and we do not have any kind of probably an idea on wanting to start franchising right now. So that is<\/p>\n

Ayush Agrawal<\/strong><\/p>\n

Definitely. Ma’, am, that is I, I know and you know very much appreciated that this is being done by the company. I just wanted to ask this as a follow up question that is in the near future or if in the distant future you wanted to explore the franchisee model like others.<\/p>\n

Suprita Reddy<\/strong><\/p>\n

Not at all.<\/p>\n

Ayush Agrawal<\/strong><\/p>\n

Okay. Thank you ma’. Am.<\/p>\n

Suprita Reddy<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We have no further questions. Ladies and gentlemen, I would now like to hand the conference over to the management for closing comments.<\/p>\n

Ankit Shah<\/strong><\/p>\n

I would like to thank everyone for attending this call. Should you need any further clarification or any other information about the company, please feel free to reach out to us. Thank you so much.<\/p>\n

Sivaramaraju Vegesna<\/strong><\/p>\n

Thank you.<\/p>\n

Suprita Reddy<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. On behalf of JM Financial. That concludes this conference. Thank you all for joining us. You may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Vijaya Diagnostic Centre Limited (NSE: VIJAYA) Q4 2026 Earnings Call dated May. 08, 2026 Corporate Participants: Suprita Reddy \u2014 Managing Director & Chief Executive Officer Ankit Shah \u2014 Chief Financial Officer Sivaramaraju Vegesna \u2014 Vice President of Operations Analysts: Amey Chalke \u2014 Analyst Surya Patra \u2014 Analyst Rajat Baldeva \u2014 Analyst Anshul Agrawal \u2014 Analyst […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-182526","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":141713,"url":"https:\/\/alphastreet.com\/india\/vijaya-diagnostic-centre-limited-vijaya-q3-fy23-earnings-concall-transcript\/","url_meta":{"origin":182526,"position":0},"title":"Vijaya Diagnostic Centre Limited (VIJAYA) Q3 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"February 15, 2023","format":false,"excerpt":"","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":170261,"url":"https:\/\/alphastreet.com\/india\/vijaya-diagnostic-q1-fy26-earnings-results\/","url_meta":{"origin":182526,"position":1},"title":"Vijaya Diagnostic Q1 FY26 Earnings Results","author":"Chirag Gupta","date":"August 18, 2025","format":false,"excerpt":"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. 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