Vijaya Diagnost. Q1 FY27 Results (NSE: VIJAYA)
Signal: Margin expansion
The read
The key inflection is a 356bps YoY expansion in consolidated EBITDA margin to 46.4% alongside 22.8% revenue growth and 37.6% PAT growth, reversing the prior Q1 margin profile; however, finance costs rose 47.0% YoY and sequential revenue growth moderated to 5.3%, making debt intensity and sustained margin delivery the next trajectory checks.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹230.98 Cr | +22.8% | +5.3% |
| EBIT | ₹81.95 Cr | N/A | |
| Net profit | ₹53.1 Cr | +37.6% | |
| EPS | ₹5.16 | +37.2% | |
| EBIT margin | 46.4% |
P&L walk
Consolidated revenue increased to ₹23098.19 lakh, +22.8% YoY and +5.3% QoQ; gross margin was broadly stable at 88.9%, while EBITDA rose to ₹10707.00 lakh and margin expanded to 46.4% as other expenses grew 12.8% YoY versus revenue growth of 22.8%; finance costs rose 47.0% and moderated the conversion into PAT, which still increased 37.6% YoY to ₹5310.11 lakh.
Segments
The Group remains a single Diagnostic services segment with revenue of ₹23098.19 lakh, +22.8% YoY, and segment PBT of ₹7094.45 lakh, +35.9% YoY; standalone PAT of ₹5314.76 lakh was slightly above consolidated PAT of ₹5310.11 lakh, so subsidiaries did not materially lift or drag group profit.
Key positives
- Consolidated revenue reached ₹23098.19 lakh, +22.8% YoY, improving from +20.5% in Q1FY26.
- EBITDA rose 32.9% YoY to ₹10707.00 lakh versus revenue growth of 22.8%, and EBITDA margin expanded 356bps to 46.4%.
- Other expenses increased 12.8% YoY, below revenue growth of 22.8%, supporting the 356bps margin expansion.
- EPS rose 37.2% YoY to ₹5.16 and tracked PAT growth of 37.6%, with the PAT-to-EPS check clean.
- Segment assets increased 30.3% YoY to ₹167693.18 lakh, supporting continued diagnostic-network capacity expansion.
Key concerns
- Finance costs rose 47.0% YoY to ₹1100.32 lakh, substantially faster than revenue growth of 22.8%, creating a rising drag below EBITDA.
- Sequential consolidated revenue growth moderated to 5.3% and sequential EBITDA margin improvement to 46.4% followed a 177bps increase, so the high margin needs confirmation across subsequent quarters.
- Consolidated segment liabilities increased 49.0% YoY to ₹66490.37 lakh, faster than segment assets growth of 30.3%.
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