Vijaya Diagnost. Q2 FY27 Results (NSE: VIJAYA)
Signal: Growth reaccelerated
The read
Q2FY27 marks a return to faster growth after Q2FY26's 10.4% YoY revenue increase: standalone revenue rose 27.4% YoY to ₹24,200.20 lakh and PAT rose 34.8% to ₹5,792.46 lakh, while gross margin expanded 68bps YoY to 88.75%; the key watchpoint is finance cost growth of 50.0% YoY, not operating cost pressure.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹242 Cr | +27.4% | +10.7% |
| Net profit | ₹57.92 Cr | +34.8% | |
| EPS | ₹5.63 | +34.7% | |
| EBIT margin | N/A |
P&L walk
The filing includes a consolidated review report but does not provide the consolidated P&L table in the supplied text; the reported subsidiary data cannot substitute for group results.
Key positives
- Standalone revenue rose 27.4% YoY to ₹24,200.20 lakh, accelerating from the prior quarter's 22.9% YoY growth in the prior results series.
- Gross margin improved 68bps YoY to 88.75% as materials cost fell to 11.25% of revenue from 11.93%, indicating limited input-cost pressure in the quarter.
- Employee plus other expense intensity declined to 44.42% of revenue from 46.52% despite revenue growth of 27.4%, supporting PAT growth of 34.8%.
- Operating cash flow increased 30.5% YoY to ₹17,328.76 lakh in H1FY27, exceeding H1 PAT of ₹11,107.22 lakh.
Key concerns
- Finance costs rose 50.0% YoY to ₹1,082.13 lakh, substantially faster than revenue growth of 27.4%, creating a growing drag below operating profit.
- Cash and cash equivalents declined to ₹870.49 lakh from ₹3,795.36 lakh at 31 March 2026 after ₹15,892.29 lakh of investing outflow and ₹4,361.34 lakh of financing outflow.
- The supplied filing text does not include the consolidated P&L table, limiting assessment of group-level revenue, margin and PAT relative to the standalone result.
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