Strong execution, capex raised on expansion confidence

Delivered result confirms ₹231 Cr, up 22.8% YoY

Rest attributable to test mix and realization lift — call confirms balance

Delivered margin 42.7%, up from ~39% prior year

Delivered PAT ₹53.1 Cr, up 37.6% YoY

Mature centers grew 16%, new hubs contributed 6–6.5% rev, drag <0.5% EBITDA

Call confirms both figures; Hyderabad 67% of total revenue

Prior ₹140–150 Cr → new ₹190–195 Cr (+30%) for aggressive 9-hub + 12-spoke + lab plan. Confidence in FY26 10-hub ramp drove upgrade.

Guided 'above 40%' reaffirmed despite prior 10-hub ramp creating 0.5% drag. Mature center leverage (Hyderabad 17% growth, B2C 92%) offsetting new hub impact.

New: '15% sustainable 3–5yr basis' + 'high double digit FY27' + '20% could be new normal'. Prior calls vague on multi-year; strategic confidence hardened.

Wellness 14.8% of revenue (flat QoQ but structurally sticky, >8% pre-COVID). Multi-organ screening + AI smart reports rolling into wellness, supporting wallet share lift.

51 hubs, 115 spokes, 26 processing units (part of hubs). Q1 Bangalore ₹30 Cr, Hyderabad Gachibowli ₹9 Cr. Total capex FY27: ₹190–195 Cr incl. 9 hubs, 10–12 spokes, Panjagutta lab, ₹8–10 Cr AP land.

10-hub FY26 ramp exceeded plan; now confident replicating. Pune grew 18% (₹10.8 → ₹12.8 Cr), plan 2 more hubs in 12m. Ref lab capex ₹15–16 Cr per hub typically.

Yes. 60–70% of cost fixed; existing hubs achieve break-even quickly (drag <0.5%). Hyderabad 17% growth + operating leverage offset new hub impact. Confident 40–45% range sustainable.

No. 89% contribution after 11% material cost. 60–70% fixed cost base already absorbed. Pathology incremental flows to EBITDA. This year capex phased (vs Q1 '26 burst of 6 hubs), so no margin shock expected.

Yes, one-off. After 6–7 years seeking location in key AP medical hub, found ideal land in size/location. Preference remains leasing; this is exceptional.

Pre-COVID 8%, now 14.8% from awareness + tier-2 education (no upselling). Packages ₹8k–₹10k (Angio). Mix: cardiac, diabetes, women's wellness. Structural, not promotional.

Bangalore locality-specific chains (5–6 centers), not large networks. Both hubs broke even as expected. JP Nagar ref lab + 3T Omega + digital PET (1st diagnostic) now enabling 5yr densification. Yes, Bangalore+Karnataka comparable to Hyderabad long-term.

Strategy different: took time to restructure, build processes. New ref lab capex planned FY27 for hub/spoke densification. Showing 18% growth now; expect acceleration post-lab setup.

B2C integrated model + high-end imaging outperform industry (13–14%). Consistently 4–5% above market. Mature spoke (>5yr vintage) growing higher double-digit, confirming share shift unorganized→organized.

Mix of both. Lifestyle packages (cardiac, diabetes) showing strong growth even in tier-2. Corporate + walk-in both growing.

Wellness packages get AI smart report (customized to patient history/age) alongside traditional. Radiology AI organ-based, validated + certified before clinical use. Pathology digital communication also rolling out.

Tier-2 (Rajahmundry, Tirupati, Kurnool, Nizamabad) break even in 2–9 months. Super-specialists + large hospitals moving back; med tourism decreasing. 10yr vision: replicate Hyderabad dense model in East India + Karnataka; best imaging, best pathology, home collection + wellness.

Aware of opportunity ('goldmine of data'). Today, compliance unclear; strict privacy policy in place, no data sharing. Will engage compliance agencies post Q2/Q3 before planning.

Mature centers 16% growth. New centers 6–6.5% contribution. 3–4 hubs not yet breakeven, burn ~0.5% topline. 10-hub cohort overall no burn (majority breakeven).

Yes. Proven model replicable. Hyderabad 17% (67% of rev), tier-2 outperformed (Rajahmundry, Krishna Nagar Kolkata breakeven 2 qtrs). 9 hubs planned for 3 metros (Pune, Bangalore, Kolkata). Confident high double-digit FY27; 3–5yr 15% sustainable easy.

Standalone pathology 25–30% B2B (discounted). Vijaya B2C-integrated gives 3.7 tests/patient vs 2.5–3 (peers), ₹1,860 realization vs ₹900–950 peer pathology. Higher wallet share + integrated advantage = margin resilience.

Last hike Jun 2025 (restricted Hyderabad, select tests). Post Q2/Q3 will reassess based on internal assessment. No forward commitment; competitive intensity assessed.

Hyderabad: top 2–3 players deploying capital outside (Vijaya has market share here). Organized chains, hospital labs not aggressively expanding in Hyderabad/AP/Telangana. Vizag, other geographies competition low-intensity.

Q1 delivered 22.8%, strong base. Capex ramp + new hub/spoke additions throughout year. Mature cluster (67% Hyderabad) stable 17% growth provides floor.

FY26 hubs mostly breakeven, new FY27 additions phased (not burst-commissioned). Mature leverage (Hyderabad) + new hub ramp management keep margin 40–45% range. Material cost 11%, contribution 89%, operating leverage plays out.

Raised from prior ₹140–150 Cr based on FY26 10-hub success + confidence in tier-1 (Pune, Bangalore, Kolkata) densification. JP Nagar ₹30 Cr largest capex item; other hubs ₹15–16 Cr typical.

Pune (2.5yr post-acq) still 6% of revenue; Bangalore/Kolkata 1–2yr old. Full 15-hub FY27 plan + densification may face site acquisition, hiring, or competitive pushback delays.

Despite management confidence, new hub ramp (9 planned FY27 + 10–12 spokes) could create 1–1.5% EBITDA drag if breakeven timing slips or occupancy lags.

No price hike since Jun 2025 (restricted Hyderabad, select tests). Inflation in staffing, rent, equipment may compress margins if pricing reassessment delayed or competitive resistance high.

Capex raised +30% from prior guidance (₹140–150 → ₹190–195 Cr) for aggressive hub/spoke roll. Land acquisition (₹8–10 Cr AP), JP Nagar ₹30 Cr, Panjagutta ref lab on critical path.

Bangalore, Pune, Kolkata densification plans clash with hospital chains + organized diagnostics. Locality-specific competitors in Bangalore have some reach; chains deploying capital outside Hyderabad.