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Vijaya Diagnostic Centre Ltd.
(VIJAYA)
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Rating:71Outperform
Price Target:
₹1,628.00
▲(23.99% Upside)
Action:Reiterated
Date:08/17/26
The score is supported by strong financial performance (consistent growth and resilient margins with moderate leverage) and positive technical momentum (price above major moving averages with positive MACD). These positives are materially offset by expensive valuation (very high P/E and low dividend yield), which increases downside risk if execution or growth disappoints.
Positive Factors
Revenue Growth and Profitability
Revenue growth accelerated to 11.32% in 2026 while net margin stayed near 21% and EBITDA margin remained low-to-mid 40s. This indicates the diagnostics model is scaling without losing profitability, supporting durable earnings growth.
Negative Factors
Uneven Free Cash Flow Conversion
Free cash flow conversion ranged from roughly 24% to 75% of net income and fell to about 32% in 2026. Variability means capital spending or working-capital needs can absorb earnings, reducing predictability of internally available expansion cash.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth and Profitability
Revenue growth accelerated to 11.32% in 2026 while net margin stayed near 21% and EBITDA margin remained low-to-mid 40s. This indicates the diagnostics model is scaling without losing profitability, supporting durable earnings growth.
Read all positive factors
Vijaya Diagnostic Centre Ltd. (VIJAYA) vs. iShares MSCI India ETF (INDA)
Market Cap
₹148.03B
Dividend Yield0.13%
Average Volume (3M)29.07K
Price to Earnings (P/E)82.6
Beta (1Y)0.70
Revenue Growth20.18%
EPS Growth24.71%
CountryIN
Employees2,507
SectorGeneral
Sector StrengthN/A
IndustryMedical - Diagnostics & Research
Share Statistics
EPS (TTM)18.23
Shares Outstanding102,997,720
10 Day Avg. Volume10,439
30 Day Avg. Volume29,074
Financial Highlights & Ratios
PEG Ratio2.57
Price to Book (P/B)9.51
Price to Sales (P/S)11.18
P/FCF Ratio103.58
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹1,400.00Price Target Upside6.63% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)22.75
Revenue Forecast (FY)₹9.85B
Vijaya Diagnostic Centre Ltd. Business Overview & Revenue Model
Company Description
Vijaya Diagnostic Centre Limited delivers a broad spectrum of diagnostic services to patients across India. Its extensive laboratory offerings include clinical biochemistry, haematology (and immune-haematology), clinical pathology, histopathology,...
How the Company Makes Money
VIJAYA primarily earns revenue by delivering diagnostic tests and charging fees for those services. Its key revenue streams are: (1) Pathology/testing revenue: income from clinical laboratory tests (e.g., routine biochemistry, hematology, immunolo...
Vijaya Diagnostic Centre Ltd. Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
78
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 8.57B | 8.14B | 6.81B | 5.48B | 4.59B | 4.62B |
| Gross Profit | 6.41B | 7.20B | 5.96B | 4.82B | 4.00B | 3.91B |
| EBITDA | 3.76B | 3.58B | 2.88B | 2.38B | 1.95B | 2.15B |
| Net Income | 1.87B | 1.73B | 1.43B | 1.19B | 846.32M | 1.10B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 15.07B | 12.74B | 9.83B | 8.53B | 7.13B |
| Cash, Cash Equivalents and Short-Term Investments | 2.89B | 2.89B | 2.33B | 1.85B | 2.55B | 2.25B |
| Total Debt | 0.00 | 4.23B | 3.20B | 2.59B | 2.48B | 1.83B |
| Total Liabilities | -9.57B | 5.50B | 4.74B | 3.23B | 3.07B | 2.44B |
| Stockholders Equity | 9.57B | 9.57B | 7.96B | 6.57B | 5.45B | 4.68B |
Cash Flow | ||||||
| Free Cash Flow | 453.03M | 878.75M | 1.29B | 953.37M | 397.69M | 356.50M |
| Operating Cash Flow | 1.39B | 2.71B | 2.24B | 1.83B | 1.65B | 1.58B |
| Investing Cash Flow | -840.24M | -1.74B | -1.82B | -1.42B | -1.10B | -1.23B |
| Financing Cash Flow | -432.23M | -694.88M | -520.48M | -445.50M | -419.12M | -305.72M |
Vijaya Diagnostic Centre Ltd. Technical Analysis
Positive
1313.00
Price Trends
1426.82
Positive
1353.10
Positive
1168.61
Positive
Market Momentum
13.52
Positive
57.32
Neutral
31.96
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:VIJAYA, the sentiment is Positive. The current price of 1313 is below the 20-day moving average (MA) of 1485.12, below the 50-day MA of 1426.82, and above the 200-day MA of 1168.61, indicating a bullish trend. The MACD of 13.52 indicates Positive momentum. The RSI at 57.32 is Neutral, neither overbought nor oversold. The STOCH value of 31.96 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:VIJAYA.
Vijaya Diagnostic Centre Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | ₹85.89B | 32.61 | ― | 1.67% | 21.09% | 65.51% | |
74 Outperform | ₹317.91B | 59.33 | ― | 0.83% | 14.29% | 5.55% | |
71 Outperform | ₹148.03B | 82.62 | ― | 0.13% | 20.18% | 24.71% | |
65 Neutral | ₹17.04B | 47.81 | ― | 0.31% | 23.31% | 7.56% | |
61 Neutral | ₹17.41B | 18.01 | ― | 0.37% | 10.19% | 20.99% | |
59 Neutral | ₹120.40B | 60.24 | ― | 0.34% | 21.80% | 31.84% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:VIJAYA
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Vijaya Diagnostic Centre Ltd. Corporate Events
Vijaya Diagnostic Centre CTO Resigns, Technology Leadership Transition Ahead
Jun 9, 2026
Vijaya Diagnostic Centre has announced that its Chief Technology Officer, Sai Siva Prasad, has resigned from the company for personal reasons, with his last working day set for August 8, 2026. The board has formally recorded its appreciation for h...
Vijaya Diagnostic Centre Plans Singapore Non-Deal Roadshow with Institutional Investors
Jun 9, 2026
Vijaya Diagnostic Centre Limited has announced that its officials will hold in-person one-on-one meetings with institutional investors and analysts in Singapore on June 15 and 16, 2026, as part of a non-deal roadshow organized by Emkay Global Fina...
Vijaya Diagnostic Centre Announces Completion of Tenure for Two Independent Directors
May 25, 2026
Vijaya Diagnostic Centre Ltd. has announced that non-executive independent directors Shekhar Prasad Singh and Satyanaryana Murthy Chavali have ceased to be directors of the company following the completion of their respective tenures as of the clo...
Vijaya Diagnostic Announces Completion of Tenure for Two Independent Directors
May 25, 2026
Vijaya Diagnostic Centre has announced that non-executive independent directors Shekhar Prasad Singh and Satyanarayana Murthy Chavali have completed their tenures and ceased to be directors as of the close of business on May 25, 2026. The board ha...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.