Thank you. Good afternoon everyone.

I'm Amey Chalke 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 Centre Limited. At the outset, I would like to thank the management of Vijaya Diagnostic 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.

Suprita Reddy, Managing Director and Chief Executive Officer; Mr. Ankit Shah, Chief Financial Officer; Mr.

Sivaramaraju, Chief Operating Officer; and Mr. Dhiren Gala, Assistant General Manager, Strategy and Investor Relations.

With that, I will now hand over the call to the management for their opening remarks. Over to you, ma'am.

Thank you, Amey, 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 5 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. 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 of 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 2,000 employees to over 3,500 employees over these 5 years, welcoming close to 1,500 new members into the Vijaya family.

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 disciplined and a purpose-driven approach. Having said that, over the last 5 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 margin. 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 Q4 FY26, supported by a healthy volume growth of around 18.5%. This performance was attributable to both pathology and 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 Vijaya brand in new markets, supported by our differentiated service proposition.

Coming 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 breakeven in 1 year, in line with our guidance.

Further, the two hubs launched in Q3 FY26 in our core markets, Khammam and Nandyal, achieved breakeven within just two quarters, outperforming our guided timeline of three quarters for hubs in our core markets. Coming to our expansion plans for FY27, we would be commissioning four to five hubs and 10 to 12 spokes across our network.

We are also coming up with a state-of-the-art, totally automated lab in Punjagutta, 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.

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 Vijaya. 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.

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 31st, 2026.

The consolidated revenue for the current quarter stood at INR 219 crores, reflecting a strong revenue growth rate of 26.6% YoY. 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. 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 revenue per test and revenue per footfall stood at INR 488 and INR 1808, respectively, during the current quarter.

EBITDA for the current quarter stood at ₹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 an 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.

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 INR 337 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 INR 173 crores, with a margin of 21.2%. Coming to the update on capital investment in the current period, the overall capex outlay has been INR 169 crores, inclusive of replacement capex.

For FY27, the capital outlay for the new centers, including the lab, the new automated lab, is estimated to be INR 140 to 150 crores. That's all from my side.

I would now like to request the moderator to open the lines for the Q&A session. Hello.

Please. Yes, please.

Thanks for the opportunity, sir, and congratulations for the great set of numbers. Sir, 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.

Sir, 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?

Surya, all our packages have mix of both radiology and pathology. 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.

If you see, more or less there'll be mostly at 50-50% proposition. It is also based on, if you see our retail packages which are there on the website, right from lifestyle to full body health checkup, you have mix of both path and rad.

Even the trends that we are seeing from the corporates, right, whenever they're empaneling for their employee health checks, they're asking us a mix of both pathology and radiology tests. That's the trend that we are seeing across the packages.

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?

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 maybe in the similar range.

Okay. In terms of the growth, what we are seeing that even Hyderabad, which has been considered to be a kind of mature segment, still that we are seeing around 20% kind of a growth, one of the strongest growth that we have reported this quarter.

Anything specific that is contributing, sir, and how sustainable is the kind of a growth momentum, sir, in Hyderabad?

Like we discussed in the past, right, whenever we have a good season, when we have that kind of revenue in the market, Hyderabad, like we discussed in the previous calls also, right, we feel the market is mature, but then we see the market growing at a similar pace, a little bit in a better pace, both across hospitals and diagnostics, right? Especially like ma'am mentioned in her opening remarks, I think the three, four key pillars, right, 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 as and when there is a favorable season, we are inching the market share, and we are growing better than our peers.

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 space, right? It is because of the three, four things: one, we are available across the city, right?

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.

While maintaining all this, we are not charging anything extra, more or less we match the market rates, maybe 2% to 3% here and there. I think that over the years, if you see, it's not today's scenario, maybe few percentages here and there, over the years in Hyderabad, we were growing in double digit, and even in the near term, in the current financial year also we are planning to add a few more spokes in Hyderabad.

There are many new markets, new pockets that have opened up in Hyderabad. We foresee that even in the near future of 2 to 3 years of term, we will still grow in double digit in Hyderabad.

Sir,

and in terms of the capex or investment per annum, we have seen obviously in the recent years, because of our geographical diversification, some capex intensity that we had seen. We are now talking about similar kind of a capex momentum even in FY27.

Practically, what is the thought process here because, obviously, the cash flows from the operation if we see, is been obviously becoming stronger and stronger. 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?

You're right, Surya. The number that we just quoted is basically the centers where we have taken on lease, but at the same...

These are executed, signed, registered lease is something that we would probably announce out on the call. The capital outlook of what Ankit has given is keeping in mind the entire four hubs of what has been signed and the automated lab and the 10, 12 spokes that are coming.

Like we've mentioned earlier on, last year you did not see any spokes coming out in Hyderabad or the core markets, 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. This is capex guidance for the executed leases, which is the four to five hubs and the 10 to 12 spokes.

Like I've always mentioned, when there's opportunities, there's not looking back, now we have two or three more geographies. 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.

Yeah. This guidance for next 1 to 2 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.

Okay. Just last one point from my side, ma'am.

In fact, in your opening remarks that you mentioned over the last 5 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. That means it is a volume-led growth only that we have seen practically in a way.

Is there any scope for premiumization play in the near future that you think? Simultaneously, as you have mentioned also that genomic, that is a new area of opportunity for you, 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 is [unclear].

Genomics is a long-term play. I don't think we'll see any significant revenue coming in the next...

There are a few departments in lab, Surya, irrespective of volume, 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. Histopathology is now been there for more than 35 years and one of a very large department in the lab.

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 need. 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.

It's just the beginning, 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.

The focus for the next 2 years would be on center addition and volume-driven growth. While we may have that 1%, 1.5% of realization growth, right, but the major focus for the next 2 to 3 years is capacity addition and then volume-driven revenue growth.

Sure. Thank you, sir.

Wish you all the best.

Thank you.

Hi, sir. Thank you for giving me the opportunity and congratulations on a good set of numbers.

My first question is, in Q4, the EBITDA margin came in 43.5%, which is a 380 bps jump YoY expansion. Hello?

Am I audible, sir?

Yeah. Would you mind repeating?

There has been a bit of wobble.

Okay. Oh, yeah.

My first question would be in Q4, the EBITDA margin came in 43.5%, which is 380 bps YoY expansion, but when you strip out the operating leverage on the fixed-cost base, the other expense line grew 21% in YoY in Q4. What specific cost levers drive this margin outperformance?

Can you throw some color on that?

It's basically the operating leverage in existing network. If you see our business, except few costs like consumables, doctors, etc., it's more of fixed-cost business, right?

Whenever you see jump in the revenue growth, obviously that will flow down to EBITDA. Also the other point is all the new hubs that started, majority of the new hubs have broken even faster than the expectation.

It is mix of both the operating leverage and the breakeven of new centers that have led to the 43.5% margin. 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 on to technology and talent.

We have, in fact, 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. This incremental cost will be [unclear] for this financial year, but in terms of the guidance, we are with growth, while opening new centers, we'll still be delivering 40% plus EBITDA margins.

Rajat, one of the reasons why the EBITDA margins were closer to 43.5% this time around was due to Hyderabad geography growing at 20%. There was huge operating leverage came due to that and overall, if you look at the OPEX 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% to 2.5%.

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.

Great, sir. Sir, the last question on the revenue per test, which is being a jump by 4.3%.

Even though your pathology, radiology mix is quite same as FY25, is it because of wellness share increase or so what's the reason of this? No,

that is largely because of the new hubs ramping up. All the new hubs in Bangalore, West Bengal, now they are ramping up quickly.

That is just because of the change in the test mix, because in the first year it is still driven largely by radiology. That's why you're seeing that a higher number.

Sir, what's the volume growth in terms of core geography and non-core geography?

Volume growth

in core versus non-core?

Core versus non-core,

yeah. When it comes to Hyderabad for Q4 YoY, the volume growth is roughly about 18.5%.

Okay.

Hi, thank you for the opportunity. Just harping 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?

Anshul, I understand Q4 we have delivered 43.5%, but if you see for the entire full year, it was around 41.5%, right? If we are opening, let's say, 12 spokes and four hubs, yes, more or less we may end up in the similar range.

Let's say, 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 we are talking now.

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 Dhiren said, why the guidance would be 40%, we'll try to deliver a better number than that.

Sure. Next question I had was we already have a cash balance of almost 280-odd, 300-odd crores and I think by the looks of it, assuming sort of the capex that you have just outlined, we 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, and how does management think about deploying this cash on books?

Anshul, like we've mentioned earlier, anything that comes to us in terms of an inorganic or a merge-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 ethos matches, we're more than happy to look at that asset. Then comes the valuation reasonability there also.

If something comes up, there's almost close to about eight to 15 assets that come to us on a yearly basis, but we're very, very conscious about what we bring onto the table, to the board, and to our shareholders because it needs to add value. Probably that look is going to be out even for the future.

Also like Shiva's mentioned, these are only executed leases for this year of say the three to four hubs, and if an opportunity comes up, like I mentioned, two to six states, if say we get an opportunity to add another four or five, we would definitely go ahead doing that. You would also see additional deployment and capex happening accordingly.

With hubs also comes spokes. That's a reason why we're 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.

Sure, very clear, ma'am. There are no plans of adding another cluster for the next two-odd years?

I think you mentioned that. See, if you're looking at the numbers and everybody's very happy, the operating leverage playing out today is because of the dense network.

We're saying you have entire Pune and then Calcutta, and now already Bangalore's a new baby, and with a few more hubs coming there. The denser we grow into Calcutta, in West Bengal and into Pune, this is probably going to just get better.

If at all we have to add, it should be through inorganic, but...

Which should be large enough for us to say we're ready to take on one more cluster.

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 sum up the bits and pieces of our network addition or the automated lab, our current capex guidance of ₹140, ₹150 crore, does it not assume any new hubs that you have planned which have not yet signed 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 this better.

Anshul, for the new centers which have been outlined in the investor presentation, which are roughly about four to five hubs and 10 to 12 spokes, the capex would be between ₹120 to ₹130 Cr, and then the additional capex would be on the automated lab in Punjagutta. This capex is for the leases which have been executed.

Having said that, as Siva and ma'am mentioned, there are a lot of projects in the pipeline. Whenever we get the opportunity, we will definitely revise the capex guidance.

That revision will happen on a quarter basis.

Just to add, Anshul, what we have considered in this ₹150 crores is about close to ₹10 to ₹12 crores of replacement capex. It is not just the replacement capex, capex within the existing centers where we'll add some new modality.

Got it. Are we planning any flagship hubs in the non-core clusters, because ₹120-odd crore for four hubs and 10 to 12 spokes seems heavy?

We had announced in Q3 of FY26 that we'll be coming up with flagship centers in Bannerghatta, Bangalore, JP Nagar.

Which will have the high-end PET-CT, high-end MRI, and cardiac CT.

This is a center, Anshul, where the center has equipments which are probably not there in our core markets of Hyderabad itself. You will be looking at a digital cardiac PET-CT coming in there, and it's the one of its kind, very wide-bore 70, Omega MR, I think they're only a few in India.

This is what Bannerghatta is going to offer, and probably it should be ready to go in the next couple of months. That's something that's ongoing.

Going forward, we'll probably in the coming year look at bringing in a center like that even in the core market of Hyderabad. Finding that right location in Hyderabad, we will do a center like that provided we find the right location.

Lovely. Very clear.

Just a couple of more questions, if I may. On wellness, what would be the average realizations in our wellness portfolio for the company, average realizations for us?

It's in the range of ₹1800 to ₹2000, Anshul. For Q4, otherwise generally at a full year level, it was more or less closer to ₹2000.

It is because of corporate wellness, because corporate wellness, every client has a different requirement, but if you see retail wellness, it will be slightly higher than ₹2500 is the average realization.

The reason I asked this question is sort of incremental contribution from wellness portfolio would not lead to realization per patient improving. Would that be fair to say?

No,

it will lead to realization per patient improving, but not the realization of test, because if you see at a company level, this quarter we were at ₹1800 realization per patient. If we add more wellness packages, realization per patient will go up, but realization per test will come down.

Will come down.

Got it. Very clear.

Just one last question. I think ma'am mentioned that PH or the Pune cluster has grown by 16% YoY.

That is for the current quarter or for the full year?

Current quarter. If you see, Anshul, Q1, Q2, there was slight degrowth and Q3 we have seen improvement.

I think Q3 we grew by I think 8%, right, and this quarter about 16%. We are seeing uptick in revenue both month-on-month and year-on-year.

This would be largely on the back of the new center additions we have done, right? Or have we done any capacity bottlenecking in the PH centers that we had?

Yes, 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 the new centers.

Lovely. That's it from my end.

All the very best. Thank you.

Thank you.

Thank you.

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? That's it.

As of now, we have seven hub centers in Kolkata. Out of which, three centers were just opened a couple of quarters back.

If you see the old center, Medinova and the VIP Road, you've seen the growth, right? They've grown at very majorly VIP Road, because Medinova again was a old center and it is running at its full capacity.

Right? If you see VIP Road, you've seen double-digit growth year-on-year.

The rest of the five centers were added during the last financial year, out of which two centers which were added in Q1 of FY26, they did break even in less than 9 months. The rest of the centers like Phoolbagan, Diamond Harbour,

Kasba,

they just opened a couple of quarters back. We expect the similar kind of ramp-up to happen at these centers and we are confident of achieving the breakeven within 1 year of our guided timeline.

The next financial year, I don't think we should compare with the current base to the next year growth because of the center additions that happened, but you will see a very healthy growth of revenue in West Bengal in the current financial year.

Understood. Also, following the Pune expansion, are there any inorganic opportunities shortlisted for the further expansion in the western region, like for a mid to long term?

Not in Pune as of now. We want to more go organically, because since we have acquired a brand, now I think we feel that it would be better if we expand this brand rather than acquiring one more asset in the same geography.

Okay. Yeah.

Thank you and all the best.

Hi. Congratulations on the good set of numbers.

I just had a bookkeeping question. What would be your pre-Ind AS margin for FY26 and for the quarter, if you can help me with that?

See, by pre-Ind AS, you are referring to more of Indian GAAP?

It's just the Ind AS impact of rentals.

While we don't maintain books as per Indian GAAP, but it should be close to about 7%. That should be about 35%.

It's 35% for the entire year.

Got it. Great.

That's helpful. Thank you.

Hi, guys. Am I audible?

Rishi.

First question I had was on the tech investments that y'all are making or y'all have made. Just is it upcoming or y'all have already made the CRM, ERP, and AI in radiology investments?

Rishi, it's ongoing. We have invested a little bit in the last financial year, right?

Over the years, if you see from FY23 onwards, consistently every year we are either revamping the existing systems and we are also getting more integrations, right, to enhance the customer service and also in terms of the billing 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, we have started the work in the last financial year, but we'll be launching them in the current financial year.

Apart from that, in terms of AI, we have onboarded few solutions in Q4, right, the fag end of Q4, like it can be CT KUB or the dental scans. We are also in talks with few of the other firms to see how we can implement for the other modalities like something for lung, liver, and brain.

This will be an ongoing process, and also in terms of data security, right? Year-on-year we are increasing our spends on that.

In terms of digital marketing, digital marketing was something which we started 2, 2.5 years back. If you see last one financial year, we have almost spent roughly around 6 to 7 crores on digital marketing, where we see that cost doubling in the current and the next financial year, because that's one of the channel where we have seen good revenue coming from.

Likewise, Rishi, I think technology is something that is still evolving. Right, for the next 1, 2 financial years, you'll be seeing some investments happening on this front.

Right. This will be an ongoing process now for y'all and we should not expect ideally any hiccups in the implementation of this.

Like you mentioned, right, the last time we implemented LIMS, there was some of a hiccup in one of one-odd quarter.

Implementation 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 onto our radiology information software.

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. 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.

Probably something that we can release to customers is not going to be more than six or seven. 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.

All right. That's great to hear.

Second, I wanted to understand on the Pune piece, right? Great job on getting the revenue growth back on track, 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 y'all opened, right, the new hub, is it ramping up faster or is it approaching breakeven faster than the first new hub that y'all had opened?

No, Rishi, I think both the hubs have taken similar time, because I think both the areas are two different sides of the city, right? If you see, both in Ambegaon and Kalyani Nagar, PH never had any presence, within the city, it is like a newer geography, right?

Kalyani Nagar, the full-fledged operation started in Q2 of FY26. Even that hub, like Ambegaon, took time, we've almost completed 6 to 7 months of full-fledged operations by now, I think 8 months of full-fledged operations by now.

I think we'll be taking full 1 year here also for the breakeven to happen.

Okay. All right.

Finally, just any favorable seasonality element in our numbers this quarter, like some illness or some seasonal flu or something in our numbers?

Nothing specific, Rishi, but we have seen growth across both retail

and sick

and also wellness. I think all the modalities and all the channels have basically fired.

Rishi, overall

life

segment also has shown a good growth during this quarter, so that has also helped in overall revenue growth. All right,

all right. Great.

Thank you. Thank you, guys.

That's all from my end.

Thanks.

Thanks, Rishi.

Hello.

Hi, Sumit. Hi.

Good afternoon.

Hi, Sumit. Thanks.

Yeah. Few questions on Pune, so...

Is it fine?

Yeah. With respect to Pune, it grew 16%, what would be the volume growth for this quarter in PH?

Footfall growth was roughly about 15% during this quarter YoY. Purely footfall growth, Sumit.

Okay. What is the outlook for the PH segment over the next, let's say, 3 to 4 years?

How should we see this contribution increasing on the whole basis?

For all of this new geographies, Sumit, like we said, right, quarter-on-quarter maybe we'll have to change our guidance a little bit, because we have the regional heads for each of these regions, and then parallelly all these regions are growing. In terms of finding the new centers, etc., the work is happening on the ground at all of these regions.

If you ask us, we're very confident in the next 1, 2 financial years we'll be growing in double digit, but at the same time, let's say if we find more centers, if we can close on more centers, maybe one geography may be overtaking the other geography. That is something that maybe next 2 years will be slightly dynamic between these geographies.

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.

Okay. Sir, I was asking from, let's say, not in the near term, but from a medium-term point of view, should we see the kind of traction that you're getting in Pune market, can we hope to see that continuing?

Sumit, can you please repeat?

Basically the kind of traction that you are witnessing in Pune, for the medium term, let's say not next 3 to 4 years, how should we see Pune geography as evolving? Like we are adding both hubs and spokes in that and recently opened Ambegaon, that is also broken even.

How should we see that panning basically the revenue percent are improving?

Sumit, I think and especially in Pune, right, I think that was the only one guidance which did not happen according to our guidance which we gave 3 years back, because we thought Pune in 3 to 5 years we will double our revenue. Then we went very slow.

We did not open centers also. We went very slow because, after acquiring, we took 1, 1.5 year to settle in ground-level things like changing software, aligning the processes, etc., because before taking on growth, that is very important.

You have to imbibe the culture there before you take on growth. That's one of the reason why you've seen the delay in the growth.

Having said that, with whatever effort that we have put in the last 2 years and with the kinds of teams now we are deploying there, we are very confident that in next 3 to 5 years we'll be easily doubling up our revenue from where we are now.

Understood, sir. With respect to revenue per center at the mature stage, let's say in Hyderabad, you are nearly around 6 crores per year, what is the peak revenue per center which one can achieve, or is there any ballpark figure or am I missing something?

No, no. Even if you will see at maturity, the revenue from the new hubs that we have opened, you will see more than 12 to 15 crores kind of a revenue similar like in any other geography there.

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're doing more or less close to 10 crores kind of a revenue.

Otherwise in the newer hubs that we open, because the hubs will be more or less similar to what we do in Hyderabad, you will see the similar kind of revenue profile coming from these centers.

Understood, sir. Lastly on the Bangalore performance, the two hubs which are open in HSR and Yelahanka, how are they performing?

What's the overall traction that you're seeing in Bangalore?

We are very optimistic about that geography with whatever results that we are seeing in the last two to three quarters. We opened in Q1 of last financial year and like we told, Yelahanka did break even and HSR is almost closer to breakeven.

That's one of the reason why we have already finalized one flagship facility there and we also finalized one more location in Rajajinagar, which we have put in on the PPT. Parallelly we are looking for more hubs in Bangalore.

We are very optimistic about the Bangalore city.

Okay. Sir, 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.

In your geography, have you witnessed any competitor increasing, which has led to a bit challenging for you? I

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, right?

Bangalore also has a very strong pathology diagnostic player, right? Like the differentiator is the radiology, right?

We have both path and rad radiology and it's a more of an integrated play. Bangalore as a market, like we told you, it is almost similar to Hyderabad, but you don't have any large integrated diagnostic player.

You have multiple small integrated players. 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. 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 HSR as a flagship, it is only hardly 6-, 7-kilometer radius, but I don't think a patient from, JP Nagar will be traveling to HSR for their diagnostic needs. That is also an other opportunity, right?

Considering all these factors, we feel Bangalore as a city will give us give us that room to add more hubs and spokes, both hubs and spokes, in the next at least for the, I think, the capex deployment will be continuously happening for the next 5 to 7 years.

Okay. Basically my question was largely from the hospital-based labs.

Hospital-based

are basically probably designed to take care of the needs of their inpatients. If you look at their lab, which are more or less like back-end kitchens, are to cater to their inpatients.

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.

Insurance is a major factor there for admissions. If you look at largely 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.

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're 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.

Being in a close proximity to their residential areas, 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.

Understood, ma'am. Thank you.

All the best.

Yes, hello, ma'am. Hello, sir.

Congratulations on the wonderful performance. I just had two quick questions: that we do not have any significant coverage in North India, so that is a strategic decision, or that is something that we are not looking at altogether right now?

To answer you directly, we're not looking at that right now, because like we've 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. 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 a wellness and single center, it's 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.

Just a follow-up question, ma'am, when you say immediately, you are talking for the next 1 to 3 years or 3 to 5 years?

Probably say another 3 to 5 years is something because we have Karnataka and West Bengal to look at, concentrate and grow, with Pune already in that process, definitely 3 to 5 years.

Sure. Thank you, ma'am.

Yeah. Thank you for the opportunity.

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?

Yeah.

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 Gulbarga. We have one in Gurgaon, and the balance in Pune.

Okay. Could you also provide a breakdown of your centers in terms of flagship centers, hubs, and spokes?

Roughly we have about 50 hubs and balance 112 spokes. As highlighted in the press release, we have 30 labs, which also include a couple of mini labs as well.

Got it.

Got it. Thank you.

Hi, sir. Just one question.

What would be the indicative number for the maintenance capex for FY27? It

will be around ₹10 to ₹15 crores. Typically the maintenance capex is roughly about 2% to 2.5% of our top line.

It will depend on...

Okay. Sir, 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?

It is slightly difficult to track also, because I think somebody who is onto the medicine, not every clinician is writing the package name. Sometimes the list of tests that we get as part of prescription.

Significantly we are not seeing any change on the ground.

Being a majorly B2C-driven company, we've hardly seen requests for a proper GLP package come in. They tend to either choose to go to a physician or an endocrine, and it's the doctor's choice of the tests that they request.

We would not probably be able to give you that right number. We've not seen actual requests for a GLP package come in yet in the geographies that we operate in.

Okay. Just to add one line, because a number of players in the diagnostic space have launched their packages, just wanted to know your view on it.

Anyways, thank you. Thank you.

Thank you.

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?

We had taken price hike in Q1 of FY26 and it was roughly about, you can say, 1%, 1.5% overall growth realization. This year also, we'll be taking roughly about 1% to 1.5% of price hike.

It will be effective either in Q1 or Q2. As of now, we did not do that.

Maybe in Q1 or Q2 we may take. Not every year we do the price hike across tests.

Every year we pick few tests and then do the price hike.

Okay. Thank you.

Hi. Good afternoon.

Am I audible?

Yes, sir.

Yeah.

Hi, ma'am. Congratulations on the good numbers.

I had two questions. First one was regarding the wellness segment.

Our wellness segment growth has been really strong. 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, any color on that?

We have the data, but it's too early to comment, because we started tracking these numbers being migrated to newer systems 2 years back and we just started tracking the numbers. While with phone number and also with the unique UHID, we track these numbers, but then I think we should give another 2 years of time for us to actually see what are the recurring patients, because they may come once in a year or once in 2 years.

Not every customer will come once in a year, right? I think we should give 2, 3 more years of time, yeah.

Got it.

In terms of corporates, what is the kind of pipeline or the order book that we are seeing in terms of repeat and also retention and also the new ones that are added?

Few large corporates, yes, we are catering them for last couple of years, but then at the same time, with lot of aggregators in play, right, and few corporates being price sensitive, we keep seeing the churn. In terms of large corporates from the last 2, 3 years, we are continuously getting orders from them.

Just one last question. Ma'am had mentioned 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?

There is no much impact from online players, because, I think post COVID, we have seen multiple online players, the names have changed, but then if you see, as such, we did not see any much impact coming from these players. The only change that we see is 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 bundled package in terms of insurance and also the wellness, and then they again outsource these diagnostics to Vijaya or any of the other diagnostic players.

Understand. Thank you very much.

Yes, ma'am. I had one follow-up question.

Do we have a plan for the next either 1 to 3 years or 3 to 5 years of ever exploring the franchisee side of things?

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.

That is definitely, ma'am. I know and very much appreciated that this has been done by the company.

I just wanted to ask this as a follow-up question that if in the near future or if in the distant future, we wanted to explore the franchisee model like others are, yeah.

No, not at all. Not at all.

Okay. Thank you, ma'am.

Thank you.

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.

Thank you.

Thank you.

Thank you.