Thank you, and good morning, everyone. I'm Abin Benny, and on behalf of JM Financial, I would like to extend a warm welcome to all of you on the first quarter FY27 earnings call of Vijaya Diagnostic Centre Limited.

At the outset, I would like to thank the management of Vijaya Diagnostics 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 the outlook.

From the company, we have with us today Ms. Suprita Reddy, Managing Director and Chief Executive Officer; Mr.

Narasimha Raju, Chief Financial Officer; Mr. Dhiren Gala, Head Investor Relations and Corporate Development.

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

Thank you, Abin, for hosting the call. Good morning, and thank you all for joining us on the call today.

Before I move on to a detailed business update, I would first like to welcome Raju back, who's rejoined as our Chief Financial Officer, and I'm sure he doesn't need any introduction to the investor community. Moving on to the business update, I'm pleased to start on a positive note as we delivered a solid year-on-year revenue growth of approximately 22.8%, supported by volume growth of nearly 16.5% in Q1 FY27.

Coming to PH, we're very happy to inform that we have delivered year-on-year growth of approximately 18%, primarily driven by network expansion. Happy to announce that during the quarter we also added one hub center in Gachibowli, Hyderabad, with a 160-slice cardiac CT with superior infrastructure.

During the quarter, we further expanded our network with the successful commissioning of four spokes across Hyderabad, AP, and Pune. In July, we added another two spokes.

I'm pleased to announce that in July we also commissioned our flagship hub in Bengaluru located at JP Nagar, where we have introduced advanced imaging technologies including a digital PET-CT with an inbuilt cardiac CT, and also a 75 cm wide-bore 3T Omega MRI. The 75 cm ultra-wide bore design allows a parent to remain directly inside accompanying the child, ensuring maximum comfort, eliminating anxiety.

It also enhances comfort for claustrophobic as well as bariatric customers. The hub also houses a full-fledged, state-of-the-art automated lab which will serve as a central lab facility for our Bengaluru network.

Our capex plan includes commissioning another nine hub centers and 10 to 12 spoke centers, out of which we have already commissioned two hubs and six spokes till date. We will be continuing our efforts to strengthen the technical and mid-senior level leadership team across our network to help scale in a sustainable manner.

With that, I now hand over to Raju to walk you through the operational and financial highlights. Thank you.

Thank you, ma'am. Good morning, and a warm welcome to everyone.

It's a pleasure to be back to the Vijaya family, and I look forward to meeting you soon. Now I'll take you through the financial performance and key developments for the quarter ended June 30th, 2026.

The consolidated revenue for the current quarter stood at ₹231 crore, reflecting a strong revenue growth rate of 22.8% year-on-year. This strong revenue growth was again driven by test volume growth of 16.5% year-on-year.

Balanced growth was due to change in the test mix and increase in realization. Hyderabad continued to outperform, maintaining its strong growth momentum at 17% year-on-year revenue growth.

Pune also delivered 18% growth year-on-year. 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%.

During the current 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 ₹503 and ₹1,860 respectively during the current quarter.

EBITDA for the current quarter stood at ₹98 crore as compared to ₹74 crore in the corresponding quarter in the previous year, reflecting a year-on-year growth rate of 34%. The EBITDA margin stood healthy at 42.7% in the current quarter, with an improvement of 360 basis points year-on-year.

The profit after tax for the current quarter stood at ₹53 crore, reflecting a growth of 37.6%, and the PAT margin also stood healthy at 23%. As you're aware, we commissioned 10 hub centers during the previous year, and the pace at which most of these hubs are ramped up has exceeded our own expectations.

The momentum has continued into the second year as well, with pathology revenue now beginning to scale alongside radiology. This strong execution has given us the confidence to deepen our presence in these new markets and replicate the expansion strategy demonstrated last year.

Accordingly, we plan to commission nine hub centers, 10 to 12 spoke centers, and our state-of-the-art Panjagutta reference laboratory. In addition, we intend to acquire land in one of Andhra Pradesh's key medical hubs for setting up another hub center for future expansion plans, with an estimated investment of ₹8 to ₹10 crore.

Overall, we expect our capex to be approximately ₹190 to ₹195 crore for this expansion. We continue to maintain a strong balance sheet with a surplus cash position of approximately ₹330 crore, consistent cash flow generation of close to 26% to 27%, and a healthy return ratio.

This resilient financial foundation enables us to pursue our expansion strategy with confidence and maintain a disciplined approach to capital allocation. That's all from my side.

I would now request the moderator to open the line for the Q&A. Thank you.

Good morning, everyone. Ma'am, my first question is regarding the number of centers.

As of Q1, the total number of centers is 166. Could you just give us a break-up between this, how many hubs, how many spokes, and does this include collection centers as well?

Hi, Siddhant. In the total of 166 centers, we have 51 hubs and 115 spokes with approximately 26 processing units.

The 26 processing is a part of the 166 number, right?

Yes.

Mostly

processing centers are part of the hub centers, and these act as the cluster labs to process all of those samples across those geographies.

Okay. Then, ma'am, when we say collection centers, don't we have any collection center number?

No, we don't do plain collection center formats at all. The smallest center will also have ECG or X-ray, all of those centers put together come in the spokes of

115.

Got it. The acquisition from the Pune PH Diagnostic, they had 12 collection centers, so that also had the spokes model with the ECG and—

The collection centers of PH after acquisition also gradually have been upgraded, and most of them have added some amount of imaging and cardiology into it.

Okay. Ma'am.

Now my second question is regarding the capex. The two hub centers that we commissioned this quarter, what was the combined capex for the two hub centers?

I'll let

Raju take that.

Hi, Siddhant. As you mentioned, in the current quarter, we commissioned two hubs: one in Bangalore, the state-of-the-art hub center with 3 Tesla wide-bore, okay, and also we installed digital PET-CT with an inbuilt cardiac CT as well, and also we have added this state-of-the-art laboratory as well which will act as a central lab for the entire Bangalore region, okay?

For this center, the estimated capex was approximately ₹30 crore what we incurred in the current quarter. The second hub center what we opened is in our core geography in Hyderabad at Gachibowli.

Again, it's at a prominent location which is close to the financial district and HITEC City, okay? To suit to this location, we also have done, okay, slightly superior infrastructure as well at this center, and this center has also got 160-slice, okay, cardiac CT as well in this hub center, apart from the basic radiology equipment like ECG, X-ray, ultrasound, mammography, etc.

The capex for this center was ₹9 crore in the current quarter what we incurred.

Okay. Oh, thank you so much.

I'll get back to the queue.

Sure.

Yeah. Hi.

Thank you for the opportunity. Sir, just wanted to understand, in your opening remarks you mentioned about doing a capex of close to ₹190, ₹195 crore and getting some land.

What exactly are we doing there? If you can elaborate, it would be helpful.

Sure, Abdulkader. As mentioned, okay, in the next 12 months, okay, we are planning to add, okay, close to nine hub centers and 10 to 12 spoke centers, out of which we already, okay, added two hub centers as of now, and also coming to the spokes, we added six spokes across our network, okay?

Also further, we are also planning to set up a hub center at one of the key tier 2 locations in Andhra Pradesh as well, okay? There, in order to secure a leased location, okay, we might invest ₹8 to ₹10 crore to purchase a land to set up another state-of-the-art hub center which will be close to medical facilities over there, okay?

The overall capex is ₹190 crore in the estimate of this, out of which, as I said, okay, the major capex is towards the JP Nagar Bangalore facility, which we incurred ₹30 crore, and the balance, okay, eight hubs will be in the range of ₹15 to ₹16 crore will be the capex for the other hub centers. Also as mentioned in the last call, we are also setting up a state-of-the-art reference laboratory in Panjagutta, okay?

The capex for this lab is also included in this overall capex of ₹190 crore.

Abdulkader, as you're aware, we commissioned 10 hub centers during the previous year, and the pace at which most of the hubs have ramped up has exceeded our own expectations. The momentum has also continued in the second year as well, with now pathology revenues scaling alongside radiology.

This strong execution has given us the confidence to deepen our presence in these markets and replicate the same expansion strategy which was demonstrated last year.

Sure, sir. Understood.

Second one on Pune. If I look at your Pune growth, it's close to 23%, while PH's growth rate has improved, but if we have to understand directionally, when, in what timeframe if you could help us mark that PH would start growing in line with what your average growth in Pune currently is?

Abdulkader, just to correct one data point, the Pune geography in the current quarter grew at close to 18%, okay, from close to ₹10.8 crore to ₹12.8 crore. Also in the coming quarters, we are also planning to add, okay, two more hub centers as well, and also we have plans to add few more spokes in that network.

Definitely we expect that, okay, the growth momentum will continue in Pune geography.

Sure, sir, understood. A final one if I may.

On margins, this quarter margins were quite significantly elevated, and given the expansion plan what you have, would you still guide for around 40% kind of a EBITDA margin range?

Yes, Abdulkader. The existing clusters, okay, have been growing at a very good rate, okay?

The operating leverage is being played out, okay? That is the reason why we could achieve this healthy EBITDA margins of 42.7% in spite of we adding last year close to 10 hubs, okay?

The drag, if any, from those 10 hubs would have been close to a 0.5%, okay, but because of the operating leverage that we're getting from the existing clusters, example like, okay, Hyderabad geography grew at healthy 17%, okay? Because of this, the operating leverage is playing out every quarter, and that is helping us to get this above 40%.

Even if you take a 40% to 42.5%, even if there is a drag from the future expansion another 1%, 1.5%, we're fairly confident of achieving the above 40% EBITDA margin.

Understood, sir. Thank you, and we'll get back in the queue.

Yeah.

Hi. Thank you for the opportunity.

Just following up on the previous participant's question on margins, the hub that we sort of commissioned in FY26 now that pathology revenues will sort of trickle down and these hubs will reward to our portfolio-level pathology contribution of revenues, we don't foresee any margin dip in those hubs because of this, right?

Anshul, Raju here, okay? We don't foresee any dip from these hub centers because 60% to 70% of our cost is coming from a fixed-cost base, okay?

Most of these centers, as we announced in the previous call, okay, they have already achieved the break-even. That means already fixed cost has been already absorbed.

As our cost of material consumption is 200 basis points to 11%. Contribution is 89%, okay?

Any further revenue in these hub centers from a pathology business side will directly flow to the EBITDA level, we don't foresee any, okay, dip at the margins level because of the pathology revenues growing up in these hub centers. Okay.

Sir, no dip in the hubs that we added in FY26, and in the current year, the hubs that we add, given such a large base of network, the margin dip would not be expected in the range of what we sort of witnessed in Q1 '26. Would that observation be correct?

Anshul, if you remember, in Q1, we had launched the six hubs. All came at one point of time.

During this year, you would see capex being in a staggered and a phased manner. We don't foresee a significant impact on account of these hubs during the current year or any of the quarters.

Okay. Thanks for that clarification.

Second question I had was on the land that we'll purchase in AP. This is no deviation from our strategy of leasing properties, right?

This is just a one-off case wherein we're not able to secure a lease and hence we are buying the land?

Anshul, like we've mentioned earlier, there are certain regions of interest that we would like to go in rest of AP, Telangana, and Hyderabad, and keeping the requirements of the long lease and the infrastructure, like we've mentioned earlier, if we find a place that's suitable and this is an area where we've been trying to open a center for the last almost six to seven years. When we found this piece of land which is ideal in size and also in terms of location is located in the medical hub of that particular region, we felt it's one of its kind, but it's going to be a state-of-the-art hub center for Andhra.

Got it. Ma'am, this land would likely be purchased in the current year, and the ₹190 crore capex includes this acquisition cost?

Yes, it does. It does.

Great. Lovely.

Second question that I had was on the wellness share, ma'am. Last year, we did 14.8%, and this quarter itself, we are at 14.8%.

Would it be possible to sort of add some color on how we are able to sort of drag or sort of stretch this lever? I have gone through the presentation, but any additional color on any specific age cohort that is sort of driving this and is this a structural sort of a lever that not all diagnostics

competitors have? Wellness is a differentiated lever, I would say, yes, more than structural.

Like I said, pre-COVID times, we used to be around 8%, and with the awareness, more migration, and a lot of education in the tier 2 geographies itself, now if you see the 15%, some of it is actually contributing from the tier 2 geographies, which was not what we would see in the earlier days. That's also a reason why we do not basically have this process of upselling or pushing packages.

The number that you're seeing here, 15%, is pure wellness revenue coming in from customers who are wanting to come and avail one of these packages. There's only two things that we do differentiated in this: one is a digital initiative that we continuously try to educate, and then you're seeing a lot of the newer hub centers get more advanced cardiac CTs.

What's happening is earlier on, the packages would probably end at an ultrasound, 2D echo, TMT. Now you are seeing packages go all the way from your basic urine, blood investigations, all the way up to whole-body imaging, that could be in an MRI, that could be in a CT.

That is also the reason why you're seeing a little additional costing in Gachibowli center, because we've tried to work a little differently with the center in terms of the look and feel of the center, the experience itself, and also packaging it in ways where the packages go into multi-organ screening. This is something that we will be taking forward into Bengaluru, Pune, rest of the geographies that we are, as we understand probably the requirements of the customers better.

Right. Fair enough, ma'am.

Just a follow-up on this, what would be the price point of these premium wellness packages for us at a portfolio level? Again,

like we said, we don't do deep discounting on this. Probably on an MRP, there would be a little lower than about 20% is the highest.

Average package of an individual would approximately range anywhere between, say, ₹8 to ₹10,000.

An increasing share of wellness, our patient-level or a test-level realizations will only inch upwards?

It will.

Great. That's it from my end.

Thank you so much and all the best for the remainder of the year. Thanks.

Thanks, Anshul.

Hi, good morning, everyone. Ma'am, firstly, if we look at Bangalore, it's been almost a year since you entered the market.

Can you talk about how the competitive landscape has been, both on pathology as well as radiology? If you can comment on your learnings over the last 1 year and how do you expect the market to play out over the next 3 to 5 years?

Competitive landscape, Alankar, I think is more or less the same across most of the geographies that we operate in. Bangalore has been no different, but Bangalore, keeping the limitations or probably the difficulties of the city itself in terms of your traffic, logistics, you've not seen large brands grow in Bangalore where a single brand has about 30, 40 centers.

They are locality-specific chains that have five to six centers concentrated in one cluster. To understand the market better, like we've mentioned earlier, we chose two geographies, since we were new to the market, to understand customer requirements: one in HSR Layout on one corner of the city, and Yelahanka on the other corner of the city.

Both of them exceeded our expectations, broke even in the first year itself. Now we've said, we will probably treat Karnataka as our next core geography after rest of AP, Telangana.

Keeping that growth and the plan in mind, we said we require a fully automated lab first to create a hub, to create the infrastructure before we go on expanding and adding on new centers. That is when JP Nagar has happened with this ₹30 crore capex investment, which is again like a state-of-the-art hub center like Panjagutta and Hyderabad for us in Bangalore.

JP Nagar center has infrastructure which is first of its kind, not only to Karnataka, but many states. The 3 Tesla Omega MR is the first in Bangalore, and the digital PET with a cardiac CT is also the second, only a hospital has it, and the first diagnostic to have it there.

Now there are two things here: to add to the wellness, full-body imaging in an MRI, and the cardiac CT gives you the full-body imaging in CT, they're not only going to be serving as prescription-based diagnostic facilities, but also probably inching towards wellness there. Now next, once the lab settles and gets accredited, you will see a lot more hubs and spokes coming up in Bangalore itself, and then we start looking at home collection.

This is basically setting up Bangalore for the next five-year journey. That is where we see ourselves on Bangalore.

That's pretty helpful, ma'am. Just one follow-up there would be, if I compare the different locations you're present in, the different cities, would you say that Bangalore in terms of the overall market dynamics is more closer to Hyderabad than any of the other cities you're present in?

Maybe another one there is, if you can compare and contrast Hyderabad and Bangalore in particular, and does Bangalore, apart from the micro-market points which you mentioned, can it be as big as Hyderabad for us conceptually if I look at the next, say, 10 to 15 years?

Alankar, definitely Bangalore and Hyderabad are very correlated to each other, specially because I would say the southern part of India. Initially when we entered Maharashtra with the Pune acquisition, we said we needed a little more time than the guidance that we had given because it is a new market and we are trying to understand the needs of that localized market.

If you look at South India per se, like we've mentioned earlier, the way the markets operate, whether it is probably Tamil Nadu, Kerala, Karnataka, Andhra, Telangana, will all be similar, because we tend to probably, like I've mentioned earlier, for a simple headache, we go and see a superspecialist and try to finish it in the first instance itself instead of waiting it out. Also a lot of, like you see, the wellness bit growing in tier 2 geographies, that is because of the basic awareness among clientage and the importance that is given towards healthcare.

Tier 2 geographies, the hubs are also ramping up because of availability of these superspecialists across these tier 2 geographies. Look at Gulbarga in Karnataka, it's comparable to say a Nellore or a Kurnool for us in Hyderabad geography.

They are definitely similar. If you say what do you look at for Vijaya in the next 10 to 15 years, it's going to be definitely eastern part of India and Karnataka.

Both of this are probably enough for the next 7 to 8-year plan to go as deep as Hyderabad, and these three states will definitely give us the numbers that all of us would be looking at.

That's very helpful, ma'am. Maybe one final question from my side is on Pune.

It's been more than 2.5 years since we entered Pune via the acquisition of PH. How should we look at your plans for Pune?

If you can again compare versus what the expectations from the market were at the time of the acquisition versus how things have played out, because if you look at the contribution from Pune, it has been relatively flat at about 6% for us since then. Of course, we have grown in other markets as well, expanded in other markets as well, but conceptually are you thinking about Pune slightly differently than how you were thinking about it 2.5 years back?

Definitely I'm looking at it differently, but I'm not probably looking at it differently in terms of growth. Probably the strategy and the play that we would do in the other geographies would be a little bit differentiated when it comes to Pune.

Like we've mentioned earlier, we did take our time to settle in, structure it out, put things in place, processes in place. Like we've mentioned, you'll be seeing these nine hubs coming up.

You will also see a large hub coming up in Pune, that is basically to create the infrastructure that was required because of capacity issues in the existing PH centers. This fully automated lab, again state-of-the-art center, that will come up in Pune will again align us to open a lot more spokes, collection centers, align wellness and home collection there, because today that probably the back-end facility was not available with PH, and we also had the constraint of finding the right location.

You will see that happen this year itself, in this financial year, which will show us an inching towards the growth. We've also performed well in Pune, we've shown an 18% growth, and the new centers are also ramping up.

We've also added one spoke in Karad as we speak in July. We definitely see Pune growing, but probably a little bit differently when you compare your eastern India and your rest of AP, Telangana.

Got it, ma'am. That's helpful.

That's it from my side. Thank you.

Thanks, Alankar.

Thank you. Hope I'm audible.

My first question is regarding the core plans. Growth has remained above 20% despite a higher base.

Possibly how much of this is attributable to the market share gains versus the industry growth? If you could give some color on the industry aspect that going on right now, and along with that, if you could give some color on the competitive intensity that has changed in any of your key markets in the last 6 to 10, 15 months?

Abin, look at our growth, okay? Since we're a B2C-focused, integrated diagnostic chain, we always have been outperforming the growth of the industry.

When the industry was giving close to, okay, 13% to 14% growth, we used to give at least 4% to 5% higher growth than the industry. The reason is mainly the strength of our business model, which is focused on B2C, and then focus on high-quality reporting, accurate reporting, plus the high-end imaging equipment that we introduced across our hub centers, okay, be it a tier 2 location or be it a metro geography, okay?

That is helping us to gain the market share quarter-on-quarter and that too consistently across the geographies, okay? That's the main reason.

Abin, if you also look at the current quarter, existing spokes in our core geography including Hyderabad, whose vintage is more than five years, they have grown at higher double-digit. It indirectly means that what we have been communicating since several quarters that there has been gain in the market share and that shift, although gradual, happening from unorganized to organized, that is playing out.

Quantifying the market share, etc. would be difficult, okay?

We don't have those exact numbers.

No worries. Thanks for that.

Second question is regarding the wellness program. Are corporates increasing their frequency of the wellness employee programs or is the growth largely driven by retail customers, and what categories of the wellness packages are probably currently witnessing the strongest demand?

It's a mix of both retail as well as corporate. Apart from the seasonal packages, the lifestyle packages are showing strong growth for us, be it cardiac, etc.

Those packages are showing strong growth for us. This is not just restricted to tier 1, even tier 2 cities are showing higher growth.

That trend has been a surprise for us.

Understood. Thank you.

I'll get back in the queue. Thank you.

Hi. Thanks for the opportunity.

Just to understand, on this we have a differentiated approach in tier 2, tier 3 cities, if you can give little more color. Second thing, on digital space that when you are talking, how do we really using AI is that we, pathology as well as other diagnostic, combining and giving a better output in terms of the patient prose wellness point of view?

Bharat? When it comes to AI, especially in the wellness packages, there is a smart report that we generate for all of our lifestyle packages that Dhiren was mentioning.

These are more customized towards the patient's history, details, age, and these are specific to that customer. All of the lifestyle packages across Vijaya, along with a traditional report, also get a digital AI smart report.

When it comes to reporting, there are certain modalities and basically AI is again organ-based in radiology. We cannot just take and click and implement any AI.

It needs testing, it needs validation, it needs specification before we can use it for clinical use. There are few of these that we use for our KUB cases, chest cases, breast cases.

As and when our team of 400-plus radiologists evaluate and then decide that this can be put for clinical use, these are patched to our PACS systems and it is an integrated report that goes out, likewise with pathology. When it comes to digital—

Sorry, ma'am. Coming back to on that same part, how is the acceptance, vis-a-vis other player, and where do we stand in this whole tech on wellness when you are saying that combining, and whenever we

will be able to— Even without an AI bit of it, Bharat, if you look at a wellness package in any integrated player, just not Vijaya, basically you're looking at everything from blood work to an ECG to advanced cardiac imaging to radiology. If I'm a smoker, probably you're covering your lungs through a chest X-ray.

If I have a liver issue, I'm covering it through your ultrasound. If I'm a lady above 45 years, there is women's wellness which covers your Pap smear in liquid cytology with a mammography.

If I'm a cardiac patient, then it goes through your cardiologists. Again, Vijaya only has qualified DM cardiologists who perform these tests, unlike other centers.

A wellness integrated center probably will have all this covered versus a pure pathology health package which would include probably in number you would look at, say, 30 to 70 tests being performed, but is it holistic and complete in nature? Now that depends on the requirements and needs of the customer.

This awareness is basically created that wellness bit to inch. If I probably go through what is my requirement in a year and everything is normal, you would repeat it only once in two years, otherwise probably a year.

Now this is again both from corporate side and a walk-in customer base. When a corporate customer walks in and goes through this experience, it's only fair to say that he would want his family to experience all of this.

With one corporate client, you also tend to have another two or three walk-ins who would want to come back and get a full health package done.

Is it really inching up in our overall revenue pie?

It is looking like that in your numbers. For us, operationally, it is definitely increasing and it is adding more value also.

That is the reason why we've also relooked and advanced the wellness packages into more advancement into some of these also, where age group of people is above 60 to 70, we've brought in an MRI brain into a screening protocol to rule out dementia, to rule out a lot of other things. In people, say, between 40 to 55 years, we've brought in a lot of advanced cardiac imaging with cardiac angios.

There is a separate profiling for liver patients with liver elastography. These are based on the needs and requirements of the customer.

Great. Now coming to this tier 2, tier 3 cities, if you can give—

Tier 2 and tier 3 cities are likewise, Bharat. If you look at Rajahmundry, why I'm picking is Kakinada is a larger geography compared to Rajahmundry.

We chose Rajahmundry as a geography to understand interiors of Andhra. When we entered Rajahmundry, we said we would like to give ourselves 3 to 4 months extra to break even.

We broke even in the first 9 months itself. Again, Rajahmundry, which gave us a very pleasant surprise, was in the wellness segment.

Rajahmundry, being the smallest town in that section, today has a lot of wellness packages coming in almost from 150 to 200 km surrounding it. Probably keeping Rajahmundry in mind is why we have looked at other geographies and also inching towards wanting to buy this land in another tier 2 geography and create a state-of-the-art hub there.

All of these tier 2 geographies medically, not just with diagnostics, in terms of superspecialists, specialists moving back, large hospitals coming up in these geographies. Early on, you would see customers traveling to nearby cities is gradually decreasing year-on-year, and all of this customer base is being treated, diagnosed, taken care in that geography itself.

Probably examples for you to understand better would be Tirupati, Kurnool, Nizamabad, Khammam, all of these centers.

In your vision of 5 to 7 years, where do we see our mix kind of a thing if you can give little more color? In next

probably I'm saying up to 10 years, we would replicate what we have mastered in the eastern part of India and in Karnataka as a whole, be as dense as possible, create the same dense cluster model of a hub and spoke, increase our home collection and wellness segment. At the same time, be pioneers in what we do, best in imaging, best in pathology.

Okay.

Thank you, and all the best, ma'am.

Thank you.

Hello. Thank you for the opportunity.

A lot of AI-based companies are on the lookout for healthcare data. Do we have any possibility of monetizing the healthcare data that we accumulate, and first of all, is it ethical, and what would be the regulatory things that we have to undergo if we have to monetize such a data?

Dr. Kartik, we're on the same page as you.

We have a gold mine of data, but today we do not know in terms of compliance on what can be done, cannot be done. We will engage the right agencies, and after we get what is required as per compliance, probably plan it out accordingly.

As of today, as Vijaya as a company, we do not share this data. We have a very strict privacy policy in place, and this data is not being shared with anyone.

Thank you.

Yeah. Hello?

My follow-up question is what was the mature center growth in Q1, and in terms of absolute EBITDA loss from the new center, could you just highlight what was the absolute EBITDA loss from the new centers?

The mature centers grew at 16%, and the new centers, the revenue contribution from them was 6% to 6.5% for the quarter year-on-year. In terms of the burn, the three to four hubs which have not reached the break-even, which we have launched one year back, or you can say a couple of hubs which were launched in December, the burn is roughly about 0.5% of our top line.

Overall, if you compare all the 10 hubs together, there is no burn as such, because majority of the hubs have achieved break-even.

Okay. Basically, we're talking about just ₹1 or ₹2 crore of EBITDA loss for this quarter?

Less than ₹1 crore.

Okay. Got it.

Thank you so much.

Sorry. I was on mute.

Thank you for taking my question. I have two questions.

First, a broader question basically on Vijaya's growth strategy. Over last few years, let's say 2 years before, we have been consistently growing organically in Hyderabad cluster, and that was a proven model.

Then the investors were always concerned that Vijaya have done it in the Hyderabad cluster, how they will perform outside Hyderabad or the Andhra cluster. Now over last 1 or 2 years, the performance has been for the last 10 hubs which we have opened up, now we want to open up nine more hubs this year, it looks like that we have found a model to grow outside Hyderabad and Andhra region as well.

Our expansion focus from here would be keep growing because of this confidence, and should we expect a 20% growth would be a new normal for Vijaya?

Amey. As you said, we have been growing consistently, okay, across geographies, and including Hyderabad, which is a mature cluster, okay, without even adding any hubs in the last couple of years, okay?

I'm happy to state that we grew at 17% in Hyderabad, okay, which constitutes close to, okay, 67% of our revenue pie of the overall revenue contribution for us. Also apart from Hyderabad, even the tier 2 locations that we launched the last, okay, 2 to 3 years, okay, like what ma'am was explaining, like Rajahmundry, Tirupati, Khammam, okay, and also places like Krishnanagar in West Bengal, etc.

have outperformed, in fact, they surprised us, okay, with even break-evens getting achieved in just, okay, two quarters most of these locations, okay? Also, okay, the Bangalore, okay, being a metro, the both the hubs, okay, achieved break-even as per our expectations and they're doing extremely good, okay?

The reason is simple, okay: focus on B2C, and then give a superior experience from an infrastructure perspective compared to other standalone players, and also invest in the high-end radiology equipment, okay, which is generally not there in other players, okay? This is the main differentiation, okay, which is pulling the higher footfall across our Vijaya network.

The objective is to create such a dense network across these three new tier 2 locations, that is Pune, Bangalore, and Kolkata. If you see the last year, we added close to nine hub centers across these three metros, and in the next 12 months, we're going to add another six out of the nine that we mentioned.

So 9 plus 6, we're going to add 15 hub centers across these three new metro markets where we're planning to go deeper, okay? That's the plan in mind.

We're fairly confident of this growth. Coming to the current year growth, as Q1 was extremely good, we delivered 23% growth, we're fairly confident of, okay, giving high double-digit growth for FY27.

When we talk about, okay, mid to long-term growth, okay, a 3 to 5 years growth on a sustainable basis, okay, we believe, okay, achieving 15%, okay, is easy, okay? That's what is to put it in a nutshell.

Sure, sir. Thank you.

The second question I have on some divergence on the margins side. Standalone pathology typically have been operating at the lower margins than Vijaya, which is a combined entity.

For us, the pathology share, although has been growing or inching upwards, at the same time, the margins are also expanding. It will be helpful if you can explain this divergence.

No, Amey, when you look at, okay, pure pathology players, okay, their B2B contribution is generally higher than the B2C, okay? What I'm thinking is that most of the peer group has close to 25% to 30% of their business coming from B2B, okay, where the prices are at much discount compared to B2C, okay?

That's one of the reasons why Vijaya, on a consolidated basis, we enjoy higher margins compared to a pure pathology business, that is one. Then second thing is, since we have advantage of doing comprehensive, okay, testing including radiology, the number of tests that we perform is higher than the other peer group which are catering only to pathology.

Just to give a number to that, okay, it's close to 3.7 tests that we do for every patient who is walking to our network, okay, as compared to 2.5 to 3 tests what a typical pathology chain does. That's also helping us to gain a higher, okay, wallet share from a customer, which is coming to close to ₹1,860, okay, for a Vijaya customer, as compared to a pure pathology chain where you get close to ₹900 to ₹950 per customer because of pure pathology testing ability.

What you are basically saying, that traditionally our margins are higher compared to standalone pathology player, even for pathology, because of the higher realization per patient, is it right?

Yes, absolutely. Initially also, our margins being integrated B2C focus, because of the two reasons, were always higher than a standalone pathology player from the beginning.

Got it. Sure.

I will join back. Thank you so much.

Thank you, Amit.

Thank you.

Hello. Am I audible?

Okay. Good morning, thank you team.

Thanks for the opportunity. My first question is on the pricing side.

Generally, we see in the diagnostic business in a general way limited pricing growth. Have you taken any price hike over the last one to two years, and what is your pricing strategy going forward, considering the inflation and the competition like this?

The last price hike which we had taken was in the month of June 2025, where it was restricted to Hyderabad across select tests, okay? Post that, we haven't taken any price hike.

Obviously, post Q2, Q3, we will reassess our pricing strategy and decide based on internal assessment.

Okay. My second question is from the competition side.

As of now, there is some competition arising from the organized chains, as well as the hospital-based diagnostic part. Are you witnessing any change in the competitive intensity across your key markets, particularly in Telangana, Andhra Pradesh, and Karnataka?

If I were to speak about Hyderabad, if you look at the top three players, the second and the third-best diagnostic centers are smartly deploying their capital outside of Hyderabad, because Vijaya has already greater market share here. We aren't witnessing strong competitive intensity in terms of the network expansion from the organized players, okay, in Hyderabad.

In rest of AP and Telangana as well, there are obviously standalone players there, but none of them has a large integrated center, and the way we have been able to, for example, in Vizag, we have added one spoke and in the coming couple of months, we'll be adding more spokes. The kind of network expansion that we've been able to do, we've not seen the competition doing it at the same intensity.

Got it. Yeah.

Thank you. Thanks a lot.

I will join the queue.

Thank you all for joining the call. Should you have any further queries, please feel free to reach out.

Thank you.