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Swing Capital

Vijaya Diagnostic Centre Ltd

NSE: VIJAYA BSE: 543350Healthcare

Vijaya Diagnostics Centre limited is a leading diagnostic medicare services provider in Southern India and offers comprehensive services that include nuclear medicine, radiology, laboratory, health check-ups and medical services. The company provides its services across 13 cities through its 81 diagnostic centers and 11 reference laboratories.[1]

₹1,306
52W: ₹848 — ₹1379
PE 75.4 · Book ₹91.7 · +1324% vs book
Market Cap₹13,438 Cr
Stock P/E75.4Price to Earnings
ROCE22.1%Return on Capital
ROE20.6%Return on Equity
Div. Yield0.15%Face Value ₹1

Weaknesses

  • −Stock is trading at 14.5 times its book value
  • −Working capital days have increased from -1.31 days to 72.1 days

Shareholding Pattern

Promoters52.51%
FIIs13.38%
DIIs29.93%
Public4.17%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters53.92%53.91%▼0.053.91%53.05%▼0.952.63%▼0.452.6%▼0.052.6%52.51%▼0.1
FIIs20.08%18.14%▼1.917.54%▼0.619.36%▲1.819.56%▲0.218.27%▼1.315.1%▼3.213.38%▼1.7
DIIs21.49%23.45%▲2.024.62%▲1.223.72%▼0.924.07%▲0.425.34%▲1.328.6%▲3.329.93%▲1.3
Public4.5%4.49%▼0.03.92%▼0.63.86%▼0.13.73%▼0.13.77%▲0.03.7%▼0.14.17%▲0.5

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales129141142170156162177189193206
Expenses7884871009497107111110115
Operating Profit51575671626570798391
OPM %40%41%39%41%40%40%40%41%43%44%
Net Profit25312940343339434453
EPS ₹2.472.982.813.873.273.263.774.164.35.12

AI Insights

Revenue Trend

Mar 2026 revenue at ₹765Cr, up 22% YoY. OPM at 42%.

Debt Position

Borrowings at ₹396Cr. Debt-to-equity ratio: 0.42x. Healthy balance sheet.

Capex Cycle

CWIP at ₹34Cr (4% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 29.93% (+10.91pp change). FIIs: 13.38% (-6.89pp change). Promoters hold 52.51%.

Margin & Efficiency

ROCE improving from 0% (Mar 2018) to 22% (Mar 2026). Working capital days: 72.

Valuation

PE 75.4x with 22.1% ROCE. Price is 1324% above book value of ₹91.7. Dividend yield: 0.15%.

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