1. Opening Hook
Just when you thought India finally got a break from monsoon mayhem, Vijaya Diagnostic showed up with a “muted pathology season” excuse so polished it deserves an award. Even the Bhagavad Gita says, “Karmanye vadhikaraste…” — but here, the rains clearly took the karma too seriously.Stay with me — the juicy stuff appears once management starts subtly roasting competitors without naming them. Madness gets interesting later.
2. At a Glance
- Revenue – 10.2% YoY– Growth powered more by footfalls than fever.
- EBITDA Margin – 40.6%– Still flexing like a gym bro on creatine.
- PAT Margin – 21.5%– Stable enough to qualify for a bank loan.
- Radiology Growth – 16%– CT, MRI, PET… basically everything except astrology.
- Half-Year Revenue – ₹390 Cr– Management swears it’s “healthy,” not lucky.
- Net Cash – ₹235 Cr (ex-cap creditors)– CFO says, “We’re rich, but modest.”
3. Management’s Key Commentary (Quotes + Sarcastic Translations)
“Consolidated revenue grew 10.2% YoY.”(Translation: Pathology ditched us this quarter, radiology saved our asses.)
“EBITDA margin remains strong at 40.6%.”(Translation: We opened 10 hubs, hired half of Hyderabad, and still made money. Bow down.)
“Yelahanka Hub broke even in two quarters.”(Translation: Someone please clap. Even we didn’t expect that. 😏)
“Kolkata hubs are progressing well and expected to break even early.”(Translation: Yes, we’re shocked too — Bengal actually showed up on time.)
“Pune will take its own sweet time.”(Translation: We inherited a mess and we’re still cleaning the kitchen.)
“GLP-1 testing hasn’t shown demand yet.”(Translation: Everyone online is screaming ‘weight-loss revolution,’ but our walk-ins are asking for thyroid
tests instead.)
“Competition unchanged for 3–4 quarters.”(Translation: Everyone is confused, no one knows what they’re doing, market is vibes.)
4. Numbers Decoded
Metric Q2 FY26 YoY Change Commentary
Revenue (₹ Cr) 202 +10.2% Radiology = Hero, Pathology = Zero
EBITDA (₹ Cr) ~82 — 40.6% margin flex
PAT Margin (%) 21.5% — Stable & clean
Radiology Growth (%) 16% — Monsoon-proof
Volume Growth (%) 8.3% — Real humans, not AI bots
Half-Year Revenue (₹ Cr) 390 +15% Guidance-like neatness
Net Cash (₹ Cr) 235 — CFO sleeps peacefullyShort analysis: Radiology carried the quarter like Virat Kohli chasing 180 on a bad pitch. Pathology ghosted. Pune sulked. Bangalore impressed like an overachieving cousin.
5. Analyst Questions – Summarized With Translations
Q: Why was Q2 muted?A: Rains ruined diseases. (Translation: Healthy India = Sad Diagnostics.)
Q: Pune is declining. Should we panic?A: Give us two quarters. (Translation: Panic later.)
Q: Will GLP-1 be
