Financial Performance Summary (Q1 FY27)

Revenue & Profitability:

  • Revenue from operations: ₹2,309.8 Mn, up 22.8% YoY (Q1 FY26: ₹1,880.5 Mn) and 5.3% QoQ (Q4 FY26: ₹2,193.8 Mn)
  • Gross Profit: ₹2,053.9 Mn, up 23.3% YoY with Gross Profit margin of 88.9% (88.6% in Q1 FY26)
  • EBITDA: ₹985.4 Mn, up 34.0% YoY with EBITDA margin of 42.7% (39.1% in Q1 FY26)
  • Profit Before Tax: ₹709.4 Mn, up 35.9% YoY
  • Profit After Tax (PAT): ₹531.0 Mn, up 37.6% YoY with PAT margin of 23.0% (20.5% in Q1 FY26)
  • Basic EPS: ₹5.2, up 37.5% YoY (₹3.8 in Q1 FY26)

Expense Analysis:

  • Cost of materials consumed: ₹256.0 Mn, up 19.5% YoY
  • Employee benefits expense: ₹374.8 Mn, up 18.6% YoY
  • Other expenses: ₹693.7 Mn, up 12.8% YoY
  • Finance costs: ₹110.0 Mn, up 47.0% YoY
  • Depreciation and amortization: ₹251.2 Mn, up 20.3% YoY

Operational Highlights & Network Expansion

Q1 FY27 Network Additions:

  • Commissioned 4 spoke centres across Hyderabad, Andhra Pradesh, and Pune
  • Inaugurated hub centre in Gachibowli, Hyderabad in April 2026 with 160-slice cardiac CT
  • Commissioned flagship hub in Bengaluru (JP Nagar) in July 2026 with advanced imaging technologies including digital PET-CT with in-built cardiac CT and 75cm wide bore 3T Omega MRI

Wellness Segment Performance:

  • Volume growth of 16.5% YoY in Q1 FY27
  • Strong adoption in Tier 2 and Tier 3 cities
  • Growth driven by increased awareness, growing chronic disease burden, digital promotions, faster report turnaround times, and home testing convenience

Technology Initiatives:

  • Implemented AI for CT KUB cases reporting with intelligent differentiation of kidney stones from harmless calcifications
  • Launched AI-powered dental diagnostics platform with 2D/3D radiograph analysis and predictive care capabilities
  • Enhanced surgical planning experience and operational efficiency through AI integration

Strategic Expansion Plans

FY27 Expansion Guidance:

  • Plan to commission 9 hub centres along with 10-12 spoke centres in the next 12 months

Geographical Expansion Strategy:

  • Karnataka: Planning to add 3 hubs in FY27 to reach 6 hubs total in Karnataka; scouting for locations for FY28-FY29 expansion
  • East India: Planning to add 1 hub in next 12 months to reach 8 centres total in East India
  • Core Markets (AP & Telangana): Planning to enter Vijayawada & Guntur and add multiple spokes
  • Pune: Planning to add 1-2 hubs under Vijaya PH brand following acquisition of P.H. Diagnostics

Inorganic Expansion:

  • Successfully acquired P.H. Diagnostics, Pune's largest B2C integrated diagnostic chain
  • Operationalized 2 hubs (Ambegaon & Kalyani Nagar) and 2 spokes under Vijaya PH brand post-acquisition

Company Overview & Historical Context

Current Network: 166 state-of-the-art centres across 27 cities & towns

Historical Milestones:

  • 2021: Successfully listed on Indian Stock Exchanges
  • 2023: Launched first center in Kolkata; acquired 100% stake in P.H. Diagnostics
  • 2024: Transitioned to AI Radiology Software "Augmento"
  • 2025: Entered Bengaluru market with 2 hubs in Yelahanka and HSR Layout

Business Model: Integrated diagnostic services with ~92% B2C concentration

Management Commentary

Ms. Suprita Reddy, MD & CEO, commented: "I'm pleased to start on a positive note, as we delivered robust year-on-year revenue growth of approximately 22.8%, supported by volume growth of nearly 16.5% in Q1 FY27. Our expansion plan for FY27 reflects the next stage of our growth story."

Corporate Governance

Board of Directors:

  • Dr. S. Surendranath Reddy - Founder & Chairman (40+ years experience, MD in Radiology)
  • Ms. Suprita Reddy - Managing Director & CEO (22+ years experience)
  • Mr. Sunil Chandra Kondapally - Executive Director (22+ years experience)
  • Plus 6 non-executive and independent directors with extensive experience

Shareholding Pattern

As of June 30, 2026 (categories mentioned): Promoters, FIIs, DIIs (Mutual Funds, AIFs and QIBs), Others (Retail, Bodies Corporate and others)

Financial History (FY22-FY26)

| Particulars (INR Mn) | FY22 | FY23 | FY24 | FY25 | FY26 |

| Revenue from operations | 4,624 | 4,592 | 5,478 | 6,814 | 8,142 |

| EBITDA | 2,037 | 1,820 | 2,209 | 2,732 | 3,369 |

| EBITDA % | 44.1% | 39.6% | 40.3% | 40.1% | 41.4% |

| PAT | 1,097 | 846 | 1,188 | 1,438 | 1,730 |

| PAT % | 23.7% | 18.4% | 21.7% | 21.1% | 21.2% |

| Basic EPS (INR) | 10.76 | 8.29 | 11.62 | 13.95 | 16.81 |

Note: The company changed depreciation method from WDV to SLM effective January 1, 2023, increasing PAT by ₹67.7 Mn in FY23 and ₹290.8 Mn in FY24.

Cash Flow & Balance Sheet Highlights

Cash Flow (FY26):

  • Cash from Operating Activities: ₹2,706 Mn
  • Cash used in Investing Activities: ₹1,742 Mn (primarily property, plant and building)
  • Cash used in Financing Activities: ₹695 Mn
  • Net increase in Cash: ₹269 Mn

Surplus Cash Position (Mar-26):

  • Cash and cash equivalents: ₹1,813 Mn
  • Investments: ₹542 Mn
  • Total Surplus Cash: ₹2,465 Mn