Vijaya’s margin widens as revenue growth outpaces costs
Net profit rose +37.41% YoY, while operating margin stood 22.51 percentage points above the Healthcare peer median.
Filed 03 Nov 2026, 19:57 IST · after market close · Vijaya Diagnostic Centre Ltd (VIJAYA)
Key takeaways
- On a consolidated basis, revenue grew +26.71% YoY while expenses grew +19.13%, lifting operating margin by 3.55 percentage points to 44.15%.
- Net profit rose +37.41% YoY to Rs 59.47 cr despite interest expense increasing +45.34%.
- Operating margin rebounded 1.49 percentage points QoQ as revenue growth of +10.57% exceeded expense growth of +7.70%.
Price around the results
Revenue growth drives Q2FY27 profit acceleration
Net profit grew +37.41% YoY, broadly tracking the operating improvement despite higher financing costs. Sequentially, revenue rose +10.57% and net profit increased +12.00%.
Lower cost growth expands margin despite higher interest
Operating margin expanded 3.55 percentage points YoY and 1.49 percentage points QoQ because expenses grew more slowly than revenue in both comparisons. Interest expense rose +45.34% YoY and +3.45% QoQ, while depreciation increased +20.79% YoY. Other income accounted for 6.23% of profit before tax, so it was not the main earnings driver; the tax-rate decline of 0.24 percentage points YoY provided only limited support.
Margin trend remains upward and beats healthcare peers
The multi-quarter margin trend is higher overall, moving from 39.10% in Q1FY26 to 44.15% in Q2FY27, despite a dip in Q1FY27. Vijaya’s operating margin was 22.51 percentage points above the 21.64% median for 55 Healthcare peers that have reported the quarter.
No immediate market reaction after the late filing
The results were filed after market close, so the immediate market response is not yet in view. Across eight prior result reactions, the stock rose four times and fell four times, with a median absolute move of 5.86%.
Q2FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q2FY27 | Q1FY27 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹255 cr | ₹231 cr | +10.57% | +26.71% |
| Other income | ₹5 cr | ₹9 cr | -41.97% | -20.80% |
| Expenses | ₹143 cr | ₹132 cr | +7.70% | +19.13% |
| Operating profit | ₹113 cr | ₹99 cr | +14.42% | +37.79% |
| Operating margin (%) | 44.15% | 42.66% | — | — |
| Interest | ₹11 cr | ₹11 cr | +3.45% | +45.34% |
| Depreciation | ₹27 cr | ₹25 cr | +7.09% | +20.79% |
| Profit before tax | ₹79 cr | ₹71 cr | +11.95% | +36.98% |
| Tax | ₹20 cr | ₹18 cr | +11.77% | +35.65% |
| Net profit | ₹59 cr | ₹53 cr | +12.00% | +37.41% |
| EPS (₹) | ₹5.78 | ₹5.16 | +12.02% | +37.29% |
Operating margin of 44.15% compares with a Healthcare sector median of 21.64% across 55 peers that have reported Q2FY27.
What to watch
- Whether operating margin holds above 44.15%.
- Whether interest-cost growth moderates from +45.34% YoY.
- Whether other income remains close to 6.23% of profit before tax.