{"id":35151,"date":"2026-08-17T10:16:24","date_gmt":"2026-08-17T04:46:24","guid":{"rendered":"https:\/\/fundsindia.com\/blog\/?p=35151"},"modified":"2026-08-17T11:15:01","modified_gmt":"2026-08-17T05:45:01","slug":"alpha-vijaya-diagnostic-centre-ltd-equity-research-desk-2","status":"publish","type":"post","link":"https:\/\/www.fundsindia.com\/blog\/equities\/alpha-vijaya-diagnostic-centre-ltd-equity-research-desk-2\/35151","title":{"rendered":"Alpha | Vijaya Diagnostic Centre Ltd. &#8211; Equity Research Desk"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/Vijaya-Diagnostic-Centre-Ltd.png\"><img loading=\"lazy\" width=\"1024\" height=\"512\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/Vijaya-Diagnostic-Centre-Ltd-1024x512.png\" alt=\"\" class=\"wp-image-35167\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/Vijaya-Diagnostic-Centre-Ltd-1024x512.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/Vijaya-Diagnostic-Centre-Ltd-300x150.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/Vijaya-Diagnostic-Centre-Ltd-768x384.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/Vijaya-Diagnostic-Centre-Ltd-1536x768.png 1536w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/Vijaya-Diagnostic-Centre-Ltd.png 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Vijaya Diagnostic Centre Ltd. &#8211; Empowering health through diagnostics<\/span><\/strong><\/h2>\n\n\n\n<p>Vijaya Diagnostic Centre Limited, incorporated in 1981 and headquartered in Hyderabad, is India&#8217;s largest integrated business-to-consumer (B2C) focused diagnostic chain, operating an end-to-end pathology and radiology network under a hub-and-spoke model. The company runs 166 diagnostic centres across 27 cities and towns as of June 30, 2026, supported by 17 NABL-accredited labs, a 350+ radiologist and pathologist network, and 40+ years of brand vintage. Its offering spans clinical pathology, high-end radiology (MRI, CT, PET-CT, nuclear medicine), cardiology and preventive wellness packages, delivered through 43 MRI machines, 41 CT machines and 9 PET-CT \/ gamma machines. Anchored in its core Telangana and Andhra Pradesh geographies (Hyderabad contributing ~67% and RoAPT ~21% of revenue), Vijaya has expanded into Pune (via the P.H. Diagnostics acquisition), Kolkata, Bengaluru and NCR, and recorded ~4.82 million footfalls and ~17.57 million tests over the twelve months ended June 30, 2026, with ~92% of revenue derived from the B2C channel.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/image-28.png\"><img loading=\"lazy\" width=\"759\" height=\"505\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/image-28.png\" alt=\"\" class=\"wp-image-35154\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/image-28.png 759w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/image-28-300x200.png 300w\" sizes=\"(max-width: 759px) 100vw, 759px\" \/><\/a><\/figure>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Products and Services<\/span><\/strong><\/h2>\n\n\n\n<p>Vijaya Diagnostic Centre offers integrated pathology, radiology and cardiology services, including advanced imaging such as CT, MRI and PET-CT. It also provides preventive health and wellness packages and home collection services.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/image-30.png\"><img loading=\"lazy\" width=\"1024\" height=\"656\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/image-30-1024x656.png\" alt=\"\" class=\"wp-image-35156\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/image-30-1024x656.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/image-30-300x192.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/image-30-768x492.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/image-30.png 1377w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p><strong>Subsidiaries<\/strong>: As of FY25, the company has 4 subsidiaries and no other associates\/joint ventures.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/image-31.png\"><img loading=\"lazy\" width=\"830\" height=\"306\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/image-31.png\" alt=\"\" class=\"wp-image-35157\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/image-31.png 830w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/image-31-300x111.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/image-31-768x283.png 768w\" sizes=\"(max-width: 830px) 100vw, 830px\" \/><\/a><\/figure>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Investment Rationale<\/span><\/strong><\/h2>\n\n\n\n<ul><li><strong>Bengaluru Emerges as the Next Major Growth Engine:<\/strong> Geographic expansion, led by Bengaluru, is emerging as a key growth driver, with the company demonstrating faster-than-expected traction in its new markets. Vijaya entered Bengaluru in Q1FY26 with two hubs in HSR and Yelahanka, with both centres achieving break-even within a year, ahead of the initial one-year target, with Yelahanka breaking even in two quarters and HSR in Q1FY27. The company is now prioritising Bengaluru as its core geography after Hyderabad and RoAPT, targeting 4\u20135 hubs to build a dense network. In Q1FY27, it commissioned its \u20b930 crore JP Nagar flagship hub, featuring a 3 Tesla wide-bore MRI, digital PET-CT with in-built cardiac CT and a fully automated laboratory that will serve as the central lab for the Bengaluru region. The centre houses differentiated infrastructure, including Bengaluru\u2019s first 3 Tesla Omega MRI and the city\u2019s second digital PET-CT with cardiac CT, while being the first diagnostic centre to offer the latter. Beyond prescription-led diagnostics, the advanced imaging capabilities could also enable Vijaya to tap the preventive wellness\/full-body imaging opportunity. With the central lab expected to enable further hubs, spokes and eventually home collection, management views the Bengaluru platform as the foundation for its next five-year growth journey.<\/li><\/ul>\n\n\n\n<ul><li><strong>Network Expansion and Strong B2C Metrics Support Operating Leverage:<\/strong> Vijaya continues to strengthen its operating metrics, with network expansion, a high B2C mix and improving customer monetisation supporting sustainable growth. During Q1FY27, the company added 1 hub in Gachibowli and 4 spokes, followed by another 2 spokes in July, taking the network to 166 centres comprising 51 hubs and 115 spokes. The company plans to add another 9 hubs and 10\u201312 spokes over the next 12 months, with the faster-than-expected ramp-up of the 10 hubs added in FY26 providing confidence to deepen its presence across newer markets. Most of these hubs have already achieved break-even, while the remaining 3 &#8211; 4 hubs contributed an EBITDA burn of only ~0.5% of topline, highlighting the strength of the hub economics. The 92% B2C revenue mix remains a key strength, enabling higher realisations and margins versus predominantly B2B-focused peers, while tests per footfall stood at 3.7x, reflecting strong cross-utilisation of Vijaya&#8217;s integrated diagnostic offerings. Revenue per footfall increased to \u20b91,860 and revenue per test to \u20b9503 in Q1FY27, indicating improving customer monetisation. The 14.8% wellness revenue contribution also remains a structural growth lever, having increased from ~8% pre-COVID, with demand increasingly extending to tier-2 markets and premium multi-organ screening packages. With pathology revenues now scaling alongside radiology at mature hubs and 60 &#8211; 70% of the cost base being fixed, incremental pathology revenues can flow strongly to EBITDA, supporting operating leverage and EBITDA margins above 40% despite continued network expansion.<\/li><\/ul>\n\n\n\n<ul><li><strong>Q1FY27<\/strong> &#8211; During Q1 FY27, the company reported consolidated revenue from operations of \u20b9231 crore, up 22.8% YoY, driven by 16.5% test-volume growth and 12.7% footfall growth, alongside a richer mix (revenue per test up to \u20b9503 and revenue per footfall to \u20b91,860). EBITDA rose 34.0% YoY to \u20b998 crore, with EBITDA margin expanding ~356 bps to 42.7%, aided by operating leverage and a growing wellness contribution (segment revenue up 27.7% YoY). PAT grew 37.6% YoY to \u20b953 crore, implying a 23.0% margin, supported by network expansion across Hyderabad, AP and Pune and the commissioning of a new Gachibowli hub.<\/li><\/ul>\n\n\n\n<ul><li><strong>FY26 <\/strong>&#8211; During FY26, the company reported consolidated revenue from operations of \u20b9814 crore, a 19.5% YoY increase over \u20b9681 crore in FY25, with EBITDA up 23.3% to \u20b9337 crore at a margin of 41.4% (vs 40.1%) and net profit up 20.3% to \u20b9173 crore at a 21.2% margin.<\/li><li><strong>Financial Performance<\/strong> &#8211; The 3-year revenue and net profit CAGRs stand at 21% and 27% respectively (FY23-26). The 3-year average ROE and ROCE are around 19% and 21%, and the company remains conservatively capitalised with negligible conventional debt and a surplus-cash balance sheet, generating cash flow from operations at ~96% of EBITDA in FY26.<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/image-32.png\"><img loading=\"lazy\" width=\"753\" height=\"352\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/image-32.png\" alt=\"\" class=\"wp-image-35158\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/image-32.png 753w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/image-32-300x140.png 300w\" sizes=\"(max-width: 753px) 100vw, 753px\" \/><\/a><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/image-33.png\"><img loading=\"lazy\" width=\"753\" height=\"218\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/image-33.png\" alt=\"\" class=\"wp-image-35159\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/image-33.png 753w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/image-33-300x87.png 300w\" sizes=\"(max-width: 753px) 100vw, 753px\" \/><\/a><\/figure>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Industry<\/span><\/strong><\/h2>\n\n\n\n<p>The Indian healthcare sector, valued at US$ 372 billion in 2023, is projected to reach US$ 638 billion by 2025, growing at a 17.5-22.5% CAGR, driven by expansion across hospitals, pharmaceuticals, diagnostics and digital health. Healthcare spending stood at 3.34% of GDP in 2023 and is expected to rise to ~5% by 2030, supported by a Ministry of Health &amp; Family Welfare allocation of \u20b91,06,530 crore in the Union Budget FY27, a ~10% increase over the prior year. Within this, the diagnostics segment continues to benefit from a structural shift from communicable to lifestyle diseases, rising preventive-care awareness and the accelerating formalisation of an otherwise fragmented market, with organised players gaining share as demand scales fastest in Tier II and Tier III cities. Growing insurance penetration, faster report turnaround, home-collection convenience and adoption of AI-led reporting further underpin long-run demand visibility for established integrated diagnostic networks.<\/p>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Growth Drivers<\/span><\/strong><\/h2>\n\n\n\n<ul><li>Rising Demand from Demographics and Disease Burden: Rising income levels, an ageing population and a growing chronic-disease burden are lifting healthcare demand; life expectancy is projected to reach 84 years by 2045, while lifestyle diseases now account for ~50% of in-patient spending, sustaining demand for both routine and specialised diagnostics.<\/li><li>Formalisation and Wellness-led Preventive Testing: High-volume wellness testing among a younger population, increased health awareness and digital promotions by organised players are scaling adoption, with Tier II and Tier III cities emerging as key growth drivers and the organised segment steadily gaining share from standalone laboratories.<\/li><li>Favourable Investment and Policy Environment: 100% FDI is permitted under the automatic route for greenfield projects, with cumulative FDI inflows of US$ 12.73 billion into hospitals and diagnostic centres between January 2000 and December 2025; continued public-health allocations and rising insurance coverage further expand the addressable market for organised diagnostic chains.<\/li><\/ul>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Peer Analysis<\/span><\/strong><\/h2>\n\n\n\n<p>The company&#8217;s peer set includes Dr. Lal PathLabs Ltd, Metropolis Healthcare Ltd, etc.<\/p>\n\n\n\n<p>Compared with its peers, Vijaya delivers sector-leading operating margins and the fastest three-year revenue growth, backed by return ratios comparable to the pathology-led majors despite its more radiology-heavy, capital-intensive mix; this quality and growth premium is reflected in its richer valuation multiple.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/image-34.png\"><img loading=\"lazy\" width=\"1024\" height=\"153\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/image-34-1024x153.png\" alt=\"\" class=\"wp-image-35160\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/image-34-1024x153.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/image-34-300x45.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/image-34-768x115.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/image-34.png 1443w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Outlook<\/span><\/strong><\/h2>\n\n\n\n<p>We remain confident in the company\u2019s ability to continue its growth trajectory, supported by management\u2019s guidance of high double-digit revenue growth in FY27 and sustainable ~15% growth over the medium term. The growth outlook is underpinned by the planned addition of 9 hubs and 10 &#8211; 12 spokes over the next 12 months, with the company already having commissioned 2 hubs and 6 spokes, while \u20b9190 &#8211; 195 crore of capex will support further expansion. Bengaluru is expected to emerge as a key growth market, with the recently commissioned JP Nagar flagship providing the infrastructure to add further hubs, spokes and home collection. At the same time, management remains confident of sustaining EBITDA margins above 40%, aided by operating leverage from mature centres and the strong ramp-up of recently added hubs. With a 92% B2C mix, increasing wellness contribution and continued investments in high-end radiology supporting customer realisations and market-share gains, the company is well placed to sustain healthy growth while maintaining profitability. A \u20b9330 crore surplus cash position further provides the financial flexibility to fund the expansion-led growth opportunity.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/image-35.png\"><img loading=\"lazy\" width=\"1024\" height=\"712\" src=\"https:\/\/fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/image-35-1024x712.png\" alt=\"\" class=\"wp-image-35161\" srcset=\"https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/image-35-1024x712.png 1024w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/image-35-300x208.png 300w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/image-35-768x534.png 768w, https:\/\/www.fundsindia.com\/blog\/wp-content\/uploads\/2026\/08\/image-35.png 1226w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Valuations<\/span><\/strong><\/h2>\n\n\n\n<p>We believe Vijaya\u2019s aggressive network expansion efforts will help the company accelerate its growth momentum. We recommend a BUY rating in the stock with the target price (TP) of \u20b91,747, 55x FY28E EPS. We also encourage maintaining a stop-loss at 20% from the entry price to manage potential downside risk effectively.<strong><\/strong><\/p>\n\n\n\n<h2><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">SWOT Analysis<\/span><\/strong><\/h2>\n\n\n\n<table style=\"width:100%; border-collapse:collapse; font-family:Arial, sans-serif; font-size:14px;\">\n  <tr>\n    <td style=\"width:50%; background-color:#1a7a4a; color:#ffffff; font-weight:bold; padding:10px 12px; text-align:center; border:1px solid #ccc;\">Strength<\/td>\n    <td style=\"width:50%; background-color:#e67e22; color:#ffffff; font-weight:bold; padding:10px 12px; text-align:center; border:1px solid #ccc;\">Weakness<\/td>\n  <\/tr>\n  <tr>\n    <td style=\"padding:12px; vertical-align:top; border:1px solid #ccc; background-color:#eafaf1;\">\n      <ul style=\"margin:0; padding-left:16px; line-height:1.7;\">\n        <li>One of India\u2019s leading B2C-focused integrated diagnostic chains.<\/li>\n        <li>Strong hub-and-spoke network with 166 centres across 27 cities and towns.<\/li>\n        <li>Advanced diagnostic infrastructure backed by a strong, cash-rich balance sheet.<\/li>\n      <\/ul>\n    <\/td>\n    <td style=\"padding:12px; vertical-align:top; border:1px solid #ccc; background-color:#fef5e7;\">\n      <ul style=\"margin:0; padding-left:16px; line-height:1.7;\">\n        <li>Continued expansion requires significant upfront capex.<\/li>\n        <li>New centres remain exposed to initial ramp-up and breakeven timelines.<\/li>\n      <\/ul>\n    <\/td>\n  <\/tr>\n  <tr>\n    <td style=\"background-color:#2471a3; color:#ffffff; font-weight:bold; padding:10px 12px; text-align:center; border:1px solid #ccc;\">Opportunities<\/td>\n    <td style=\"background-color:#c0392b; color:#ffffff; font-weight:bold; padding:10px 12px; text-align:center; border:1px solid #ccc;\">Threats<\/td>\n  <\/tr>\n  <tr>\n    <td style=\"padding:12px; vertical-align:top; border:1px solid #ccc; background-color:#eaf4fb;\">\n      <ul style=\"margin:0; padding-left:16px; line-height:1.7;\">\n        <li>Strong traction in newer geographies through full-service integrated hubs and spokes.<\/li>\n        <li>Potential to replicate the hub-and-spoke model across Bengaluru, Pune, West Bengal and other markets.<\/li>\n        <li>Increasing adoption of wellness packages and high-end imaging offers scope for higher customer wallet share.<\/li>\n      <\/ul>\n    <\/td>\n    <td style=\"padding:12px; vertical-align:top; border:1px solid #ccc; background-color:#fdedec;\">\n      <ul style=\"margin:0; padding-left:16px; line-height:1.7;\">\n        <li>Hospitals expanding in-house diagnostic capabilities could intensify competition.<\/li>\n        <li>Potential government-imposed price ceilings could constrain realisations.<\/li>\n      <\/ul>\n    <\/td>\n  <\/tr>\n<\/table>\n\n\n\n\n<p><a href=\"https:\/\/www.fundsindia.com\/user\/equity?utm_source=clicks&amp;utm_medium=Blog&amp;utm_campaign=Alpha_Blog_Clicks&amp;utm_term=Blog_CTA\"><img loading=\"lazy\" src=\"https:\/\/lh7-rt.googleusercontent.com\/docsz\/AD_4nXceS__GzRS05ubM2opGwf3LkP5BWGjd0wY0nxrnt_yWACJbd9vZEZc0CSi02xWxObbTrv9Xj4_J0fNjfyYBjCMDsCUCQ1VkTZNr6yPlKsknTTO0RAiMxDRumhCaY8KArzlK1m_VJYk1N6Pa1mSpegI?key=HdXWVtHJW8EEqiLEr-EHwsuq\" width=\"300\" height=\"43\"><\/a><\/p>\n\n\n\n<p><strong>Disclaimer<\/strong>: Investments in the securities market are subject to market risks, read all related documents carefully before investing. Securities quoted here are exemplary, not recommendatory. Please consult your financial advisor before investing. Please note that we do not guarantee any assured returns for the securities quoted here.<\/p>\n\n\n\n<p>Research disclaimer: Investment in the securities market is subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, and certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors.<\/p>\n\n\n\n<p>For more details, please read the <a href=\"https:\/\/fundsindia-marketing-assets.s3.ap-south-1.amazonaws.com\/Disclaimer-final.pdf\">disclaimer.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vijaya Diagnostic Centre Ltd. &#8211; Empowering health through diagnostics Vijaya Diagnostic Centre Limited, incorporated in 1981 and headquartered in Hyderabad, is India&#8217;s largest integrated business-to-consumer (B2C) focused diagnostic chain, operating an end-to-end pathology and radiology network under a hub-and-spoke model. The company runs 166 diagnostic centres across 27 cities and towns as of June 30, [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":35167,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[743,59],"tags":[744,745,1063,1120,1257,614,1364,1246],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Vijaya Diagnostic Centre: Expanding Beyond Core Markets to Drive the Next Phase of Growth<\/title>\n<meta name=\"description\" content=\"Network Expansion, Rising Test Volumes &amp; Operating Leverage Supporting Sustainable Growth\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fundsindia.com\/blog\/equities\/alpha-vijaya-diagnostic-centre-ltd-equity-research-desk-2\/35151\" \/>\n<meta property=\"og:locale\" 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