Vijaya Diagnostic Centre Limited (VIJAYA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-44.7%

₹793.70

vs ₹1,436.50 price

Levered DCF

₹692.28

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	52.62×	69.77×	56.88×	47.2×	40.72×	74.89×	101.16×	137.8×
P/B	9.51×	12.57×	10.28×	7.33×	9.54×	17.61×	23.03×	30.47×
P/S	11.18×	14.69×	12.34×	8.7×	9.67×	16.8×	18.67×	21.61×
EV / EBITDA	26.51×	35.64×	29.43×	21.66×	21.55×	36.67×	43.87×	55.14×
Gross margin	88.4%	87.6%	88.0%	87.2%	84.5%	84.8%	111.7%	109.6%
Operating margin	30.1%	29.8%	29.9%	26.2%	32.7%	30.8%	24.7%	23.4%
Net margin	21.2%	21.0%	21.7%	18.4%	23.7%	22.4%	18.5%	15.7%
Current ratio	2.6×	1.89×	2.9×	4.17×	4.08×	5.39×	3.18×	2.41×
Debt / equity	0.44×	0.4×	0.39×	0.45×	0.39×	0.39×	0.59×	0.74×
Interest coverage	7.38×	7.58×	7.01×	5.89×	9.47×	7.89×	5.43×	5.06×
Dividend yield	0.2%	0.1%	0.2%	0.3%	0.0%	0.0%	0.0%	0.0%
Payout ratio	11.9%	7.2%	8.6%	12.1%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	18.1%	18.0%	18.1%	15.5%	23.4%	23.5%	22.8%	22.1%
Return on invested capital	13.0%	13.3%	13.3%	11.3%	17.2%	17.4%	14.1%	13.2%
Return on assets	11.5%	11.2%	12.1%	9.9%	15.4%	15.6%	13.0%	11.3%
Free cash flow yield	1.0%	1.3%	1.4%	1.0%	0.8%	1.5%	0.9%	0.5%
Earnings yield	1.9%	1.4%	1.8%	2.1%	2.5%	1.3%	1.0%	0.7%
Enterprise value	₹94.9B	₹102.7B	₹69.9B	₹42.2B	₹46.4B	₹64.6B	₹64.3B	₹64.6B
Net debt / EBITDA	1.07×	0.94×	1×	1.15×	0.8×	0.76×	0.72×	1.22×
Cash conversion cycle (days)	-117	-114	-144	-149	-77	-118	183	270