Vijaya Diagnostic enters North-East via Arya Wellness

Vijaya Diagnostic Centre [

] has acquired 100% of Assam-based Arya Wellness Centre for ~₹46 crore to launch its regional footprint. The target business reported ₹26 crore revenue and ₹5.6 crore EBITDA for FY26. This acquisition offers Vijaya Diagnostic Centre a direct entry into the under-penetrated North-East market using an established hub in Guwahati. The business fits Vijaya's high-margin B2C preference, as over 85% of Arya Wellness's revenue comes directly from individual customers rather than institutional channels. It also provides immediate earnings support without balance sheet strain, since the transaction was funded entirely through internal cash reserves at an enterprise valuation of 8–9x FY26 EBITDA. The key issue is whether this initial anchor can support long-term regional density. While the transaction valuation appears reasonable, Vijaya Diagnostic Centre trades at a premium of ~33x FY28e EV/EBITDA following a 74% stock price rally over the last 6 months. High market valuations leave little room for operational delays or integration issues as the company expands its network beyond its core Southern markets. Investors should track network execution across new geographies, specifically the planned addition of 9 hubs and 10–12 spokes in FY27, along with the retention of local margin profiles near the target 40% EBITDA guidance. We maintain a cautious Equal-weight view on the stock at current market levels due to stretched valuations, despite strong operational execution. Disclosure: Investments in the securities market are subject to market risks. Read all related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.