ID
Invicta Diagnostic
Book Building issueSMENSE₹28.12 Cr issue
+17.65%
Listing gain over issue price
Issue size
₹28.12 Cr
1 lot at cut-off
₹1,36,000
Lot size
1,600shares
Open
01 Dec 2025
Close
03 Dec 2025
Allotment
04 Dec 2025
Listing
08 Dec 2025
Listing performance
Issue price
₹85
Listed at
₹100
Listing-day close
₹96.70
Latest price
₹68
Listing gain
+17.65%
Return since listing
-20.00%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹0
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 08 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹85 | ₹0 |
| 07 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹85 | ₹0 |
| 06 Dec 2025 | ₹0 | 0.00% | ₹0 | ₹85 | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 01 Dec 2025 – 03 Dec 2025
- Listing date
- 08 Dec 2025
- Face value
- ₹10 per share
- Issue price
- ₹85 per share
- Lot size
- 1,600 shares
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹28.12 Cr
- Market cap at offer price
- ₹107 Cr
- Promoter holding
- 90.52% → 66.69% pre-issue → post-issue
- ISIN
- INE0XJ501010
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Socradamus Capital Pvt.Ltd.
- Registered office
- 1 GF, Plot 217, Ambavat Bhavan, N.M Joshi Marg, Delisle Road, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 7,98,400 | — | — |
| Market maker | 1,66,400 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹85
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,36,000 |
| S-HNI (min) | 2 | 3,200 | ₹2,72,000 |
| S-HNI (max) | 7 | 11,200 | ₹9,52,000 |
| B-HNI (min) | 8 | 12,800 | ₹10,88,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
7,98,400
Anchor portion
₹6.79 Cr
at ₹85 per share
Valuation and performance
Valuation at offer price
₹85 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 5.86 | 6.50 |
| P/E (×) | 14.51 | 13.08 |
| Price to book (×) | 5.26 | — |
| Market cap | — | ₹107 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 36.25%
- ROCE
- 42.00%
- Debt / equity
- 0.26
- PAT margin
- 16.38%
- EBITDA margin
- 30.57%
- NAV per share
- ₹16.15
- Price to book
- 5.26
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Invicta Diagnostic
Invicta Diagnostic Limited (formerly Invicta Diagnostic LLP) was incorporated as a Limited Liability Partnership on January 22, 2021, and later converted to a private limited company in December 2023, then to a public limited company in July 2024. The company operates under the brand name 'PC Diagnostics' and provides radiology and pathology solutions to both B2B (hospitals and clinics) and B2C (direct consumers) customers. The company operates through 7 diagnostic centres and 1 centralized laboratory across Mumbai Metropolitan Region in Maharashtra, either directly or through subsidiaries. Radiology services accounted for approximately 90% of revenue in the period ended September 30, 2025, while pathology services represented approximately 10% of revenue.
Company Analysis
from RHPInvicta Diagnostic Limited is a diagnostic chain offering radiology and pathology testing services through a network of diagnostic centres and a centralized laboratory in Mumbai Metropolitan Region.
Invicta Diagnostic Limited (formerly Invicta Diagnostic LLP) was incorporated as a Limited Liability Partnership on January 22, 2021, and later converted to a private limited company in December 2023, then to a public limited company in July 2024. The company operates under the brand name 'PC Diagnostics' and provides radiology and pathology solutions to both B2B (hospitals and clinics) and B2C (direct consumers) customers. The company operates through 7 diagnostic centres and 1 centralized laboratory across Mumbai Metropolitan Region in Maharashtra, either directly or through subsidiaries. Radiology services accounted for approximately 90% of revenue in the period ended September 30, 2025, while pathology services represented approximately 10% of revenue.
Diagnostic servicesRadiologyPathologyClinical laboratory testingHealthcare
Objects of the Issue
- Funding capital expenditure for purchase of medical equipment towards establishment of five new diagnostic centres in Maharashtra ₹2,111.33 lakhs p.34
- General Corporate purposes p.34
- Funding capital expenditure for purchase of medical equipment towards establishment of five new diagnostic centres in Maharashtra ₹2,111.33 Lakhs p.59
- General corporate purposes p.58
- Funding capital expenditure for purchase of medical equipment towards establishment of five new diagnostic centres in Maharashtra ₹2,111.33 lakhs p.108
- General corporate purposes p.108
- Not explicitly detailed in this document section - Objects of the Issue section is not included in these pages
Issue Structure
- Total Issue
- Up to 33,08,800 Equity Shares aggregating to ₹ [●] Lakhs
- Fresh Issue
- Up to 33,08,800 Equity Shares aggregating to ₹ [●] Lakhs
- Offer for Sale
- Not Applicable
- Price Band
- ₹ [●] per Equity Share (Floor Price) to ₹ [●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹ 10/- each
Business Model
B2B and B2C diagnostic services model: The company earns revenue by offering imaging (radiology) and pathology/clinical laboratory testing services to hospitals, clinics, and direct patients. The company operates through a hub-and-spoke model where the flagship centre in Thane serves as the main hub with majority testing capabilities, supported by subsidiary hub centres for specimen collection and basic/advanced radiology tests, and satellite diagnostic centres for walk-in customers.
Business Segments
Imaging services including CT, MRI, PET-CT, X-ray and basic radiology tests performed across diagnostic centres
Pathology/clinical laboratory testing services including routine and specialized tests
Provision of imaging modalities including CT scanners, MRI machines, and PET-CT systems for diagnostic purposes, as well as advanced radiology testing services such as MRI, CT, and PET-CT
Provision of diagnostic testing services including specimen collection, laboratory testing, and analysis to support healthcare professional diagnoses and treatment decisions
Pathology testing services including routine and specialized tests such as basic biochemistry, basic haematology, clinical pathology, and advanced biochemistry
Basic radiology testing services including ECG, X-rays, and ultrasounds
Advanced radiology testing services including CT scans, MRI scans, and PET-CT scans
Offers basic and advanced radiology tests including X-rays, ultrasounds, CT scans, MRI scans, and PET-CT scans for diagnostic imaging across various body parts and conditions.
Provides routine pathology tests (basic biochemistry, haematology, clinical pathology) and specialized tests (advanced biochemistry, immunoassays) performed on blood, serum, plasma and other body specimens.
Provides pathology tests to individual and institutional customers
Provides radiology tests and imaging services including CT scans and MRI
SWOT Analysis
Strengths
- • Capital-intensive radiology equipment and infrastructure (though presented as a risk, demonstrates significant investment in capabilities)(p.49)
- • Highly specialized workforce with trained radiologists, technicians and support staff(p.49)
- • Strong revenue growth trajectory with 54.20% CAGR from FY2023-2025(p.178)
- • Expanding hub-and-spoke network across MMR with 7 centres generating economies of scale(p.175)
- • Advanced radiology equipment including 4 CT, 4 MRI, and 1 PET CT machine with 10+ year lifespan(p.178)
- • Comprehensive diagnostic service offering with ~547 pathology and ~226 radiology tests under one roof(p.175)
- • Strong individual consumer business dominance at 86.96% of revenue with high customer satisfaction(p.186)
- • Experienced management team with 15+ years and 7+ years of diagnostic industry experience respectively(p.175)
- • Integrated multi-modality diagnostic network across Mumbai metro(p.207)
- • Rapid expansion through acquisition of diagnostic centres(p.208)
- • Strong promoter backing and capital infusion(p.232)
- • Experienced medical and management team(p.216)
- • Comprehensive diagnostic service portfolio with 487 specialized pathology and 130 advanced radiology tests(p.306)
- • Strong network of 7 diagnostic centres across MMR with centralized laboratory infrastructure(p.309)
- • High profitability with PAT margin of 23.91% and EBITDA margin of 39.92% for H1 FY2025(p.319)
- • Strong individual consumer business representing 82.42% of revenue with higher margins(p.308)
- • Growing institutional business revenue from 6.33% in FY2024 to 17.58% in H1 FY2025(p.308)
- • Growing diagnostic test volume and revenue(p.322)
- • Strong revenue growth from operations(p.324)
- • Expanding geographic footprint(p.330)
- • Low financial debt(p.333)
- • Positive and growing profitability(p.322)
Weaknesses
- • Complete geographic concentration in Mumbai Metropolitan Region with 100% of revenue from single region(p.49)
- • Heavy reliance on radiology services creates vulnerability to technological disruption(p.49)
- • Subsidiaries have incurred losses in past years(p.52)
- • Delays in statutory compliance including EPF and TDS filings(p.54)
- • Delays in Registrar of Companies filings under Companies Act(p.55)
- • Promoters do not possess adequate experience in the diagnostic business(p.66)
- • Outstanding tax proceedings against promoters and subsidiaries(p.55)
- • Sole reliance on Mumbai Metropolitan Region geography with concentrated revenue base(p.181)
- • Dependence on outsourced reference laboratories for complex pathology tests(p.184)
- • Limited institutional business revenue at 13.04% of total despite growth opportunities(p.187)
- • Small team size with 113 full-time employees limiting scalability and operational capacity(p.191)
- • High dependence on key medical professionals(p.66)
- • Concentration of facilities in single metro region(p.211)
- • Elevated debt exposure to related parties(p.249)
- • Limited track record as public company(p.207)
- • Dependence on a limited number of diagnostic centres concentrated in Mumbai Metropolitan Region(p.309)
- • High operating leverage with significant fixed costs limiting profitability during demand fluctuations(p.310)
- • High employee benefit expenses representing 10.14% of total income for H1 FY2025(p.319)
- • Declining number of diagnostic centres from 8 in FY2024 to 7 in H1 FY2025 due to closure of Mazagaon centre(p.308)
- • Long ramp-up periods for new diagnostic centres (2-6 months) with initial losses(p.310)
- • High employee benefit expense growth relative to revenue(p.324)
- • Significant patient retention/discount costs(p.325)
- • Rising operational expenses(p.325)
- • Marginal seasonality in business(p.331)
Opportunities
- • Strategic expansion of diagnostic network beyond MMR to other regions(p.49)
- • Focus on specialized diagnostic services and digital capabilities(p.51)
- • Growing healthcare demand from aging population and increasing disease prevalence(p.49)
- • Expansion through selective acquisitions of diagnostic centres and chains(p.51)
- • Significant planned expansion into tier 2 and 3 cities with 5 additional hub centres planned in Kalyan, Vasai-Virar, Malad–Kandivali and Akola(p.180)
- • Large unmet diagnostic demand with only 292 NABL-accredited labs out of 19,830 diagnostic labs in India(p.154)
- • India diagnostic market projected to grow at 13.1% CAGR from 2024-2030 to ₹2,204 billion(p.171)
- • Maharashtra diagnostic market projected to grow at 12.1% CAGR to reach ₹73 billion by 2030(p.171)
- • Fragmented market with only 17-20% organized diagnostic segment enabling consolidation opportunity(p.166)
- • Strategic opportunity to acquire regional diagnostic providers with brand recognition and customer base(p.181)
- • Expanding geriatric population aged 65+ increasing from 101 million in 2023 to projected 347 million by 2050(p.175)
- • Expansion of diagnostic services across India beyond Mumbai(p.207)
- • Addition of specialized diagnostic services and telemedicine(p.207)
- • Growing demand for diagnostic services driven by healthcare awareness(p.207)
- • Regulatory accreditation enhancing service quality and market access(p.204)
- • Large and growing Indian diagnostic market projected to reach Rs. 2,204 billion by 2030 at 13.1% CAGR(p.306)
- • Maharashtra diagnostic market growing at 12.1% CAGR projected to reach Rs. 72.7 billion by 2030(p.306)
- • Radiology market in India projected to grow from Rs. 407 billion in 2024 to Rs. 868 billion by 2030 at 13.5% CAGR(p.306)
- • Expansion opportunities in Maharashtra and other Indian states to consolidate presence(p.310)
- • Growing aging population (65+ years) rising from 89.5 million in 2019 to 101 million in 2023 driving diagnostic demand(p.306)
- • Increasing medical tourism with visitors rising from 3.22 lakhs in 2021 to 6.34 lakhs in 2023(p.306)
- • Expansion into new diagnostic centres(p.330)
- • Growing diagnostic services market(p.323)
- • Institutional customer base growth(p.325)
Threats
- • Risk of technological obsolescence and emergence of alternative diagnostic methodologies(p.49)
- • Intense competition in highly fragmented diagnostic industry with low entry barriers(p.50)
- • Pricing pressure from competition may intensify and erode margins(p.50)
- • Severe rural healthcare infrastructure gaps limiting industry growth(p.51)
- • Shortage of skilled diagnostic manpower especially in tier 2 and tier 3 cities(p.52)
- • Stringent health, safety and regulatory compliance requirements for operations(p.49)
- • Adverse regional economic developments, natural disasters or disruptions in MMR could severely impact business(p.49)
- • Dependency on third-party vendors for critical equipment and reagent supplies(p.59)
- • Intense competition from established national players like Krsnaa Diagnostics (2,850 centres) and Vijaya Diagnostic (145 centres)(p.166)
- • Entry of pharmaceutical companies and hospitals into diagnostic space intensifying competitive pressure(p.167)
- • High bargaining power of consumers leading to pricing pressure and margin erosion(p.167)
- • Substitute services from point-of-care testing devices and home diagnostic kits(p.167)
- • Dependence on radioactive material procurement with short half-life impacting PET-CT operations(p.189)
- • Regulatory changes such as proposed Maharashtra pathology lab regulation under Bombay Nursing Homes Registrations Act(p.154)
- • Shortage of skilled radiologists and laboratory professionals limiting expansion in tier 2 and tier 3 cities(p.162)
- • Capital-intensive radiology business requiring significant investment in advanced equipment creating high barriers to entry(p.178)
- • Strict regulatory compliance requirements for biomedical waste and environmental standards(p.204)
- • High capital intensity of diagnostic equipment and recurring replacement costs(p.66)
- • Intense competition from organized and unorganized diagnostic chains(p.66)
- • Regulatory changes in healthcare sector and compliance burden(p.202)
- • Highly competitive diagnostic industry making it difficult to improve market share(p.309)
- • Dependency on government regulations and potential price controls for diagnostic services(p.310)
- • Potential GST applicability to diagnostic services could significantly increase operating costs(p.310)
- • Seasonal fluctuations in diagnostic demand driven by disease outbreaks like malaria and dengue(p.310)
- • Rising costs of foreign-produced reagents and materials due to currency fluctuations(p.310)
- • Significant increase in equipment maintenance costs after warranty expiry periods(p.310)
- • Competitive environment in diagnostics(p.331)
- • Inflation impact on costs(p.331)
- • Regulatory and compliance requirements(p.341)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Dr. Ketan Jayantilal Jain | Promoter | 2.09% | — |
| Dr. Sanket Vinod Jain | Promoter | 14.20% | — |
| Rohit Prakash Srivastava | Promoter | 15.02% | — |
| Badal Kailash Naredi | Promoter | 15.03% | — |
| Jayesh Prakash Jain | Promoter | 10.77% | — |
| Dr. Sanket Vinod Jain | Promoter | 13,15,712 Equity Shares | — |
| Dr. Ketan Jayantilal Jain | Promoter | 1,93,600 Equity Shares | — |
| Jayesh Prakash Jain | Promoter | 9,97,504 Equity Shares | — |
| Badal Kailash Naredi | Promoter | 13,92,320 Equity Shares | — |
| Rohit Prakash Srivastava | Promoter | 13,91,488 Equity Shares | — |
| Dr. Sanket Vinod Jain | Promoter | 14.20% | — |
| Rohit Prakash Srivastava | Promoter | 15.02% | — |
| Badal Kailash Naredi | Promoter | 15.03% | — |
| Jayesh Prakash Jain | Promoter | 10.77% | — |
| Dr. Ketan Jayantilal Jain | Promoter | 2.09% | — |
| Dr. Ketan Jayantilal Jain | Promoter | — | — |
| Dr. Sanket Vinod Jain | Promoter | — | — |
| Rohit Prakash Srivastava | Promoter | — | — |
| Badal Kailash Naredi | Investor Promoter | — | — |
| Jayesh Prakash Jain | Investor Promoter | — | — |
| Dr. Ketan Jayantilal Jain | Promoter | 2.09% | — |
| Dr. Sanket Vinod Jain | Promoter | 14.20% | — |
| Rohit Prakash Srivastava | Promoter | 15.02% | — |
| Badal Kailash Naredi | Promoter | 15.03% | — |
| Jayesh Prakash Jain | Promoter | 10.77% | — |
| Badal Naredi | Promoter | 15.03% | — |
| Jayesh Prakash Jain | Promoter | 10.77% | — |
| Rohit Prakash Srivastava | Promoter | 15.02% | — |
| Dr. Sanket Vinod Jain | Promoter | 14.20% | — |
| Dipika Jayantilal Jain | Promoter | 6.83% | — |
| Rohit Prakash Srivastava | Promoter | — | — |
| Dr. Ketan Jayantilal Jain | Promoter | — | — |
| Dr. Sanket Vinod Jain | Promoter | — | — |
| Badal Kailash Naredi | Promoter | — | — |
| Jayesh Prakash Jain | Promoter | — | — |
Leadership
Dr. Sanket Vinod Jain · Chairman
Rohit Prakash Srivastava · CFO
Soniya Nilesh Mahajan · Company Secretary and Compliance Officer
Dr. Konica Rohit Srivastava · Manager
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.