MD
Modern Diagnostic SME
SME₹36.89 Cr issue
+10.56%
Listing gain over issue price
Issue size
₹36.89 Cr
1 lot at cut-off
₹1,44,000
Lot size
1,600shares
Allotment
05 Jan 2026
Listing
07 Jan 2026
Listing performance
Issue price
₹90
Listed at
₹99.50
Listing-day close
₹94.99
Latest price
₹51
Listing gain
+10.56%
Return since listing
-43.33%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Grey market premium
Unofficial and indicative — not a forecast
₹14
3 observations recorded — too few to plot a trend.
Day-wise premium · 3 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 07 Jan 2026 | ₹14 | +15.56% | ₹17,000 | ₹104 | ₹22,400 |
| 06 Jan 2026 | ₹14 | +15.56% | ₹17,000 | ₹104 | ₹22,400 |
| 05 Jan 2026 | ₹13.50 | +15.00% | ₹16,400 | ₹103.50 | ₹21,600 |
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
- Listing date
- 07 Jan 2026
- Face value
- ₹10 per share
- Issue price
- ₹90 per share
- Lot size
- 1,600 shares
- Total issue size
- ₹36.89 Cr
- Market cap at offer price
- ₹136 Cr
- Promoter holding
- 99.99% → 72.85% pre-issue → post-issue
- ISIN
- INE1HK501016
- Registrar
- MUFG Intime India Pvt.Ltd.
- Lead managers
- Beeline Capital Advisors Pvt.Ltd.
- Registered office
- Plot No H-64, 1st Floor BLK-H, Bali Nagar City landmark near Khetar Pal Hospital, Ramesh Nagar, West, New Delhi
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 | 11,61,600 | — | — |
| Market maker | 2,06,400 | — | — |
Application size
Minimum 1,600 shares per lot, in multiples, at ₹90
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,600 | ₹1,44,000 |
| S-HNI (min) | 2 | 3,200 | ₹2,88,000 |
| S-HNI (max) | 6 | 9,600 | ₹8,64,000 |
| B-HNI (min) | 7 | 11,200 | ₹10,08,000 |
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
11,61,600
Anchor portion
₹10.45 Cr
at ₹90 per share
Valuation and performance
Valuation at offer price
₹90 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 8.15 | 7.94 |
| P/E (×) | 11.04 | 11.34 |
| Price to book (×) | 4.78 | — |
| Market cap | — | ₹136 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 43.27%
- ROCE
- 36.18%
- Debt / equity
- 1.07
- PAT margin
- 11.51%
- EBITDA margin
- 23.04%
- NAV per share
- ₹18.84
- Price to book
- 4.78
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Modern Diagnostic SME
Modern Diagnostic & Research Centre Limited is a diagnostic healthcare services provider in India offering pathology and radiology testing services. The company was originally incorporated as a private limited company on April 16, 2012, and converted to a public limited company on December 18, 2024. It provides integrated diagnostic facilities including imaging (radiology), pathology/clinical laboratory tests, and related healthcare services through its network of diagnostic centres and laboratories. The company serves individual patients, hospitals, healthcare providers, and corporate customers. Revenue is generated primarily from pathology services (80.70% for the period ended June 30, 2025) and radiology services (19.30%). The company operates diagnostic centres and laboratories across multiple states including Haryana, where the majority of operations are concentrated, as well as Assam, Jammu & Kashmir, Madhya Pradesh, Punjab, Rajasthan, Uttar Pradesh, and West Bengal.
Company Analysis
from RHPModern Diagnostic & Research Centre Limited provides diagnostic and healthcare testing services including pathology and radiology across multiple Indian states.
Modern Diagnostic & Research Centre Limited is a diagnostic healthcare services provider in India offering pathology and radiology testing services. The company was originally incorporated as a private limited company on April 16, 2012, and converted to a public limited company on December 18, 2024. It provides integrated diagnostic facilities including imaging (radiology), pathology/clinical laboratory tests, and related healthcare services through its network of diagnostic centres and laboratories. The company serves individual patients, hospitals, healthcare providers, and corporate customers. Revenue is generated primarily from pathology services (80.70% for the period ended June 30, 2025) and radiology services (19.30%). The company operates diagnostic centres and laboratories across multiple states including Haryana, where the majority of operations are concentrated, as well as Assam, Jammu & Kashmir, Madhya Pradesh, Punjab, Rajasthan, Uttar Pradesh, and West Bengal.
Diagnostic healthcare servicesPathology testingRadiology/medical imagingClinical laboratory services
Objects of the Issue
- Funding capital expenditure for purchase of medical equipment towards establishment of new diagnostic centre and labs ₹2,068.95 lakhs p.21
- Funding Working Capital Requirement ₹800.00 lakhs p.21
- Repayment of certain outstanding borrowings availed by our Company ₹100.00 lakhs p.21
- General Corporate Purpose p.21
- Funding capital expenditure for purchase of medical Equipments for diagnostic centre and laboratories ₹2,068.95 Lakhs p.75
- Funding Working Capital Requirement ₹800.00 Lakhs p.75
- Repayment of certain outstanding borrowings availed by our Company ₹100.00 Lakhs p.75
- General Corporate Purpose p.75
- Capital expenditure requirement p.233
- Working capital requirement p.233
- Repayment of loan p.233
- General corporate purpose p.233
Issue Structure
- Total Issue
- Upto 40,99,200 Equity Shares aggregating up to ₹ [●] Lakhs
- Fresh Issue
- Upto 40,99,200 Equity Shares aggregating to ₹ [●] Lakhs
- Offer for Sale
- Not Applicable
- Price Band
- [●] (Floor Price) to [●] (Cap Price)
- Lot Size
- [●] Equity Shares and in multiples of [●] Equity Shares thereafter
- Face Value
- ₹10.00 each
Business Model
The company generates revenue from diagnostic and healthcare testing services provided to individual patients, hospitals, healthcare providers, and corporate customers through pathology and radiology services. Pathology services accounted for 80.70% of revenue for the period ended June 30, 2025, while radiology services accounted for 19.30%.
Business Segments
Medical imaging services including imaging procedures
Pathology and clinical laboratory testing services
Provision of comprehensive diagnostic facilities in radiology and high-end pathology including imaging (radiology) and pathology/clinical laboratory services for core testing, patient diagnosis, disease prevention, and health condition monitoring
Pathology services consist of testing blood, urine, or other body fluids to check for infections. Includes disciplines like clinical chemistry (35% of pathology market), immunology (23%), haematology (20%), molecular pathology (13%), histopathology (8%), and urinalysis and surgical pathology (1%). Services include Complete Blood Counts, Liver and Kidney Function Tests, Lipid Profiles, Hormone Analysis, Autoimmune Disease Markers, Cancer Screening, Infectious Disease Testing, advanced molecular diagnostics including PCR, RT-PCR, Next-Generation Sequencing (NGS), and Oncogene Testing, LC-MS/MS based tests, preventive health screenings and chronic disease management programs.
Radiology services use non-invasive diagnostic techniques to check the functionality of vital body organs like heart, lungs, and brain. Services include MRI (1.5T and 3T), CT scans, ultrasound, color Doppler studies, digital X-rays, mammography, and interventional radiology. Soft radiology consists of electrocardiogram (ECG), X-ray, sonography. Advanced radiology includes CT-scan, MRI, nuclear imaging, interventional radiology, and other advanced molecular imaging techniques. Also includes digital mammography for breast cancer detection, DEXA scans for osteoporosis screening, fluoroscopic imaging for gastrointestinal studies, and interventional radiology services.
Includes Anatomical Pathology, Clinical Pathology, Forensic Pathology and Molecular Pathology testing services
Includes Diagnostic Radiology and Interventional Radiology services such as X-ray, Computed Tomography (CT scan), Magnetic Resonance Imaging (MRI), Ultrasound
Provides pathological testing, radiological imaging (X-ray, CT scans, MRIs, ultrasounds), and specialized diagnostic procedures across multiple laboratory locations
SWOT Analysis
Strengths
- • Established diagnostic services provider with integrated pathology and radiology capabilities(p.20)
- • Nationwide geographic expansion across multiple states(p.27)
- • Strong revenue generation with consistent growth trajectory(p.22)
- • Profitability recovery with positive PAT in recent periods(p.22)
- • Experienced management team with deep industry expertise(p.43)
- • Integrated nationwide diagnostic network with established operations(p.76)
- • Long operational history and business continuity(p.53)
- • Advanced diagnostic infrastructure with cutting-edge medical equipment(p.113)
- • Established brand reputation and quality focus since 1985(p.113)
- • Centralized IT platform enabling efficient logistics and operations(p.113)
- • NABL and NABH accreditations demonstrating quality standards(p.116)
- • Proven financial growth with improving profitability margins(p.91)
- • Comprehensive geographic presence across 8 states with hub-and-spoke model(p.111)
- • Growing B2B revenue contribution indicating institutional strength(p.112)
- • Established presence since 1985 with long operating history(p.149)
- • Wide geographic footprint across 8 states with 21 centres(p.198)
- • Comprehensive diagnostic service portfolio spanning pathology and radiology(p.198)
- • Experienced promoter leadership with 40 years in diagnostic field(p.147)
- • Revenue growth trajectory from FY2023 to FY2025(p.174)
- • Experienced promoters with deep healthcare expertise(p.199)
- • Advanced PACS technology enabling remote diagnostic access and secure image storage(p.199)
- • Strong revenue growth and profitability recovery(p.202)
- • Significant profit improvement and operational efficiency(p.203)
- • Improved cost management and economies of scale(p.202)
- • Multiple accreditations and certifications demonstrating quality standards(p.217)
- • Diversified geographic presence across multiple states(p.202)
- • Low customer concentration reducing dependency risk(p.205)
Weaknesses
- • Heavy dependence on Haryana state for majority of revenue(p.27)
- • Pathology services constitute overwhelming share of revenue with limited radiology contribution(p.29)
- • Historical loss in FY2023 raising concerns about profitability sustainability(p.30)
- • Negative cash flows from operations in multiple periods(p.29)
- • Substantial debt burden with floating rate exposure(p.42)
- • Top ten suppliers contribute over two-thirds of purchases creating supply concentration risk(p.36)
- • Multiple past regulatory non-compliances and filing delays with ROC(p.30)
- • Outstanding litigation matters pending against company(p.27)
- • Heavy reliance on leased premises with some unregistered lease agreements(p.41)
- • Unsecured loans from directors repayable on demand(p.42)
- • Heavy dependence on key managerial personnel for business continuity(p.43)
- • Significant secured debt with charge over movable and immovable properties(p.44)
- • Personal guarantees from promoters and directors on loan facilities(p.43)
- • No identified alternate sources of funding for IPO objectives(p.44)
- • High dependence on Haryana market for majority of revenue(p.115)
- • Limited NABL accreditation across network despite 21 centers(p.116)
- • Concentration of top customer revenue creating dependency risk(p.121)
- • Relatively small scale compared to listed competitors(p.91)
- • High leverage with debt-to-equity ratio of 1.28 as of June 30, 2025(p.193)
- • Significant reliance on director guarantees and mortgaged properties for secured borrowings(p.152)
- • Operating losses in FY2023 resulting in negative retained earnings(p.174)
- • Weak current ratio of 1.05 indicating liquidity constraints(p.192)
- • Low cash balance of ₹93.70 lakhs despite operational scale(p.173)
- • Elevated debt-to-equity leverage ratio(p.230)
- • High finance costs relative to revenue(p.201)
- • Consumer disputes and litigation related to service quality(p.209)
- • Significant outstanding dues to creditors(p.212)
- • Regulatory compliance issues requiring remediation(p.215)
- • Material equipment not operational(p.218)
Opportunities
- • Expansion into new geographic markets and diagnostic service segments(p.21)
- • Growing diagnostic healthcare market in India(p.20)
- • Increasing demand for integrated diagnostic solutions combining pathology and radiology(p.20)
- • Diversification into high-end imaging modalities to capture broader market segments(p.28)
- • Geographic expansion into new markets and diagnostic centers(p.76)
- • Enhancement of diagnostic capabilities through advanced imaging technology(p.76)
- • Enhanced market visibility and liquidity through public listing(p.75)
- • Rapid expansion of India's diagnostic market with 13.1% CAGR projected through 2030(p.112)
- • Strong growth in preventive healthcare and wellness testing demand(p.114)
- • Expanding radiology segment growing faster than pathology(p.107)
- • Significant rural market underserved with only 22% of diagnostic market share(p.105)
- • Consolidation opportunity in fragmented diagnostic industry(p.108)
- • Geographic expansion strategy into new markets with competitive advantage(p.114)
- • India's healthcare sector projected to nearly double from USD 216 billion to USD 454 billion by FY28(p.111)
- • Expansion into medical education and training services aligned with stated objects(p.142)
- • Growth in international diagnostic services with existing export presence(p.185)
- • Potential for laboratory reagents and consumables manufacturing business(p.143)
- • Expansion into related healthcare services including wellness centres(p.143)
- • Post-IPO capital for technology upgrades and facility expansion(p.173)
- • Expanding Indian diagnostic market with strong CAGR(p.199)
- • Large and growing Indian healthcare sector(p.199)
- • Expansion into new geographic markets and customer segments(p.202)
- • Identified planned lab expansion in multiple Indian cities(p.226)
Threats
- • Intense competition from organized diagnostic chains and regional service providers(p.35)
- • Risk of service disruptions from equipment failures or IT system breakdowns(p.26)
- • Regulatory changes and government healthcare policy modifications(p.38)
- • Supply chain disruptions affecting procurement of diagnostic consumables and reagents(p.38)
- • Rising input costs and operational expenditures creating margin compression pressure(p.36)
- • Emergence of alternative diagnostic technologies and point-of-care testing(p.40)
- • Seasonal fluctuations in diagnostic test volumes affecting revenue predictability(p.37)
- • Talent shortage and difficulty in retaining skilled healthcare professionals(p.29)
- • Data security and privacy breach risks from cyber threats(p.37)
- • Potential disruptions from natural disasters and civil unrest in operational regions(p.27)
- • COVID-19 pandemic and future public health emergencies impact on operations(p.44)
- • Share price volatility and liquidity challenges post-listing(p.45)
- • Environmental and health compliance regulations becoming more stringent(p.45)
- • Changes in tax laws and regulatory policies affecting profitability(p.46)
- • Restrictions on foreign investor participation and repatriation(p.46)
- • Global economic and geopolitical risks affecting business and markets(p.47)
- • Disruption from natural disasters and regional conflicts(p.47)
- • Intense competition from organized and unorganized diagnostic providers(p.122)
- • Technology advancement enabling point-of-care testing reducing lab dependence(p.122)
- • Critical shortage of skilled healthcare manpower in rural areas and smaller cities(p.110)
- • Regulatory compliance burden across multiple healthcare and environmental laws(p.123)
- • Limited public healthcare infrastructure in rural areas constraining market access(p.109)
- • Restrictive regulations on pre-natal diagnostic techniques limiting revenue opportunities(p.134)
- • Dependence on medical device imports subject to tariff and regulatory changes(p.114)
- • Regulatory compliance requirements across multiple states with varying laws(p.141)
- • Dependence on central and state government approvals for operations(p.141)
- • Risk of concentration in major revenue states with Haryana contributing significant revenue(p.185)
- • Vulnerability to input cost inflation and equipment price fluctuations(p.174)
- • Seasonal and cyclical nature of diagnostic industry demand patterns(p.141)
- • Rapid technological innovation and potential technological failures in diagnostics(p.199)
- • Intensifying competition from existing and new diagnostic service providers(p.199)
- • Regulatory policy changes at national, state and local government levels(p.199)
- • Market dependency on demand and supply conditions(p.199)
- • Natural and man-made disasters disrupting operations(p.199)
- • Dependency on ability to attract and retain qualified personnel(p.199)
- • Health crises and environmental regulations impacting operations(p.199)
- • Sovereign debt rating downgrade affecting investment climate(p.199)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Devendra Singh Yadav | Promoter | 84.00% | 61.20% |
| Deepali Yadav | Promoter | 5.00% | 3.64% |
| Asha Yadav | Promoter | 5.00% | 3.64% |
| Jitendra Singh | Promoter | 0.00% | 0.00% |
| Mr. Devendra Singh Yadav | Promoter | 84.00% | 61.20% |
| Mrs. Deepali Yadav | Promoter | 5.00% | 3.64% |
| Mrs. Asha Yadav | Promoter | 5.00% | 3.64% |
| Mr. Jitendra Singh | Promoter | — | — |
| Mr. Nitin Kumar | Promoter Group | 5.00% | 3.64% |
| Mrs. Sunita Yadav | Promoter Group | 1.00% | 0.73% |
| Mr. Devendra Singh Yadav | Promoter/Managing Director | — | — |
| Mrs. Asha Yadav | Promoter/Promoter Group | — | — |
| Mrs. Deepali Yadav | Promoter/Promoter Group | — | — |
| Mrs. Sunita Yadav | Promoter/Promoter Group | — | — |
| Devendra Singh Yadav | Promoter | 84.00% | — |
| Deepali Yadav | Promoter | 5.00% | — |
| Asha Yadav | Promoter | 5.00% | — |
| Jitendra Singh | Promoter | — | — |
| Mr. Devendra Singh Yadav | Promoter | — | — |
| Mrs. Deepali Yadav | Promoter | — | — |
Leadership
Devendra Singh Yadav · Chairman and Managing Director
Deepali Yadav · Whole-Time Director
Jitendra Singh · Chief Financial Officer
Priyanshu Yadav · Company Secretary and Compliance Officer
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.