Modern Diagnostic & Research Centre Ltd. IPO
Modern Diagnostic & Research Centre Limited is an Indian diagnostic healthcare services provider offering an integrated, one-stop solution for pathology and radiology testing. The company serves individual patients, hospitals, healthcare providers, and corporate clients across India, focusing on accurate, affordable, and timely diagnostics. Its integrated model delivers both pathology and radiology services under one roof, supported by value-added offerings such as home sample collection, online access to reports, and customized diagnostic packages for institutional clients.
Service Portfolio
1. Radiology Services: Ultrasound & Colour Doppler, CT Scan, MRI, Digital X-ray, Mammography, Heart Lab, Neuro Lab, CBCT, OPG, PFT, ECG
2. Pathology Services: Anatomical Pathology, Clinical Pathology, Molecular Pathology, Forensic Pathology
All tests are conducted using advanced, computerized diagnostic equipment.
Network & Presence
As of now, the company operates 21 centres across 8 Indian states, comprising 17 laboratories and 4 diagnostic centres. This network enables nationwide service delivery with consistent quality standards.
Technology & Digital Infrastructure
The company has implemented an advanced PACS (Picture Archiving and Communication System), enabling secure digital storage and remote access to medical images such as X-rays, CT scans, MRIs, and ultrasounds. This system improves workflow efficiency, enables faster reporting, and supports remote diagnostics while ensuring data security.
Competitive Strengths
1. Experienced Leadership: Promoters and management bring over 50 years of combined healthcare experience, providing strong strategic direction and operational depth.
2. Comprehensive, Cost-Effective Diagnostics: An all-in-one diagnostics platform reduces patient inconvenience and enhances care coordination at competitive pricing.
3. Strong Focus on Quality & Customer Care: reliable and accurate diagnostics since 1985, supported by awards and specialized testing capabilities such as Therapeutic Drug Monitoring.
4. Centralized IT & Operational Platform: A centralized technology system integrates logistics, diagnostics, reporting, and payments, ensuring operational efficiency and seamless patient experience
Objects of the Modern Diagnostic & Research Centre Ltd. IPO:
Modern Diagnostic & Research Centre Ltd. IPO Details:
| Open Date: | Dec 31 2025 |
| Close Date: | Jan 02 2026 |
| Total Shares: | 40,99,200 |
| Face Value: | ₹ 10 Per Equity Share |
| Issue Type: | Book Building |
| Issue Size: | 37 Cr. |
| Lot Size: | 1600 Shares |
| Issue Price: | ₹ 85-90 Per Equity Share |
| Listing At: | BSE SME |
| Listing Date: | Jan 07 2026 |
Promoters And Management:
Financials of Modern Diagnostic & Research Centre Ltd. IPO:
| Particulars | 3M FY2025-26 | FY 2024-25 | FY 2023-2024 | FY 2022-2023 |
| Revenue from Operations (Cr) | 23 | 78 | 67 | 56 |
| EBITDA (Cr) | 6 | 18 | 11 | -1 |
| EBITDA Margins | 26.05% | 23.04% | 16% | -2% |
| PAT (Cr) | 3 | 9 | 6 | -6 |
| PAT Margins | 13.3% | 11.5% | 8.6% | -10.18% |
| ROE | 13% (not annualized) | 43% | 50% | - |
| D/E Ratio | 1.25 | 1.04 | 1.7 | 2.5 |
| OPerating Cash Flow | -6.3 | 13.7 | 7.9 | -0.11 |
Comparison With Peers:
| Companies | Revenue (in cr) | EBITDA Margins | PAT Margins | ROCE | D/E Ratio | MCap (in cr) | P/E |
| Modern Diagnostics & Research Centre Limited | 78 | 23.04% | 11.5% | 43% | 1.04 | 135.9 | 15.1 |
| Vijaya Diagnostic Centre Limited | 681 | 40% | 21.15% | 20.90% | 0.42 | 10610 | 69.6 |
| Note: Forward P/E is 11.34 According to FY 2026 PAT | |||||||
Lead Manager of Modern Diagnostic & Research Centre Ltd. IPO:
Registrar of Modern Diagnostic & Research Centre Ltd. IPO:
Discussion on Modern Diagnostic & Research Centre Ltd. IPO:
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