Courtesy: https://www.chittorgarh.com/
Review By Dilip Davda on November 26, 2025
- The company operates as a diagnostic chain in MMR region offering radiology and pathology solutions.
• It is operating in a highly competitive and fragmented segment.
• The company posted growth in its consolidated performances from FY24 onwards.
• Peers’ comparison is nothing but an eyewash.
• There is no harm in skipping this pricey and dicey bet.
ABOUT COMPANY:
Invicta Diagnostic Ltd. (IDL) is a diagnostic chain in Mumbai Metropolitan Region (“MMR”) offering radiology and pathology solutions. The company offers pathology and radiology testing services such as imaging (including radiology), pathology/clinical laboratory and teleradiology to customers under the brand name “PC Diagnostics” through its operational network, which consists of 7 diagnostic centres and 1 centralized laboratory across Mumbai Metropolitan Region in the state of Maharashtra.
Its history can be traced back to 2021, when it established the first “PC Diagnostics” Centre in Thane, Maharashtra with a vision of providing comprehensive and high-quality diagnostic services under one roof, in a reliable, affordable and customer-centric manner. The business was carried out under limited liability partnership firm, which was later converted into company in 2023. The diagnostic sector in India has experienced significant growth, with market revenue increasing from Rs. 710 billion in 2020 to Rs. 1,055 billion in 2024 at a CAGR of 10.4%. This growth is expected to continue, reaching Rs. 2,204 billion by 2030 at a CAGR of 13.1% between 2024 and 2030. In Maharashtra, the diagnostic sector grew from Rs. 24.7 billion in 2020 to Rs. 35.45 billion in 2024 at a 9.5% CAGR and is projected to reach Rs. 72.7 billion by 2030 at a 12.1% CAGR from 2024 to 2030. The Radiology industry in India grew from Rs. 263.2 billion in 2020 to Rs. 407 billion in 2024 at 11.5% CAGR and is projected to grow to Rs. 868 billion by 2030 at a CAGR of 13.5% from 2024 to 2030. In Maharashtra, Radiology grew at a CAGR of 10.7% from 2020-2024 and is expected to grow from Rs. 15.04 billion in 2024 to Rs. 31.4 billion by 2030 at a CAGR of 13.1%. Radiology accounted for 38% of India’s and 42% of Maharashtra’s Diagnostics Lab Market in 2023. Non-communicable diseases contribute to 60% of total mortality in India, with estimated incidences of cancer cases increasing from 13.92 lakhs in 2020 to 14.61 lakhs in 2022. Furthermore, medical tourism has surged, with visitors rising from 3.22 lakhs in 2021 to 6.34 lakhs in 2023. These factors collectively contribute to the growth of the diagnostic industry in India. (Source: D&B report).
IDL offers a range of approximately 60 routine and 487 specialized pathology tests and approximately 96 basic and 130 advanced radiology tests that cover a range of specialties and disciplines, as of October 31, 2025. Its test menu includes pathology tests ranging from basic biochemistry and clinical pathology which are performed at its own centres to cytogenetics and high-end molecular diagnostic tests which are outsourced to larger reference laboratories, and radiology tests ranging from basic echocardiograms, X-rays and ultrasounds to advanced radiology tests including computerised tomography (“CT”) scans, magnetic resonance imaging (“MRI”) scans and advanced positron emission tomography CT (“PET CT”). The company focuses on a customer centric approach to enhance the overall quality of services for optimal customer satisfaction. For convenience of our customers, it provides value-added services such as home collection of specimens and house calls and various delivery or access modes for tests reports.
IDL has implemented a ‘hub and spoke’ model across MMR which are either directly or through its subsidiaries, whereby specimens are collected across multiple locations within a catchment area or region for delivery to its reference centres for diagnostic testing. This model provides greater economies of scale and enhances consistency in testing procedures and results. All of its centres offer integrated diagnostics services (pathology and radiology tests under one roof) with smaller spokes offering pathology tests and basic radiology tests and hub centres offering pathology tests, basic radiology tests and advanced radiology tests such as MRI, CT and PET CT. As of September 30, 2025, its operational network consists of diagnostic centre network of (i) a flagship centre located in Thane, which is its ‘main hub’ and equipped to conduct all of pathology specimens collection, basic and advanced radiology tests; (ii) 3 other hub centres through its subsidiaries, which are equipped to conduct all of pathology specimens collection, basic radiology tests and advanced radiology tests; and (iii) 3 spoke centres including 1 spoke centre through its subsidiary, which are equipped to conduct a majority of basic radiology tests and certain pathology specimen collection; and 1 centralized laboratory co-located with one of the spoke centre. IDL’s diagnostic services are provided by a medical professional team consisting of 4 laboratory doctors, 20 radiologists and 133 well-trained technical staff in its operational network, as of October 31, 2025. During the period ended September 30, 2025 it conducted approximately 27,260 pathology tests and 24,809 radiology tests for approximately 25,606 patients. As of October 31, 2025, it had 113employees on its payroll, 24 regular consultants, 20 contractual employees, 18 radiologists and 130 technical staff.
ISSUE DETAILS/ CAPITAL HISTORY:
The company is coming out with its maiden book building route IPO of 3308800 equity shares of Rs. 10 each to mobilize Rs. 28.12 cr. at the upper cap. The company has announced a price band of Rs. 80 – Rs. 85 per share. The issue opens for subscription on December 01, 2025, and will close on December 03, 2025. The shares will be listed on NSE SME Emerge. The minimum application to be made is for 3200 shares and in multiples of 1600 shares thereon, thereafter. The IPO constitutes 26.32% of the post-IPO paid-up capital of the company. From the net proceeds of the IPO, it will utilize Rs. 21.11 cr. for capex on purchase of medical equipment towards establishing five new diagnostic centres in Maharashtra, and the rest for general corporate purposes.
The IPO is solely lead managed by Socradamus Capital Pvt. Ltd., and Bigshare Services Pvt. Ltd. is the registrar to the issue. Nikunj Stock Brokers Ltd. is the market maker as well as a syndicate member.
Having issued initial equity capital at par, the company issued further equity shares in the price range of Rs. 71 – Rs. 1665 per share between March 2024 and June 2025. It has also issued bonus shares in the ratio of 63 for 1 in April 2024. The average cost of acquisition of shares by the promoters is Rs. –, Rs. 6.35, Rs. 6.36 per share.
Post- IPO, company’s current paid-up equity capital of Rs. 9.26 cr. will stand enhanced to Rs. 12.57 cr. Based on the upper cap of the IPO price band, the company is looking for a market cap of Rs. 106.86 cr.
FINANCIAL PERFORMANCE:
On the financial performance front, for the last two fiscals, the company has (on a consolidation basis) posted total income / net profit, of Rs. 15.90 cr. / Rs. 3.81 cr. (FY24), Rs. 30.18 cr. / Rs. 4.93 cr. (FY25). For H1 of FY26 ended on September 30, 2025, it earned a net profit of Rs. 4.08 cr. on a total income of Rs. 17.08 cr. Its outperformance in bottom lines against peers raises eyebrows and concern over its sustainability.
On a standalone basis, it posted total income and net profits of Rs. 6.85 cr. / Rs. 0.24 cr. (FY23), Rs. 11.60 cr. / Rs. 4.01 cr. (FY24), Rs. 17.73 cr. / Rs. 5.23 cr. (FY25). For H1 of FY26 ended on September 30, 2025, it earned a net profit of Rs. 3.67 cr. on a total income of Rs. 11.50 cr. Thus, on a consolidated basis, it marked lower PAT and raise concern.
For the last two fiscals, the company has (on a consolidated basis) reported an average EPS of Rs. 5.41 and an RoNW of 38.80%. The issue is priced at a P/BV of 3.20 based on its NAV of Rs. 26.60 per share as of September 30, 2025, but its post-IPO NAV data is missing from the offer documents.
If we attribute FY26 annualized super earnings to post-IPO fully diluted paid-up equity capital, then the asking price is at a P/E of 13.08, and based on FY25 earnings, it stands at 21.68%. Thus, the issue appears aggressively priced.
For the reported periods the company has (On a consolidated basis) posted PAT Margins of 24.04% (FY24), 16.38% (FY25), 24.10% (H1-FY26), and RoCE margins of 56.04%, 42.00%, 22.80%, respectively for referred periods.
DIVIDEND POLICY:
The company has not paid any dividends for the reported periods. It has adopted a dividend policy in July 2024, based on its financial performance and future prospects.
COMPARISON WITH LISTED PEERS:
As per the offer document, the company has shown Vijaya Diagnostic, and Krsnaa Diagnostic, as its listed peers. They are currently trading at a P/E of 67.8, and 30.8 (as of November 26, 2025). However, they are not truly comparable on an apple-to-apple basis. This comparison appears to be an eyewash.
MERCHANT BANKER’S TRACL RECORD:
This is the 3rd mandate from Socradamus Capital in the last two fiscals. Out of the last 2 listings, 1 opened at discount, and the 1 with premium of 75.92% on the listing date. Currently the second one is also trading at a discount. Thus, the merchant banker has a poor track record.
Conclusion / Investment Strategy
IDL operates as a diagnostic chain in MMR region offering radiology and pathology solutions. It is operating in a highly competitive and fragmented segment. The company posted growth in its consolidated performances from FY24 onwards, but remains a concern for sustainability. Peers’ comparison is nothing but an eyewash. There is no harm in skipping this pricey and dicey bet.
Review By Dilip Davda on November 26, 2025
Review Author
DISCLAIMER: No financial information whatsoever published anywhere here should be construed as an offer to buy or sell securities, or as advice to do so in any way whatsoever. All matter published here is purely for educational and information purposes only and under no circumstances should be used for making investment decisions. My reviews do not cover GMP market and operators game plans. Readers must consult a qualified financial advisor before making any actual investment decisions, based the on information published here. With entry barriers, SEBI wants only well-informed investors to participate in such offers. With crazy listings in the recent past, SME IPOs drew the attention of investors across the board and lead to seer madness. However, as SME issues have entry barriers and continued low preference from the broking community, any reader taking decisions based on any information published here does so entirely at their own risk. The above information is based on information available as of date coupled with market perceptions. The Author has no plans to invest in this offer.
About Dilip Davda
Dilip Davda is veteran journalist associated with stock market since 1978. He is contributing to print and electronic media on stock markets/insurance/finance since 1985.
Dilip Davda is a leading reviewer of public issues and NCDs in the primary stock market in India. The knowledge he gained over 3 decades while working in the stock market and a strong relationship with popular lead managers makes his reviews unique. His detailed fundamental and financial analysis of companies coming up with IPOs helps investors in the primary stock market. Dilip Davda has a special interest in analyzing the SME companies and writing reviews about their public issues. His reviews are regularly published online and in news papers.
(Dilip Davda -SEBI registered Research Analyst-Mumbai,
Registration no. INH000003127 (Perpetual)
Email id: dilip_davda@rediffmail.com ).
Courtesy: https://www.chittorgarh.com/
