Modern Diagnostic IPO
Modern Diagnostic & Research Centre IPO, categorized under the SME IPO segment, is a book-built issue of Rs. 36.89 Cr by Modern Diagnostic & Research Centre Limited. The company operates a chain of diagnostic facilities in India, offering a broad range of radiology and pathology services.
It provides reliable diagnostic tests, online report access, home sample collection, and customised test packages for both institutional clients and individual patients. The company delivers diagnostic services such as ultrasound, CT scan, MRI, X-ray, ECG, PFT, and specialised laboratories for cardiac and neuro care. Currently, it operates across 21 locations (18 laboratories and 3 diagnostic centres) spread over 8 states.
Services:
- Pathology
- Radiology
- Home sample collection
Modern Diagnostic & Research Centre IPO Details
The Modern Diagnostic & Research Centre IPO will open on 31 Dec 2025 and close on 02 Jan 2026. The IPO allotment is scheduled for 05 Jan 2026, while refund initiation is expected on 06 Jan 2026.
This SME IPO of Rs. 36.89 crore consists entirely of a fresh issue of 0.41 crore shares.
The expected listing date for the Modern Diagnostic & Research Centre IPO is Wednesday, 07 Jan 2026, with shares proposed to be listed on the BSE SME platform.
The price band for the Modern Diagnostic & Research Centre IPO is fixed at Rs. 85 to Rs. 90.
IPO Timetable (Tentative)
| Events | Date |
| IPO Opening Date | Dec 31, 2025 |
| IPO Closing Date | Jan 02, 2026 |
| IPO Allotment Date | Jan 05, 2026 |
| Refund Initiation | Jan 06, 2026 |
| IPO Listing Date | Jan 07, 2026 |
Click to open free demat account and apply for the IPO.
Company Financials
(Amount in Cr)
| Particulars | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Assets | 64.57 | 49.49 | 36.54 |
| Total Income | 78.80 | 68.67 | 56.61 |
| PAT | 8.97 | 5.79 | -5.73 |
| EBITDA | 17.96 | 11.05 | -0.99 |
| Net Worth | 20.73 | 11.76 | 5.96 |
| Reserves & Surplus | 9.73 | 10.76 | 4.96 |
| Total Borrowing | 22.09 | 20.46 | 15.31 |
Cash Flows
(Amount in lac)
| Net Cash Flow | 31 Mar 2025 | 31 Mar 2024 | 31 Mar 2023 |
| Net Cash Flow Operating Activities | 1,373.21 | 792.87 | -11.89 |
| Net Cash Flow Investing Activities | -1,314.28 | -1,103.21 | 210.83 |
| Net Cash Flow Financing Activities | -21.74 | 336.19 | -647.34 |
Revenue Bifurcation
(Rs. in Lac)
(Source: RHP)
The Objective of the Issue
The company proposes to utilise the Net Proceeds from the Issue for the following objectives:
- Funding capital expenditure for the purchase of medical equipment for its diagnostic centres and laboratories, amounting to approximately Rs. 20.69 Cr.
- Funding working capital requirements of approximately Rs. 8 Cr.
- Repayment of certain outstanding borrowings availed by the company, amounting to approximately Rs. 1 Cr.
- General corporate purposes.
Listed Peers of Modern Diagnostic & Research Centre Ltd.
| Name of the Company | Face Value (Rs.) | EPS (Rs.) | P/E Ratio (x) |
| Vijaya Diagnostic Centre Limited | 1 | 13.92 | 72.36 |
Valuation
| KPI | Value |
| ROE | 55.21% |
| ROCE | 36.18% |
| Debt / Equity | 1.07 |
| RoNW | 43.27% |
| PAT Margin | 11.51% |
| EBITDA Margin | 23.04% |
| PB Value | 4.78 |
Evaluation of P/E Ratio
Considering the period ended FY 2025, with an EPS of Rs. 8.15 from the previous year, the resulting P/E ratio stands at 11.04x.
IPO's Strengths
- Skilled management team and experienced promoters.
- End-to-end diagnostic solutions offered at affordable costs.
- Strong focus on quality and customer service.
- Centralised information technology platform.
IPO’s Weaknesses
- Disruptions at laboratories or diagnostic facilities could impact the company’s ability to process diagnostic tests.
- Inability to maintain and strengthen the brand name and image may adversely affect business operations and future prospects.
- Dependence on critical diagnostic equipment and core technology infrastructure poses a risk, as failures could lead to significant service disruptions.
Modern Diagnostic & Research Centre IPO GMP (Grey Market Premium)
Modern Diagnostic & Research Centre IPO GMP has not started yet as of 01 January 2026, at the time of writing this information.
Modern Diagnostic & Research Centre IPO Summary
| IPO Opening & Closing Date | 31 Dec, 2025 to 02 Jan, 2026 |
| Face Value | Rs. 10 per Share |
| Issue Price | Rs. 85 to Rs. 90 per Share. |
| Lot Size | 1600 Shares |
| Issue Size | 40,99,200 Shares (Rs. 36.89 Cr) |
| Offer for Sale | - |
| Fresh Issue | 40,99,200 Shares (Rs. 36.89 Cr) |
| Listing at | BSE, SME |
| Issue Type | Bookbuild issue IPO |
| Registrar | MUFG Intime India Pvt. Ltd. |
IPO Lot Details
Retail investors can apply for a minimum of 2 lots (3,200 shares) amounting to Rs. 2,88,000, and in multiples thereof, while HNI investors can invest in a minimum of 3 lots (4,800 shares) for Rs. 4,32,000.
| Minimum Lot Investment (Retail) | 2 Lots |
| Maximum Lot Investment (Retail) | 2 Lots |
| HNI (Min) | 3 Lots |
Modern Diagnostic & Research Centre IPO Allotment Status
To check the Modern Diagnostic & Research Centre IPO allotment status, visit the official registrar’s website or the BSE website. Below are the links for your reference:
Using BSE Website - BSE IPO allotment status
Promoters And Management of Modern Diagnostic & Research Centre Ltd.
- Mr. Devendra Singh Yadav
- Mrs. Deepali Yadav
- Mrs. Asha Yadav
- Mr. Jitendra Singh.
| Pre-Issue Promoter Shareholding | 99.99% |
| Post-Issue Promoter Shareholding | 72.85% |
IPO Lead Managers
- Beeline Capital Advisors Pvt. Ltd.
Dividend Policy
The company has not declared or paid any dividend during the last three financial years.
Conclusion
The Modern Diagnostic & Research Centre IPO offers exposure to India’s fast-growing healthcare diagnostics market, supported by strong profitability metrics and an expanding service network. Rising margins, asset growth, and a reasonable valuation compared to listed peers add to its appeal. However, investors should consider operational risks and dependence on diagnostic infrastructure before investing.
