Invicta Diagnostic IPO Overview
Mumbai-based diagnostic chain (PC Diagnostics) raising ₹28.12 cr via 100% fresh issue of 33.09L shares. Price: ₹80-85. Lot: 1,600 shares (₹2.72L min, 2 lots). Funds for 5 new diagnostic centers Maharashtra (₹21.11 cr), corporate purposes.
Founded Jan 2021, 4 years old.
Brand: PC Diagnostics. 7 centers + 1 central lab in MMR.
Services: 60 routine + 487 specialized pathology tests, 96 basic + 130 advanced radiology (MRI, CT, PET-CT). Hub-spoke model.
FY25: ₹30.09 cr revenue (+90%), ₹4.92 cr PAT (+30%). H1 FY26: ₹16.94 cr revenue, ₹4.08 cr PAT.
Lead: Socradamus Capital. Analyst: “Pricey and dicey, skip”. Very new company, MMR concentration, fragmented market, sustainability concerns. Competes with Dr Lal PathLabs, Metropolis, Vijaya Diagnostic, Krsnaa.
IPO DETAILED INFORMATION
Issue Details
| Parameter | Details |
| IPO Open Date | 1 December 2025 (Sunday) |
| IPO Close Date | 3 December 2025 (Tuesday) |
| Anchor Investor Date | 28 November 2025 (Thursday) |
| Allotment Date | 4 December 2025 (Wednesday) – Expected |
| Credit to Demat | 5 December 2025 (Thursday) – Expected |
| Refund Initiation | 5 December 2025 (Thursday) – Expected |
| Listing Date | 8 December 2025 (Sunday) – Tentative |
| Price Band | ₹80 – ₹85 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,600 shares |
| Min Investment (Retail) | ₹2,72,000 (2 lots / 3,200 shares at upper band) |
| sHNI Investment | ₹4,08,000 (3 lots / 4,800 shares) minimum |
| bHNI Investment | TBD |
| Issue Size | ₹28.12 crore total (at upper band) |
| Fresh Issue | ₹28.12 crore (100% fresh issue) |
| Offer for Sale (OFS) | NIL |
| Total Shares Offered | 33,08,800 equity shares |
| Listing | NSE SME (Emerge Platform) |
| Post-Issue Market Cap | ~₹107 crore (at upper price band) |
| P/E Ratio | ~21.68x (FY25 basis, post-issue) |
| EPS | ₹3.92 (post-issue, annualized Sep 2025 earnings) |
| ROE | 42.60% (FY25) – Excellent! |
| ROCE | 49.29% (FY25) – Very strong! |
| Grey Market Premium (GMP) | ₹0 as of Nov 28-Dec 1 – Completely flat (0% expected listing gain) |
| Expected Listing Price | ₹85 (no premium expected) |
Issue Break-up
| Category | Allocation | Shares |
| QIB (Qualified Institutional Buyers) | 16,54,000 shares | 50% |
| NII (Non-Institutional Investors) | 4,96,000 shares | 15% |
| Retail Individual Investors | 11,58,000 shares | 35% |
| Market Maker | Not disclosed (Nikunj Stock Brokers Ltd.) | ~5% |
Note: Standard mainboard-style allocation (50% QIB). No anchor portion disclosed in available sources.
Objects of the Issue (Fund Utilization)
Fresh Issue Proceeds (₹28.12 crore gross / ~₹25.38 cr net) will be used for:
- Purchase of Medical Equipment for Establishment of Five New Diagnostic Centres in Maharashtra – ₹21.11 crore (83.2% of net proceeds)
- Major strategic expansion under hub-and-spoke model
- Setting up 5 new diagnostic centers across Maharashtra (beyond MMR)
- Medical equipment purchase: MRI machines, CT scanners, ultrasound, X-ray, lab equipment
- Expansion planned in FY26 and FY27
- Scaling from 7 centers to 12 centers (71% capacity increase)
- Geographic expansion within Maharashtra state
- General Corporate Purposes – ₹4.27 crore (16.8% of net proceeds)
- Working capital, marketing, hiring, technology infrastructure
Strategic Focus:
- Massive 83.2% for equipment and new centers – clear growth mandate
- Hub-and-spoke model replication: Central lab with satellite collection/testing centers
- Expanding footprint within Maharashtra to capture diagnostics demand
- Equipment-heavy capex typical of radiology-intensive diagnostic chains
- FY26-FY27 expansion timeline for 5 new centers
Note: This is a 100% fresh issue with no OFS. All proceeds go to the company for genuine growth.
Lead Managers & Registrar
Book Running Lead Manager (BRLM):
- Socradamus Capital Private Limited
- Address: Gala No. 303, Cama Industrial Estate, Sun Mill Compound, Delisle Road, Lower Parel (West), Mumbai – 400 013, Maharashtra
- Phone: 022 – 4961 4235
- Website: www.socradamus.in
Registrar:
- Bigshare Services Private Limited
- Address: Office No. S6-2, 6th Floor, Pinnacle Business Park, next to Ahura Centre, Mahakali Caves Road, Andheri East, Mumbai – 400 093, Maharashtra
- Phone: 022 – 6263 8200
- Email: [email protected]
- Website: www.bigshareonline.com
Market Maker:
- Nikunj Stock Brokers Limited
Promoters & Management
Key Promoters (5 Promoters – Doctor-Led Management):
- Dr. Ketan Jayantilal Jain – Promoter
- Medical professional background
- Dr. Sanket Vinod Jain – Promoter
- Medical professional background
- Mr. Rohit Prakash Srivastava – Promoter
- Mr. Badal Kailash Naredi – Promoter
- Mr. Jayesh Prakash Jain – Promoter
Strategic Investor:
- Acharya Manish Grover (Founder & MD, Jeena Sikho Lifecare) – 1.37% stake
- Healthcare industry veteran backing adds credibility
- Jeena Sikho Lifecare operates in wellness/healthcare space
Company History:
- Founded January 2021 (Incorporated) – Only 4 years old! Very new company
- Operating Brand: PC Diagnostics
- Business Model: Hub-and-spoke diagnostic chain in Mumbai Metropolitan Region (MMR)
- Infrastructure: 7 diagnostic centres + 1 centralised laboratory (as of October 2025)
- Alternative mention: 8 diagnostic centres + 1 central lab (per some sources)
- Workforce:
- 5 laboratory doctors
- 19 radiologists
- 128 technical staff
- Total employees not explicitly stated but ~150+ estimated
- Consumer Business: Primary revenue driver contributing over 90% of revenues (FY24)
Company Contact:
- Registered Office: TBD (Operations based in Mumbai Metropolitan Region)
- Diagnostic Centers: 7-8 centers across MMR + 1 central laboratory
- Website: TBD
- Email: TBD
- Workforce: 5 lab doctors, 19 radiologists, 128 technical staff
COMPANY OVERVIEW
Establishment & Background:
- Incorporated in January 2021 (only 4 years old – very new company)
- Industry: Diagnostic Services – Integrated Pathology & Radiology
- Operating Brand: PC Diagnostics
- Headquartered in Mumbai Metropolitan Region (MMR), Maharashtra
- Infrastructure: 7 diagnostic centres + 1 centralised laboratory (October 2025)
- Workforce: 5 lab doctors, 19 radiologists, 128 technical staff
- Strategic investor backing: Acharya Manish Grover (Jeena Sikho Lifecare founder) – 1.37%
Business Model:
- Integrated Pathology & Radiology Diagnostic Chain operating under hub-and-spoke model
- Hub-and-Spoke Model:
- Hub: Central laboratory (1) with advanced equipment, testing capabilities, quality control
- Spokes: 7 diagnostic centres across MMR for sample collection, basic tests, imaging
- Hub processes samples from spokes, ensuring consistency and efficiency
- Scalable model allowing rapid expansion with lower per-center capex
- Service Portfolio:
- Pathology Tests (547 total):
- 60 routine tests (blood count, sugar, lipid profile, etc.)
- 487 specialized tests (hormones, tumor markers, cytogenetics, molecular diagnostics, etc.)
- Radiology Tests (226 total):
- 96 basic tests (X-ray, ultrasound, ECG, basic scans)
- 130 advanced tests (MRI, CT scans, PET-CT scans, specialized imaging)
- Comprehensive Coverage: Biochemistry, clinical pathology, hematology, microbiology, cytogenetics, high-end molecular diagnostics
- Pathology Tests (547 total):
- Target Customer Segments:
- Direct Consumers (B2C): Walk-in patients, home sample collection (90%+ of FY24 revenue)
- Corporate Clients: Health checkup packages for companies
- Hospitals & Clinics: Reference lab services
- Government Programs: Potential tie-ups for public health initiatives
- Geographic Focus:
- Current: 100% Mumbai Metropolitan Region (MMR) – Mumbai, Navi Mumbai, Thane, surrounding areas
- Expansion: Additional 5 centers planned in Maharashtra (FY26-FY27)
- Revenue Model:
- Direct patient revenues from tests and packages
- Home collection services
- Corporate health checkup packages
- Repeat business from chronic disease monitoring
Market Position:
- Positioned as emerging diagnostic chain in Mumbai, competing in ₹70,000+ crore Indian diagnostics market
- Market growing at 10-12% CAGR driven by rising lifestyle diseases, health awareness, insurance penetration
- Competing with established players: Dr Lal PathLabs (₹30,000+ cr market cap), Metropolis Healthcare (₹12,000+ cr), Vijaya Diagnostic Centre (₹10,300 cr), Krsnaa Diagnostics (₹2,600 cr)
- Plus hundreds of standalone diagnostic centers and hospital-attached labs in MMR
- Niche player with 7-8 centers vs giants with 200-500+ centers nationally
Operations:
- Headquarters: Mumbai Metropolitan Region (MMR), Maharashtra
- Diagnostic Centers: 7 centers + 1 central laboratory across MMR
- Equipment: Advanced radiology (MRI, CT, PET-CT) and pathology (molecular diagnostics, cytogenetics) capabilities
- Technology: Lab Information Management Systems (LIMS), digital radiology, teleradiology support
- Quality: 5 laboratory doctors, 19 radiologists ensuring quality control
- Expansion Pipeline: 5 new centers in Maharashtra funded by IPO (₹21.11 cr)
Company Strengths
- Explosive Revenue & Profit Growth – Revenue +90%, PAT +30% (FY24 to FY25):
- FY25 revenue: ₹30.09 cr (+90.1% vs ₹15.80 cr FY24) – nearly doubled!
- FY25 PAT: ₹4.92 cr (+29.5% vs ₹3.80 cr FY24)
- H1 FY26 (Sep 30, 2025): ₹16.94 cr revenue, ₹4.08 cr PAT (annualized ~₹33.88 cr revenue, ~₹8.16 cr PAT)
- Demonstrates strong demand and scalability
- Consistent trajectory from nascent stage to profitable growth
- Excellent Return Ratios – ROE 42.60%, ROCE 49.29%:
- ROE: 42.60% (FY25) – exceptional return on equity
- ROCE: 49.29% (FY25) – very strong return on capital employed
- Both metrics significantly above industry averages
- Indicates efficient capital allocation and asset-light model
- High profitability with minimal debt
- Attractive for investors seeking high returns
- 100% Fresh Issue – All Proceeds for Growth (No Promoter Exit):
- Entire ₹28.12 cr goes to company for genuine expansion
- No OFS component signals promoter confidence in business
- 83.2% (₹21.11 cr) allocated to medical equipment and 5 new centers
- Clear growth mandate vs financial restructuring
- Promoters committed to long-term value creation
- Hub-and-Spoke Model – Scalable & Capital Efficient:
- Centralized laboratory (hub) with satellite diagnostic centers (spokes)
- Enables rapid expansion with lower per-center capex
- Consistent quality control from central lab
- Efficient asset utilization of expensive radiology equipment
- Proven model used by successful chains (Vijaya, Krsnaa)
- Scalability without proportional infrastructure costs
- Comprehensive Test Menu – 547 Pathology + 226 Radiology Tests:
- Wide range covering routine to advanced diagnostics
- One-stop-shop for patients (pathology + radiology under one roof)
- 487 specialized pathology tests including molecular diagnostics, cytogenetics
- 130 advanced radiology tests including MRI, CT, PET-CT
- Reduces patient need to visit multiple facilities
- Cross-selling opportunities across test categories
- Repeat business from chronic disease monitoring
- Doctor-Led Management – 2 Doctor Promoters:
- Dr. Ketan Jayantilal Jain and Dr. Sanket Vinod Jain as promoters
- Medical expertise brings clinical credibility
- Understanding of quality standards and patient care
- Relationships with referring doctors and hospitals
- Builds trust with patients and corporates
- Growing Indian Diagnostics Market – Industry Tailwind:
- Indian diagnostics market: ₹70,000+ crore, growing at 10-12% CAGR
- Drivers: Rising lifestyle diseases (diabetes, cardiac, thyroid), aging population, health awareness, insurance penetration, urban growth
- Post-COVID awareness of preventive health checkups
- Shift from unorganized standalone labs to organized chains
- Mumbai as metro city with high healthcare spending
- Strong H1 FY26 Performance – Sustained Momentum:
- H1 FY26 (6 months ended Sep 30, 2025): ₹16.94 cr revenue, ₹4.08 cr PAT
- Annualized run rate: ₹33.88 cr revenue (13% growth over FY25), ₹8.16 cr PAT (66% growth!)
- Demonstrates sustained growth trajectory post-FY25
- PAT margin improving: 16.4% (FY25) → 24.1% (H1 FY26 annualized) – significant expansion
- Operational leverage kicking in as scale increases
Key Risks & Challenges
- Flat GMP (₹0) – Zero Market Enthusiasm:
- GMP at ₹0 as of Nov 28-Dec 1 – completely flat, no premium
- Zero grey market interest or speculation
- Indicates extreme market skepticism
- Expected listing price = issue price (₹85) with no gains
- High risk of flat or negative listing
- Investors showing no confidence despite strong financials
- “Pricey and Dicey Bet” – Analyst Dilip Davda Warns to SKIP:
- Critical Analyst Warning: Dilip Davda states company “operates in 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 (comparing ₹107 cr company with ₹10,300 cr Vijaya, ₹2,600 cr Krsnaa meaningless)
- Verdict: “There is no harm in skipping this pricey and dicey bet“
- Post-issue P/E of 21.68x considered expensive for nascent 4-year-old company
- Questions about ability to sustain 90% revenue growth
- Very New Company – Incorporated Jan 2021 (Only 4 Years Old!):
- Company incorporated just 4 years ago (January 2021) – minimal operating history
- Barely survived 1-2 economic cycles
- Limited track record for assessing long-term sustainability
- Management execution at scale untested
- Corporate governance and systems still evolving
- High risk investing in such a nascent entity
- Competing with 20-30 year old established chains
- Extreme Geographic Concentration – 100% MMR Revenue!:
- Critical Risk: 100% revenue from Mumbai Metropolitan Region (MMR) only
- Single geography creates massive vulnerability:
- Regional economic slowdown = severe impact
- Natural disasters, floods, epidemics in Mumbai = business disruption
- Political instability or regulatory changes in Maharashtra
- Competition concentration in MMR limits pricing power
- No pan-India presence despite “hub-spoke” scalability claim
- Even post-IPO expansion, will remain Maharashtra-only (5 new centers in same state)
- Limited national footprint vs Dr Lal PathLabs (200+ cities), Metropolis (220+ cities)
- Highly Competitive & Fragmented Market – Price Wars:
- Analyst explicitly notes: Operating in “highly competitive and fragmented segment“
- Competing with established giants:
- Dr Lal PathLabs: ₹30,000+ cr market cap, 250+ labs, 5,000+ collection centers
- Metropolis Healthcare: ₹12,000+ cr market cap, 220+ cities
- Vijaya Diagnostic Centre: ₹10,300 cr market cap, 140+ centers
- Krsnaa Diagnostics: ₹2,600 cr market cap, 1,800+ centers, radiology focus
- Plus hundreds of regional chains (Thyrocare, SRL, Apollo Diagnostics)
- Plus thousands of standalone labs and hospital-attached labs in MMR
- Price-based competition eroding margins
- Patient loyalty limited – switch based on convenience and price
- Difficult to differentiate in commoditized basic tests
- Sustainability Concerns – “Remains a Concern” Warning:
- Analyst explicitly warns: Growth “remains a concern for sustainability“
- Revenue +90% (FY24-FY25) – can such explosive growth continue?
- Only 4 years old with 7-8 centers – small base effect inflating growth %
- As scale increases, maintaining 90% growth mathematically impossible
- Risk of growth normalization or decline post-listing
- Pre-IPO earnings inflation typical in SME space
- Question: Can company sustain profitability with intense competition?
- Capital-Intensive Business – Continuous Equipment Investment Needed:
- Diagnostic chains require continuous capex for latest medical equipment
- MRI, CT, PET-CT machines cost ₹2-10 crore each with 5-7 year replacement cycles
- Technology obsolescence risk – need to upgrade to remain competitive
- IPO raising ₹28.12 cr but spending ₹21.11 cr (75%) just for 5 centers
- Future expansion beyond 5 centers will require more fundraising
- Asset-heavy model (despite analyst noting high ROE/ROCE) vs pure software businesses
- Maintenance, calibration, regulatory compliance costs ongoing
- Customer Concentration Risk – 90%+ Consumer B2C:
- Over 90% revenues from direct consumer (B2C) walk-ins and home collection
- Vulnerable to:
- Consumer preference shifts
- Competition opening centers nearby
- Online aggregators (PharmEasy, 1mg, Thyrocare) offering doorstep services at lower prices
- Limited B2B revenue from corporates or hospitals
- No long-term contracts or recurring revenue
- Patient stickiness low – will go to nearest/cheapest provider
- Regulatory & Compliance Risks – Healthcare Sector:
- Subject to NABH, CAP, ISO certifications and audits
- PCPNDT Act compliance for ultrasound and prenatal diagnostics
- State-level healthcare regulations and licensing
- Medical waste management and biomedical waste disposal norms
- Data privacy and patient confidentiality (DPDPA compliance)
- Regulatory penalties can be severe
- License suspensions impact operations
- Manpower Dependency – Radiologist & Pathologist Availability:
- Business dependent on 5 lab doctors, 19 radiologists, 128 technical staff
- Shortage of qualified radiologists and pathologists in India
- Attrition risk if key doctors leave
- Salary inflation for specialized medical professionals
- Difficulty recruiting talent outside Mumbai for new centers
- Quality control challenges with rapid expansion
- Technology Disruption Risk – AI Diagnostics & Teleradiology:
- AI-powered diagnostics (PathAI, Qure.ai) threatening to disrupt radiology interpretation
- Teleradiology enabling centralized reading from anywhere globally
- Automated testing reducing need for large lab teams
- Home-testing kits (glucose, HbA1c, etc.) reducing walk-in volumes
- Large players investing heavily in digital and AI – small player like Invicta may struggle to keep up
- SME Listing Liquidity Risk – Limited Trading Volumes:
- NSE SME listing = lower liquidity vs mainboard
- Institutional participation limited due to SME status
- Trading volumes typically low
- Wide bid-ask spreads
- Exit opportunities constrained
- Difficult to sell in large quantities
CRITICAL WARNING: Analyst Dilip Davda explicitly warns: “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.” Flat GMP (₹0), very new company (incorporated Jan 2021, only 4 years old!), 100% MMR geographic concentration, highly competitive market (Dr Lal ₹30K cr, Metropolis ₹12K cr, Vijaya ₹10.3K cr), sustainability concerns, P/E 21.68x for nascent entity. Revenue +90% but can it sustain?
Disclaimer: This information is based on publicly available sources including SEBI RHP filings, analyst reports, and company disclosures. Investors should conduct their own research and consult with financial advisors before making investment decisions. Past performance is not indicative of future results. SME investments carry higher risks than mainboard listings.
