Modern Diagnostic & Research Centre IPO Overview
Gurugram-based diagnostic and healthcare services provider raising ₹36.89 cr (100% fresh issue, no OFS). Price: ₹85-90. Lot: 1,600 shares (₹1,44,000 min investment at upper band ₹90).
Funds for medical equipment purchase (PET CT scanners, advanced imaging), working capital, debt repayment, general corporate purposes (specific amounts not disclosed).
Lead: Beeline Capital Advisors.
Registrar: MUFG Intime India (Link Intime).
Founded 2012 (incorporated April 2012 in Gurugram). Legacy roots dating back to 1985 diagnostic proprietorship acquired in 2013. Integrated diagnostic network offering end-to-end pathology and radiology solutions. 21 centres (17 laboratories, 4 diagnostic centres) across 8 states.
Services: (1) Pathology Testing – clinical diagnostics (routine and specialized blood tests, urine analysis, biochemistry, microbiology), anatomical pathology (histopathology, cytology, FNAC), molecular diagnostics (PCR, genetic testing); (2) Radiology Services – X-ray, CT scan, MRI, ultrasound, advanced imaging; (3) Value-Added Services – home sample collection, digital report delivery, online access for healthcare providers. Serves individual patients, hospitals, healthcare providers, corporate clients.
IPO DETAILED INFORMATION
Issue Details
| Parameter | Details |
| IPO Type | SME (BSE SME) |
| IPO Open Date | 31 December 2025 (Wednesday) |
| IPO Close Date | 02 January 2026 (Friday) |
| Anchor Investor Bidding | 30 December 2025 (Tuesday) |
| Allotment Date | Data not specified |
| Credit to Demat | Data not specified |
| Refund Initiation | Data not specified |
| Listing Date | 07 January 2026 (Tuesday) – Tentative |
| Price Band | ₹85 – ₹90 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,600 shares (minimum lot) |
| Min Investment (Retail) | ₹1,44,000 (1,600 shares at upper band ₹90) |
| sNII Investment | Data not specified |
| bNII Investment | Data not specified |
| Issue Size | ₹36.89 crore total (some sources: ₹29.69 cr – data variance) |
| Fresh Issue | ₹36.89 crore (100%) – 40,99,200 shares |
| Offer for Sale (OFS) | NIL – No OFS component |
| Total Shares Offered | 40,99,200 equity shares |
| Listing | BSE SME |
| Post-Issue Market Cap | Data not fully disclosed in available sources |
Note: Issue size shows variance across sources (₹36.89 cr vs. ₹29.69 cr) – data inconsistency concern.
Issue Break-up
| Category | Allocation |
| Anchor Investors (QIB) | Not more than 11,61,600 shares (28.3%) |
| QIB (Qualified Institutional Buyers – Ex Anchor) | Not more than 7,82,400 shares (19.1%) |
| NII (Non-Institutional Investors) | Not less than 5,85,600 shares (14.3%) |
| Retail Individual Investors | Not less than 13,63,200 shares (33.3%) |
| Market Maker | 2,06,400 shares (5.0%) |
Selling Shareholders (OFS ₹0 crore)
No OFS Component – 100% Fresh Issue
Note: This is a 100% fresh issue IPO with no Offer for Sale. All proceeds go directly to the company for business purposes. Promoters are not exiting.
Objects of the Issue (Fund Utilization)
Fresh Issue Proceeds (₹36.89 crore) will be used for:
Specific amounts not disclosed in available public documents. General utilization:
- Funding Capital Expenditure for Purchase of Medical Equipment
- Advanced medical equipment for diagnostic centres and laboratories
- PET CT scanners (mentioned in sources as key investment area)
- High-end imaging equipment (MRI, CT scan upgrades)
- Pathology equipment and reagent systems
- Working Capital Requirements
- Day-to-day operational expenses
- Inventory management (consumables, reagents)
- Managing receivables from hospitals and corporate clients
- Repayment of Certain Outstanding Borrowings
- Full or partial repayment of debt
- Reducing interest burden
- Improving financial flexibility
- General Corporate Purposes
- Strategic initiatives
- Business expansion plans
- Network expansion across states
- Offer-related expenses
Strategic Focus:
- CMD Dr. Devendra Singh Yadav: “Net proceeds will be strategically utilized towards capital expenditure for acquisition of advanced medical equipment, strengthening diagnostic and laboratory infrastructure, and expanding network of centres. This will enhance testing capabilities, improve turnaround times, ensure consistent, high-quality diagnostic services across locations.”
- Focus on high-end pathology services and advanced imaging (PET CT, MRI)
- Expansion from current 21 centres across 8 states
- Post-pandemic diagnostics boom positioning
OFS Proceeds:
- NIL – No promoter exit
Note: 100% fresh issue for growth and equipment upgrades. PET CT scanner acquisition highlighted as priority. Specific allocation breakdown awaited in final RHP.
Lead Managers & Registrar
Book Running Lead Manager (BRLM):
- Beeline Capital Advisors Private Limited
Registrar:
- MUFG Intime India Private Limited (Link Intime India Private Limited)
- Address: C 101, 247 Park, L.B.S. Marg, Vikhroli (West), Mumbai – 400083
- Phone: +91-22-4918 6270
Promoters & Management
Key Promoters (4 Promoters – Yadav Family):
Individual Promoters:
- Dr. Devendra Singh Yadav – Promoter, Chairman & Managing Director
- Key founder and operational leader
- Oversees overall strategy, expansion, and client relationships
- Medical professional with diagnostics expertise
- Mrs. Deepali Yadav – Promoter
- Co-promoter, family member
- Mrs. Asha Yadav – Promoter
- Co-promoter, family member
- Mr. Jitendra Singh – Promoter
- Co-promoter
Promoter Holding:
- Pre-IPO: Data not fully disclosed
- Post-IPO: Data not fully disclosed
Company History:
- Legacy Roots: 1985 (diagnostic proprietorship – 40 years legacy!)
- Incorporated: April 16, 2012 as private limited company
- Converted to Public Limited: December 2024
- Acquisition: 2013 – acquired 1985 diagnostic proprietorship bringing 28-year legacy into corporate structure
- Operations: 2012-2025 as Modern Diagnostic (13 years), legacy back to 1985 (40 years total)
- Evolution:
- 1985: Diagnostic proprietorship established (legacy business)
- 2012: Modern Diagnostic & Research Centre incorporated
- 2013: Acquired 1985 proprietorship, integrating legacy operations
- 2012-2025: Built integrated network of 21 centres (17 labs, 4 diagnostic centres) across 8 states
- Implemented centralized IT platform for nationwide integration
- COVID-19 pandemic: Likely surged demand for diagnostic services
- Post-pandemic: Consolidated operations, achieved profitability turnaround
- December 2024: Converted to public limited company for IPO
- Financial turnaround: Loss of ₹5.73 cr → Profit ₹8.97 cr (FY25)
- Revenue growth: ₹56.28 cr (FY23) → ₹77.95 cr (FY25) – 17.80% CAGR
- Workforce: Not disclosed in available data
- Milestone:
- 21 centres across 8 states (17 labs, 4 diagnostic centres)
- Revenue ₹77.95 cr, PAT ₹8.97 cr (FY25)
- Remarkable turnaround from ₹5.73 cr loss to ₹8.97 cr profit
- 40-year legacy (1985-2025) if including proprietorship roots
Company Contact:
- Registered Office: Gurugram, Haryana (exact address not disclosed in available sources)
COMPANY OVERVIEW
Establishment & Background:
- Legacy: 1985 (diagnostic proprietorship – 40 years heritage)
- Incorporated: April 2012 (13 years as company); Acquired legacy business 2013
- Industry: Diagnostic & Healthcare Services – Integrated Pathology & Radiology
- Headquarters: Gurugram, Haryana
- Positioning: Multi-state integrated diagnostic network serving patients, hospitals, corporate clients with end-to-end pathology and radiology solutions
Business Model:
Service Portfolio – Integrated Diagnostics:
- Pathology Testing
- Clinical Pathology: Routine and specialized blood tests, urine analysis, biochemistry, microbiology
- Anatomical Pathology: Histopathology (tissue examination), cytology (cell examination), FNAC (Fine Needle Aspiration Cytology)
- Molecular Diagnostics: PCR testing, genetic testing, molecular biology
- Radiology Services
- X-ray: Digital radiography
- CT Scan: Computed tomography imaging
- MRI: Magnetic resonance imaging
- Ultrasound: Sonography
- Advanced Imaging: PET CT scanners (planned with IPO proceeds)
- Value-Added Services
- Home Sample Collection: Convenience for patients
- Digital Report Delivery: Online access to reports
- Healthcare Provider Portal: Secure online access for clinicians
- Real-Time Tracking: Centralized IT platform enabling sample and report tracking
Operating Infrastructure:
- 21 Centres Total: 17 laboratories + 4 diagnostic centres
- 8 States: Haryana, Uttar Pradesh, Madhya Pradesh, Assam, West Bengal, Rajasthan, Jammu & Kashmir, Punjab
- Centralized IT Platform: Integrating nationwide network with unified logistics, payment systems
- Real-Time Systems: Sample tracking, report delivery, inventory management
Customer Segments:
- Individual Patients: Walk-in and home collection services
- Hospitals: Diagnostic outsourcing, lab partnerships
- Healthcare Providers: Clinics, nursing homes requiring diagnostic support
- Corporate Clients: Employee health check-ups, wellness programs
Revenue Model:
- Fee-for-service from individual patients
- Bulk contracts with hospitals and healthcare providers
- Corporate wellness program contracts
- Value-added services (home collection, digital reports)
Value Proposition:
- 40-Year Legacy: Trust built over four decades (1985-2025)
- Integrated Solutions: Pathology + radiology under one roof
- Multi-State Network: 21 centres across 8 states ensuring accessibility
- Advanced Technology: Centralized IT platform, digital reports, real-time tracking
- Patient-Centric: Home collection, online access, quality diagnostics
- Affordability: Cost-effective solutions per company positioning
- Post-Pandemic Positioning: Diagnostics sector strengthened post-COVID
Market Position:
- 40-year heritage (including proprietorship legacy from 1985)
- 13 years as Modern Diagnostic (incorporated 2012)
- 21 centres (17 labs, 4 diagnostic centres) across 8 states
- Financial turnaround: Loss → ₹8.97 cr profit (FY25)
Operations
Service Delivery:
- Headquarters: Gurugram, Haryana
- Network: 21 centres across 8 states (Haryana, UP, MP, Assam, WB, Rajasthan, J&K, Punjab)
- Model: Integrated diagnostic network with centralized IT backbone
Company Strengths
- Remarkable Financial Turnaround – Loss to ₹8.97 Cr Profit (FY25):
- Transformed from ₹5.73 cr loss (likely FY23/24) to ₹8.97 cr profit (FY25)
- Revenue growth 17.80% CAGR (FY23-25): ₹56.28 cr → ₹77.95 cr
- Demonstrates operational improvement and cost management
- 40-Year Legacy – Established Brand Trust Since 1985:
- Business roots dating back to 1985 diagnostic proprietorship (40 years!)
- Acquired by Modern Diagnostic in 2013, bringing legacy credibility
- Four decades of diagnostic expertise building patient trust
- Integrated Multi-State Network – 21 Centres Across 8 States:
- 21 centres (17 laboratories, 4 diagnostic centres) providing scale
- Geographic diversification across 8 states (North, East, Central India)
- Multi-state presence reducing single-region dependency
- India’s Booming Diagnostics Sector – Post-Pandemic Growth:
- COVID-19 pandemic emphasized importance of diagnostic services
- Growing health awareness driving preventive diagnostics demand
- Aging population, lifestyle diseases increasing testing needs
- Government push for universal healthcare and diagnostics infrastructure
- Comprehensive Service Portfolio – Pathology + Radiology + Value-Added:
- End-to-end diagnostics: clinical pathology, anatomical pathology, molecular diagnostics, radiology (X-ray, CT, MRI, ultrasound)
- Value-added services: home collection, digital reports, healthcare provider portals
- One-stop solution for patients and hospitals
- Technology-Enabled Operations – Centralized IT Platform:
- Centralized IT platform integrating nationwide network
- Unified logistics and payment systems ensuring operational efficiency
- Real-time tracking for samples and reports
- Digital report delivery and online access for healthcare providers
Key Risks & Challenges
- Intense Competition – Dr. Lal PathLabs, Metropolis, Thyrocare, Regional Players:
- Competes with large listed chains: Dr. Lal PathLabs (₹2,000+ cr revenue), Metropolis Healthcare (₹1,200+ cr), Thyrocare Technologies (₹650+ cr)
- National chains have superior scale, brand, technology, capital
- Thousands of regional and local diagnostic centres creating fragmented competition
- Limited Track Record – Only 13 Years as Company, Recent Turnaround:
- Incorporated 2012 – only 13 years as Modern Diagnostic
- Recent profitability (FY25) after years of losses – turnaround sustainability unproven
- Limited long-term profitability track record as corporate entity
- Data Inconsistency & Limited Disclosure – Issue Size ₹36.89 Cr vs. ₹29.69 Cr:
- Issue size reported as ₹36.89 cr in most sources, ₹29.69 cr in others – data variance
- Limited financial data publicly available (only FY23, FY25 revenue, FY25 PAT disclosed)
- No detailed breakup of revenue by service line, state, customer segment
- Lack of transparency raises investor concerns
- High Indebtedness Concern – Significant Debt May Impact Cash Flows:
- Per Zerodha: “Significant indebtedness may impact cash flows and financial flexibility”
- IPO includes debt repayment component – acknowledges debt burden
- Previous losses (₹5.73 cr) likely required debt to fund operations
- Interest burden and repayment obligations straining profitability
- Vendor Dependency – Reliance on Select Suppliers for Consumables/Reagents:
- Per Zerodha: “Dependence on select vendors for consumables and diagnostic reagents”
- Diagnostic business requires continuous supply of reagents, consumables, equipment
- Vendor concentration or supply disruptions can halt operations
- Price increases by vendors (especially imported reagents) compressing margins
- Regulatory Risks – Highly Regulated Healthcare Sector:
- Per Zerodha: “Highly regulated healthcare sector with frequent policy and compliance changes”
- Subject to NABH, NABL accreditation requirements
- State-wise regulations for diagnostic centres creating compliance complexity
- Changes in reimbursement policies (government health schemes) affecting revenues
Disclaimer
This information is based on publicly available sources. Investors should conduct their own research and consult financial advisors before investing.
The company reported remarkable turnaround (FY25: ₹77.95 cr revenue with 17.80% CAGR from ₹56.28 cr FY23, transformed from ₹5.73 cr loss to ₹8.97 cr profit FY25) as 13-year-old (incorporated 2012) diagnostic services provider with 40-year legacy roots (1985 proprietorship acquired 2013), operates 21 centres (17 labs, 4 diagnostic centres) across 8 states (Haryana, UP, MP, Assam, WB, Rajasthan, J&K, Punjab), offers integrated pathology (clinical, anatomical, molecular) and radiology (X-ray, CT, MRI, ultrasound, PET CT planned) with value-added services (home collection, digital reports), centralized IT platform, serves patients/hospitals/corporates, benefiting from post-pandemic diagnostics boom, but faces significant risks including intense competition from Dr. Lal PathLabs, Metropolis, Thyrocare giants with superior scale, limited 13-year corporate track record with recent turnaround sustainability unproven, data inconsistency (issue size ₹36.89 cr vs. ₹29.69 cr across sources) and minimal public financial disclosure, high indebtedness impacting cash flows per analyst, vendor dependency on select suppliers for consumables/reagents, and highly regulated healthcare sector with frequent policy/compliance changes. SME listing on BSE.
