IPO Overview
Incorporated in 2000, Pramodini Medicare Limited is a diagnostic service provider in India offering technology-enabled healthcare services across radiology, clinical laboratory, and nuclear medicine segments. The company serves a wide range of clients, including public and private hospitals, PSUs, medical colleges, and standalone diagnostic centres, across Tier I, II, and III cities. Its service portfolio includes radiology services such as MRI, CT scans, X-rays, ultrasound with colour Doppler, mammography, DEXA scans, and interventional radiology, as well as clinical diagnostics covering haematology, microbiology, immunology, pathology, and biochemistry, and nuclear medicine services such as PET-CT, SPECT, and nuclear therapy. As of 4 August 2026, the company operates 16 diagnostic centres across 14 cities in seven states, supported by 8 CT scanners, 7 MRI systems, 20 X-ray machines, 15 ultrasound systems, and 1 PET-CT scanner.
The company is launching its SME IPO on the NSE SME platform with a total issue size of ₹69.04 crore, priced at ₹110 to ₹118 per share. The IPO opens on 12 August 2026 and closes on 14 August 2026, with listing expected on 19 August 2026.
IPO Detailed Information
Issue Details
| Parameter | Details |
| IPO Type | Book Built – SME |
| Listing Exchange | NSE SME |
| Anchor Investor Date | 11 August 2026 |
| IPO Open Date | 12 August 2026 |
| IPO Close Date | 14 August 2026 |
| Allotment Date | 15 August 2026 (Expected) |
| Refund Initiation | 18 August 2026 |
| Credit to Demat | 18 August 2026 |
| Listing Date | 19 August 2026 (Tentative) |
| Price Band | ₹110 – ₹118 per share |
| Face Value | ₹10 per share |
| Lot Size | 1,200 shares |
| Minimum Investment (Retail) | ₹1,41,600 (approx) |
| Issue Size | ₹69.04 crore |
| Fresh Issue | ₹45.15 crore (approx) |
| Offer For Sale (OFS) | 5,00,400 equity shares |
Issue Break-up
| Category | Allocation |
| Qualified Institutional Buyers (QIB) | ~50% |
| Non-Institutional Investors (NII/HNI) | ~15% |
| Retail Individual Investors (RII) | ~35% |
| Market Maker | Reserved Portion |
OFS / Selling Shareholders
The IPO comprises a fresh issue component along with an offer for sale of up to 5,00,400 equity shares of face value ₹10 each. The OFS portion means a part of the proceeds will go to the existing selling shareholders, while the fresh issue proceeds will be retained by the company for business growth.
Objects of the Issue (Fund Utilization)
The company plans to use the IPO proceeds for: funding capital expenditure for purchase of medical equipment towards existing and proposed diagnostic centres, and for general corporate purposes and unidentified inorganic acquisitions.
- Capital expenditure for purchase of advanced medical equipment — existing & proposed diagnostic centres
- General corporate purposes
- Unidentified inorganic acquisitions (future expansion)
Lead Managers & Registrar
- Book Running Lead Manager: Smart Horizon Capital Advisors Pvt. Ltd., Mumbai
- Registrar to the Issue: Purva Sharegistry (India) Pvt. Ltd., Mumbai
Promoters & Management
The promoters of Pramodini Medicare are Dr. Chalasani Kuldeep Kumar, Dr. Chalasani Kavitha, Ms. Chalasani Durga Aashritha, Ms. Chalasani Lalithakumari, and M/s. Sri Ram Medicare Private Limited.
The promoter family brings deep domain expertise in healthcare and diagnostic services, with over two decades of operational experience in running multi-city diagnostic centres across India.
Company Details
Pramodini Medicare operates through four diversified business models: Public-Private Partnership (PPP) with government hospitals, private hospital partnerships, PSU collaborations, and standalone diagnostic centres. Its diagnostic portfolio includes MRI, CT Scan, X-Ray, Ultrasound, Mammography, PET-CT, SPECT, Clinical Pathology, Biochemistry, Immunology and Microbiology. As of 4 August 2026, the company operated 16 diagnostic centres across seven states, supported by a 24×7 teleradiology centre and central laboratory in Vijayawada.
Sectors / Clients Served:
- Government Hospitals (PPP Model)
- Private Hospitals & Medical Colleges
- Public Sector Undertakings (PSUs)
- Standalone Diagnostic Centres
Key Services:
- Radiology: MRI, CT Scan, X-Ray, Ultrasound, Mammography, DEXA Scan, PET-CT, SPECT
- Clinical Laboratory: Haematology, Biochemistry, Immunology, Microbiology, Pathology
- Nuclear Medicine: PET-CT, SPECT, Nuclear Therapy
- 24×7 Teleradiology Reporting
Key Capabilities:
- 16 diagnostic centres across 14 cities in seven states, with 8 CT scanners, 7 MRI systems, 20 X-ray machines, 15 ultrasound systems, and 1 PET-CT scanner, along with over 65 diagnostic professionals and technicians.
- Centralized 24×7 teleradiology hub in Vijayawada for remote reporting
Headquarters: Vijayawada, Andhra Pradesh
Employees (as of 31 March 2026): 161 permanent employees and 18 contractual employees.
Financial Snapshot
| Period | Revenue (₹ Cr) | PAT (₹ Cr) |
| FY24 | ₹35.79 | ₹5.76 |
| FY25 | ₹38.55 | ₹10.04 |
| FY26 | ₹63.38 | ₹17.38 |
Key Financial Metrics
- FY26 revenue increased 64% to ₹63.38 crore and PAT rose 56% to ₹17.38 crore, with PAT Margin of 27.90%, EBITDA Margin of 49.61%, ROE of 39.08%, and ROCE of 34.66%, reflecting efficient capital utilisation.
- The company conducted 4.74 lakh diagnostic tests during FY26, nearly doubling from 2.55 lakh tests in FY25.
- Post-issue P/E: 14.97x (at upper price band) — considered reasonable for the diagnostics sector
- Debt-Equity Ratio: 0.34 — healthy and low-leveraged balance sheet
Company Strengths
- Operates in one of India’s fastest-growing healthcare segments — diagnostic services — with an integrated portfolio covering radiology, clinical laboratory, and nuclear medicine.
- Outstanding financial performance — 64% revenue growth and 56% PAT growth in FY26, with industry-leading EBITDA margins of ~49.61%
- Diversified business model across government PPP hospitals, private hospitals, PSUs, and standalone centres across Tier I, II, and III cities.
- Unlike many SME IPOs where proceeds are primarily used for working capital, Pramodini Medicare is investing the majority of fresh capital in advanced medical equipment — directly supporting capacity expansion and higher-value diagnostic services.
- Established brand with 25+ years of operational experience since 2000
- Strong return ratios (ROE: 39.08%, ROCE: 34.66%) and low debt-equity ratio of 0.34
Key Risks & Challenges
- Government Dependency: approximately 54.19% of revenue comes from PPP government arrangements, exposing the company to non-renewal risks or payment delays.
- Service Concentration: approximately 97.05% of FY26 revenue is from radiology services alone, creating a single-service dependency risk.
- Geographic Concentration: approximately 61.90% of revenue is derived from Andhra Pradesh, making the business highly region-dependent.
- Customer Concentration: the top customer contributes 44.17% of total revenue, while the top 10 customers contribute 64.83% — a very high client concentration risk.
- SME IPO liquidity risk — limited secondary market trading volumes on NSE SME platform
- Capital-intensive expansion plans — new diagnostic centre in Bengaluru and equipment upgrades require sustained execution and funding discipline
Disclaimer:
This document is for informational purposes only and should not be considered as investment advice. Investors should read the Red Herring Prospectus (RHP) carefully and consult a financial advisor before investing in any IPO. Market investments are subject to risk.
