Modern Diagnostic Limited is set to enter the capital markets with a book-built initial public offering worth ₹36.89 crore. The IPO consists entirely of a fresh issue of about 0.41 crore equity shares, with no offer-for-sale component.
The Modern Diagnostic IPO will open for public subscription on December 31, 2025, and close on January 2, 2026. The basis of allotment is likely to be finalised on January 5, 2026, while the company’s shares are scheduled to make a tentative debut on the BSE SME platform on January 7, 2026.
The issue is priced in a band of ₹85 to ₹90 per share. Investors can apply in a minimum lot size of 1,600 shares. At the upper end of the price band, retail investors are required to invest a minimum of ₹2.88 lakh for 3,200 shares. For high net-worth individuals (HNIs), the minimum application size is three lots or 4,800 shares, translating to an investment of ₹4.32 lakh.
Beeline Capital Advisors Pvt. Ltd. is acting as the book-running lead manager to the issue, while MUFG Intime India Pvt. Ltd has been appointed as the registrar. Spread X Securities Pvt. Ltd will serve as the market maker for the Modern Diagnostic IPO. Refer to the Modern Diagnostic IPO RHP for complete details.
Modern Diagnostic IPO Objectives
The company plans to utilise the Net Proceeds from the issue for the following purposes:
- Capital expenditure of ₹2,068.95 lakh will be used for the purchase of medical equipment for diagnostic centres and laboratories.
- ₹800.00 lakh has been earmarked to meet the company’s working capital requirements.
- ₹100.00 lakh will be utilised towards repayment of certain outstanding borrowings of the company.
- For general corporate purposes.
About Modern Diagnostic & Research Centre Limited
Modern Diagnostic & Research Centre Limited is a services provider offering diagnostic and related healthcare testing services across India. The company delivers a one-stop solution for pathology and radiology testing, including imaging and clinical laboratory services.
Through its integrated nationwide network, it provides a comprehensive range of diagnostic facilities in radiology and pathology, supporting patient diagnosis, disease prevention, and health monitoring. Its customer base includes individual patients, hospitals, healthcare providers, and corporate clients.
The company focuses on delivering reliable diagnostic services along with value-added offerings such as home collection of specimens and online access to test reports. It also designs customised test packages tailored to the specific requirements of institutional customers and patients.
A strong patient-centric approach serves as a key differentiator, contributing to sustained trust and preference among individuals and healthcare providers. Currently, Modern Diagnostic & Research Centre Limited operates 21 centres, comprising 18 laboratories and three diagnostic centres across eight states, offering a wide spectrum of radiology and high-end pathology services.
Its service portfolio includes advanced healthcare tests such as ultrasound and colour doppler, CT scan, MRI, digital X-ray, mammography, heart lab, neuro lab, ECG, CBCT, OPG, and pulmonary function tests. Diagnostic services are broadly classified into pathology, which includes anatomical, clinical, forensic, and molecular pathology, and radiology, encompassing diagnostic and interventional radiology such as X-ray, CT scan, MRI, and ultrasound. All tests are conducted using sophisticated, computerised instruments to ensure accuracy and reliability.
The company operates in India’s rapidly growing healthcare sector, which was valued at USD 216 billion in FY23 and is projected to reach USD 454 billion by FY28, growing at a CAGR of 16%. The Indian diagnostic sector generated revenue of ₹981 billion in 2023 and is expected to reach ₹1,055 billion in 2024, reflecting steady growth momentum.
Modern Diagnostic & Research Centre Limited has also implemented a PACS (Picture Archiving and Communication System) to enhance the storage, retrieval, and management of medical images. This digital system enables secure storage of diagnostic images, remote access for radiologists, faster reporting, and improved workflow efficiency, supporting timely and accurate medical decision-making.
Industry Outlook
- India’s diagnostic market expanded from ₹710 billion in 2020 to ₹981 billion in 2023 and is estimated to reach ₹1,055 billion in 2024, reflecting a CAGR of 10.4%, driven by preventive healthcare awareness and advanced testing demand.
- The Indian healthcare sector was valued at ₹216 billion in FY23 and is projected to nearly double to ₹454 billion by FY28, supported by rising incomes, ageing population, and government initiatives.
- Increased focus on early detection, preventive testing, and technology-led diagnostics is accelerating long-term demand across pathology and radiology services, strengthening sector sustainability.
How To Apply for the Modern Diagnostic IPO Online?
- Login to Your Angel One Account: Open the Angel One app or website and log in with your credentials.
- Locate the IPO Section: Navigate to the 'IPO' section on the platform.
- Select IPO: Find and select the Modern Diagnostic IPO from the list of open IPOs.
- Enter the Lot Size: Specify the number of lots you want to bid for.
- Submit Your UPI ID: Enter your UPI ID to link your payment method and submit your application.
- Approve Funds: Once you receive the bid request on your UPI app, approve it by entering your UPI PIN.
How To Check the Allotment Status of Modern Diagnostic IPO?
Steps to check IPO allotment status on Angel One’s app:
- Log in to the Angel One app.
- Go to the IPO Section and then to IPO Orders.
- Select the individual IPO that you had applied for and check the allotment status.
- Angel One will notify you of your IPO allotment status via push notification and email.
Contact Details of Modern Diagnostic Limited
Registered office: Plot No H-64,1st Floor BLK-H, Bali Nagar City landmark near Khetar Pal Hospital, Ramesh Nagar, West Delhi, New Delhi, Delhi-110015, India.
Phone: 9999474297
Email Id: compliance@mdrcindia.com
Modern Diagnostic IPO Reservation
| Investor Category | Shares Offered |
| Market Maker Shares Offered | 2,06,400 |
| QIB Shares Offered | 19,44,000 |
| − Anchor Investor Shares Offered | 11,61,600 |
| − QIB (Ex. Anchor) Shares Offered | 7,82,400 |
| NII (HNI) Shares Offered | 5,85,600 |
| − bNII > ₹10L | 3,90,400 |
| − sNII < ₹10L | 1,95,200 |
| Retail Shares Offered | 13,63,200 |
| Total Shares Offered | 40,99,200 |
Modern Diagnostic IPO Lot Size Details
| Application | Lots | Shares | Amount |
| Individual investors (Retail) (Min) | 2 | 3200 | ₹2,88,000 |
| Individual investors (Retail) (Max) | 2 | 3200 | ₹2,88,000 |
| HNI (Min) | 3 | 4800 | ₹4,32,000 |
Modern Diagnostic IPO Promoter Holding
The promoters of the company include Mr. Devendra Singh Yadav, Mrs. Deepali Yadav, Mrs. Asha Yadav, and Mr. Jitendra Singh.
| Share Holding Pre-Issue | 99.99% |
| Share Holding Post Issue | 72.85% |
Note: Equity dilution will be determined by subtracting the Shareholding Post Issue from the Shareholding Pre Issue.
Key Performance Indicators for Modern Diagnostic IPO
| KPI | Value (FY 2025) |
| RoCE (%) | 36.18 |
| RoE (%) | 55.21 |
| Current Ratio | 0.75 |
| EBITDA Margin (%) | 23.04 |
| PAT Margin (%) | 11.51 |
Modern Diagnostic IPO Registrar and Lead Managers
Modern Diagnostic IPO Lead Managers
- Beeline Capital Advisors Pvt Ltd
Registrar for Modern Diagnostic IPO
MUFG Intime India Pvt Ltd
- Phone: +91-22-4918 6270
- Email: moderndiagnostic.smeipo@in.mpms.mufg.com
Financial Performance of Modern Diagnostic Limited
| Particulars | June 30, 2025 | March 31, 2025 | March 31, 2024 | March 31, 2023 |
| Share Capital (₹ in Lakhs) | 1,100 | 1,100 | 100.00 | 100.00 |
| Net Worth (₹ in Lakhs) | 2,372.45 | 2,072.63 | 1,175.82 | 596.33 |
| Revenue from Operations (₹ in Lakhs) | 2,250.10 | 7,794.54 | 6,713.05 | 5,628.17 |
| Profit After Tax (₹ in Lakhs) | 299.82 | 896.81 | 579.48 | (573.20) |
| Total Borrowings (₹ in Lakhs) | 3,038.23 | 2,209.48 | 2,045.77 | 1,530.96 |
Peer Comparison
| Name of Company | EPS (₹) | PE | RoNW (%) | NAV per Share (₹) |
| Modern Diagnostics & Research Centre Limited | 8.15 | - | 43.27 | 18.84 |
| Vijaya Diagnostic Centre Limited | 13.92 | 72.36 | 18.07 | 77.42 |
Strengths and Opportunities of Modern Diagnostic Limited
- Provides a comprehensive, one-stop solution for diagnostic services, saving patients time and effort.
- Equipped with advanced technologies like 3Tesla MRI, 128-slice CT, NGS, and LCMS/MS for high-end diagnostics.
- Focuses on affordability, making high-quality diagnostic services accessible to a broader population.
- Strong emphasis on quality and reliability, with detailed test reports and patient-specific interpretations.
- Offers value-added services such as home specimen collection and online access to test reports.
- Centralised IT platform enables seamless operations, secure data storage, and real-time access to results.
- Expanding test offerings and disease-specific profiles to provide comprehensive diagnostic solutions.
- Plans to grow geographical presence and preventive healthcare services, targeting emerging markets and chronic disease management.
Risks and Threats of Modern Diagnostic Limited
- Interruptions at laboratories and diagnostic centres may disrupt test processing, affecting business operations and financial results.
- Equipment malfunctions, power outages, technical failures, or external events can hinder seamless diagnostic services.
- Inability to maintain or grow brand name and image could reduce customer trust and impact revenue.
- Expansion into new markets may increase costs and challenges in sustaining brand reputation.
- Operations concentrated in Haryana make the business vulnerable to region-specific adverse developments.
- Heavy reliance on pathology services may pose risks if demand shifts or radiology investments underperform.
- Difficulty in attracting and retaining skilled healthcare professionals could compromise service quality.
- Non-compliance or delays in obtaining government approvals, licenses, and registrations may disrupt operations.
