India’s healthcare and diagnostics sector has been growing steadily, supported by rising health awareness, urbanisation, and increased spending on preventive care. Against this backdrop, Invicta Diagnostic Limited is coming out with its IPO on December 1, 2025, giving investors a chance to participate in a diagnostics business that operates on a hub and spoke model in the Mumbai Metropolitan Region.
Below is a detailed insight into Invicta Diagnostic, its IPO structure, financial performance, and growth plans.
About Invicta Diagnostic Ltd.
Incorporated in January 2021, Invicta Diagnostic Limited provides integrated radiology and pathology solutions under the brand “PC Diagnostics”. The company focuses on both imaging and laboratory diagnostics within the Mumbai Metropolitan Region, following a hub-and-spoke model.
Network structure (as of May 31, 2025):
- Flagship hub in Thane West
- Full-spectrum pathology
- Advanced radiology, including CT and MRI
- Three additional hubs
- Bhayandar
- Byculla
- Marol
These hubs provide specialised diagnostic services.
- Four spoke centres
- Lower Parel
- Sewri
- Mazgaon
- Kalwa
These focus on basic imaging, like X-ray and ultrasound and sample collection.
Test portfolio:
- Around 60 routine and 487 specialised pathology tests
- Around 96 basic and 130 advanced radiology tests
Service offerings include:
- Routine tests: CBC, lipid profile, LFT, KFT, thyroid panels and other standard investigations
- Specialised tests: Molecular diagnostics, immunoassays, infectious disease markers such as dengue and COVID-19, cancer markers and genetic panels
- Teleradiology and imaging: CT, MRI, ultrasound and X-ray reporting through in-house radiologists
- Sample collection network: Home collection via phlebotomists and partner collection centres
As of May 31, 2025, the company has:
- 5 laboratory doctors
- 20 radiologists
- 127 technical staff
- 105 permanent employees
Promoters:
- Dr. Ketan Jayantilal Jain
- Dr. Sanket Vinod Jain
- Rohit Prakash Srivastava
- Badal Kailash Naredi
- Jayesh Prakash Jain
Competitive Strengths:
- Expanding presence in MMR, especially in radiology
- One-stop diagnostics provider at relatively affordable pricing
- Strong IT infrastructure and technology-driven operations
- Hub and spoke delivery model
- Experienced management and medical team
Invicta Diagnostic IPO Details
The Invicta Diagnostic IPO is a book-built issue aggregating up to ₹28.12 crore, entirely a fresh issue of equity shares.
Important IPO Timeline
| Event | Date (Tentative) |
| IPO Open Date | December 1, 2025 (Mon) |
| IPO Close Date | December 3, 2025 (Wed) |
| Basis of Allotment | December 4, 2025 (Thu) |
| Initiation of Refunds | December 5, 2025 (Fri) |
| Credit of Shares to Demat | December 5, 2025 (Fri) |
| Listing Date | December 8, 2025 (Mon) |
| Cut off time for UPI mandate confirmation | 5 PM on December 3, 2025 |
Key IPO Details
Here is the table on the Invicta Diagnostic IPO review:
| IPO Date | December 1, 2025 to December 3, 2025 |
| Face Value | ₹10 per share |
| Issue Price Band | ₹80 to ₹85 per share |
| Lot Size | 1,600 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 33,08,800 shares (aggregating up to ₹28.12 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | NSE SME |
| Share Holding Pre Issue | 92,63,173 shares |
| Share Holding Post Issue | 1,25,71,973 shares |
| Book Running Lead Manager | Socradamus Capital Pvt.Ltd. |
| Registrar | Bigshare Services Pvt.Ltd. |
| Market Maker | Nikunj Stock Brokers Ltd. |
IPO Reservation:
| Investor Category | Shares Offered |
| QIB | Not more than 50% of Net Issue |
| Retail | Not less than 35% of Net Issue |
| NII | Not less than 15% of Net Issue |
Lot Size of Invicta Diagnostic IPO
Here is the table of lot sizes for each category of investors:
| Application | Lots | Shares | Amount (at ₹85) |
| Individual investors (Retail) (Min) | 2 | 3,200 | ₹2,72,000 |
| Individual investors (Retail) (Max) | 2 | 3,200 | ₹2,72,000 |
| S HNI (Min) | 3 | 4,800 | ₹4,08,000 |
| S HNI (Max) | 7 | 11,200 | ₹9,52,000 |
| B HNI (Min) | 8 | 12,800 | ₹10,88,000 |
Invicta Diagnostic IPO Promoter Holding
| Pre Issue | Post Issue | |
| Promoter Holding | 90.52% | – |
Invicta Diagnostic Ltd. Financials
The company has reported strong growth in both revenue and profitability. Between FY2024 and FY2025, revenue increased by 90 % and profit after tax rose by 30 %.
Key Company Financials
Amounts in ₹ Crore
| Period Ended | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 |
| Assets | 34.90 | 21.22 | 15.89 |
| Total Income | 17.08 | 30.18 | 15.90 |
| Profit After Tax | 4.08 | 4.93 | 3.81 |
| EBITDA | 6.77 | 9.20 | 7.09 |
| NET Worth | 23.68 | 13.60 | 8.67 |
| Reserves and Surplus | 14.42 | 5.18 | 8.54 |
| Total Borrowing | 3.72 | 3.54 | 3.81 |
Key Performance Indicators (KPI)
KPI as of March 31, 2025
| KPI | Value |
| ROE | 44.28% |
| ROCE | 42.00% |
| Debt to Equity | 0.26 |
| RoNW | 36.25% |
| PAT Margin | 16.38% |
| EBITDA Margin | 30.57% |
| Price to Book Value | 5.26 |
| Market Capitalisation | ₹106.86 Cr |
Earnings and Valuation:
| Metric | Pre IPO | Post IPO |
| EPS (₹) | 5.32 | 6.50 |
| P E (x) | 15.97 | 13.08 |
Objects of the Invicta Diagnostic IPO
The company proposes to utilise the net proceeds from the issue towards the following objectives:
| S.No. | Objects of the Issue | Expected Amount (₹ in Crore) |
| 1 | Funding capital expenditure for the purchase of medical equipment toward the establishment of five new diagnostic centres in Maharashtra | 21.11 |
| 2 | General corporate purposes | Balance from proceeds |
Invicta Diagnostic Ltd.: Industry Outlook
- The Indian diagnostics industry has been witnessing steady growth driven by rising lifestyle diseases, increasing health awareness, insurance penetration and urban population growth.
- Demand for integrated diagnostic services that combine radiology and pathology under one roof is increasing, particularly in urban clusters such as Mumbai.
- Hub and spoke models help improve asset utilisation of high-cost radiology equipment like CT and MRI, while spoke centres and home collection expand access and convenience for patients.
- Technology adoption in teleradiology, electronic reporting and digital platforms supports scalability and operational efficiency for players like Invicta Diagnostic.
Invicta’s focus on the Mumbai Metropolitan Region, its expanding network of hubs and spokes, and its emphasis on specialised tests and advanced imaging place it in a favourable position to benefit from these trends.
Invicta Diagnostic IPO: Peer Comparison
Invicta Diagnostic’s IPO can be compared with peers like Krsnaa Diagnostics Ltd, Vijaya Diagnostic Centre Ltd, Metropolis Healthcare Ltd, Dr. Lal PathLabs Ltd, and Agilus Diagnostics Ltd. Reviewing these companies helps investors understand Invicta Diagnostic’s position within the diagnostics and healthcare services sector and make informed investment decisions.
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Conclusion
Invicta Diagnostic Ltd presents an interesting IPO opportunity in the diagnostics and healthcare services space. The company has:
- A focused presence in the Mumbai Metropolitan Region
- An integrated pathology and radiology model using a hub and spoke network
- Strong growth in revenue and profits in the reported periods
- Healthy margins and return ratios, with ROE and ROCE above 40%
At the same time, investors should consider key risks such as:
- Geographic concentration in a single metro region
- Competitive intensity from larger national diagnostic chains and hospital-backed labs
- Dependence on the continued execution of its expansion plan for new centres
Based on its recent financial data, the issue valuation (post-issue P/E of about 21.68 times FY2025 earnings) appears in the higher band for SME listings, so it may suit investors who have a higher risk appetite, longer investment horizon, and interest in healthcare services.
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
