As primary markets continue to see steady interest, SME IPOs remain on the radar for investors looking at niche, growth-oriented businesses. Among the upcoming offerings, Modern Diagnostic & Research Centre Ltd. (MDRC) is set to open its IPO on December 31, 2025. Below is a structured, investor-friendly overview of the company, the issue details, financial performance, and key things to track.
About Modern Diagnostic & Research Centre Ltd.
Incorporated in 1985, Modern Diagnostic & Research Centre Limited (MDRC) is an Indian diagnostic chain offering a comprehensive range of pathology and radiology services.
The company provides:
- Diagnostic tests with patient-centric services such as home specimen collection and online reports
- Customized test packages for institutions and individual patients
- A broad service range including ultrasound, CT, MRI, X-ray, ECG, PFT, and specialized labs for heart and neuro care
Operational footprint (as of Feb 28, 2025):
- 21 centres (17 labs + 4 diagnostic centres) across 8 states
- 570 employees, including consultants and doctors
Key Services
- Pathology: Molecular diagnostics, cytogenetics, and specialized panels (genetic disorders, cancer).
- Radiology: MRI, CT, ultrasound, digital X-rays (including advanced equipment like 3-Tesla MRI and 128-slice CT).
- Home Sample Collection: Convenient blood sample collection in select cities.
Competitive Strengths
- Experienced promoter and management team
- Comprehensive diagnostics “all-in-one” offering at cost-effective pricing
- Focus on quality and customer service
- Centralized IT platform
Modern Diagnostic IPO Details
Modern Diagnostic IPO is a book-building issue of ₹36.89 crore, and the issue is entirely a fresh issue of 40,99,200 shares.
Key IPO Snapshot
| IPO Date | 31 Dec, 2025 to 2 Jan, 2026 |
| Face Value | ₹10 per share |
| Price Band | ₹85 to ₹90 |
| Lot Size | 1,600 Shares |
| Sale Type | Fresh Capital |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Total Issue Size | 40,99,200 shares (agg. up to ₹37 Cr) |
| Reserved for Market Maker | 2,06,400 shares (agg. up to ₹2 Cr)Spread X Securities Pvt.Ltd. |
| Net Offered to Public | 38,92,800 shares (agg. up to ₹35 Cr) |
| Share Holding Pre Issue | 1,10,00,000 shares |
| Share Holding Post Issue | 1,50,99,200 shares |
Intermediaries:
- Book Running Lead Manager: Beeline Capital Advisors Pvt. Ltd.
- Registrar: MUFG Intime India Pvt. Ltd.
- Market Maker: Spread X Securities Pvt. Ltd.
Important IPO Timeline
| Event | Date |
| IPO Open Date | Wed, Dec 31, 2025 |
| IPO Close Date | Fri, Jan 2, 2026 |
| Allotment Date | Mon, Jan 5, 2026 |
| Initiation of Refunds | Tue, Jan 6, 2026 |
| Credit of Shares to Demat | Tue, Jan 6, 2026 |
| Listing Date (Tentative) | Wed, Jan 7, 2026 |
IPO Reservation (Investor Category)
| Category | Allocation |
| 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 Modern Diagnostic IPO
Investors can bid for a minimum of 3,200 shares (i.e., 2 lots) and in multiples of 1,600 shares thereafter.
| Application | Lots | Shares | Amount |
| Retail (Min) | 2 | 3,200 | ₹2,88,000 |
| Retail (Max) | 2 | 3,200 | ₹2,88,000 |
| S-HNI (Min) | 3 | 4,800 | ₹4,32,000 |
| S-HNI (Max) | 6 | 9,600 | ₹8,64,000 |
| B-HNI (Min) | 7 | 11,200 | ₹10,08,000 |
Modern Diagnostic: Financials (Restated)
Amount in ₹ crore
| Period Ended | 30 Sep 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 57.79 | 49.49 | 36.54 | 48.70 |
| Total Income | 40.33 | 68.67 | 56.61 | 60.58 |
| Profit After Tax | 4.96 | 5.79 | -5.73 | -1.45 |
| Net Worth | 16.71 | 11.76 | 5.96 | 11.70 |
| Reserves & Surplus | 15.71 | 10.76 | 4.96 | 10.70 |
| Total Borrowing | 21.13 | 20.46 | 15.31 | 20.40 |
Key Performance Indicators (as of Mar 31, 2024)
| KPI | Value |
| ROE | 65.40% |
| ROCE | 25.58% |
| Debt/Equity | 1.74 |
| RoNW | 49.28% |
| PAT Margin | 8.63% |
| Price to Book Value | 0.77 |
| Market Cap (Pre-IPO) | ₹135.89 Cr |
Valuation & Shareholding
| Metric | Pre IPO | Post IPO |
| EPS (₹) | 5.27 | 6.56 |
| P/E (x) | 17.08 | 13.71 |
| Promoter Holding | 99.99% | 72.85% |
Promoters: Mr. Devendra Singh Yadav, Mrs. Deepali Yadav, Mrs. Asha Yadav, and Mr. Jitendra Singh.
Industry Outlook: Diagnostics in India
While company-specific performance is key, diagnostics as a sector is supported by several long-term demand drivers:
- Higher focus on preventive healthcare and early detection
- Rising incidence of lifestyle diseases and chronic conditions requiring recurring testing
- Increasing adoption of advanced imaging and specialized pathology
- Growth in institutional testing (corporates, hospitals, insurance-linked health checks)
- Convenience-led demand via home sample collection and digital report delivery
These tailwinds can support consistent test volumes for organized diagnostic chains with scale, service breadth, and quality control.
Modern Diagnostic IPO: Peer Comparison
Modern Diagnostic IPO can be compared with peers like Dr. Lal PathLabs Ltd, Metropolis Healthcare Ltd, Thyrocare Technologies Ltd, Krsnaa Diagnostics Ltd, and Vijaya Diagnostic Centre Ltd. Reviewing these companies helps investors gauge Modern Diagnostic’s position in the diagnostics sector and make informed decisions.
IPO Objects of the Issue
The company plans to utilise the net proceeds towards:
| Sr.No. | Objective | Estimated Amount (₹ Cr) |
| 1 | Capex: Purchase of medical equipment for the diagnostic centre & labs | 20.69 |
| 2 | Working capital requirement | 11.60 |
| 3 | Repayment of certain outstanding borrowings | 4.50 |
| 4 | General corporate expenses | Balance |
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Conclusion
Modern Diagnostic & Research Centre Ltd. enters the market with a clear healthcare services proposition, a diversified diagnostics portfolio spanning pathology, radiology, and home sample collection, along with expansion-focused use of proceeds (equipment capex + working capital + partial debt repayment).
That said, as with any SME IPO, investors should evaluate:
- Sustainability of margins and profitability across cycles
- Borrowing levels and working-capital intensity
- Execution capability for capex-led expansion
- Competitive dynamics in the diagnostics space
If you are exploring more investment opportunities, check out our dedicated page on upcoming IPO listings to stay updated on the latest market offerings.
