Modern Diagnostic & Research Centre IPO

About Modern Diagnostic and Research Centre IPO

The offer consists of a fresh issue. The fresh issue will include up to 40,99,200 equity shares aggregating to ₹36.89 crores. The total number of shares and aggregate amount is 40,99,200 shares (aggregating up to ₹37 crores).

Modern Diagnostic and Research Centre price band is set at ₹85 to ₹90 per share. The lot size for an application is 1,600. The minimum amount of investment required by an individual investor (retail) is ₹2,88,000.00 (3,200 shares) (based on upper price). The minimum lot size investment for HNI is 3 lots (4,800 shares), amounting to ₹4,32,000.

The Modern Diagnostic and Research Centre IPO opens on Wednesday, Dec 31, 2025 and closes on Friday, Jan 2, 2026. The allotment of shares will take place on Monday, Jan 5, 2026. The credit of shares to the demat account will take place on Tuesday, Jan 6, 2026. The initiation of refunds will take place on Tuesday, Jan 6, 2026. The listing of shares will take place on Wednesday, Jan 7, 2026.

Modern Diagnostic and Research Centre is a services provider in diagnostic and related healthcare tests services in India. They offer a one-stop solution for pathology and radiology testing services such as imaging (including radiology), pathology/clinical laboratory. Through their integrated, nationwide network, they offer a complete range of diagnostic facilities in radiology and pathology.

Objectives of Modern Diagnostic and Research Centre IPO

• Funding capital expenditure for purchase of medical equipment for diagnostic centres and laboratories.
• Funding working capital requirement.
• Repayment of certain outstanding borrowings availed by the company.
• General corporate purpose.

Industry Outlook

India’s healthcare sector continues to evolve, driven by technological advancements and increasing demand for quality services. The healthcare sector in India including diagnostic sectors is witnessing a steady and healthy growth where ageing population, rising incomes, and government initiatives have remained instrumental in driving the overall market growth. Post Covid-19, the diagnostic sector particularly is witnessing substantial growth and transformation, significantly propelled by heightened awareness of preventive testing and advanced diagnostic tests including the other market drivers. The market revenue of the diagnostic sector in India reached INR 98100 crores in 2023 from INR 71000 crores in 2020 and further estimated to grow to INR 105500 crores in 2024, clocking a CAGR of 10.4% between 2020-2024.

Modern Diagnostic and Research Centre Company Information

Modern Diagnostic and Research Centre provides healthcare tests and services for use in core testing, patients’ diagnosis and prevention, monitoring of disease and other health conditions. Their customers include individual patients, hospitals and other healthcare providers and corporate customers.

They are focused on providing reliable diagnostic and related healthcare tests and value-added services such as home collection of specimens and online access to test reports. They also offer customized test packages to their institutional customers/patients as per their requirement. Their patient centric approach is a critical differentiator which results in several individuals and healthcare providers choosing them as their diagnostic healthcare services provider.

Their healthcare tests and services include Ultrasound and colour doppler, CT scan, MRI, Digital X-ray, Mammography, Heart lab, Neuro lab and laboratory, ECG, CBCT, OPG, PFT etc. Their diagnostic testing portfolio includes (i) Pathology which includes Anatomical Pathology, Clinical Pathology, Forensic Pathology and Molecular Pathology; (ii) Radiology which includes Diagnostic Radiology and Interventional Radiology such as X-ray, Computed Tomography (CT scan), Magnetic Resonance Imaging (MRI), Ultrasound etc. They perform these tests and services in their clinical laboratories using sophisticated and computerized instruments.

Strengths of Modern Diagnostic and Research Centre

• Experienced promoter and management team.
• Comprehensive diagnostics provider delivering all-in-one solution at cost-effective prices.
• Focus on quality and customer service.
• Centralized information technology platform.

Risks of Modern Diagnostic and Research Centre

• Any interruptions at their laboratories and diagnostic centres.
• Majority of their operations are concentrated in the state of Haryana.
• Significant dependence on key diagnostic equipment and core technology infrastructure.
• Heavy reliance on pathology services as the primary revenue driver.
• Require certain approvals, licenses, registrations and permits to operate their business.

1. Based on March 31, 2025 restated financial statements.
2. Source: Based on Financial Results of Peer Group Companies.
3. Basic & Diluted Earnings per share (EPS) and Net Assets Value per share is calculated on weighted average number of shares after considering Bonus Issue of Shares.
4. Price Earning (P/E) Ratio in relation to the Issue Price of [-] per share.
5. Price Earning (P/E) Ratio is calculated on Current Market price of Peer Company has been taken as on March 28, 2025.
6. The face value of Modern Diagnostic and Research Centre’s shares is ₹10.00 per share and the Issue Price is of [-] per share which is [-] times of the face value.
7. The Issue Price has been determined by the Modern Diagnostic and Research Centre in consultation with the Book Running Lead Manager and justified by the Modern Diagnostic and Research Centre in consultation with the Book Running Lead Manager on the basis of above parameters. The investors may also want to peruse the risk factors and financials of the Company including important profitability and return ratios, as set out in the Auditors’ Report in the offer Document to have more informed view about the investment.

Anchor Investor Bidding Date

Tuesday, December 30, 2025*

*The company in consultation with the Book Running Lead Manager may consider participation by Anchor Investors in accordance with the SEBI ICDR Regulations. The Anchor Investor Bidding Date shall be one Working Day prior to the Bid/ Issue Opening.

Registrar: MUFG Intime India Private Limited (Formerly Link Intime India Private Limited)

Book Running Lead Managers: Beeline Capital Advisors Private Limited

Modern Diagnostic & Research Centre Business Model

The company earns its revenue through providing services in diagnostic and related healthcare tests. They offer a one-stop solution for pathology and radiology testing services such as imaging (including radiology), pathology/clinical laboratory.

Modern Diagnostic & Research Centre Growth Trajectory

The company’s Total Income was ₹78.805 crores in FY2025, ₹68.672 crores in FY2024, and ₹56.605 crores in FY2023.

Their Profit/ Loss After Tax was ₹8.968 crores in FY2025, ₹5.795 crores in FY2024, and ₹(5.732)* crores in FY2023.

The company's EBITDA was ₹17.962 crores in FY2025, ₹11.052 crores in FY2024, and ₹(0.988) crores in FY2023.

Modern Diagnostic & Research Centre Market Position

Presently, they have 21 centres which includes 18 laboratories and 3 diagnostics centres in 8 states. They offer a wide range of diagnostic facilities in Radiology and High-end Pathology.

As of 31 March 2025, the company’s Total Income, Profit After Tax, and EBITDA were ₹78.805 crores, ₹8.968 crores, and ₹17.962 crores, respectively.

How to apply for Modern Diagnostic and Research Centre IPO?

• Step 1: Log in to your Kotak Securities Demat account - Log in to your Demat account to access IPO investments. Next, select the current IPO section.
• Step 2: Specify IPO details - Enter the number of lots and the price you wish to apply for.
• Step 3: Enter UPI ID - After entering your UPI ID, click submit. This will place your bid with the exchange.
• Step 4: Mandate Notification - Your UPI app will receive a mandate notification to block funds.
• Step 5: Approve Request - Your funds will be blocked once you approve the mandate request on your UPI.