Modern Diagnostic & Research Centre Ltd.
IPOIssue Details
Issue Size
– Cr
Fresh Issue
– Cr
OFS
– Cr
Price Band
₹85 – ₹90
Lot Size
1600
₹1,44,000
Face Value
₹10
Listing Price
₹99.5
Important Dates
Open Date
31 Dec 2025
Close Date
02 Jan 2026
Allotment
05 Jan 2026
Refund
06 Jan 2026
Listing
07 Jan 2026
About Company
Incorporated in 1985, Modern Diagnostic & Research Centre Limited (MDRC) is a diagnostic chain in India offering a comprehensive range of pathology and radiology services.
The company provides reliable diagnostic tests, home specimen collection, online reports, and customized test packages for institutional customers and patients.
MDRC operates 21 centres, including 18 labs and 3 diagnostic centres, across 8 states in India.
The company offers diagnostic services such as ultrasound, CT, MRI, X-ray, ECG, PFT, and specialized labs for heart and neuro care.
MDRC provides high-end molecular diagnostics, cytogenetics, and specialized panels for genetic disorders and cancer.
The company uses state-of-the-art radiology equipment including a 3-Tesla MRI machine and a 128-slice CT scanner.
MDRC offers home blood sample collection services in several cities for patient convenience.
The company leverages a centralized information technology platform for operations and reporting.
Objects of the Issue
| # | Description | Amount (₹ Cr) |
|---|---|---|
| 1 | Funding capital expenditure for purchase of medical equipment for diagnostic centre and laboratories. | ₹20.69 |
| 2 | Funding working capital requirement. | ₹8 |
| 3 | Repayment of certain outstanding borrowings availed by the company. | ₹1 |
| 4 | General corporate purposes. | ₹3.33 |
Financial Performance
Share Reservations
QIB
19,44,000
Anchor
11,61,600
NII
5,85,600
Retail
13,63,200
Employee
0
Total
40,99,200
RHP Insights
AI-powered analysis from Red Herring Prospectus
Turnaround in Financial Performance
The company has demonstrated a significant financial recovery, moving from a restated loss of ₹573.19 Lakhs in FY 2023 to a restated profit of ₹579.48 Lakhs in FY 2024. This positive momentum continued into the first half of FY 2025 with a profit of ₹495.53 Lakhs.
Impact: HighEstablished Market Presence and Heritage
The business has deep roots in the diagnostic sector, having started operations in 1985 as a proprietorship before incorporating in 2012. This long-standing history provides a competitive edge in brand recognition and operational experience.
Impact: HighHigh Geographical Concentration in Haryana
Operations are heavily concentrated in Haryana, which contributed 71.85% of total revenue in FY 2024. While the company is expanding to other states like Assam and West Bengal, any regional disruption in Haryana remains a high risk factor.
Impact: LowShift to Public Limited Structure for IPO
The company recently converted from a private limited to a public limited company in November 2024. This is a critical regulatory milestone to facilitate the fresh issue of 41,00,000 Equity Shares on the BSE SME platform.
Impact: HighInherent Risk of Professional Malpractice Claims
As a healthcare provider offering complex radiology and invasive pathology tests, the company faces inherent risks of legal claims or regulatory actions related to diagnostic errors or patient complications, which could damage its reputation.
Impact: LowSWOT Analysis
AI-generated strategic view
Strengths
- •Experienced promoter and management team with long operating history in diagnostics.
- •Comprehensive diagnostics provider delivering pathology and radiology services under one roof.
- •Asset-light hub-and-spoke operating model supporting higher margins.
- •Centralized information technology platform enhancing efficiency and scalability.
- •Focus on quality and customer service with advanced equipment and infrastructure.
- •Presence across 8 states with established brand in regional markets.
Weaknesses
- •Small scale of operations compared to national diagnostic chains.
- •High dependence on specific geographies for a significant portion of revenue.
- •Exposure to regulatory changes and pricing caps in healthcare diagnostics.
- •Increasing competition from organized and unorganized diagnostic players.
Opportunities
- •Growing demand for organized diagnostic services in India.
- •Rising health awareness and preventive healthcare adoption.
- •Potential expansion into new geographies and centres.
- •Opportunity to enhance margins through technology and operational efficiencies.
Threats
- •Intense competition from large listed diagnostic chains and regional labs.
- •Regulatory risks including price controls on diagnostic tests.
- •Technological obsolescence risk requiring continuous capex in equipment.
- •Macroeconomic or pandemic-related disruptions impacting patient volumes.
Modern Diagnostic & Research Centre Ltd. IPO Peer Comparison
The table below shows peer comparison from DRHP/RHP.
| Company | EPS Basic | EPS Diluted | NAV | P/E(x) | RoNW | Financial statements |
|---|---|---|---|---|---|---|
| Modern Diagnostic & Research Centre Ltd. | 8.15 | 7.94 | 20.73 | 11.33 | 43.27 | Consolidated |
Modern Diagnostic & Research Centre Ltd. - Documents & Links
Registrar
Company contact
Modern Diagnostic & Research Centre Ltd.
Address: Plot No H-64, 1st Floor BLK-H, Bali Nagar, near Khetar Pal Hospital, Ramesh Nagar, West Delhi, New Delhi, 110015
compliance@mdrcindia.comhttp://www.mdrcindia.com/Lead managers
Frequently Asked Questions
Common questions about Modern Diagnostic & Research Centre Ltd. IPO.