Incorporated in January 2021, Invicta Diagnostic Limited offers radiology and pathology solutions. The company provides pathology and radiology testing, including imaging, radiology, and teleradiology, under the brand 'PC Diagnostics' through 7 diagnostic centres and a central laboratory across Mumbai, Maharashtra.
Invicta Diagnostics Limited (trading as PC Diagnostics) is a Mumbai-based diagnostic services company specialising in integrated pathology and radiology solutions. The company follows a hub‑and‑spoke model across the Mumbai Metropolitan Region, featuring:
- A flagship hub in Thane West offering full-spectrum pathology and advanced radiology (PET CT, MRI)
- Three additional hubs (Bhayandar, Byculla, Marol) providing specialised diagnostic services
- Three spokes in Lower Parel, Sewri, and Kalwa focused on basic imaging (X-ray, ultrasound) and sample collection.
The company offers around 60 routine and 487 specialised pathology tests, plus about 96 basic and 130 advanced radiology tests.
Invicta Diagnostics provides a comprehensive suite of diagnostic services, which includes:
- Routine Tests: Includes CBC, lipid profiles, liver function tests (LFT), kidney function tests (KFT), and thyroid panels
- Specialised Tests: Covers molecular diagnostics, immunoassays, infectious disease markers (e.g., dengue, COVID-19), cancer markers, and genetic panels
- Sample Collection Network: Invicta uses phlebotomists and collection partners to reach patients at home or through its spoke centres.
As of October 31, 2025, the company employed 157 permanent employees.
Competitive Strength:
- Expanding presence in the Mumbai Metropolitan Region (“MMR”), specifically in the radiology sector;
- A diagnostics provider that offers a one-stop solution at an affordable price.
- Technical capability and technology with IT infrastructure;
- Dedicated management team with significant industry experience; and
- Implementation of the Hub and Spoke Model.
| Purpose | Amount (₹ Cr) |
|---|---|
| Funding capital expenditure for purchase of medical equipment towards establishment of five new diagnostic centres in Maharashtra; and | ₹21 |
| General Corporate purposes | ₹4 |
| Metric | 30 Sep 2025 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|
| Total Assets | 35 | 21 | 16 |
| Revenue | 17 | 30 | 16 |
| PAT | 4 | 5 | 4 |
| EBITDA | 7 | 9 | 7 |
| Net Worth | 24 | 14 | 9 |
| Reserves | 14 | 5 | 9 |
| Total Borrowing | 4 | 4 | 4 |
| Category | Sub (x) | Offered | Bid For |
|---|---|---|---|
| QIB | — | 1,332,800 (40%) | — |
| NII / HNI | — | 542,400 (16%) | — |
| Retail (RII) | — | 1,267,200 (38%) | — |
| Market Maker | — | 166,400 (5%) | — |
| Total | — | 3,308,800 (100%) | — |
* Amount calculated at upper price band (₹85) · ** Total includes all investor categories
- 1 Initiation of Refund 05 Dec 2025
- 2 Credit of Shares to Demat 05 Dec 2025
- Retail allocation is good at 38% of the total offering.
- HNI/NII demand is good at 16%.
- Institutional (QIB) interest is strong at 40%.
- The IPO P/E of 13x reflects a strong valuation relative to typical market ranges.
- Pre-issue EPS of ₹6 compares to post-issue EPS of ₹7 after dilution.
This IPO shows moderate investor interest. Review financial details and compare valuation with industry peers before investing.
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