By 2030, India's diagnostics industry will be in a high-growth phase driven by increased healthcare awareness, the advancement of preventive medicine, and growing demand for advanced pathology, molecular diagnostics, cytogenetics, and oncology testing in light of rising lifestyle diseases and medical tourism. In this fragmented ₹80,000+ crore industry, specialised diagnostic chains with extensive test portfolios, regional lab networks, and technological capabilities are well-positioned to capture market share.
Founded in 1985 and headquartered in Patna, Bihar, Modern Diagnostic & Research Centre Ltd. functions as a full-service diagnostic provider at this growth intersection, providing pathology, imaging, molecular diagnostics, and specialised oncology panels throughout Bihar and Jharkhand. With a PAT of ₹9.92 crores, the company's FY25 annualised revenue is roughly ₹80.66 crores. It is launching a ₹36.89 crore BSE SME IPO opening December 31, 2025 to fund working capital, lab expansion, and equipment upgrades during this diagnostics capex cycle.
Modern Diagnostic IPO Details:
Modern Diagnostic Issue Management:
Beeline Capital Advisors Pvt Ltd acts as the book-running lead manager for Modern Diagnostic SME IPO, managing underwriting and compliance.
Modern Diagnostic IPO RTA (Registrar) Details:
MUFG Intime India Pvt Ltd handles allotment, refunds, and demat credits—contact at +91-22-4918 6270 or moderndiagnostic.smeipo@in.mpms.mufg.com.
Modern Diagnostic IPO Allotment Status:
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A full-service diagnostic chain, Modern Diagnostic & Research Centre Limited (MDRC) specialises in oncology testing, pathology, imaging, molecular diagnostics, and cytogenetics. With 21 facilities (17 labs plus 4 centres) spread across Bihar, Jharkhand, and eight states, MDRC provides a wide range of services, including ultrasound, CT/MRI scans, ECG, PFT, and specialised cardiac/neurology panels. MDRC, which has its headquarters in Gurugram and a significant presence in Eastern India, offers patients and institutions customised packages, digital reports, and home sample collection.
MDRC made ₹80.66 Cr in revenue for FY25 (annualised), with 65% generated by pathology, 25% from imaging, and 10% from specialised tests (molecular/oncology). A ₹120 Cr order book (1.5 times yearly revenue) from hospitals, clinics, and corporations is the source of this growth, which is driven by increased demand for preventive healthcare, lifestyle disease testing, and regional lab network expansion. MDRC is positioned for the growth of the ₹80,000+ Cr diagnostics market thanks to its NABL accreditation, pathologists with over 15 years of experience, and strategic equipment partnerships.
Modern Diagnostic & Research Centre Ltd IPO comprises a fresh issue of ₹36.89 Cr (40.99 lakh shares) aimed at medical equipment purchase (₹20.69 Cr), working capital (₹8 Cr), debt repayment (₹1 Cr), and general corporate purposes.
Modern Diagnostic IPO proceeds will be deployed towards the following objectives:
Modern Diagnostic & Research Centre Ltd SME IPO reserves shares across key investor categories, with retail at 33.26%, NII (HNI) at 14.29%, QIB at 47.42% (including 28.34% for anchors), and market makers at 5.04%.
Modern Diagnostic & Research Centre Ltd IPO reserves 11,61,600 shares (28.34% of total issue) for anchor investors. Anchor bidding occurs on Dec 30, 2025 (1 day before public opening on Dec 31).
Lock-in: 50% for 30 days (until Jan 30, 2026), 50% for 90 days (until Mar 30, 2026).
The anchor allocation document filed right before the issue opens will list the names of specific anchor investors.
Modern Diagnostic & Research Centre Ltd delivers healthy profitability, with a return on equity (ROE) of 55.21%, an EBITDA margin of 23.04%, and a PAT margin of 11.51% for FY25 as per DRHP.
At the upper price band of ₹90, valuation on a pre-issue basis works out to roughly 11.33x FY25 EPS (diluted).
The important risks and strengths of Modern Diagnostic IPO are mentioned below:
Strengths
Competent Promoter & Management: Since 1985, Dr. Naresh Kumar and his family have driven strategic growth with their combined 50+ years of healthcare experience.
Provider of Comprehensive Diagnostics: 21 locations in 8 states offer one-stop pathology, radiology (3T MRI, 128-slice CT), and molecular/oncology testing at affordable costs.
Quality-driven and customer-focused: Patient retention is guaranteed by NABL-accredited laboratories, home sample collection, digital reports (PACS system), and specialised institutional packages.
Centralised IT Platform: Scalable operations, secure data access, workflow efficiency, and remote diagnostics are feasible by integrated PACS technology.
Healthy Profitability: revenue +15%, PAT +55% YoY; ROE 55.21%, EBITDA margin 23.04%, PAT margin 11.51% (FY25).
Risks
Geographic Concentration: Haryana and Bihar account for the majority of operations; regional disruptions (power, regulations) could affect more than 80% of revenue.
Pathology Revenue Dependency: 65% of revenue comes from pathology; core business is undermined by segment slowdown or competition.
Equipment/Tech Dependency: Services and revenue flow are disrupted when high-end MRI/CT scanners malfunction.
Talent Retention Risk: The lack of qualified pathologists and technicians affects plans for expansion and test quality.
Brand Reputation Sensitivity: Walk-in clients, who account for the majority of revenue, are susceptible to poor quality or service delays that could damage goodwill.
According to the DRHP, Modern Diagnostic & Research Centre Ltd has strong regional profitability and growth prospects, with projected FY25 revenue of ₹80.66 Cr and PAT of ₹9.92 Cr, resulting in return on equity (ROE) of 55.21%, EBITDA margin of 23.04%, and a PAT margin of 11.51% in the diagnostics sector.
By investing in this IPO, investors will gain exposure to India's growing ₹80,000+ Cr diagnostics market through a full-service chain (pathology, imaging (3T MRI, 128-slice CT), molecular diagnostics, and oncology testing) located across 21 centers in 8 states. The Upper Price Band of ₹90 places a FY25 earnings per share (EPS) value of 11.33x (pre-issue). This is an attractive valuation for a profitable SME diagnostic company that has been accredited by NABL and has a scalable IT platform.
Investors are advised to exercise discretion and refer to the full DRHP/RHP document before reaching any investment decision. This analysis only contains informative purposes and not investment advice.
Action Links:
To apply for Modern Diagnostic IPO, open a demat account here
Modern Diagnostic IPO Subscription Status: Check live subscription here
Modern Diagnostic IPO GMP Update: Check current grey market premium here
1. What is the Modern Diagnostic IPO date, listing and timeline?
Modern Diagnostic IPO opens Dec 31, 2025 and closes Jan 2, 2026. Allotment takes place on Jan 5, 2026 while refunds/demat credit on Jan 6, 2026. The listing takes place on BSE SME on Jan 7, 2026.
Track Modern Diagnostic IPO subscription status live here.
2. What is the Modern Diagnostic IPO price band, lot size and issue size?
The Modern Diagnostic IPO price band is ₹85-₹90/share (face value ₹10), lot size 1,600 shares. It is further raising ₹36.89 Cr (40.99 lakh shares) as fresh issue only.
Track Modern Diagnostics IPO GMP here on Finnpick to gauge investor demand before submitting your bid.
3. What are Modern Diagnostic IPO business highlights and FY25 financials?
Modern Diagnostic offers pathology, imaging (MRI/CT), molecular diagnostics across 21 centers in 8 states. Its FY25 revenue is ₹80.66 Cr and PAT ₹9.92 Cr (ROE 55.21%, EBITDA 23.04%).
4. How to apply for the Modern Diagnostic IPO?
Open demat here (Zerodha/Upstox/AngelOne) or ASBA by Jan 02, 5 PM. Monitor Modern Diagnostic IPO subscription tracker here.
5. Who are Modern Diagnostic IPO promoters and shareholding?
The promoters are Dr. Naresh Kumar & family entities hold 73.85% pre-IPO stake which will be diluted to ~52.4% post-IPO (fresh issue 40.99 lakh shares).
6. What is the Modern Diagnostic IPO allotment status, RTA and BSE SME listing?
The Modern Diagnostic IPO Allotment finalizes on Jan 05, 2026; The refunds/credit takes place on Jan 06 and listing on Jan 07, 2026 on BSE SME. Check Modern Diagnostic IPO allotment status at MUFG Intime India Pvt Ltd on Jan 05th 2026.
7. What is Modern Diagnostic IPO GMP today and subscription status?
Current GMP ₹0 (as of Dec 25). Modern Diagnostic IPO GMP trends here and live subscription status here from Dec 31 opening.
