Invicta Diagnostic Ltd IPO
Healthcare
Price Band
₹80 – ₹85
Lot Size
1600
Minimum Bid Quantity
3200
Minimum Investment
₹272000
Issue Size
₹28.12Cr
Opens
2025-12-01
Closes
2025-12-03
Listing
08-12-2025
Subscription Status
Qualified Institutional Buyers
2.98 x
Non-Institutional Investor
6.17 x
Retail Individual Investor
3.78 x
Total
3.97 x
IPO Details
Issue Type
EQUITY
Face Value
₹10
Tick Size
1
ISIN
INE0XJ501010
Pre-Apply Available
No
Daily Bidding Time
10:00:00 - 17:00:00
About the Company
Invicta Diagnostic Limited operates a diagnostic chain in the Mumbai Metropolitan Region (MMR), providing radiology and pathology testing services under the brand name “PC Diagnostics.” The company offers a range of imaging, laboratory, and teleradiology services through a network of seven diagnostic centres and one centralised laboratory across Maharashtra. Its service menu includes routine and specialised pathology tests, along with basic and advanced radiology procedures such as X-rays, ultrasounds, CT scans, MRI scans, and PET CT scans. The company follows a hub-and-spoke operating model in which pathology specimens and radiology services are distributed between hub centres and smaller spoke units. All centres offer integrated diagnostics, with advanced tests conducted at designated hubs. Invicta Diagnostic Limited also provides home specimen collection and house-call radiology services for customer convenience.
Pros
- • The company claims to have expanded its diagnostic footprint in the MMR under the “PC Diagnostics” brand, operating a network of seven centres as of September 30, 2025. This includes a flagship centre in Thane equipped for advanced radiology services such as MRI, CT, and PET CT, along with three hubs in Byculla, Marol, and Bhayander East, and three spokes offering essential pathology and basic radiology tests. It also claims to operate a centralised laboratory that supports multiple centres, allowing for efficient specimen processing and timely reporting across the network.
- • The company offers both pathology and radiology services under one roof, reducing the need for patients to visit multiple facilities. It claims that this integrated setup improves coordination of diagnostic processes and supports efficient service delivery. The availability of multiple test types within a single centre also acts as a structural advantage in operational consistency.
- • Invicta Diagnostic claims to operate advanced diagnostic equipment, including four CT machines, four MRI machines, and one PET CT machine. The MRI systems are stated to be 1.5 Tesla imported machines, while CT scanners range from 16 to 32 slices. The company also uses 3D-capable ultrasound systems, which it claims enhance imaging detail and diagnostic accuracy.
Cons
- • Invicta Diagnostic depends heavily on its brand image because a significant portion of its revenue comes from walk-in customers. Any decline in service quality, diagnostic accuracy, turnaround time, or patient experience could affect reputation and revenue. Maintaining the brand may become increasingly difficult as competition and geographic expansion increase.
- • The company’s main hub in Thane performs most of its advanced tests and also receives samples from other centres. Any interruption, such as equipment failure, licensing issues, natural disasters or operational downtime, could disrupt large portions of its diagnostic operations. Certain tests are available only at this centre, increasing the concentration risk.
- • Radiology accounted for Rs 15.26 crore (consolidated) (90.05 percent) of total revenue for the period ended September 30, 2025; Rs 27.19 crore (consolidated) (90.36 percent) in FY25; Rs 14.88 crore (consolidated) (93.98 percent) in FY24; and Rs 6.73 crore (standalone) (98.38 percent) in FY23, showing dependence on a single service category. Any regulatory, technological, or demand-related changes in radiology, lower volumes, or disruptions could significantly impact overall revenue.
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