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Invicta Diagnostic IPO
Invicta Diagnostic Ltd
₹2,56,000 /1600 sharesMinimum Investment
Invicta Diagnostic IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 1 Dec ‘25 - 3 Dec ‘25 | ₹2,56,000 | 1,600 | ₹80 - ₹85 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 28.12 Cr | RHP PDF | 04 Dec ‘25 | 08 Dec ‘25 |
| Face value |
|---|
| 10 |
About Invicta Diagnostic
Founded in
2021
MD/CEO
Mr Rohit Prakash Srivastava
Parent organisation
Invicta Diagnostic Ltd
Strengths & Risks of Invicta Diagnostic
Strengths
Risks
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.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 6.84 crore (standalone) in FY23 to Rs 15.83 crore (consolidated) in FY24 to Rs 30.09 crore (consolidated) in FY25. PAT increased from Rs 0.24 crore (standalone) in FY23 to Rs 3.80 crore (consolidated) in FY24 to Rs 4.93 crore (consolidated) in FY25.
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.
The company generates 100 percent of its operational revenue from the Mumbai metropolitan region. Localised events such as economic slowdowns, political disruptions, infrastructure failures, or natural disasters may directly affect business continuity. A lack of geographic diversification increases exposure to region-specific risks.
Invicta Diagnostic operates in a sector where newer technologies, diagnostic methods, and competitive innovations evolve rapidly. Failure to adopt advanced diagnostic tools or maintain technology standards could impact competitiveness. Competitors with faster innovation cycles may gain market share.
Errors in imaging or pathology, such as misinterpretation, incorrect dosage, or sample contamination, could lead to misdiagnosis or adverse patient outcomes. Such events may trigger malpractice claims or reputational damage. The company is also exposed to risks from handling hazardous medical waste and test materials.
The company, its promoters, and directors are involved in certain ongoing tax proceedings. Any adverse judgment in these cases could be detrimental to the company’s business prospects.
The company relies on multiple third-party providers for essential parts of its operations, including logistics support, business coordinators, and reporting consultant doctors. It currently depends on 22 consultant doctors, and any disruption in these services, non-compliance with contractual obligations, or termination of agreements could hinder service delivery, exposing the company to additional costs or potential disputes. Since the company has limited control over third-party performance, any failure by these providers to meet required standards may adversely affect business continuity, service quality, and overall financial performance.
The company was established on January 22, 2021, and therefore has a relatively short operating history. Its limited track record may make it harder for investors to gauge its long-term performance, operational stability, and ability to withstand market cycles.
Invicta Diagnostic Financials
*All values are in Rs. Cr
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Application Details of Invicta Diagnostic IPO
| Apply as | Price band | Apply Range | Lot size |
|---|---|---|---|
| Individual investor | ₹80 - 85 | ₹2 - 5 Lakh | 1600 |
For Invicta Diagnostic IPO, eligible investors can apply as Individual investor.