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Modern Diagnostic IPO
Modern Diagnostic & Research Centre Ltd
₹2,72,000 /1600 sharesMinimum Investment
Modern Diagnostic IPO Details
| Bidding dates | Minimum investment | Lot size | Price range |
|---|---|---|---|
| 31 Dec ‘25 - 2 Jan ‘26 | ₹2,72,000 | 1,600 | ₹85 - ₹90 |
| Issue size | IPO doc | Tentative allotment date | Tentative listing date |
|---|---|---|---|
| 36.89 Cr | RHP PDF | 05 Jan ‘26 | 07 Jan ‘26 |
| Face value |
|---|
| 10 |
About Modern Diagnostic
Founded in
2012
MD/CEO
Mr Devendra Singh Yadav
Parent organisation
Modern Diagnostic & Research Centre Ltd
Strengths & Risks of Modern Diagnostic
Strengths
Risks
Modern Diagnostic & Research Centre claims to operate as a comprehensive diagnostic services provider, offering pathology and radiology tests under one network. It states that its facilities are equipped with advanced diagnostic technologies such as 3 Tesla MRI, 128-slice Dual Energy CT scanners, mammography, CBCT, Dual-Energy X-ray Absorptiometry (DEXA) for bone mineral density, and high-end pathology platforms including Next Generation Sequencing (NGS), Non-Invasive Prenatal Testing (NIPT), microarray testing, and Liquid Chromatography–Mass Spectrometry (LCMS/MS).
The company claims to have been providing diagnostic services since 1985 and states that it has built capabilities in specialised testing areas over time. These include therapeutic drug monitoring (TDM) for neuropsychiatric and anti-tuberculosis drugs, along with high-end molecular and genetic tests. It also claims to process samples received from outside India for select advanced diagnostic tests.
Modern Diagnostic & Research Centre claims to operate a centralised information technology platform that integrates logistics, reporting, and payment systems across its network. It states that this platform enables online access to diagnostic reports for patients and healthcare providers, supports operational tracking, and facilitates digital services such as home collection scheduling and report access through mobile and online interfaces.
Haryana accounted for Rs 27.96 crore (68.80 percent) of the company’s revenue for the period ended September 30, 2024; Rs 48.37 crore (71.85 percent) in FY24; Rs 42.10 crore (73.31 percent) in FY23, and Rs 46.21 crore (77.13 percent) in FY23. Any adverse political, social, economic, regulatory, or natural disasters in the region can negatively impact the company’s business, results of operations, financial condition, and cash flows.
The company, its directors, and promoters are involved in certain ongoing legal proceedings. Any adverse judgments in any of these cases could be detrimental to the company’s business prospects.
Pathology services accounted for Rs 29.16 crore (72.95 percent) of the company’s revenue for the period ended September 30, 2024; Rs 50.12 crore (74.66 percent) in FY24; Rs 41.07 crore (72.97 percent) in FY23, and Rs 48.95 crore (81.31 percent) in FY22. This concentration means that any disruption specific to pathology, such as changes in test volumes, pricing, competition, regulatory requirements, or quality-related issues, can have a disproportionate effect on overall operations and financial performance.
The top 10 suppliers accounted for 69.80 percent, 69.27 percent, 61.17 percent, and 64.74 percent of the company’s total purchases for the period ended September 30, 2024; FY24; FY23, and FY22, respectively. Any loss of business with one or more of these suppliers due to disputes, disqualification, pricing changes, or supply disruptions can adversely affect procurement, continuity of operations, and profitability.
Modern Diagnostic & Research Centre is exposed to cost inflation across key operating inputs such as medical consumables, reagents, third-party logistics, equipment maintenance, utilities, and skilled manpower. If input costs rise due to inflation, supply chain disruptions, or global price volatility, the company may not be able to pass these increases through to customers without affecting demand, especially under competitive pricing conditions. Any sustained increase in input costs, changes in test mix, or higher operating expenses from technology upgrades and expansion can compress margins, negatively impacting profitability and financial performance.
The company’s diagnostic volumes can fluctuate seasonally due to factors such as disease patterns, weather conditions, and changes in outpatient activity. Higher volumes during monsoon or post-monsoon periods and lower volumes during festive or vacation periods can create uneven monthly revenue and reduce predictability. Any sustained demand volatility can impact capacity utilisation, inventory planning, staffing efficiency, and working capital management, which can negatively affect operating margins and profitability across quarters.
The company recorded negative cash flow from operating activities amounting to Rs 0.12 crore in FY23. Additionally, negative cash flow from investing activities amounted to Rs 5.85 crore for the period ended September 30, 2024; Rs 11.03 crore in FY24, and Rs 5.20 crore in FY22. Furthermore, the company reported negative cash flow from financing activities amounting to Rs 0.26 crore for the period ended September 30, 2024, and Rs 6.47 crore in FY23. Any continuation or increase of negative cash flows in the future can adversely affect the company’s business, results of operations, liquidity, and prospects.
As of September 30, 2024, the company had outstanding financial indebtedness of Rs 21.13 crore. Any failure to service or repay these loans can harm the company’s operations and financial position.
Modern Diagnostic Financials
*All values are in Rs. Cr
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Application Details of Modern Diagnostic IPO
| Apply as | Price band | Apply Range | Lot size |
|---|---|---|---|
| Individual investor | ₹85 - 90 | ₹2 - 5 Lakh | 1600 |
For Modern Diagnostic IPO, eligible investors can apply as Individual investor.