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Molbio Diagnostics Ltd IPO
Molbio Diagnostics Ltd
₹13,824 /18 sharesMinimum investment
IPO details
Subscription rate
Data will be available soon
Schedule
10 Aug 2026
IPO open date
12 Aug 2026
IPO close date
13 Aug 2026
Allotment date
13 Aug 2026
Funds unblock or debit
17 Aug 2026
Tentative listing date
About
Founded in
2000
MD/CEO
Mr Chandrasekhar Bhaskaran Nair
Parent organisation
Molbio Diagnostics Ltd
Molbio Diagnostics Financials
Revenue
Total Assets
Profit
All values are in ₹ Cr
Strengths & Risks
Strengths
Risks
The company’s Truenat platform covers multiple diseases through a single point-of-care system. As of March 31, 2026, it offered molecular testing for 30 diseases through 43 assays, including TB, COVID-19, hepatitis B and C, HIV, and HPV. The platform can process one, two, or four samples simultaneously.
The company has a portable, battery-operated molecular diagnostics platform designed for point-of-care use. Its Truenat system comprises the Trueprep nucleic acid extraction device and Truelab real-time PCR analysers. The company states that the platform can operate in settings with limited laboratory infrastructure, electricity, and space, with a reported turnaround time of approximately 60 minutes.
The company has a dedicated R&D setup with a sizable scientific team and a track record of product development. Its wholly owned subsidiary, Bigtec, conducts R&D from Bengaluru. As of March 31, 2026, the R&D team comprised 153 permanent employees, including 136 scientists, while R&D expenditure stood at Rs 87.46 crore in FY2026.
The company has developed a patent portfolio across India and overseas markets. As of the date of the Red Herring Prospectus, the company and its material subsidiaries had 16 registered patents, 29 trademarks, 11 designs, and three copyrights in India, along with 191 patents in foreign jurisdictions. It had also applied for additional patents and designs in India and overseas.
The company has expanded into radiology and digital pathology through acquisitions. It acquired a 65.47% stake in Prognosys Medical Systems, which provides radiology and digital imaging products, and subsequently acquired a 60.00% stake in OptraScan INC., which provides digital pathology solutions. These businesses add radiology and digital pathology products to Molbio’s existing diagnostics portfolio.
The company has six manufacturing facilities in India covering diagnostic and imaging products. Two facilities are located in Goa, Bengaluru, Visakhapatnam, and Pune. As of March 31, 2026, its installed capacity was 5,400 devices per annum and 3.90 crore Truenat test kits per annum.
The company has a substantial base of commercialised tests and has recorded growth in device and test-kit sales. In FY26, it sold 2,524 Truenat devices and 1.76 crore test kits, compared with 2,180 devices and 1.22 crore test kits in FY25. Revenue from the sale of test kits increased from Rs 552.55 crore in FY24 to Rs 730.96 crore in FY25 and Rs 1,034.82 crore in FY26.
The company has witnessed a consistent increase in its revenue from operations and profit after tax (PAT). Revenue from operations increased from Rs 836.56 crore in FY24 to Rs 1020.42 crore in FY25 and Rs 1,445.69 crore in FY26. PAT increased from Rs 83.54 crore to Rs 138.58 crore and to Rs 164.14 crore during the same period.
A significant portion of the company’s revenue from sale of finished goods is derived from Indian Central and state governments and international aid agencies, which contributed Rs 84.56%, 87.83%, and 91.60% in FY26, FY25, and FY24, respectively. Any adverse changes in public healthcare policies, reduction in government or aid-agency spending, changes in healthcare programs, or procurement restrictions could adversely affect the company’s business, financial condition, results of operations, and cash flows.
The company derives a significant portion of its revenue from a limited number of customers, with its top 10 customers contributing Rs 1,164.73 crore (83.26%), Rs 822.56 crore (83.62%), and Rs 640.28 crore (78.54%) of revenue from the sale of finished goods in FY26, FY25, and FY24, respectively. The company does not have firm commitment agreements with these customers and primarily receives purchase orders periodically. Any loss of these customers, reduction in orders, pricing pressure, or deterioration in their financial condition could adversely affect the company’s business and results of operations.
The company derives a significant portion of its revenue from the sale of diagnostic test kits for tuberculosis (TB), which contributed Rs 982.01 crore (70.20%), Rs 679.88 crore (69.11%), and Rs 508.72 crore (62.40%) of revenue from the sale of finished goods in FY26, FY25, and FY24, respectively. Further, TB test kits accounted for 96.02%, 94.78%, and 93.88% of the total test kits sold in these periods. Any decline in demand for TB test kits due to changes in disease prevalence, adoption of alternative diagnostic methods, changes in government policies or TB eradication programs, or supply chain disruptions could adversely affect the company’s business, results of operations, and cash flows.
The company is dependent on its ability to successfully develop and obtain regulatory approvals for new diagnostic tests and assays to expand its product portfolio. It plans to develop an additional 34 assays for 22 diseases, while its R&D expenditure stood at Rs 87.46 crore (6.05% of revenue from operations), Rs 68.57 crore (6.72%), and Rs 59.78 crore (7.15%) in FY26, FY25, and FY24, respectively. Any failure or delay in developing new tests, obtaining necessary regulatory approvals, or commercialising such products could result in higher R&D costs without a proportionate increase in revenue and adversely affect the company’s business and financial condition.
Certain subsidiaries of the company have incurred losses in the past, with Prognosys Medical Systems Private Limited reporting a profit after tax of Rs 11.99 crore in FY26 compared with losses of Rs 4.52 crore and Rs 22.45 crore in FY25 and FY24, respectively, while Prognosys Healthcare (India) Private Limited reported losses of Rs 0.70 crore and Rs 1.87 crore in FY26 and FY24, respectively, and OptraScan INC reported a loss of Rs 11.14 crore in FY26. Further, Prognosys Healthcare (India) Private Limited and OptraScan INC recorded negative cash flows from operating activities of Rs 0.15 crore and Rs 10.77 crore, respectively, in FY26. Continued losses or negative operating cash flows at these subsidiaries may require the company to fund their operations, which could adversely affect its consolidated profitability, financial condition, and cash flows.
The company’s operations are subject to extensive regulatory requirements under laws including the Medical Devices Rules, 2017, the Drugs and Cosmetics Act, 1940, and various environmental and waste management regulations. Its manufacturing facilities are also subject to periodic inspections by regulatory authorities, while the company has had instances of certain trade and other payables and receivables remaining outstanding beyond the permissible period under FEMA-related circulars. Any failure to obtain, maintain or renew required approvals, comply with applicable regulations or address adverse findings during inspections could result in sanctions, penalties, product recalls, operating restrictions or delays in regulatory clearances, adversely affecting the company’s business, financial condition, results of operations and cash flows.
The company, its subsidiaries, promoters, and directors are involved in certain ongoing legal and regulatory proceedings, including income tax surveys conducted by the income tax authorities. Any adverse decisions in these proceedings, individually or in aggregate, could adversely affect the company’s reputation, continuity of management and business, financial condition, cash flows, and results of operations.
The company depends on a limited number of suppliers for certain raw materials, with purchases from its top 10 suppliers accounting for Rs 339.09 crore (58.52%), Rs 315.44 crore (58.21%), and Rs 189.94 crore (58.52%) of purchases of raw materials and components consumed in FY26, FY25, and FY24, respectively. Any disruption in supplies, increase in raw material prices, import restrictions, higher duties, or delays in delivery could adversely affect the company’s business, financial condition, results of operations, and cash flows.
The company has contingent liabilities amounting to Rs 168.74 crore as of March 31, 2026. If a significant portion of these liabilities materialises, it could adversely affect the company’s business, financial condition, cash flows, and results of operations.
As of May 31, 2026, the company had outstanding borrowings of Rs 422.50 crore on a consolidated basis. Any inability to service or repay these borrowings could adversely affect the company’s business and finances.
Application details
For Molbio Diagnostics IPO, eligible investors can apply as Regular.
| Apply as | Price band | Apply range | Lot size |
|---|---|---|---|
| Regular | ₹768 - ₹807 | Upto ₹2 Lakhs | 18 |
| High Networth Individual | ₹768 - ₹807 | ₹2 - ₹5 Lakhs | 18 |
About
Objectives of Molbio Diagnostics IPO Proceeds
|
Particulars |
Estimated Amount (in ₹ Cr.) |
|
Funding capital expenditure towards the setting up of infrastructure for a research and development facility and Center of Excellence and connected office space |
125.12 |
|
Funding capital expenditure towards the purchase of certain plant, machinery and other equipment for Goa Unit I, Goa Unit II and Visakhapatnam Unit |
80.81 |
|
General corporate purposes |
[.] |
|
Total |
[.] |
Book Running Lead Manager & Registrar of Molbio Diagnostics IPO
|
Book Running Lead Manager |
Kotak Mahindra Capital Company Limited, IIFL Capital Services Limited, Jefferies India Private Limited, Motilal Oswal Investment Advisors Limited |
|
Registrar to the Issue |
Kfin Technologies Limited |
Key Performance Indicators (KPIs) of Molbio Diagnostics Ltd.
|
KPI |
Value (for the fiscal year ended March 31, 2026) |
|
ROE (%) |
15.59 |
|
ROCE (%) |
17.55 |
|
EBITDA Margin (%) |
22.56 |
|
PAT Margin (%) |
11.28 |
|
Return on Net Worth (RoNW) (%) |
14.55 |
|
Net Asset Value (NAV) per Equity Share (₹) |
101.51 |
|
EPS (Pre-IPO) (₹) |
14.56 |
Molbio Diagnostics IPO Contact Details
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Company Name |
Molbio Diagnostics Limited |
|
Registered Office |
Plot No. L-46, Phase II-D, Verna Industrial Area, Verna, Salcete, South Goa 403 722, Goa, India |
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Phone |
+91 832 6724888 |
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Website |
Molbio Diagnostics IPO Registrar Contact Details
|
Company Name |
Kfin Technologies Limited |
|
Phone |
+91 40 6716 2222 / 1800 3094001 |
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Website |