Citius TransNet Investment Trust IPO...
10 Apr, 2026
Modern Diagnostic & Research Centre IPO
The Modern Diagnostic IPO is of 40.99 lakh equity shares with a face value of ₹10 aggregating up to ₹36.89 crore. The IPO is a book-building SME offer and the price band is ₹85 – ₹90 per share (face value ₹10). The offer will open on 31 December 2025 and close on 2 January 2026, with the issue or allotment date as on 5 January 2026. The IPO is scheduled to open on 31 December 2025 and is anticipated to close on 4 January 2026, while the scrip will be listed on the BSE SME segment on 7 January 2026.
Company Background
Modern Diagnostic & Research Centre Limited (MDRC) is a chain of management of diagnostics with its headquarters in New Delhi, established in 1985 and incorporated in 2012. It has 21 facilities (comprising 17 labs and 4 diagnostic centers) spread across eight states, delivering integrated pathology and radiology services. Home collection services with digital reporting are available. MDRC does comprehensive testing such as molecular diagnostics and high-end imaging for individual patients, hospitals and corporate clients.
Operations and Product Range
Facility and Services
MDRC offers a full range of pathology (routine to advanced molecular testing, cytogenetics, oncology panels) and radiology services (3T MRI, 128-slice CT scanner, ultrasound, X-ray, ECG, PFT). State-of-the-art facilities include CBCT, DEXA and Mammography. Home pick-up services are available in many cities.
Market Presence
Modern Diagnostic IPO Network operates in 8 states and emphasizes quality, affordability and patient convenience with a mobile application, online reports, and tailored packages for institutions. Focusing more on TDM and esoteric testing creates repeat business.
Modern Diagnostic IPO Revenue Channels
Most revenue of Modern Diagnostic IPO comes from pathology tests, radiology imaging and diagnostic services across labs and centers. Revenue for FY2025 stood at ₹78.80 crore (+15% YoY from ₹68.67 crore in FY2024). PAT was ₹8.97 crore, up 55% YoY. Revenue in FY2023 was ₹56.61 crore, and the company turned profitable from a loss-making PAT of ₹5.73 crore. H1 FY2025 revenue was ₹39.98 crore with PAT of ₹4.96 crore. EBITDA margins increased by approximately 17–24%.
Management and Shareholding
Promoters and Shareholding
Modern Diagnostic IPO is led by promoter Devendra Singh Yadav, who has over 50 years of healthcare experience. The promoters will continue to hold a controlling stake pre-IPO, with no OFS.
Board Members
The board includes experienced healthcare professionals ensuring quality standards and operational oversight.
WHAT IS GMP?
GMP (Grey Market Premium) is the difference between the IPO price and the grey market price. It is the premium amount paid for the traded IPO shares. It plays an important role in IPOs as it reflects how the IPO would react on the listing day.
A grey market is a place where shares/stocks are traded before being listed officially on the stock exchange.
Modern Diagnostic & Research Centre IPO GMP
| GMP Date | IPO Price | GMP | Last Updated |
|---|---|---|---|
| - | - | - | - |
**The GMP prices displayed here are solely for informational purposes related to the grey market news. India IPO does not engage in or facilitate grey market trading, nor are these rates (sub2) indicative of any trading activity. We also do not recommend or endorse participation in the grey market.**
Modern Diagnostic & Research Centre IPO Details
| Detail | Description |
|---|---|
| IPO Date | 31 Dec, 2025 to 2 Jan, 2026 |
| Listing Date | [.] |
| Face Value | ₹10 per share |
| Issue Price Band | ₹85 to ₹90 |
| Lot Size | 1,600 Shares |
| Sale Type | Fresh Capital |
| Total Issue Size | 40,99,200 shares (agg. up to ₹37 Cr) |
| Reserved for Market Maker | 2,06,400 shares (agg. up to ₹2 Cr) Spread X Securities Pvt.Ltd. |
| Net Offered to Public | 38,92,800 shares (agg. up to ₹35 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE SME |
| Share Holding Pre Issue | 1,10,00,000 shares |
| Share Holding Post Issue | 1,50,99,200 shares |
Modern Diagnostic & Research Centre IPO Timeline
| Detail | Description |
|---|---|
| IPO Open Date | Wed, Dec 31, 2025 |
| IPO Close Date | Fri, Jan 2, 2026 |
| Tentative Allotment | Mon, Jan 5, 2026 |
| Initiation of Refunds | Tue, Jan 6, 2026 |
| Credit of Shares to Demat | Tue, Jan 6, 2026 |
| Tentative Listing Date | Wed, Jan 7, 2026 |
Modern Diagnostic & Research Centre IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) | 2 | 3,200 | ₹2,88,000 |
| Individual investors (Retail) (Max) | 2 | 3,200 | ₹2,88,000 |
| S-HNI (Min) | 3 | 4,800 | ₹4,32,000 |
| S-HNI (Max) | 6 | 9,600 | ₹8,64,000 |
| B-HNI (Min) | 7 | 11,200 | ₹10,08,000 |
Modern Diagnostic & Research Centre IPO Promoter Holding
| Share Holding Pre Issue | Share Holding Post Issue |
|---|---|
| - | - |
| - | - |
Competitive Strength:
- • One-stop integrated diagnostics (path + rad) with state-of-the-art tech (3T MRI, 21 facilities across 8 states.
- • Robust growth profile: Revenue is projected to grow at 15% CAGR over FY2021-25 to ₹79 crore, PAT at 55% CAGR to ₹9 crore and EBITDA margins are expected to improve.
- • Patient-centric model with home collection, digital reports and a customised package by 50+ years of promoter experience.
Modern Diagnostic & Research Centre IPO Financial Information
| Period Ended | Assets | Total Income | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing | ||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 30 Jun 2025 | 77.86 | 22.67 | 3 | 23.72 | - | 30.38 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2025 | 64.57 | 79 | 9 | 21 | - | 22.09 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2024 | 49.49 | 68.67 | 5.79 | 11.76 | - | 20.46 | ||||||||||||||||||||||||||||||||||
| 31 Mar 2023 | 36.54 | 56.61 | -5.73 | 5.96 | - | 15.31 | ||||||||||||||||||||||||||||||||||
| Amount in ₹ Crore | ||||||||||||||||||||||||||||||||||||||||
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 55.21% |
| ROCE | 36.18% |
| Debt/Equity | 1.07 |
| RoNW | 43.27% |
| PAT Margin | 11.51% |
| EBITDA Margin | 23.04% |
| Price to Book Value | 4.78 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (Rs) | 8.15 | 7.94 |
| P/E (x) | 11.04 | 11 |
Modern Diagnostic IPO Objectives
IPO proceeds from the fresh issue will be utilized towards the purchase of medical equipment (₹20.69 crore), working capital (₹8 crore), debt repayment (₹1 crore) and general corporate purposes, supporting growth and technology improvements.
Conclusion
The Modern Diagnostic IPO takes advantage of rising demand for healthcare diagnostics by providing an integrated service that enhances both profitability and nationwide footprint. It is suited to SME investors looking for exposure to affordable, technology-enabled diagnostics.
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Read More IPO ReviewsFrequently Asked Questions (FAQs)
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How big is the Modern Diagnostic IPO?
Modern Diagnostic IPO size is ₹36.89 crore, entirely a fresh issue of 40.99 lakh shares at ₹85-90 per share.
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Who are the promoters of Modern Diagnostic?
The promoter group is led by Devendra Singh Yadav, who has a healthcare experience of 50+ years.
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What is the goal of the Modern Diagnostic IPO?
Proceedings of the Issue Funds from the Issue are proposed to be used for setting up a new manufacturing facility at Ghaziabad, Uttar Pradesh (₹18.02 Cr), purchase of machinery and equipment (₹20.69 Cr), working capital requirements (₹8 Cr), general corporate purposes and issue expenses.
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How many facilities does Modern Diagnostic operate?
21 facilities (17 labs + 4 centers) across 8 states offering pathology and radiology.
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What services are offered by Modern Diagnostic?
Pathology (molecular, oncology), radiology (3T MRI, 128-slice CT), home pick-up, digital reports.
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What is the financial performance of Modern Diagnostic?
FY2025E revenue ₹79 crore (+15% YoY), PAT ₹9 crore (+55% YoY); became profitable from losses in FY2023.
