Invicta Diagnostic

• Invicta Diagnostic is coming out with an initial public offering (IPO) of 33,08,800 shares in a price band of Rs 80-85 per equity share. 
• The issue will open on December 01, 2025 and will close on December 03, 2025.
• The shares will be listed on SME Platform of NSE.
• The face value of the share is Rs 10 and is priced 8.00 times of its face value on the lower side and 8.50 times on the higher side.
• Book running lead manager to the issue is Socradamus Capital.
• Compliance Officer for the issue is Soniya Nilesh Mahajan.

Profile of the company

Invicta Diagnostic is a diagnostic chain in Mumbai Metropolitan Region (MMR) offering radiology and pathology solutions. It offers pathology and radiology testing services such as imaging (including radiology), pathology/clinical laboratory and teleradiology to customers under the brand name “PC Diagnostics” through its operational network, which consists of 7 diagnostic centres and 1 centralised laboratory across Mumbai Metropolitan Region in the state of Maharashtra.

The company offers a range of approximately 60 routine and 487 specialized pathology tests and approximately 96 basic and 130 advanced radiology tests that cover a range of specialties and disciplines, as of October 31, 2025. Its test menu includes pathology tests ranging from basic biochemistry and clinical pathology which are performed at its own centres to cytogenetics and high-end molecular diagnostic tests which are outsourced to larger reference laboratories, and radiology tests ranging from basic echocardiograms, X-rays and ultrasounds to advanced radiology tests including computerized tomography (CT) scans, magnetic resonance imaging (MRI) scans and advanced positron emission tomography CT (PET CT). It focuses on a customer centric approach to enhance the overall quality of its services for optimal customer satisfaction. For convenience of its customers, it provides value-added services such as home collection of specimens and house calls and various delivery or access modes for tests reports.

The company has implemented a ‘hub and spoke’ model across MMR which are either directly or through its subsidiaries, whereby specimens are collected across multiple locations within a catchment area or region for delivery to its reference centres for diagnostic testing. This model provides greater economies of scale and enhances consistency in its testing procedures and results. All of its centres offer integrated diagnostics services (pathology and radiology tests under one roof) with smaller spokes offering pathology tests and basic radiology tests and hub centres offering pathology tests, basic radiology tests and advanced radiology tests such as MRI, CT and PET CT.

Proceed is being used for:

• Funding capital expenditure for purchase of medical equipment towards establishment of five new diagnostic centres in Maharashtra
• General corporate purposes

Industry Overview

Healthcare industry comprises of a diverse range of players offering products and service meant to meet the healthcare needs of a patient. These include Healthcare Delivery (Hospitals), Pharmaceuticals, Diagnostics, Medical Equipment & Supplies, Health Insurance, Telemedicine, and Medical Tourism. Diagnostic process is crucial for identifying and managing various health conditions and ensuring effective medical treatment and patient care, thus facilitating faster recovery of patient. Diagnostic companies provide service to clients in both B2B which includes hospitals, nursing homes, clinics, and other healthcare establishments, and B2C which includes direct customers. The diagnostic process in India starts with patients recognizing symptoms or going for routine/wellness checkups. They first consult a doctor who evaluates their condition and recommends specific diagnostic tests. Patients can then proceed by visiting diagnostic centres directly to undergo the tests, providing samples at the doctor's clinic for transfer to the lab, or using home collection services offered by some diagnostic centres. After the samples are collected, the laboratory conducts the necessary tests. Results are then delivered to patients either online or offline, or directly to hospitals for those labs engaged in B2B services.

In terms of market segmentation, Pathology holds the larger share of about 62% of the total market due to the high demand for routine and specialized blood tests, which are essential for diagnosing a wide range of medical conditions. Pathology tests are the initial tests recommended by healthcare professional whenever a disease or illness is suspected. These are repeated regularly even after a problem has been identified and medical conditions have been addressed for regular monitoring. However, radiology is experiencing a faster growth than pathology as radiology offers quicker diagnosis, making it more attractive to both patients and healthcare providers. Between 2020-24, radiology segment is estimated to observe CAGR of 11.5% against 9.7% CAGR observed by the pathology segment with market revenue reaching Rs 407 billion and Rs 648 billion by the end of 2024, respectively.

Propelled by the rising ageing population, non-communicable diseases, and the government initiative to improve the healthcare infrastructure in India, the diagnostic sector is expected to witness a healthy growth both at Pan-India as well as in Maharashtra. The overall India diagnostic market revenue growth is expected to be fuelled by higher rate of growth in the radiology segment which is estimated to grow at CAGR of 13.5% against pathology segment which is projected to grow at 12.8% CAGR between CY 2024-2030. While in Maharashtra, the radiology segment is projected to grow at CAGR of 13.1% and pathology at 12.5% CAGR between CY 2024-2030. However, the pathology category is expected to continue to dominate the market through CY 2030 both on Pan India basis and well as in Maharashtra on account of the growing health consciousness among the population. The growing health consciousness has led to an increase in the number of people going for regular health check-ups where the major portion of these tests comprises pathology tests. 

Pros and strengths

Expanding presence in MMR specifically in radiology sector: The company operates under the brand name “PC Diagnostics” in the Mumbai Metropolitan Region. Established in 2021, it aims to provide quality diagnostic services with a one-stop solution for both pathology and radiology testing services. Its journey began in 2021 with the establishment of the first flagship centre in Thane. As of September 30, 2025, its operational network has expanded to include 7 diagnostic centres, consisting of a flagship centre in Thane, 3 hubs, 3 spokes, and a centralized laboratory, located across various regions of MMR. The flagship centre in Thane serves as the main hub, equipped for a wide range of diagnostic services, including pathology specimen collection and advanced radiology tests (MRI, CT, PET CT). 3 Hub centres in Byculla, Marol (Andheri East) and Bhayander East with similarly equipped to provide diagnostic services, ensuring standards of quality and consistency, and 3 Spoke centres offer essential pathology tests and basic radiology services, including one co-located with its centralized laboratory for convenience. This expansion reflects its dedication to meeting the growing demand for diagnostic services in the MMR.

Diagnostics provider that offers one-stop-solution at affordable price: Providing a comprehensive one-stop-solution for diagnostic services at affordable prices is a significant strength of the company. By offering a wide range of diagnostic tests and imaging modalities under one roof, the company eliminates the need for patients to visit multiple facilities, saving them valuable time and effort. This approach not only enhances patient convenience but also promotes better coordination among healthcare professionals, leading to more efficient and effective diagnosis and treatment planning. With advanced technologies like PET CT scans, MRI, CT scans, sonography, X-rays, and pathology services available, it ensures that patients have access to the latest diagnostic tools without the hassle of navigating through different providers. Moreover, its commitment to affordable pricing makes these diagnostic services accessible to a broader population.

Implementation of Hub and Spoke Model: The company has implemented a ‘hub and spoke’ model across MMR which are either directly or through its subsidiaries, whereby specimens are collected across multiple locations within a catchment area or region for delivery to its reference centres for diagnostic testing. This model provides greater economies of scale and enhances consistency in its testing procedures and results. The spoke centres are located within a 2-3 km radius of its Hub centres. All of its centres offer integrated diagnostics services (pathology and radiology tests under one roof) with smaller spokes offering pathology tests and basic radiology tests and hub centres offering pathology tests, basic radiology tests and advanced radiology tests such as MRI, CT and PET CT. The spoke centres serve as dedicated profit centres in themselves, offering a range of preventive healthcare services and routine diagnostic tests.

Risks and concerns

MMR-Centric operations pose high strategic risks: The company’s diagnostic operations are concentrated within the MMR catering to the healthcare needs of this densely populated urban agglomeration. While its presence in this key market has played a pivotal role in its growth and success, its dependence on a single geographic region poses substantial risks to its long-term business continuity and financial performance. As of September 30, 2025, the MMR accounts for a staggering 100% of its total revenue from operations, highlighting its dependence on this region’s economic landscape and healthcare dynamics. Any adverse developments within the MMR, such as regional economic slowdowns, political instability, natural disasters, or disruptions in infrastructure, could severely impact its ability to maintain consistent service delivery and revenue streams.

Radiology-centric business model risk: The company’s focus on radiology services has been a characteristic of its business model. It has made investments in imaging modalities such as CT, MRI, PET-CT, and X-ray, positioning itself as a provider of radiology diagnostic solutions. The company has garnered 88.10%, 93.46% and 98.38% of its total revenue from Radiology segment in FY25, FY24 and FY23 respectively. This heavy reliance on radiology services implies that any disruptions, challenges, or shifts in market dynamics specific to this domain could have a disproportionate impact on its overall business.

Sustained competition threatening business stability: The diagnostics industry in India is highly competitive with several companies present in the market, and therefore it is challenging to improve market share and profitability. Its competitors include diagnostic healthcare service providers in India, hospital-based laboratories, independent clinical laboratories, other smaller-scale providers of diagnostic services (with more established local and regional presence in certain geographies) such as pathology, radiology laboratories and preventive care providers as well as international service providers, which may establish and expand their operations in future. It competes on the breadth of its test offerings, the geographical reach of its network, its ability to accurately process specimens and report data in a timely manner and its customer relationships. If it is unable to compete effectively, its business could decline or contract and its business, results of operations and financial condition could be adversely affected.

Outlook

Invicta Diagnostic offers radiology and pathology solutions. The company provides pathology and radiology testing, including imaging, radiology, and teleradiology, under the brand 'PC Diagnostics' through 7 diagnostic centres and a central laboratory across Mumbai, Maharashtra. The company is expanding presence in the MMR, specifically in the radiology sector. On the concern side, the company’s operations are concentrated in MMR and any loss of business in such region could have an adverse effect on its business, results of operations and financial condition. Moreover, concentrated emphasis on radiology services also exposes it to substantial risks that could adversely impact its operations, financial performance, and long-term growth prospects. 

The company is coming out with a maiden IPO of 33,08,800 equity shares of Rs 10 each. The issue has been offered in a price band of Rs 80-85 per equity share. The aggregate size of the offer is around Rs 26.47 crore to Rs 28.12 crore based on lower and upper price band respectively. On performance front, the company’s revenue from operations increased by 90.11% to Rs 3,009.52 lakh for Fiscal 2025 from Rs 1,583.05 lakh for Fiscal 2024, primarily due to increase in revenue from pathology and radiology tests to individual and institutional customers. Moreover, the company has reported 29.54% rise in its net profit at Rs 492.95 lakh in FY25 as compared to Rs 380.54 lakh in FY24. 

The company has established a presence across Mumbai Metropolitan Region (MMR). It has been doing research and analysis to identify suitable locations for setting up new diagnostic centres. Prime locations with high footfall and drive through traffic within densely populated areas are being identified to maximize accessibility and convenience for its patients. It has implemented a ‘hub and spoke’ model across MMR which are either directly or through its subsidiaries. It is actively exploring opportunities to expand its network of hub and spoke centres across the Maharashtra, further strengthening its integrated hub-and-spoke model. This strategic approach to location selection and network expansion ensures that its diagnostic services are readily available to a wide population base, while optimizing operational efficiencies and leveraging the synergies between the hub and spoke centres.