Invicta Diagnostic Limited, operating under the brand “PC Diagnostics”, is a Mumbai-based integrated diagnostics provider offering a complete range of pathology and radiology services. The company follows a hub-and-spoke model across the Mumbai Metropolitan Region (MMR), ensuring strong reach, efficient sample movement, and quick turnaround times.
Invicta operates a growing network of 7 diagnostic centres along with one centralised laboratory, spread across key locations in MMR. The network includes:
- 1 flagship hub in Thane, equipped to handle the entire spectrum of pathology and advanced radiology tests including MRI, CT, PET CT.
- 3 hub centres (Bhayandar, Byculla, Marol) through subsidiaries, offering pathology, basic radiology and advanced imaging.
- 3 spoke centres (including Sewri, Parel and Kalwa) focused on pathology sample collection and basic radiology services.
Invicta provides a wide and expanding suite of diagnostic services. Its integrated portfolio includes:
- Pathology: Routine tests (CBC, LFT, KFT, lipid profile, thyroid panel), microbiology, histopathology, immunology, virology and specialised molecular diagnostics.
- Radiology & Imaging: X-Ray, Sonography, Color Doppler, ECG, 2D Echo, CT, MRI, and PET CT.
- Teleradiology: Remote reporting and image interpretation by experienced radiologists (as implied from radiologist-led operations).
Invicta’s business is primarily retail-driven, with ~87% of its FY25 revenue coming from individual walk-in customers. In the six months ended September 30, 2025, the company conducted 27,260 pathology tests and 24,809 radiology tests for 25,606 patients, achieving an average of 2.03 tests per patient visit.
Invicta has a solid clinical backbone with 4 laboratory doctors, 20 radiologists, and 133 trained technical staff (as of October 31, 2025).
Invicta Diagnostic IPO – Details
| IPO Opening Date | 01 December 2025 |
| IPO Closing Date | 03 December 2025 |
| Issue Type | Bookbuilding IPO |
| Issue Size | Total Issue: 33,08,800 Shares Worth ₹28.12 Crore Fresh Issue: 33,08,800 Shares Worth ₹28.12 Crore |
| Face Value | ₹10 per equity share |
| IPO Price | ₹80 – ₹85 per share |
| Market Lot | 1600 Shares |
| Min Order | 1600 Shares [ 1 Lot ] |
| Listing At | NSE SME |
| Registrar | Bigshare Services Pvt.Ltd. |
| QIB Shares Offered | 50% |
| NII Shares Offered | 15% |
| Retail Shares Offered | 35% |
Invicta Diagnostic IPO – Date Schedule
| IPO Open Date | 01 December 2025 |
| IPO Close Date | 03 December 2025 |
| Basis of Allotment | 04 December 2025 |
| Initiation of Refund | 05 December 2025 |
| Credit of Shares to Demat | 05 December 2025 |
| IPO Listing Date | 08 December 2025 |
| Cut-off time for UPI mandate confirmation | 5 PM on December 03, 2025 |
Invicta Diagnostic IPO – Lots Size & Price
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 3200 | ₹2,72,000 |
| Retail (Max) | 2 | 3200 | ₹2,72,000 |
| S-HNI (Min) | 3 | 4800 | ₹4,08,000 |
| S-HNI (Max) | 7 | 11,200 | ₹9,52,000 |
| B-HNI (Min) | 8 | 12,800 | ₹10,88,000 |
Competitive Strength
- Expanding presence in the Mumbai Metropolitan Region (“MMR”), specifically in the radiology sector;
- A diagnostics provider that offers a one-stop solution at an affordable price;
- Technical capability and technology with IT infrastructure;
- Dedicated management team with significant industry experience; and
- Implementation of the Hub and Spoke Model.
Company Promoters
- Dr. Ketan Jayantilal Jain
- Dr. Sanket Vinod Jain
- Rohit Prakash Srivastava
- Badal Kailash Naredi
- Jayesh Prakash Jain
Company Financials
| Period | Total Revenue | Total Expense | Profit After Tax | Total Borrowings |
|---|---|---|---|---|
| 31 March 2024 | ₹15.90 Cr | ₹10.78 Cr | ₹3.81 Cr | ₹3.81 Cr |
| 31 March 2025 | ₹30.18 Cr | ₹23.62 Cr | ₹4.93 Cr | ₹3.54 Cr |
| 31 September 2025 | ₹17.08 Cr | ₹11.65 Cr | ₹4.08 Cr | ₹3.72 Cr |
Key Performance Indicator
| KPI | Values |
|---|---|
| ROE | 44.28% |
| ROCE | 42.00% |
| Debt/Equity | 0.26 |
| RoNW | 36.25% |
| PAT Margin | 16.38% |
| EBITDA Margin | 30.57% |
| Price to Book Value | 5.26 |
| Market Capitalization | ₹106.86 Cr. |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS (₹) | 5.32 | 6.50 |
| P/E (x) | 15.97 | 13.08 |
Object Of The Issue
| Objects of the Issue | Expected Amount (in Crore) |
|---|---|
| Funding capital expenditure for purchase of medical equipment towards establishment of five new diagnostic centres in Maharashtra; and | ₹21.11 |
| General Corporate Purposes. | – |
✅Strengths
- Expanding network in Mumbai MMR with 7 centres + central lab.
- One-stop pathology + radiology services at affordable prices.
- Strong technical setup with modern equipment & IT systems.
- Experienced promoters and management team.
- Efficient hub-and-spoke model enabling scale and consistency.
⚠️Risks
- Highly competitive and fragmented diagnostics market.
- Radiology requires high capex; downtime can affect operations.
- Acquisition integration risks and potential hidden liabilities.
- Some subsidiaries have incurred losses.
- Shortage of skilled manpower in the diagnostics sector.
Clear Secured Services IPO Promoter Holding
| Pre Issue Share Holding | 90.52% |
| Post Issue Share Holding | – |
Invicta Diagnostic IPO Prospectus
Company Contact Information
| Invicta Diagnostic Ltd. 1 GF, Plot 217, Ambavat Bhavan N.M Joshi Marg Delisle Road Mumbai, Maharashtra, 400013 Phone: 022 – 4971 0036 Email: investors@pcdiagnostics.in Website: https://www.pcdiagnostics.in/ |
Invicta Diagnostic IPO Registrar
| Bigshare Services Pvt.Ltd. Phone: +91-22-6263 8200 Email: ipo@bigshareonline.com Website: https://ipo.bigshareonline.com/IPO_Status.html |
Invicta Diagnostic IPO Lead Manager(s)
| 1. Socradamus Capital Pvt.Ltd. |
Invicta Diagnostic IPO FAQ
| What is Invicta Diagnostic IPO? Invicta Diagnostic IPO is an SME IPO. The issue is priced at ₹80 – ₹85 per equity share. The IPO is to be listed on NSE SME. |
| When Invicta Diagnostic IPO will open? The IPO is to open on 01 December 2025 for QIB, NII, and Retail Investors. |
| What is Invicta Diagnostic IPO Investors Portion? The investors’ portion for QIB – 50%, NII – 15%, and Retail – 35%. |
| What is the Invicta Diagnostic IPO Size? Invicta Diagnostic IPO size is ₹28.12 Crore. |
| What is Invicta Diagnostic IPO Minimum and Maximum Lot Size for Retail? The minimum bid is 3200 Shares with ₹2,72,000 amount, while the maximum bid is 3200 Shares with ₹2,72,000. |
| What is the Invicta Diagnostic IPO Allotment Date? Invicta Diagnostic IPO allotment date is 04 December 2025. |
| What is the Invicta Diagnostic IPO Listing Date? Invicta Diagnostic IPO listing date is 08 December 2025. The IPO is to be listed on the NSE SME. |
