Modern Diagnostic IPO was launched through the Book Built SME route by Modern Diagnostic & Research Centre Limited. The public issue comprised entirely of a fresh issue of equity shares. The company planned to utilise the funds raised for expanding its diagnostic network, strengthening working capital, upgrading medical infrastructure, and supporting general corporate purposes. After the completion of the IPO process, the company’s equity shares were listed on the BSE SME platform.
Modern Diagnostic & Research Centre Limited operates in the healthcare diagnostics sector by providing pathology, radiology, and laboratory testing services. The company offers a comprehensive range of diagnostic solutions, including routine pathology tests, specialised laboratory investigations, preventive health packages, imaging services, and home sample collection. Its services cater to individual patients, hospitals, clinics, healthcare professionals, and corporate organisations.
The company operates diagnostic laboratories and collection centres equipped with modern testing instruments, automated laboratory systems, and quality assurance processes. By focusing on accurate reporting, timely test results, and standardised laboratory procedures, the company aims to deliver reliable diagnostic services across multiple healthcare segments.
Modern Diagnostic & Research Centre Limited continues to expand its diagnostic infrastructure by investing in advanced medical technology, laboratory automation, digital reporting systems, operational efficiency, and quality management. The company also focuses on strengthening its geographical presence, increasing testing capacity, and improving customer accessibility to healthcare diagnostic services.
India’s diagnostic healthcare industry continues to experience steady growth due to rising healthcare awareness, increasing preventive health check-ups, expanding health insurance coverage, technological advancements in medical diagnostics, and growing demand for organised diagnostic services. These industry trends are expected to support long-term growth opportunities for diagnostic service providers.
Since the IPO has already been completed and the company’s shares are listed on the stock exchange, investors should carefully evaluate the company’s financial performance, operational efficiency, service quality, valuation, competitive position, and long-term business prospects before making any investment decision.
Modern Diagnostic IPO Details
| IPO Details | Information |
|---|---|
| IPO Name | Modern Diagnostic IPO |
| Company Name | Modern Diagnostic & Research Centre Limited |
| IPO Type | Book Built Issue |
| IPO Category | SME IPO |
| Face Value | ₹10 Per Equity Share |
| Price Band | ₹85 to ₹90 Per Share |
| Issue Size | ₹36.89 Crore |
| Fresh Issue | 40,99,200 Equity Shares |
| Offer for Sale | Nil |
| Total Issue Size | 40,99,200 Equity Shares (₹36.89 Crore) |
| IPO Open Date | 31 December 2025 |
| IPO Close Date | 2 January 2026 |
| Basis of Allotment | 5 January 2026 |
| Refund Initiation | 6 January 2026 |
| Shares Credited to Demat Account | 6 January 2026 |
| Listing Date | 7 January 2026 |
| Listing Exchange | BSE SME |
| Lot Size | 1,600 Equity Shares |
| Registrar | Maashitla Securities Private Limited |
| Book Running Lead Manager | Jawa Capital Services Private Limited |
The IPO consisted entirely of a fresh issue of equity shares without any Offer for Sale by existing shareholders. The company proposed to utilise the net proceeds for expanding diagnostic infrastructure, strengthening working capital requirements, upgrading healthcare facilities, and supporting general corporate purposes.
Modern Diagnostic IPO Dates
The important events relating to the Modern Diagnostic IPO are provided below.
| IPO Event | Date |
|---|---|
| IPO Opening Date | 31 December 2025 |
| IPO Closing Date | 2 January 2026 |
| Basis of Allotment | 5 January 2026 |
| Refund Initiation | 6 January 2026 |
| Shares Credited to Demat Account | 6 January 2026 |
| Listing Date | 7 January 2026 |
Following the completion of the allotment process, successful applicants received the allotted equity shares in their demat accounts before trading commenced on the BSE SME platform. Applicants who were not allotted shares received refunds according to the announced IPO schedule.
Modern Diagnostic IPO Reservation
The equity shares offered through the public issue were reserved among different categories of investors in accordance with the applicable regulations governing SME public issues.
| Investor Category | Reservation |
|---|---|
| Qualified Institutional Buyers (QIB) | Not More Than 50% |
| Non-Institutional Investors (NII) | Not Less Than 15% |
| Retail Individual Investors (RII) | Not Less Than 35% |
The final allocation under each investor category depended on the number of valid applications received during the subscription period and the applicable regulatory guidelines.
Modern Diagnostic IPO Lot Size
Applications for the IPO were accepted only in the prescribed lot size announced before the issue opened for subscription.
| Application | Shares | Amount |
|---|---|---|
| Retail Minimum | 2 Lots (3,200 Shares) | ₹2,88,000 |
| Retail Maximum | 2 Lots (3,200 Shares) | ₹2,88,000 |
| HNI Minimum | 3 Lots (4,800 Shares) | ₹4,32,000 |
The investment values shown above are calculated using the upper price band of ₹90 per equity share. Investors were required to submit IPO applications in multiples of the prescribed lot size.
About Modern Diagnostic & Research Centre Limited
Modern Diagnostic & Research Centre Limited is an Indian healthcare diagnostics company engaged in providing pathology, radiology, and laboratory testing services. The company offers a comprehensive range of diagnostic solutions that support disease detection, preventive healthcare, routine medical examinations, and specialised clinical investigations. Its services cater to individual patients, hospitals, nursing homes, clinics, healthcare professionals, and corporate organisations.
The company operates diagnostic laboratories and collection centres equipped with modern laboratory instruments, automated testing systems, and digital reporting infrastructure. Its diagnostic capabilities include routine pathology testing, clinical biochemistry, haematology, microbiology, immunology, histopathology, cytology, molecular diagnostics, and imaging services. By maintaining standardised laboratory procedures and quality control protocols, the company aims to deliver accurate and timely diagnostic reports.
Over the years, Modern Diagnostic & Research Centre Limited has strengthened its healthcare network by expanding laboratory infrastructure, adopting advanced diagnostic technologies, improving operational efficiency, and increasing its presence across different regions. The company continues to focus on service quality, patient convenience, and technological innovation to support long-term business growth.
Business Operations
Modern Diagnostic & Research Centre Limited operates across multiple segments of the healthcare diagnostics industry.
- Pathology Services – The company performs routine and specialised laboratory investigations covering a wide range of medical conditions.
- Radiology Services – It provides diagnostic imaging services using advanced medical equipment for accurate disease diagnosis.
- Preventive Health Check-ups – The company offers customised health screening packages for individuals, families, and corporate clients.
- Clinical Laboratory Testing – Its laboratories conduct tests across biochemistry, haematology, microbiology, immunology, and other diagnostic disciplines.
- Home Sample Collection – The company provides home collection services, enabling patients to undergo diagnostic testing without visiting collection centres.
- Corporate Healthcare Services – It partners with businesses and institutions to deliver employee health screening and wellness programmes.
- Hospital and Clinic Support – The company works with hospitals, nursing homes, and healthcare practitioners by providing diagnostic testing services.
- Digital Reporting Systems – Test reports are generated through technology-enabled systems for improved accuracy, accessibility, and timely delivery.
- Quality Assurance – Diagnostic procedures follow established quality standards, internal controls, and laboratory protocols to maintain reporting accuracy.
- Network Expansion – The company continues to increase its laboratory capacity and collection centre network to improve healthcare accessibility.
Industry Overview
India’s diagnostic healthcare industry has grown significantly due to increasing healthcare awareness, rising income levels, expanding health insurance coverage, and greater emphasis on preventive healthcare. Early disease detection and regular health screening have become increasingly important, resulting in higher demand for organised diagnostic service providers.
Advancements in laboratory automation, digital healthcare solutions, molecular diagnostics, and medical imaging continue to improve the quality and efficiency of diagnostic services. Government initiatives supporting healthcare infrastructure and increasing investment in hospitals and medical facilities are also contributing to long-term industry growth.
Companies with advanced laboratory infrastructure, experienced medical professionals, strong quality management systems, diversified service offerings, and expanding diagnostic networks are well positioned to benefit from the continued development of India’s healthcare diagnostics sector.
Business Strategy
Modern Diagnostic & Research Centre Limited aims to strengthen its position in the healthcare diagnostics industry by expanding its laboratory network, increasing testing capacity, and investing in advanced diagnostic technologies. The company continues to improve operational efficiency through laboratory automation, digital reporting systems, and enhanced quality management processes.
The management also focuses on expanding its customer base by strengthening relationships with hospitals, clinics, healthcare professionals, corporate clients, and individual patients. Continuous investment in skilled healthcare professionals, diagnostic infrastructure, technology upgrades, and service quality remains a key part of the company’s long-term growth strategy.
By combining advanced diagnostic capabilities, quality-focused laboratory operations, patient-centric services, and continuous infrastructure development, Modern Diagnostic & Research Centre Limited aims to strengthen its presence in India’s growing healthcare diagnostics industry while supporting sustainable long-term business growth.
Modern Diagnostic IPO Financial Information
A company’s financial performance provides valuable insight into its revenue growth, profitability, operational efficiency, and financial stability. Reviewing financial statements over multiple financial years helps investors understand how effectively the company generates income, controls operating costs, and utilises its resources. Investors should analyse financial performance together with the company’s business model, competitive position, industry outlook, and long-term growth strategy before making an investment decision.
Modern Diagnostic Financial Summary
| Particulars | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue from Operations | ₹78.64 Crore | ₹102.87 Crore | ₹134.92 Crore |
| Total Income | ₹79.41 Crore | ₹104.06 Crore | ₹136.37 Crore |
| EBITDA | ₹13.26 Crore | ₹18.54 Crore | ₹24.83 Crore |
| Profit Before Tax (PBT) | ₹8.92 Crore | ₹12.76 Crore | ₹17.65 Crore |
| Profit After Tax (PAT) | ₹6.73 Crore | ₹9.58 Crore | ₹13.24 Crore |
| Net Worth | ₹27.46 Crore | ₹37.92 Crore | ₹51.78 Crore |
| Total Borrowings | ₹9.84 Crore | ₹8.63 Crore | ₹7.15 Crore |
Modern Diagnostic & Research Centre Limited has reported steady growth in revenue, profitability, and net worth over the last three financial years. The company has also maintained a manageable borrowing position while expanding its diagnostic operations. Investors should evaluate these financial results together with the company’s laboratory network, operational efficiency, service quality, and future expansion plans before making an investment decision.
Modern Diagnostic IPO Key Performance Indicators (KPIs)
Key financial ratios help investors evaluate the company’s profitability, operational efficiency, financial strength, and valuation.
| KPI | Value |
|---|---|
| Return on Equity (ROE) | 25.57% |
| Return on Capital Employed (ROCE) | 29.84% |
| Return on Net Worth (RONW) | 25.57% |
| EBITDA Margin | 18.20% |
| PAT Margin | 9.71% |
| Debt-to-Equity Ratio | 0.14 |
| Earnings Per Share (EPS) | ₹10.82 |
| Net Asset Value (NAV) Per Share | ₹42.36 |
| Price to Earnings (P/E) | 8.32x |
The financial indicators reflect healthy profitability, improving operational efficiency, and a balanced capital structure. Consistent earnings growth and increasing net worth support the company’s financial profile. However, investors should evaluate these ratios along with business fundamentals, competitive positioning, healthcare industry trends, and valuation before taking an investment decision.
Objects of the Modern Diagnostic IPO
The company proposed to utilise the net proceeds from the fresh issue for the following purposes:
- Expanding diagnostic laboratories and collection centres.
- Purchasing advanced medical and laboratory equipment.
- Meeting working capital requirements.
- Funding general corporate purposes.
The planned utilisation of the IPO proceeds is expected to strengthen the company’s diagnostic infrastructure, improve testing capacity, enhance operational efficiency, and support future business expansion. These investments are intended to help the company increase its healthcare service capabilities while supporting long-term sustainable growth.
Modern Diagnostic IPO Listing Performance
The listing performance reflects how the company’s shares performed on the stock exchange on the first day of trading after the IPO concluded. While listing gains or discounts indicate initial market sentiment, long-term shareholder returns depend on the company’s financial performance, operational efficiency, service quality, expansion strategy, and ability to sustain profitable growth.
| Particular | Value |
|---|---|
| Listing Exchange | BSE SME |
| Listing Date | 7 January 2026 |
| Issue Price | ₹90 Per Share |
| Listing Price | ₹108.00 Per Share |
| Listing Gain | ₹18.00 Per Share |
| Listing Gain (%) | 20.00% |
Modern Diagnostic & Research Centre Limited debuted on the BSE SME platform at a premium to its issue price, reflecting positive investor interest during the IPO. However, the company’s future share price performance will largely depend on its ability to expand its diagnostic network, maintain service quality, improve profitability, and strengthen its presence in India’s growing healthcare diagnostics industry.
Modern Diagnostic IPO Subscription Status
The subscription figures indicate the level of investor participation during the IPO bidding period. Although strong subscription generally reflects favourable market sentiment, investors should also assess the company’s financial performance, valuation, competitive position, and long-term business prospects before making an investment decision.
Modern Diagnostic IPO Subscription
| Investor Category | Subscription |
|---|---|
| Qualified Institutional Buyers (QIB) | 41.28 Times |
| Non-Institutional Investors (NII) | 126.74 Times |
| Retail Individual Investors (RII) | 98.65 Times |
| Total Subscription | 82.41 Times |
The IPO attracted strong demand across all investor categories. The Non-Institutional Investor segment recorded the highest subscription, followed by the Retail Individual Investor and Qualified Institutional Buyer segments. The healthy overall subscription reflected broad participation in the public issue.
Modern Diagnostic IPO Review
Modern Diagnostic & Research Centre Limited operates in India’s organised healthcare diagnostics industry by providing pathology, radiology, laboratory testing, preventive healthcare, and diagnostic support services. The company’s diversified service portfolio enables it to serve patients, hospitals, clinics, healthcare professionals, and corporate clients through its network of laboratories and collection centres.
The company focuses on maintaining high-quality diagnostic standards by investing in laboratory automation, advanced medical technology, quality assurance systems, and digital reporting infrastructure. Continuous expansion of its diagnostic network and testing capacity supports its long-term business strategy.
From a financial perspective, the company has reported consistent growth in revenue, profitability, and net worth over recent financial years. The proposed utilisation of IPO proceeds towards expanding laboratory infrastructure, purchasing advanced diagnostic equipment, strengthening working capital, and supporting general corporate purposes is expected to enhance operational capabilities and support future growth.
However, investors should also consider factors such as regulatory compliance, technological advancements, increasing competition, dependence on healthcare demand, and changing industry dynamics before making an investment decision.
Overall, Modern Diagnostic & Research Centre Limited operates in a sector supported by rising healthcare awareness, increasing preventive health check-ups, expanding medical infrastructure, and growing demand for organised diagnostic services. Investors should carefully evaluate the company’s financial performance, valuation, operational efficiency, and long-term growth potential before considering an investment.
Modern Diagnostic IPO Strengths
Modern Diagnostic & Research Centre Limited has established its business through quality healthcare services, modern laboratory infrastructure, and an expanding diagnostic network.
- Diversified portfolio of pathology, radiology, and diagnostic services.
- Modern laboratories equipped with advanced diagnostic technology.
- Consistent growth in revenue and profitability over recent financial years.
- Strong focus on quality assurance and operational efficiency.
- Expanding laboratory and collection centre network.
- Long-term growth opportunities supported by increasing healthcare awareness and preventive diagnostics.
Modern Diagnostic IPO Risk Factors
Like other companies operating in the healthcare diagnostics industry, Modern Diagnostic & Research Centre Limited is exposed to several operational and industry-specific risks that investors should evaluate carefully.
- Intense competition from organised and regional diagnostic service providers.
- Changes in healthcare regulations or compliance requirements may impact operations.
- Dependence on qualified medical professionals and laboratory personnel.
- Rapid technological advancements may require continuous capital investment.
- Increasing operating costs may affect profitability and margins.
- Economic conditions and changes in healthcare spending may influence demand for diagnostic services.
Modern Diagnostic IPO Promoters
Modern Diagnostic & Research Centre Limited is promoted by experienced professionals with expertise in healthcare diagnostics, laboratory management, medical services, and business operations. The promoters have played a significant role in expanding the company’s diagnostic network, strengthening laboratory infrastructure, enhancing service quality, and improving operational efficiency. Their long-term focus remains on technology adoption, patient-centric healthcare services, and sustainable business growth.
Modern Diagnostic IPO Promoters Details
| Promoter | Designation |
|---|---|
| Dr. Sanjay Kumar Agarwal | Promoter & Managing Director |
| Dr. Ritu Agarwal | Promoter & Whole-Time Director |
Modern Diagnostic IPO Management Team
The company is managed by professionals with experience in healthcare services, pathology, finance, laboratory operations, quality management, and corporate governance. The management team focuses on expanding diagnostic capabilities, maintaining quality standards, improving operational efficiency, and supporting the company’s long-term growth strategy.
| Name | Designation |
|---|---|
| Dr. Sanjay Kumar Agarwal | Managing Director |
| Dr. Ritu Agarwal | Whole-Time Director |
| Amit Kumar Sharma | Chief Financial Officer |
| Neha Agarwal | Company Secretary & Compliance Officer |
Modern Diagnostic IPO Registrar Details
The registrar managed the IPO application process, finalised the basis of allotment, credited shares to successful applicants, initiated refunds where applicable, and handled investor-related services throughout the public issue.
| Particular | Details |
|---|---|
| Registrar Name | Maashitla Securities Private Limited |
| Website | https://www.maashitla.com |
| IPO Allotment Status | https://maashitla.com/allotment-status |
| Email ID | [email protected] |
| Contact Number | +91-33-4064 5405 |
Modern Diagnostic IPO Lead Manager Details
The Book Running Lead Manager coordinated the IPO process, ensured regulatory compliance, managed issue-related activities, and assisted the company throughout the public offering and listing process.
| Particular | Details |
|---|---|
| Lead Manager | Jawa Capital Services Private Limited |
| Website | https://www.jawacapital.in/ |
| Email ID | [email protected] |
| Contact Number | +91-11-4108 5151 |
Modern Diagnostic & Research Centre Limited Contact Details
| Particular | Details |
|---|---|
| Company Name | Modern Diagnostic & Research Centre Limited |
| Registered Office | New Delhi, India |
| Website | https://www.mdrcindia.com/ |
| Email ID | [email protected] |
How to Check Modern Diagnostic IPO Allotment Status
Investors could check the IPO allotment status after the basis of allotment was finalised through the registrar’s website or the BSE IPO portal.
Through Maashitla Securities Private Limited
- Visit the official IPO allotment portal of Maashitla Securities Private Limited.
- Select Modern Diagnostic IPO from the list of available IPOs.
- Choose any one of the available search options such as Application Number, PAN, or DP/Client ID.
- Enter the required details in the respective field.
- Click on Submit to view the allotment status.
Through BSE
- Visit the official BSE IPO allotment page.
- Select Equity as the issue type.
- Choose Modern Diagnostic IPO from the company list.
- Enter your Application Number or PAN Number.
- Complete the verification process.
- Click on Search to check your allotment status.
Frequently Asked Questions (FAQs)
What is the Modern Diagnostic IPO?
Modern Diagnostic IPO was a Book Built SME public issue consisting entirely of a fresh issue of equity shares.
What was the price band of the Modern Diagnostic IPO?
The IPO was offered at a price band of ₹85 to ₹90 per equity share.
What was the issue size of the Modern Diagnostic IPO?
The total issue size of the IPO was ₹36.89 Crore.
When did the Modern Diagnostic IPO open and close?
The IPO opened for subscription on 31 December 2025 and closed on 2 January 2026.
On which stock exchange are Modern Diagnostic shares listed?
The company’s equity shares are listed on the BSE SME platform.
Who was the registrar for the Modern Diagnostic IPO?
Maashitla Securities Private Limited acted as the registrar to the issue.
Who was the Book Running Lead Manager for the Modern Diagnostic IPO?
The IPO was managed by Jawa Capital Services Private Limited as the Book Running Lead Manager.
What was the minimum lot size for the Modern Diagnostic IPO?
The minimum application size was 2 lots comprising 3,200 equity shares.
What does Modern Diagnostic & Research Centre Limited do?
The company provides pathology, radiology, laboratory testing, preventive healthcare, imaging services, and diagnostic solutions through its network of laboratories and collection centres.
What were the objectives of the Modern Diagnostic IPO?
The company proposed to utilise the IPO proceeds for expanding diagnostic laboratories, purchasing advanced medical equipment, meeting working capital requirements, and funding general corporate purposes.
