Invicta Diagnostic Ltd. IPO

Incorporated in January 2021, Invicta Diagnostic Limited 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.

Invicta Diagnostics Limited (trading as PC Diagnostics) is a Mumbai-based diagnostic services company specialising in integrated pathology and radiology solutions. The company follows a hub‑and‑spoke model across the Mumbai Metropolitan Region, featuring:

A flagship hub in Thane West offering full-spectrum pathology and advanced radiology (PET CT, MRI)
Three additional hubs (Bhayandar, Byculla, Marol) providing specialised diagnostic services
Three spokes in Lower Parel, Sewri, and Kalwa focused on basic imaging (X-ray, ultrasound) and sample collection.

The company offers around 60 routine and 487 specialised pathology tests, plus about 96 basic and 130 advanced radiology tests.

Invicta Diagnostics provides a comprehensive suite of diagnostic services, which includes:

Routine Tests: Includes CBC, lipid profiles, liver function tests (LFT), kidney function tests (KFT), and thyroid panels
Specialised Tests: Covers molecular diagnostics, immunoassays, infectious disease markers (e.g., dengue, COVID-19), cancer markers, and genetic panels
Sample Collection Network: Invicta uses phlebotomists and collection partners to reach patients at home or through its spoke centres.

As of October 31, 2025, the company employed 157 permanent employees.

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.

Invicta Diagnostic Ltd. Financial Information (Restated Consolidated)

Invicta Diagnostic Ltd.’s revenue increased by 90% and profit after tax (PAT) rose by 30% between the financial year ending with March 31, 2025 and March 31, 2024.

Period Ended	30 Sep 2025	31 Mar 2025	31 Mar 2024
Assets	34.90	21.22	15.89
Total Income	17.08	30.18	15.90
Profit After Tax	4.08	4.93	3.81
EBITDA	6.77	9.20	7.09
NET Worth	23.68	13.60	8.67
Reserves and Surplus	14.42	5.18	8.54
Total Borrowing	3.72	3.54	3.81
Amount in ₹ Crore

Key Performance Indicator (KPI)

KPI as of Mon, Mar 31, 2025.

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 Rs	5.86
P/E (x)	14.51

Note:

The Pre IPO EPS is calculated based on Pre issue shareholding as on date of RHP and the latest FY earnings as of March 31, 2025 that is available in RHP.
The Post Issue EPS is calculated based on the Post issue shareholding and annualized FY earnings of September 30, 2025 that is available in RHP.

Objects of the Issue (Invicta Diagnostic IPO Objectives)

The Company Invicta Diagnostic IPO proposes to utilise the Net Proceeds from the Issue towards the following objects:

S.No.	Objects of the Issue	Expected Amount (₹ in crores)
1	Funding capital expenditure for purchase of medical equipment towards establishment of five new diagnostic centres in Maharashtra; and	21.11
2	General Corporate purposes

Invicta Diagnostic IPO Details

IPO Date	December 1, 2025 to December 3, 2025
Listing Date	[.]
Face Value	₹10 per share
Issue Price Band	₹80 to ₹85 per share
Lot Size	1,600 Shares
Sale Type	Fresh Capital
Total Issue Size	33,08,800 shares (aggregating up to ₹28.12 Cr)
Issue Type	Bookbuilding IPO
Listing At	NSE SME
Share Holding Pre Issue	92,63,173 shares
Share Holding Post Issue	1,25,71,973 shares

Invicta Diagnostic IPO Promoter Holding

The Promoters of the Company are Dr. Ketan Jayantilal Jain, Dr. Sanket Vinod Jain, Rohit Prakash Srivastava, Badal Kailash Naredi and Jayesh Prakash Jain.

Share Holding Pre Issue	90.52%
Share Holding Post Issue

SHARIAH SCREENING for - Invicta Diagnostic Ltd. IPO

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BUSINESS SCREEN

FINANCIAL RATIOS

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