Modern Diagnostic & Research Centre IPO Details
Modern Diagnostic & Research Centre Limited (MDRC) is a healthcare services company in India engaged in providing
diagnostic and related healthcare testing services, offering a one-stop solution for pathology and radiology.
Through its growing national network, the company delivers a comprehensive range of services including diagnostic imaging,
clinical laboratory tests, disease monitoring and preventive health check-ups for individual patients, hospitals, healthcare
providers and corporate clients.
The company operates 21 centres, including 17 laboratories and 4 diagnostic centres across 8 states, supported by advanced equipment and technology. MDRC provides an extensive service portfolio including Ultrasound, Colour Doppler, CT Scan, MRI, Digital X-Ray, Mammography, ECG, CBCT, OPG, PFT, Heart Lab, Neuro Lab and high-end pathology testing.
Founded in 1985, MDRC has evolved into a leading diagnostic brand with a strong patient-centric approach, offering home sample collection, online report access and customised healthcare packages.
The company operates 21 centres, including 17 laboratories and 4 diagnostic centres across 8 states, supported by advanced equipment and technology. MDRC provides an extensive service portfolio including Ultrasound, Colour Doppler, CT Scan, MRI, Digital X-Ray, Mammography, ECG, CBCT, OPG, PFT, Heart Lab, Neuro Lab and high-end pathology testing.
Founded in 1985, MDRC has evolved into a leading diagnostic brand with a strong patient-centric approach, offering home sample collection, online report access and customised healthcare packages.
📊 GMP Premium
+ ₹ 15-16
(16.6% -17.7%)
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Price Range
₹85 – ₹90
Lot size 3200 — ₹288000 *Min Investment
Issue Size
₹37 Cr
Schedule of Modern Diagnostic & Research Centre
IPO Opens
31 Dec, 2025
Open Date
PendingIPO Closes
02 Jan, 2026
Close Date
PendingUPI Mandate
02 Jan, 2026
UPI 5 PM
PendingAllotment
05 Jan, 2026
Allotment
PendingRefunds
06 Jan, 2026
Refund
PendingShare Credit
06 Jan, 2026
Shares Credit
PendingListing
07 Jan, 2026
Listing
PendingMandate Ends
17 Jan, 2026
Mandate End
PendingAnchor 50%
04 Feb, 2026
Anchor Lock 50%
PendingAnchor 100%
05 Apr, 2026
Anchor 100%
PendingIPO Issue Details
| Parameter | Details |
|---|---|
| IPO Type | 100% Book Built Issue |
| Issue | Fresh Issue only |
| Offer for Sale | Not Applicable |
| Total Shares Offered | Up to 41,00,000 Equity Shares |
| Face Value | ₹10 per share |
| Issue Price / Price Band | ₹85 – ₹90 / ₹37 Cr |
| Minimum Lot Size | 1600 |
| Market Maker | Spread X Securities Private Limited |
| Listing At | BSE SME |
IPO Lot Size
Investors can bid for a minimum of 3,200 shares and in multiples of 1,600 shares thereafter.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Individual investors (Retail) (Min) This is the minimum application a retail investor can apply. | 2 | 3,200 | ₹2,88,000 |
| Individual investors (Retail) (Max) Maximum investment limit under retail investor category. | 2 | 3,200 | ₹2,88,000 |
| S-HNI (Min) Small HNI minimum investment threshold. | 3 | 4,800 | ₹4,32,000 |
| S-HNI (Max) Maximum bid allowed in Small HNI category. | 6 | 9,600 | ₹8,64,000 |
| B-HNI (Min) Big HNI category applies above S-HNI limits. | 7 | 11,200 | ₹10,08,000 |
🎯 Objective of the IPO
Utilization of Net Issue Proceeds (As per DRHP)
🏥
Funding Capital Expenditure
Purchase of advanced medical equipment, upgrading centres and expansion including a new diagnostic centre in Bikaner and 6 new labs in Delhi, Meerut, Kanpur, Lucknow & Chandigarh.
₹ 2,068.51 Lakhs💼
Working Capital Requirement
Funds required to support day-to-day business operations and expansion activities to strengthen financial flexibility.
₹ 1,159.51 Lakhs💳
Repayment of Borrowings
Repayment of certain outstanding loans to reduce debt burden and interest cost, improving capital structure.
₹ 450 Lakhs📈
General Corporate Purposes
For business growth initiatives, branding, operational strengthening and contingencies as permitted under SEBI guidelines.
Up to 15% of Issue SizeStrengths & Weakness
from DHRP
👍 Top 3 Major Strengths
- Strong Diagnostic Brand with Integrated Services – Company offers both Pathology and Radiology under one roof, reducing dependency on third-party labs, improving trust and ensuring better business strength.
- Consistent Growth in Patients & Test Volumes – Increasing number of tests and rising B2C contribution indicates brand acceptance, strong repeat customers and better revenue visibility.
- Aggressive Expansion & Technology Upgradation – Opening new centres and upgrading to high-end medical equipment shows long-term growth vision and scalability.
👎 Top 3 Major Weaknesses
- High Competition & Pricing Pressure – Diagnostics industry faces strong competition from big chains, regional labs and local diagnostic centres which may affect pricing and profitability.
- Past Financial Volatility & Debt Concerns – Company earlier reported losses, margins fluctuated and debt repayment is still part of IPO objectives, indicating financial risk.
- Geographical Concentration Risk – Major revenue depends on limited regions. Any disruption or strong competitor entry in key markets can directly impact performance.
📊 Peer Comparison
Comparison of MDRC with listed industry peers
| Company | Revenue (₹ Cr) | Profit After Tax | EBITDA Margin | RoNW | Business Focus |
|---|---|---|---|---|---|
| MDRC | ₹ 671.30 Cr* | ₹ 57.94 Cr* | 16.46% | 49.28% | Diagnostic & Radiology |
| Vijaya Diagnostic | ₹ 548 Cr | ₹ 128 Cr | 28% | 21% | Diagnostics |
| Krsnaa Diagnostics | ₹ 519 Cr | ₹ 29 Cr | 24% | 10% | Public Healthcare Diagnostics |
| Dr Lal Pathlabs | ₹ 2040 Cr | ₹ 296 Cr | 25% | 19% | Pathology Leader |
📊 IPO Subscription Status
Updated Subscription Data — Category Wise
| Day / Time | QIB | NII (HNI) | Retail | Total |
|---|---|---|---|---|
| Shares Offered / Reserved | 93,04,869 | 69,78,652 | 1,62,83,521 | 3,50,15,691 |
| Day 1 — 12-12-25 (5:00 PM) | 1.97x | 0.37x | 0.21x | 0.73x |
| Day 2 — 15-12-25 (5:00 PM) | 2.91x | 3.79x | 0.83x | 2.11x |
| Day 3 — 16-12-25 (5:00 PM) | 123.87x | 22.04x | 2.53x | 39.17x |
Key Performance Indicators
Key Performance Indicators
Financial KPIs (₹ in Lakhs)
| KPI | Sep 30, 2024 | FY 2023-24 | FY 2022-23 | FY 2021-22 |
|---|---|---|---|---|
| Revenue from Operations | 3,997.65 | 6,713.05 | 5,628.17 | 6,020.70 |
| EBITDA | 966.23 | 1,105.18 | -98.77 | 598.92 |
| EBITDA Margin | 24.17% | 16.46% | -1.75% | 9.95% |
| PAT | 495.53 | 579.48 | -573.20 | -145.14 |
| PAT Margin | 12.40% | 8.63% | -10.18% | -2.41% |
Operational KPIs
| KPI | Sep 30, 2024 | FY 2023-24 | FY 2022-23 | FY 2021-22 |
|---|---|---|---|---|
| Number of Tests | 1,38,08,674 | 1,91,91,180 | 1,87,94,617 | 2,13,05,491 |
| B2C Revenue | 51.69% | 50.93% | 53.42% | 46.27% |
| B2B Revenue | 48.31% | 49.07% | 46.58% | 53.73% |
| Revenue from Radiology | 27.05% | 42.55% | 38.06% | 28.15% |
| Revenue from Pathology | 72.95% | 57.45% | 61.94% | 71.85% |
| Patients Served | 7,19,976 | 12,41,373 | 11,52,153 | 13,12,206 |
Additional KPI
| KPI | Value |
|---|---|
| RoNW (FY24) | 49.28% |
| RoNW Weighted Avg | -9.47% |
| RoNW (Sep 2024) | 29.65% |
| NAV FY22 | ₹116.95 |
| NAV FY23 | ₹59.63 |
| NAV FY24 | ₹117.58 |
| NAV (Sep 2024) | ₹167.13 |
🔍 RoNW Meaning
Return on Net Worth shows profitability vs shareholder equity.
🧾 NAV Meaning
NAV shows book value per share.
📊 Revenue Chart
📊 Comparison Chart
📌 Company Details
Important corporate information of the company
Company Name
Modern Diagnostic & Research Centre Limited
Industry
Healthcare – Diagnostic & Research services
CIN
U85110DL2012PLC234368
Registered Office
Plot No H-64, 1st Floor, BLK-H, Bali Nagar, Ramesh Nagar, West Delhi – 110015
Corporate Office
363/4 Jawahar Nagar, New Railway Road, Gurugram, Haryana – 122001
Website
www.mdrcindia.com
Company Secretary & Compliance Officer
Mrs. Priyanshu Yadav — Email: compliance@mdrcindia.com
🔹 IPO Lead Managers & Registrar
Contact & Registration Details for IPO Support
Lead Manager (Book Running)
Beeline Capital Advisors Private Limited
Website
SEBI Registration Number
INM000012917
Phone (Ahmedabad)
+91 079 4840 7357 / +91 99747 81002
Email
mb@beelinemb.com
Corporate Office Address
B/1311-1314, Shilp Corporate Park, Near Rajpath Club, Rajpath Rangoli Road, Sarkhej-Gandhinagar Hwy, Ahmedabad, Gujarat 380054
Registrar to the Issue
MUFG Intime India Private Limited
Website
Toll-Free / Contact
1800 1020 878 / 022-4918 6000
Investor Help Email
ipo.helpdesk@in.mpms.mufg.com
Registrar Office (Mumbai)
MUFG Intime India Pvt Ltd, C-101, Embassy 247, LBS Marg, Vikhroli (West), Mumbai - 400083
IPO Status / Application Check URL
👤 Promoters of Modern Diagnostic & Research Centre Limited
Mr. Devendra Singh Yadav
Chairman & Managing Director
• Experience: 38 Years
• Education: MBBS, DMRD, DNB (Radiology)
• Pre-Issue Shareholding: 84%
• Age: 71 Years
• Education: MBBS, DMRD, DNB (Radiology)
• Pre-Issue Shareholding: 84%
• Age: 71 Years
Mrs. Deepali Yadav
Whole Time Director
• Experience: 11 Years
• Education: MD (Radiology)
• Pre-Issue Shareholding: 5%
• Age: 41 Years
• Education: MD (Radiology)
• Pre-Issue Shareholding: 5%
• Age: 41 Years
Mrs. Asha Yadav
Promoter
• Experience: 12 Years
• Education: Masters of Arts
• Pre-Issue Shareholding: 5%
• Age: 67 Years
• Education: Masters of Arts
• Pre-Issue Shareholding: 5%
• Age: 67 Years
Mr. Jitendra Singh
CFO — Promoter
• Experience: 40 Years
• Education: B.Sc & CAIIB
• Pre-Issue Shareholding: Nil
• Age: 67 Years
• Education: B.Sc & CAIIB
• Pre-Issue Shareholding: Nil
• Age: 67 Years
FAQ
Modern Diagnostic & Research Centre Limited is launching an IPO of up to 41,00,000 equity shares of face value ₹10 each under a 100% Book Built Issue.
The issue is a Fresh Issue only with no Offer for Sale.
The Price Band will be announced later. It will be decided by the company in consultation with the Book Running Lead Manager and published in newspapers before opening.
Minimum lot size will be announced along with the price band. Shares will be traded in demat form only.
IPO Opening & Closing Dates will be announced. The timetable will include opening date, closing date, allotment, refund and listing schedule.
The IPO is proposed to be listed on BSE SME Platform
Registrar to the Issue: MUFG Intime India Private Limited
Investors can apply using:
✔️ ASBA (Bank Net Banking)
✔️ UPI through broker platforms
✔️ Through registered intermediaries Application money will be blocked in bank till allotment.
✔️ ASBA (Bank Net Banking)
✔️ UPI through broker platforms
✔️ Through registered intermediaries Application money will be blocked in bank till allotment.
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