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Invicta Diagnostic IPO
Price Band
₹80.0–85.0
Issue Size
₹28.12 Cr
Lot Size
1,600 shares
Min Investment
₹272,000
2 LOTS MIN
GMP
—
Issue Price
₹85.0
Invicta Diagnostic IPO AI Summary
- Invicta Diagnostic IPO is listed on NSE SME in the Healthcare Service Provider sector.
- Price band: ₹80.0–₹85.0 per share, lot size 1,600 shares (min. investment ₹272,000, 2 lots minimum).
- Subscription window: 01 Dec–03 Dec 2025, listing on 08 Dec 2025.
Invicta Diagnostic Limited is a newly established healthcare service provider focusing on radiology and pathology solutions in the Mumbai Metropolitan Region. With a comprehensive range of diagnostic services and a strategic growth plan, the company aims to enhance its market presence through this IPO.
TopFund is not SEBI-registered — this is educational analysis, not personalized investment advice.
Invicta Diagnostic IPO — Third-Party Research Views
Reviews below reflect analyst calls made before this IPO closed on 03 Dec 2025 — not a current signal.
Recommendations are sourced from third-party research firms and are not TopFund's own investment advice.
Important Dates
Subscription Status
Subscription data unavailable
Invicta Diagnostic IPO Grey Market Premium (GMP) Today
GMP not available yet
Grey Market Premium is updated daily. Check back closer to the listing date.
About the Company
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.
Company Financials (₹ Cr)
As of 2025-09-30
| 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 |
Key Ratios
EPS
₹5.86
NAV
₹16.15
ROE
44.28%
ROCE
42.00%
RoNW
36.25%
P/B Value
5.26
P/E Ratio
14.51
Market Cap
₹106.86 Cr
PAT Margin
16.38%
Debt/Equity
0.26
Peer Comparison
| Company | NAV | RoNW | P/E (x) | EPS Basic |
|---|---|---|---|---|
| Krsnaa Diagnostics Limited | 272.54 | 8.79% | 34.39 | 24.04 |
| Vijaya Diagnostic Centre Limited | 77.86 | 17.99% | 72.22 | 13.95 |
| Invicta Diagnostic Limited This IPO | 16.15 | 36.25% | — | 5.86 |
Promoters
Ketan Jayantilal Jain, Sanket Vinod Jain, Rohit Prakash Srivastava, Badal Kailash Naredi and Jayesh Prakash Jain
Objects of the Issue
The Company proposes to utilise the Net Proceeds from the Issue towards the following objects: # Issue Objects Est Amt (₹ Cr.) 1 Funding capital expenditure for purchase of medical equipment towards establishment of five new diagnostic centres in Maharashtra 21.11 2 General Corporate Purposes 4.07 3 Issue Expenses 2.94 Total 28.12
IPO Evaluation
Generated 23 Sep 2026Revenue Trend
Total income was ₹15.90 Cr in the year ending 31 Mar 2024, rising to ₹30.18 Cr by 31 Mar 2025. However, it decreased to ₹17.08 Cr by 30 Sep 2025, though this is a 9-month figure, not a full year, so isn't directly comparable.
Profit Trend
Profit After Tax was ₹3.81 Cr in the year ending 31 Mar 2024, increasing to ₹4.93 Cr by 31 Mar 2025. It then decreased to ₹4.08 Cr by 30 Sep 2025, though this is a 9-month figure, not a full year, so isn't directly comparable.
Valuation
Invicta Diagnostic Limited has an implied P/E ratio of 14.51 at the issue price, compared to peers trading at P/E ratios of 34.39 for Krsnaa Diagnostics Limited and 72.22 for Vijaya Diagnostic Centre Limited.
Grey Market Premium, Explained
The Grey Market Premium (GMP) is an unofficial indicator of how much investors are willing to pay for shares of an IPO before it lists on the stock exchange. It reflects the demand for the stock in the grey market, which can indicate potential listing gains or losses. However, GMP can be volatile and is not a guaranteed predictor of actual market performance.
Who This IPO Suits
Investors comfortable with short-term volatility and a long-term horizon typically weigh IPOs like this against the company's growth potential, market conditions, and overall financial health. It's important to consider how this IPO fits into your investment strategy.
Who May Want to Wait
Investors who prefer stable and established companies may want to avoid this IPO, as it operates in a competitive and rapidly evolving sector. Additionally, those who are risk-averse or looking for immediate returns may find this IPO less suitable.
IPO Timeline, Explained
The IPO opens on December 1, 2025, and closes on December 3, 2025. Allotment of shares will take place on December 4, 2025, and the listing date is set for December 8, 2025.
Listing Gains — The Risk
Listing-day gains can be influenced by various factors, including market sentiment, demand for the stock, and overall economic conditions. However, investors should be aware that listing gains are not guaranteed and can come with risks, including potential losses if the stock price falls after listing.
This evaluation is generated from Invicta Diagnostic's own public IPO filing data for educational purposes and is not investment advice or a recommendation to apply, subscribe to, or avoid this issue — see Broker Recommendations below for named third-party research views (clearly attributed, not TopFund's own). TopFund is not a SEBI-registered investment adviser — see our Disclaimer.
Frequently Asked Questions
What is the price band of Invicta Diagnostic IPO?
The price band of Invicta Diagnostic IPO is ₹80.0–₹85.0 per share.
When does Invicta Diagnostic IPO open and close?
Invicta Diagnostic IPO opens on 01 December 2025 and closes on 03 December 2025.
When does Invicta Diagnostic IPO list on the stock exchange?
Invicta Diagnostic IPO listed on 08 December 2025 at ₹85.0.
What is the lot size for Invicta Diagnostic IPO?
The lot size for Invicta Diagnostic IPO is 1600 shares, requiring a minimum investment of ₹272,000 (2 lots).
What is the lot size for this IPO?
The lot size for Invicta Diagnostic's IPO is 1600 shares.
What is the minimum investment required?
The minimum investment required is ₹272,000.
What is the price band for the IPO?
The price band for the IPO is ₹80.0 to ₹85.0.
When does the IPO open and close?
The IPO opens on December 1, 2025, and closes on December 3, 2025.
What does GMP mean?
GMP stands for Grey Market Premium, which indicates the demand for an IPO's shares before they officially list on the stock exchange.
Issue Details
Investor Allocation
Registrar
Lead Managers / Book Running
IPO Timeline
Open
01 Dec 2025
Close
03 Dec 2025
Allotment
04 Dec 2025
Listing
08 Dec 2025
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