Updated on 04.03.2026 @ 16:17 PM
Invicta Diagnostic Limited is set to launch its Initial Public Offering (IPO) on the NSE EMERGE platform.
It is a Mumbai-based diagnostic chain specializing in radiology and pathology services operating under the brand "PC Diagnostics".
The subscription for this public issue will open on December 1, 2025, and close on December 3, 2025. You can track all the upcoming and live IPOs at our IPO section which is updated daily.
The company aims to raise approximately ₹28.12 crores through a 100% fresh issue of shares.
The price band has been fixed at ₹80 to ₹85 per share, with a minimum lot size of 1,600 shares.
Invicta Diagnostic has demonstrated robust financial growth and superior operational efficiency compared to peers, making it a noteworthy candidate for investors.
In this article, you will find Invicta Diagnostic IPO GMP today, price band, and a detailed, unbiased review to help you make an informed decision. Check our ipo subscription section for day wise subscription numbers and for the allotment status, check our updated IPO allotment status page.
Briefs of Invicta Diagnostic IPO Details
- Price Band: ₹80 – ₹85 per share
- IPO Open / Close Dates: December 1, 2025 – December 3, 2025
- Lot Size: 1,600 Shares
- Issue Size: 33,08,800 shares (aggregating up to ₹28.12 Crores)
- Fresh Issue / OFS: 100% Fresh Issue
- Registrar: Bigshare Services Pvt.Ltd.
- Listing Exchange: NSE SME
As bigshare is registrar of this IPO, any investor who needs to know more about allotment related issues at bigshare can check our detailed bigshare ipo allotment guide which is updated.
What is the Invicta Diagnostic IPO GMP Today?
Check the gmp of this and other ipos at a single place. GMP hub page. (gmp is an unofficial indicator and not regulated by sebi/nse/bse)
Listing Updates:
| Type | Issue Price | Open | Gain/loss |
| Lisiting | 85 | 100 | 17.6 |
Source: NSE
What are The Invicta Diagnostic IPO Dates & Allotment Schedule?
- IPO Open & Close Date: December 1, 2025 – December 3, 2025
- Basis of Allotment Date: December 4, 2025
- Refund Initiation Date: December 5, 2025
- Credit of Shares: December 5, 2025
- Listing Date: December 8, 2025
What are The Objectives of Invicta Diagnostic IPO?
The company intends to utilise the net proceeds from the public offering for its expansion and general corporate needs:
- Capital Expenditure (₹21.11 Crores): A significant portion is allocated for setting up five new diagnostic centers in Maharashtra, expanding its footprint beyond the Mumbai Metropolitan Region.
- General Corporate Purposes: The balance amount will be used for other strategic and operational requirements.
Financial Performance of Invicta Diagnostic
The following table summarizes the company's financial performance based on restated consolidated data.
(Amounts in ₹ Crores)
| Particulars | Period Ended 30 Sep 2025 | Year Ended 31 Mar 2025 (FY 2025) | Year Ended 31 Mar 2024 (FY 2024) |
Total Assets | 34.90 | 21.22 | 15.89 |
Total Income | 17.08 | 30.18 | 15.90 |
Profit After Tax (PAT) | 4.08 | 4.93 | 3.81 |
EBITDA | 6.77 | 9.20 | 7.09 |
Net Worth | 23.68 | 13.60 | 8.67 |
Total Borrowing | 3.72 | 3.54 | 3.81 |
Source: RHP
*Note: The financial information for the six months ended September 30, 2025, has not been annualised and may not be indicative of full-year results.
Key Financial Observations:
Profit After Tax (PAT):
Consolidated PAT grew from ₹3.81 Crores in FY 2024 to ₹4.93 Crores in FY 2025, driven by successful expansion and increased revenue from diagnostic services.
Total Income:
Revenue nearly doubled to ₹30.18 Crores in FY 2025, fueled by the radiology segment which contributed over 90% of the total income.
EBITDA:
While absolute EBITDA grew to ₹9.20 Crores due to increased scale, margins compressed to 30.57% in FY 2025 owing to higher expansion-related expenses.
Total Borrowings:
The company maintains a robust balance sheet with stable long-term borrowings of ₹3.72 Crores and a low debt-to-equity ratio of 0.16x.
Total Assets:
Total assets surged to ₹34.90 Crores as of September 2025, driven by significant capital investments in new equipment and diagnostic centers.
What is P/E Ratio & How Peer's Are Compared?
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹5.86, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 14.5x at the upper end of the price band (₹85).
This valuation appears highly attractive when compared to its listed industry peers.
| Company Name | P/E Ratio | RoNW (%) (FY25) | Basic EPS (₹) |
Invicta Diagnostic (at IPO price) | ~14.5x | 36.25% | 5.86 |
| Vijaya Diagnostic Centre Ltd | 72.22x | 17.99% | 13.95 |
| Krsnaa Diagnostics Ltd | 34.39x | 8.79% | 24.04 |
Analysis for Investors:
The Industry Composite P/E Ratio derived from peers stands at 53.30 times. Invicta Diagnostic is being offered at a significant discount to this benchmark. Furthermore, Invicta demonstrated a superior Return on Net Worth (RoNW) of over 44% in FY 2025 (restated), compared to 17.99% for Vijaya and 8.79% for Krsnaa. This suggests highly efficient capital utilization, making the valuation gap even more compelling for potential investors.
Industry Outlook
- The Indian diagnostic market is poised for robust growth, driven by rising healthcare awareness, an aging population, and increasing prevalence of chronic diseases.
- The radiology segment, Invicta's stronghold, is expected to grow faster than pathology.
- However, the industry is highly competitive and fragmented, with both large national chains and local players vying for market share.
- Invicta's hub-and-spoke model in the Mumbai Metropolitan Region positions it well to capture local demand.
What Are Strengths and Risks of Invicta Diagnostic IPO?
Strengths:
- Specialized Focus: A strong concentration in the high-growth, high-margin radiology segment.
- Superior Financial Efficiency: Exceptional return ratios (RoNW) compared to industry peers.
- Healthy Balance Sheet: Low debt levels provide financial flexibility for expansion.
- Clear Expansion Strategy: IPO funds are dedicated to tangible growth through new centers in Maharashtra.
Risks:
- Geographic Concentration: The company is heavily reliant on the Mumbai Metropolitan Region, exposing it to local market risks.
- Competition: The diagnostic sector is intensely competitive with low entry barriers.
- Regulatory Risk: The industry is subject to stringent healthcare regulations.
- SME Segment Risks: The stock will be listed on the NSE SME platform, which typically has lower liquidity.
What are The Expert Recommendations – Should You Apply?
Subscribe
The Invicta Diagnostic IPO presents an attractive opportunity to invest in a highly efficient, profitable diagnostic player at a bargain valuation.
- For Value Investors: The low P/E of ~14.5x combined with high return ratios makes this a classic value pick relative to peers trading at 34x-72x multiples.
- For Growth Investors: The company's expansion plans and focus on the fast-growing radiology segment offer significant growth potential.
- Our View: The valuation discount relative to peers is hard to ignore. While regional concentration is a risk, the strong fundamentals and pricing offer a good margin of safety. We recommend "Subscribe" for potential listing gains and long-term holding.
Key Takeaways
- IPO Price Band: ₹80 to ₹85 per share
- Lot Size: 1,600 Shares (Note: The minimum application for retail investors is for 2 lots or 3,200 shares, costing ₹2,72,000, which falls into the sHNI category).
- GMP Today: ₹0 (Not trading)
- Allotment & Listing Dates: Tentative listing on December 8, 2025.
- Recommendations of experts: A "Subscribe" recommendation. A high-efficiency business offered at a very attractive valuation compared to its industry peers.
FAQs on Invicta Diagnostic IPO
What is Invicta Diagnostic IPO price band?
The price band for the IPO is set at ₹80 to ₹85 per equity share.
What is Invicta Diagnostic IPO allotment date?
The allotment of shares is tentatively expected to be finalized on Thursday, December 4, 2025.
How to check Invicta Diagnostic IPO allotment status?
You can check the allotment status on the website of the IPO registrar once the basis of allotment is finalized.
What is Invicta Diagnostic IPO listing date?
The company's shares are tentatively scheduled to be listed on the NSE SME platform on Monday, December 8, 2025.
Should I apply for Invicta Diagnostic IPO?
Yes, this is a recommended IPO. The company boasts superior financial efficiency compared to its peers and is offered at a significantly lower valuation, making it an attractive investment opportunity despite its regional focus.
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Disclaimer:
This article is for informational and educational purposes only. Invicta Diagnostic IPO details, GMP, price, and other data are based on publicly available sources and may change anytime. This is not investment advice. Please consult your financial advisor before making any investment decisions.
