Updated on 07.01.2026 @ 10:30 PM
Modern Diagnostic & Research Centre Limited (MDRC) is launching an IPO (Initial Public Offering) on the BSE SME platform. It is an integrated healthcare provider based in Gurgaon.
The subscription will open on December 31, 2025 and will close on January 2, 2026 . The price band is ₹85 – ₹90 per equity share. Investors can also track all upcoming, live, and listed issues through our IPO Calendar, which is updated regularly with key dates and pricing details.
The company, which operates a network of diagnostic centres, aims to raise approximately ₹37 Crores through a 100% fresh issue, with proceeds earmarked for business expansion and working capital requirements.
With a legacy dating back to 1985, MDRC operates a "hub and spoke" model comprising 21 centres across 8 states.
In this article, you will find Modern Diagnostic & Research Centre IPO GMP today, subscription status, allotment date, price band, and a detailed review. You can also monitor demand across IPOs via our IPO Subscription Status hub page and check allotment status through our IPO allotment status hub page.
Briefs of Modern Diagnostic & Research Centre IPO Details:
- Price Band: ₹85 – ₹90 per equity share
- IPO Open / Close Dates: December 31, 2025 – January 2, 2026
- Lot Size: 1,600 Shares (Note: Retail Minimum Application is 2 Lots / 3,200 Shares)
- Issue Size: 40,99,200 Equity Shares / ₹37 Crores
- Fresh Issue / OFS: 100% Fresh Issue
- Registrar: MUFG Intime India Pvt.Ltd.
- Listing Exchange: BSE SME
Since MUFG Intime is the registrar for this issue, investors can check allotment, refund, and demat credit details using our MUFG Intime IPO allotment status guide.
WHAT Is the Modern Diagnostic IPO GMP Today?
** The GMP of Modern Diagnostic & Research Centre Limited was reported 14 which was above 15.5% premium to issue price but the stock listed at 99.5 which is only 10.56% premium to issue price.
You can check the GMP of this and other issues at our GMP hub page.
Note: The Grey Market Premium (GMP) changes daily based on market demand. It is an unofficial indicator and is not regularised by SEBI, NSE, or BSE. Investors should not rely solely on GMP for investment decisions.
Listing Updates:
| Type | Issue Price | Open | Gain/loss % |
| Lisiting | 90.00 | 99.5 | 10.56 |
Source: BSE India
What Are The Important Modern Diagnostic IPO Dates & Allotment Schedule?
For investors planning their capital allocation, here is the critical timeline:
- IPO Open Date: Wednesday, December 31, 2025
- IPO Close Date: Friday, January 2, 2026
- Basis of Allotment Date: Monday, January 5, 2026
- Refund Initiation Date: Tuesday, January 6, 2026
- Credit of Shares: Tuesday, January 6, 2026
- Listing Date: Wednesday, January 7, 2026
What Are The Objectives of Modern Diagnostic IPO?
The company proposes to utilize the Net Proceeds from the Fresh Issue towards the following strategic objectives:
- Capital Expenditure: Approximately ₹20.69 Crores is allocated for establishing new diagnostic laboratories in cities like Lucknow and Delhi to expand geographic reach.
- Working Capital: ₹8.00 Crores will be used to fund working capital requirements.
- Debt Repayment: ₹1.00 Crore is earmarked for the repayment of a portion of outstanding borrowings.
- General Corporate Purposes: To meet ongoing operational exigencies.
How is The Financial Performance of Modern Diagnostic (MDRC)?
(Figures in ₹ Crores)
| Particulars | Period Ended 30 Jun 2025 | FY 2025 | FY 2024 | FY 2023 |
Total Income | 22.67 | 78.80 | 68.67 | 56.60 |
Profit After Tax (PAT) | 3.00 | 8.97 | 5.79 | (5.73) |
EBITDA | 5.86 | 17.96 | 11.05 | (0.99) |
Total Borrowing | 30.38 | 22.09 | 20.45 | 15.30 |
Assets | 77.86 | 64.57 | 49.48 | 36.54 |
Source: RHP
Observations and Analysis:
Total Income:
The company demonstrated strong momentum in the first quarter of FY26 with a revenue of ₹22.67 Crores, putting it on a solid run rate to surpass FY25's ₹78.80 Crores.
Profit After Tax (PAT):
Sustaining its turnaround story, MDRC reported a PAT of ₹3.00 Crores in the quarter ended June 30, 2025. This indicates that the profitability achieved in FY25 (₹8.97 Crores) was not a one-off event but a result of structural operational improvements following the losses incurred in FY23.
EBITDA:
Operational efficiency continues to improve, with EBITDA reaching ₹5.86 Crores in the first quarter of FY26. The EBITDA margin expanded to 26.05% in the recent quarter (up from 23.04% in FY25), highlighting the benefits of economies of scale as the diagnostic network expands.
Total Borrowing:
As of June 30, 2025, total borrowings stood at ₹30.38 Crores. This debt is primarily utilized to fund capital-intensive medical equipment like 3Tesla MRIs. The company plans to utilize ₹1.00 Crore from IPO proceeds to deleverage the balance sheet partially. Before committing large capital to SME IPOs, investors should assess their overall financial health. Our guide on how to get out of debt can help prioritise balance-sheet stability before taking higher-risk exposure.
Assets:
The total asset base stood at ₹77.86 Crores as of June 2025. A significant portion constitutes Property, Plant, and Equipment (₹28.63 Crores), reflecting the company's aggressive investment in high-end radiology infrastructure to capture the faster-growing diagnostic segment
P/E Ratio and Peer Comparison
Based on its Fiscal Year 2025 earnings per share (EPS) of ₹8.15, the IPO is priced at a Price-to-Earnings (P/E) multiple of approximately 11.04x at the upper end of the price band (₹90.
P/E Ratio = ₹90 (Price) / ₹8.15 (Earnings Per Share)
P/E Ratio ≈ 11.04x
Peer Comparison Table (FY 2025 Data):
| Company | P/E Ratio | RoNW (%) | EPS (₹) |
Modern Diagnostic (MDRC) | 11.04 | 43.2 | 8.15 |
| Vijaya Diagnostic Centre | 72.36 | 18.07 | 13.92 |
Analysis:
Based on the FY25 EPS of ₹8.15 and the upper price band of ₹90, the P/E ratio stands at a modest 11.04x. In comparison, its listed peer Vijaya Diagnostic Centre trades at a significantly higher P/E of 72.36x.
While MDRC appears undervalued, investors should account for the liquidity difference between an SME stock and a mainboard giant, as well as MDRC's smaller scale.
Industry Outlook
Growth Potential:
The Indian diagnostic market is projected to grow at a CAGR of 13.1% through 2030. Factors such as an aging population, rising chronic diseases, and increased health insurance penetration are major drivers.
Market Trends:
There is a shift towards organized players who can offer advanced testing (like NGS and TDM) and faster turnaround times via technology integration (PACS). MDRC is well-positioned to capitalize on this shift from unorganized labs.
What Are The Strengths and Risks of Modern Diagnostic IPO?
Strengths:
- Integrated Model: Offering both Pathology (75% revenue) and Radiology (25% revenue) creates a "one-stop" convenience for patients, fostering loyalty.
- Promoter Expertise: With Dr. Devendra Singh Yadav’s 40 years of experience, the leadership has deep technical roots in the industry.
- Financial Turnaround: The shift from a loss-making entity in FY23 to an 11.5% Net Profit Margin in FY25 demonstrates strong management execution.
Risks:
- Geographic Concentration: Approximately 68% of the revenue comes from Haryana. Any regional disruption or state-specific regulatory change could impact financials.
- High Retail Entry Barrier: The minimum investment for retail investors is ₹2,88,000 (2 Lots). This is significantly higher than standard SME IPOs, limiting participation to HNI-category investors.
- Debt Levels: The company carries substantial debt linked to floating interest rates, which could impact profitability if interest rates rise.
Key Considerations for Investors
This analysis is for informational purposes only.
- Valuation: At a P/E of ~11x, the issue is priced attractively compared to peers. However, the "SME discount" applies.
- Minimum Investment: Investors must be prepared for the high ticket size of ₹2.88 Lakhs. This creates a liquidity barrier.
- Financial Health: While the turnaround is impressive, the company had negative margins just two years ago. Continued monitoring of margins is essential.
While IPOs may offer short-term opportunities, investors focused on long-term wealth creation can use our SIP Calculator to understand how disciplined investing compounds over time. For those aligning investments with long-term goals, our Retirement Calculator helps estimate the corpus required to maintain financial independence post-retirement.
Disclaimer: Investments in the securities market are subject to market risks. Read all the related documents carefully before investing. This article does not constitute a recommendation to buy or sell.
Key Takeaways
- IPO Price: ₹90 per share (Upper Band).
- Minimum Retail Investment: ₹2,88,000 (3,200 Shares).
- Allotment Date: January 05 2025.
- Listing: BSE SME Platform on January 7, 2026.
FAQs on Modern Diagnostic IPO
What is Modern Diagnostic IPO GMP today?
The GMP is an unofficial market indicator. You can check GMP at our hub page.
What is Modern Diagnostic IPO price band?
The price band has been fixed at ₹85 to ₹90 per equity share.
What is Modern Diagnostic IPO allotment date?
The allotment of shares is expected to be finalized on Monday, January 5, 2026.
How to check Modern Diagnostic IPO allotment status?
The allotment status can be checked on the website of the Registrar or via the BSE IPO allotment page once declared. You can also check the details through our IPO allotment status hub page which directly links to allotment status check page of the registrar.
What is Modern Diagnostic IPO listing date?
The shares are tentatively scheduled to list on the BSE SME platform on Wednesday, January 7, 2026.
Investment Perspective on Modern Diagnostic IPO
Modern Diagnostic offers an integrated healthcare play with a strong financial recovery story. The valuation is attractive relative to peers, but the geographic concentration and high minimum investment requirement are risks that investors must weigh carefully. Investors looking to diversify beyond IPOs can explore our Mutual Fund Learning Hub to understand asset allocation, risk management, and long-term investing strategies.
Readers interested in building alternative income streams alongside investing can explore how to make money by blogging, through our blogging course which is free and very detailed and based on hands on experience.
Disclaimer:
For informational purposes only. Not investment advice. Market risks apply.
