Modern Diagnostic & Research Centre Limited is a healthcare diagnostics service provider offering pathology and radiology testing services. The company earns revenue by providing diagnostic tests to individual patients, hospitals, healthcare providers, and corporate clients. Its services are used for disease diagnosis, prevention, monitoring, and clinical decision-making through advanced imaging and laboratory testing facilities across India.

Key Clients & Manufacturing / Operating Facilities
The company serves individual patients, hospitals, healthcare institutions, and corporate customers. It operates 21 centres, comprising 18 laboratories and 3 diagnostic centres spread across 8 states in India. These facilities are equipped with advanced diagnostic instruments and are strategically located to ensure accessibility, faster turnaround times, and reliable diagnostic outcomes.

Product Portfolio, Order Book & Execution
The company’s portfolio includes Pathology services (clinical, anatomical, molecular) and Radiology services such as MRI, CT Scan, Ultrasound, Digital X-Ray, Mammography, ECG, and PET-CT. These services support early diagnosis and long-term disease monitoring, extending the clinical decision lifecycle for clients. Expansion-related equipment orders are under execution using IPO proceeds.

Mergers, Capex & Expansion Plans
The company earlier acquired the proprietary business of Modern Diagnostic & Research Centre in 2013. It plans capital expenditure of ₹2,068.95 lakh during FY26–FY27 for purchasing advanced medical equipment. Expansion includes one new diagnostic centre in Lucknow and six laboratories in Delhi, Meerut, Kanpur, Aligarh, and Chandigarh, strengthening regional coverage.

Employees & Banker Details
As on September 30, 2025 we have the total 616 Employees. The Banker to the Company is HDFC Bank Limited.

Management & Vision

The company is led by Dr. Devendra Singh Yadav, Chairman and Managing Director, with over 40 years of experience in diagnostic healthcare. The management focuses on geographical expansion, adoption of advanced imaging technologies, and improving diagnostic accuracy. Future growth and capex plans will be funded through IPO proceeds, internal accruals, and efficient capital deployment.

Industry Overview

Modern Diagnostic & Research Centre operates in the Indian diagnostic healthcare industry, which forms a critical part of the healthcare ecosystem. According to the Dun & Bradstreet Industry Report (November 2025) commissioned by the company, the diagnostics sector benefits from rising healthcare awareness, increasing chronic diseases, and demand for preventive testing. The industry shows steady growth in both India and global markets, supported by technology adoption and urban healthcare expansion.

Key Risk Factors

1. High Dependence on Diagnostic Volumes
   Revenue is directly linked to patient footfall and test volumes. Any decline in demand due to economic slowdown or healthcare disruptions may impact financial performance.
2. Regulatory and Compliance Risk
   Diagnostic laboratories are subject to multiple healthcare regulations. Delays in approvals, renewals, or non-compliance may disrupt operations or expansion plans.
3. Technology Obsolescence Risk
   Rapid advancements in diagnostic technology may require frequent capital investments. Failure to upgrade equipment could affect service quality and competitiveness.
4. Geographic Concentration Risk
   A significant portion of operations is concentrated in North India. Regional disruptions or competitive pressure may adversely affect revenues.
5. Skilled Manpower Dependency
   The business depends on experienced radiologists, pathologists, and technicians. Attrition or shortage of skilled professionals may affect service delivery.

Key Strengths, Moat & Opportunities

1. Established Brand Presence
   With operations dating back to 1985, the company has strong brand recall and trust among patients and healthcare providers.
2. Wide Diagnostic Portfolio
   The company offers both pathology and advanced radiology services, creating a one-stop diagnostic solution and increasing customer retention.
3. Strategic Expansion Plan
   Planned expansion into multiple cities enhances revenue visibility and reduces regional dependency.
4. Experienced Promoter & Management
   Leadership with decades of diagnostic experience supports operational efficiency and strategic decision-making.
5. Use of Advanced Medical Equipment
   Investment in PET-CT, SPECT, MRI, and CT technologies strengthens diagnostic accuracy and service differentiation.
6. Growing Healthcare Demand
   Rising lifestyle diseases and preventive healthcare awareness create long-term growth opportunities for diagnostic service providers.