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Modern Diagnostic & Research Centre IPO Review - Issue Date, Price, GMP, Subscription, Allotment, Lot Size, and Details
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.
Modern Diagnostic & Research Centre, an Book Built Issue, amounting to ₹
36.89 Crore,consisting entirely an fresh issue of
0.41 crore shares of ₹
36.89 Crore.The subscription period for the Modern Diagnostic & Research Centre IPO opens on December 31, 2025, and closes on January 02, 2025. The allotment is expected to be finalized on or about Monday, January 05, 2025., and the shares will be listed on the BSE SME with a tentative listing date set on or about Wednesday, January 07, 2025.
The Share Price Band of Modern Diagnostic & Research Centre IPO is set at ₹85 to ₹90 per share per equity share. The Market Capitalisation of the Modern Diagnostic & Research Centre at IPO price of ₹90 per equity share will be ₹
135.89 Crores. The lot size of the IPO is 1600 shares. Retail investors are required to invest a minimum of ₹
288,000, 2 lots ( 3200 shares), while the minimum investment for High-Net-Worth Individuals (HNIs) is
3 lots (
4,800 shares), amounting to ₹
432,000.
BEELINE CAPITAL ADVISORS PRIVATE LIMITED are the book running lead manager of the Modern Diagnostic & Research Centre Ltd. while MUFG Intime India Private Limited is the registrar for the issue. The Market Maker of the company is HEM SECURITIES LIMITED
Modern Diagnostic & Research Centre Limited IPO GMP Today
The Grey Market Premium of Modern Diagnostic & Research Centre IPO is expected to be ₹0 based on the financial performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.
Modern Diagnostic & Research Centre Limited IPO Live Subscription Status Today: Real-Time Update
The subscription period for the Modern Diagnostic & Research Centre IPO opens on 31 December, 2025
Modern Diagnostic & Research Centre Limited IPO Allotment Date - Step by Step Guide to Check Allotment Status Online
Modern Diagnostic & Research Centre IPO allotment date is 05 January 2025, Monday, Modern Diagnostic & Research Centre IPO Allotment will be out on 05 January 2025, Monday, and will be live on Registrar Website from the allotment date.
Check MUFG Intime India Private Limited IPO Allotment Status here. Here's how you can check the allotment status:
- Navigate to the IPO allotment status page.
- Select Modern Diagnostic & Research Centre IPO from the dropdown list of IPO
- Enter your application number, PAN, or DP Client ID
- Submit the details to check your allotment status.
By following either of these methods, investors can quickly determine their allotment status and proceed accordingly with their investments.
Objectives of Modern Diagnostic & Research Centre Limited IPO
Modern Diagnostic & Research Centre to utilise the Net Proceeds towards the following objects:
1. ₹2068.95 Lakh is required for Funding capital expenditure for purchase of medical Equipments for diagnostic centre and laboratories
2. ₹800.00​​​​​​​ Lakh is required for Funding Working Capital Requirement
3. ₹100.00​​​​​​​​​​​​​​ Lakh is required for Repayment of certain outstanding borrowings availed by our Company
4. General Corporate Purpose
Refer to Modern Diagnostic & Research Centre Limited RHP for more details about the Company.
Modern Diagnostic & Research Centre Limited Day Wise IPO GMP Trend
| GMP Date | Issue Price | Expected Listing Price | GMP | Last Updated |
|---|---|---|---|---|
| December 25, 2025 | N/A | N/A | ₹0(0.0%) | 25 December 2025; 12:32 PM |
Modern Diagnostic & Research Centre IPO Details
| Market Capitalization | ₹135.89 Cr |
| IPO Date | December 31, 2025 to January 02, 2026 |
| Listing Date | January 07, 2026 |
| Face Value | ₹10 Per Share |
| Price Band | ₹85 to ₹90 per share |
| Issue Price | ₹90 per share |
| Employee Discount | NA |
| Lot Size | 1600 Equity Shares |
| Total Issue Size | 40,99,200 Equity Shares (aggregating to ₹36.89 Cr) |
| Fresh Issue | 40,99,200 Equity Shares (aggregating to ₹36.89 Cr) |
| Offer for Sale | NA |
| Issue Type | Book Built Issue |
| Listing At | BSE SME |
| Share holding pre issue | 1,10,00,000 |
| Share holding post issue | 1,50,99,200 |
| Rating | Avoid |
Modern Diagnostic & Research Centre IPO Anchor Investors Details
| Bid Date | N/A |
| Shares Offered | N/A |
| Anchor Portion Size (In Cr.) | N/A |
| Anchor lock-in period end date for 50% shares (30 Days) | N/A |
| Anchor lock-in period end date for remaining shares (90 Days) | N/A |
Modern Diagnostic & Research Centre IPO Timeline (Tentative Schedule)
| IPO Open Date | Wed, Dec 31, 2025 |
| IPO Close Date | Fri, Jan 2, 2026 |
| Basis of Allotment | Mon, Jan 5, 2026 |
| Initiation of Refunds | Tue, Jan 6, 2026 |
| Credit of Shares to Demat | Tue, Jan 6, 2026 |
| Listing Date | Wed, Jan 7, 2026 |
| Cut-off time for UPI mandate confirmation | 5 PM on Mon, Jan 4, 2025 |
Modern Diagnostic & Research Centre IPO Reservation
| Investor Category | Shares Offered | Reservation % |
|---|---|---|
| QIB Portion | 1,946,400 | Not less than 50% of the Net Offer |
| Non-Institutional Investor Portion | 583,920 | Not more than 15% of the Net Issue |
| Retail Shares Offered | 1,362,480 | Not more than 35% of the Net Offer |
| Market Maker Portion | 206,400 | - |
Modern Diagnostic & Research Centre IPO Promoter Holding
| Share Holding Pre Issue | 99.99% |
| Share Holding Post Issue | 72.85% |
Modern Diagnostic & Research Centre IPO Lot Size
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 2 | 3,200 | ₹288,000 |
| Retail (Max) | 2 | 3,200 | ₹288,000 |
| S-HNI (Min) | 3 | 4,800 | ₹432,000 |
| S-HNI (Max) | 6 | 9,600 | ₹864,000 |
| B-HNI (Min) | 7 | 11,200 | ₹1,008,000 |
Modern Diagnostic & Research Centre IPO Subscription Status
| Investor Category | Shares Offered | Shares Bid For | No of Times Subscribed | Last Upadeted |
|---|---|---|---|---|
| Qualified Institutional Buyers (QIB) | 1,946,400 | - | 0.00x | 25 December 2025; 01:10 PM |
| Non Institutional Investors(NIIS) | 790,320 | - | 0.00x | 25 December 2025; 01:10 PM |
| Retail Individual Investors (RIIs) | 1,362,480 | - | 0.00x | 25 December 2025; 01:10 PM |
| Total | 4,099,200 | - | 0.00x | 25 December 2025; 01:10 PM |
About Modern Diagnostic & Research Centre Limited
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
- 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. - 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. - Technology Obsolescence Risk
Rapid advancements in diagnostic technology may require frequent capital investments. Failure to upgrade equipment could affect service quality and competitiveness. - Geographic Concentration Risk
A significant portion of operations is concentrated in North India. Regional disruptions or competitive pressure may adversely affect revenues. - 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
- Established Brand Presence
With operations dating back to 1985, the company has strong brand recall and trust among patients and healthcare providers. - Wide Diagnostic Portfolio
The company offers both pathology and advanced radiology services, creating a one-stop diagnostic solution and increasing customer retention. - Strategic Expansion Plan
Planned expansion into multiple cities enhances revenue visibility and reduces regional dependency. - Experienced Promoter & Management
Leadership with decades of diagnostic experience supports operational efficiency and strategic decision-making. - Use of Advanced Medical Equipment
Investment in PET-CT, SPECT, MRI, and CT technologies strengthens diagnostic accuracy and service differentiation. - Growing Healthcare Demand
Rising lifestyle diseases and preventive healthcare awareness create long-term growth opportunities for diagnostic service providers.
Modern Diagnostic & Research Centre Limited Financial Information (Restated Consolidated)
Amount in (₹ in Lakhs)
| Period Ended | June 30, 2025 | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 |
|---|---|---|---|---|
| Reserve of Surplus | 1,272.45 | 972.63 | 1,075.82 | 496.33 |
| Total Assets | 7,785.68 | 6,457.43 | 4,948.56 | 3,654.12 |
| Total Borrowings | 3,038.23 | 2,209.48 | 2,045.77 | 1,530.96 |
| Fixed Assets | 2,862.60 | 2,967.05 | 2,624.11 | 2,363.61 |
| Cash | 93.70 | 78.42 | 41.23 | 15.38 |
| Cash flow from operating activities | -629.35 | 1,373.21 | 792.87 | -11.89 |
| Cash flows from investing activities | -136.35 | -1,314.28 | -1,103.21 | 210.83 |
| Cash flow from financing activities | 780.98 | -21.74 | 336.19 | -647.34 |
| Net Borrowing | 2,944.53 | 2,131.06 | 2,004.54 | 1,515.58 |
| Revenue | 2,267.23 | 7,880.46 | 6,867.21 | 5,660.53 |
| EBITDA | 586.19 | 1,796.25 | 1,105.18 | -98.77 |
| PAT | 299.82 | 896.81 | 579.48 | -573.20 |
| PAT Margin | 13.22% | 11.38% | 8.44% | -10.13% |
| EPS | 2.73 | 8.15 | 5.27 | -5.21 |
Note 1:- RoE, ROCE & RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 2:- Pre EPS and Post EPS calculation in KPI is based (Profit/Loss for the Year) on 31st Mar, 2025 Data, given in RHP.
Note 3:- RoNW calculation in KPI is based on 31st Mar, 2025 Data, given in RHP.
Note 4:- Price to Book Value calculation in KPI is based on Cap Price Post Issue Data, given in FINANCIAL EXPRESS.
Key Performance Indicator
| KPI | Values |
|---|---|
| EPS Pre IPO (Rs.) | 8.15 |
| EPS Post IPO (Rs.) | 5.94 |
| Adjusted 12M EPS Post IPO (Rs.) | 7.94 |
| P/E Pre IPO | 11.04 |
| P/E Post IPO | 15.15 |
| Adjusted 12M P/E Post IPO | 11.33 |
| ROE | 55.21% |
| ROCE | 36.18% |
| P/BV | 4.78 |
| Debt/Equity | 1.07 |
| RoNW | 43.27% |
| EBITDA Margin | 23.04% |
| PAT Margin | 11.38% |
Modern Diagnostic & Research Centre Limited IPO Peer Comparison
| Company Name | EPS | P/E (x) | ROE | ROCE | P/BV | Debt/Equity | RoNW (%) |
|---|---|---|---|---|---|---|---|
| Modern Diagnostic & Research Centre | 5.94 | 15.15 | 55.21% | 36.18% | 4.78 | 1.07 | 43.27% |
| Vijaya Diagnostic Centre | 13.92 | 72.36 | 19.0 % | 20.9 % | 12.2 | 0.42 | 18.07% |
Modern Diagnostic & Research Centre Limited Contact Details
Modern Diagnostic & Research Centre Limited
Phone: 9999474297
Email: compliance@mdrcindia.com
Website: http://www.mdrcindia.com
Modern Diagnostic & Research Centre IPO Registrar and Lead Manager(s)
MUFG Intime India Private Limited
Phone: +91 810 811 4949
Email: priya@cameoindia.com
Website: https://in.mpms.mufg.com
BEELINE CAPITAL ADVISORS PRIVATE LIMITED
Phone: 079 4918 5784
Email: mb@beelinemb.com
Website: http://www.beelinemb.com
Modern Diagnostic & Research Centre IPO Review
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.
The Company is led by Promoter, i.e., MR. DEVENDRA SINGH YADAV, MRS. DEEPALI YADAV, MRS ASHA YADAV AND MR. JITENDRA SINGH
The Revenues from operations for the Period ended on June 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹
2,267.23 Lakh, ₹
7,880.46 Lakh, ₹
6,867.21 Lakh, and ₹
5,660.53 Lakh, The EBITDA for the Period ended on June 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were ₹
586.19 Lakh, ₹
1,796.25 Lakh, ₹
1,105.18 Lakh, and ₹
-98.77 Lakh, The Profit after Tax for the Period ended on June 30 2025, and Fiscals ended on Mar 31, 2025, 2024 and 2023 were were ₹
299.82 Lakh, ₹
896.81 Lakh, ₹
579.48 Lakh, and ₹
-573.20 Lakh, respectively. This indicates a steady growth in financial performance.
The Company Key Performance Indicates the pre-issue EPS of ₹
8.15 and post-issue EPS of ₹
5.94 for FY25. The pre-issue P/E ratio is
11.04x,while the post-issue P/E ratio is
15.15x against the Industry P/E ratio is 72.36x The company's ROE for FY25 is 55.21% and RoNW is 12.39% The Annualised EPS is ₹
-8.68x and P/E is
43.27%x. These metrics suggest that the IPO is Fully priced.
The Grey Market Premium (GMP) of Modern Diagnostic & Research Centre showing listing gains of 0%.Given the company's financial performance and the valuation of the IPO, we recommend Investors to Avoid to the Modern Diagnostic & Research Centre Limited IPO for Listing gain or Long Term Purposes.
Disclaimer: The information provided in this IPO review is for educational and informational purposes only and should not be construed as financial advice or an offer to buy or sell securities. The review must not be used as a singular basis of any investment decision. The views herein are of a general nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be construed as investment advice. The content is based on publicly available information and market perceptions as of the date of publication and is subject to change. Neither the author nor the website is responsible for any losses or damages arising from the use of this information. We also use Artificial Intelligence (AI) tools to enhance the efficiency and quality of our research services, including data retrieval, analysis, and report summarization. 1.“Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.” 2. “Investment in securities market are subject to market risks. Read all the related documents carefully before investing.” 3. To read the Disclaimers, Disclosures, Investor Charter, Investor Complaints please visit Legal our website abhayvarn.com
About the Author
CA Abhay Kumar (Also known as CA Abhay Varn) is a qualified Chartered Accountant by profession and cleared CA at age 21. He is a SEBI Registered Research Analyst with Registration Number - INH300008465. He Possesses 8+ years of experience in the Stock Market Field and has also worked in Big CA firms.
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