Invicta Diagnostic Limited

Invicta Diagnostic Limited is a diagnostic chain in Mumbai Metropolitan Region ('MMR') offering radiology and pathology solutions. They offer pathology and radiology testing services such as imaging (including radiology), pathology/clinical laboratory and tele-radiology to customers under the brand name 'PC Diagnostics' through the operational network, which consists of 7 diagnostic centres and 1 centralised laboratory across Mumbai Metropolitan Region in the state of Maharashtra. Company offers a range of approximately 60 routine and 487 specialized pathology tests and approximately 96 basic and 130 advanced radiology tests that cover a range of specialties and disciplines, as of October 31, 2025. The test menu includes pathology tests ranging from basic biochemistry and clinical pathology which are performed at their own centres to cytogenetics and high-end molecular diagnostic tests which are outsourced to larger reference laboratories, and radiology tests ranging from basic echocardiograms, X-rays and ultrasounds to advanced radiology tests including computerised tomography ('CT') scans, magnetic resonance imaging ('MRI') scans and advanced positron emission tomography CT ('PET CT').  During the period ended September 30, 2025 company conducted approximately 27,260 pathology tests and 24,809 radiology tests for approximately 25,606 patients. The tests per patient visit was 2.03, their average revenue per patient was Rs 4,149/- and their average revenue per test was Rs 2,040.21/-. As per financial performance, Invicta Diagnostic Limited has posted total income / net profits of Rs 6.85 / 0.23 Cr (FY23), Rs 15.89 / Rs 3.80 Cr (FY24), Rs 30.18 Cr / 4.92 Cr (FY25) and Rs 17.07 Cr / 4.08 Cr (upto Q2 FY26). So as per previous financials data, company has shown good results. Company has an average EPS of Rs 5.41 and average RoNW of 38.80% for last two fiscals. Issue is priced at a P/BV of 3.20 as per NAV of Rs 26.6/- as on 30.09.25. If we attribute latest earnings of FY24, FY25 and annualised FY26 on equity post issue, then asking price is at a P/E of around 28.08, 21.68 and 13.08 respectively. As per RHP, there are no listed peers. On BRLM's front, Socradamus Capital Private Limited is associated with this SME IPO, and has handled 2 IPOs in last two fiscal years. From last 2 IPOs, one opened above issue price and one below issue price, on the day of listing. As of now, from last 2 IPOs, all are trading below issue price or at par. ( As on 26.11.25 ) As per financials, Invicta Diagnostic Limited has shown good results, RoNW is 36.25% and P/E is 28.08, 21.68 and 13.08 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced. Company is a diagnostic chain in Mumbai Metropolitan Region ('MMR') offering radiology and pathology solutions, which is highly competitive & growing business segment. Performance of BRLM is average. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.

• 1 Dr. Ketan Jayantilal Jain
• 2 Dr. Sanket Vinod Jain
• 3 Rohit Prakash Srivastava
• 4 Badal Kailash Naredi
• 5 Jayesh Prakash Jain