Modern Diagnostic & Research Centre Limited is a services provider in diagnostic and related healthcare tests services in India. They offer a one-stop solution for pathology and radiology testing services such as imaging (including radiology), pathology/clinical laboratory. Through the integrated, nationwide network, they offer a complete range of diagnostic facilities in radiology and pathology. They provide healthcare tests and services for use in core testing, patients' diagnosis and prevention, monitoring of disease and other health conditions. Company is focused on providing reliable diagnostic and related healthcare tests and value-added services such as home collection of specimens and online access to test reports. Presently, they have 21 centres which includes 18 laboratories and 3 diagnostics centres in 8 states. They offer wide range of diagnostic facilities in Radiology and High-end Pathology. The healthcare tests and services include Ultrasound and colour doppler, CT scan, MRI, Digital X-ray, Mammography, Heart lab, Neuro lab and laboratory, ECG, CBCT, OPG, PFT etc. As per financial performance, Modern Diagnostic & Research Centre Limited has posted total income / net profits of Rs 56.60 / (5.73) Cr (FY23), Rs 68.67 / Rs 5.79 Cr (FY24), Rs 78.80 Cr / 8.96 Cr (FY25) and Rs 22.67 Cr / 2.99 Cr (upto Q1 FY26). So as per previous financials data, company has shown steady growth, but sudden rise in net-profit raises doubts. Company has an average EPS of Rs 4.96 and average RoNW of 22.04% for last three fiscals. Issue is priced at a P/BV of 4.17 as per NAV of Rs 21.57/- as on 30.06.25. 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 23.45, 15.15 and 11.33 respectively. As per RHP, comparison between listed peers is shown in above table. On BRLM's front, Beeline Capital Advisors Private Limited is associated with this IPOs, and has handled 68 IPOs in last two fiscal years. From last 10 IPOs, opened that remaining all above issue price or at par, on the day of listing. As of now, from last 10 IPOs, four are trading below issue price and remaining all are trading above issue price or at par. (as on 25.12.25 ) As per financials, Modern Diagnostic & Research Centre Limited has shown steady growth, RoNW is 43.27% and P/E is 23.45, 15.15 and 11.33 respectively as per FY24, FY25 and annualised FY26 earnings. So issue looks fully priced, but sudden rise in net-profit just before IPO raises doubts and company has not provided results for Q2 FY26, in December 26. Company is a services provider in diagnostic and related healthcare tests services in India, which is competitive business segment. Performance of BRLM is average post listing. So, we give NEUTRAL rating for this IPO. Readers must consult a qualified financial advisor prior to making any actual investment decisions.
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