Invicta Diagnostic Limited Makes Strong Debut with 17.65% Premium, Lists at ₹100.00 Against Moderate Subscription

Invicta Diagnostic Limited, trading as PC Diagnostics providing integrated pathology and radiology solutions, offering approximately 547 pathology tests and 226 radiology tests, made a strong debut on NSE SME on December 8, 2025. After closing its IPO bidding between December 1-3, 2025, the company commenced trading with a premium of 17.65% opening at ₹100.00 and touched ₹105.00 (up 23.53%).

Invicta Diagnostic Limited Listing Details

Invicta Diagnostic launched its IPO at ₹85 per share with minimum investment of 3,200 shares costing ₹2,72,000. The IPO received moderate response with subscription of 4.27 times - individual investors at 3.44 times, QIB at 3.51 times, NII at 6.96 times.

First-Day Trading Performance

Listing Price: Invicta Diagnostic opened at ₹100.00 representing premium of 17.65% from issue price of ₹85.00, touched high of ₹105.00 (up 23.53%) and low of ₹95.00 (up 11.76%), with VWAP at ₹99.61, reflecting positive market sentiment with solid listing gains despite moderate subscription and concerns about sustainability of growth in competitive diagnostic services market.

Growth Drivers and Challenges

Growth Drivers:

Exceptional Growth Trajectory: Revenue increased 90% and PAT rose 30% between FY24 and FY25, exceptional ROE of 44.28%, robust ROCE of 42.00%, RoNW of 36.25%, outstanding PAT margin of 16.38%, impressive EBITDA margin of 30.57% demonstrating strong operational efficiency.

Strategic Hub-and-Spoke Model: Flagship hub in Thane West with PET CT and MRI capabilities, three additional hubs providing specialized diagnostic services, three spoke centers for basic imaging and sample collection, comprehensive test portfolio of approximately 547 pathology and 226 radiology tests.

Market Positioning: One-stop diagnostic solution provider at affordable prices in Mumbai Metropolitan Region, technical capability with IT infrastructure, dedicated management team with significant industry experience, expanding presence specifically in radiology sector creating competitive differentiation.

Challenges:

Sustainability Concerns: Despite strong growth from FY24 onwards, analyst review raises concerns about sustainability of financial performance, operating in highly competitive and fragmented diagnostic services segment creating pricing pressure and margin risks.

Limited Operating History: Company incorporated only in January 2021 with limited track record, peer comparison dismissed as eyewash by analyst indicating valuation concerns, small scale with seven diagnostic centers and 157 employees limiting market penetration.

Market Reception Concerns: Moderate subscription of 4.27 times indicating cautious investor assessment, significant promoter dilution from 90.52% to 66.69%, analyst recommends skipping this pricey and dicey bet, operating in overcrowded Mumbai diagnostic services market with established players.

Utilisation of IPO Proceeds

Expansion: ₹21.11 crore for funding capital expenditure towards purchase of medical equipment for establishment of five new diagnostic centers in Maharashtra, expanding footprint and service capabilities across Mumbai Metropolitan Region.

General Corporate Purposes: ₹4.07 crore allocated for general corporate purposes supporting working capital requirements, operational needs, and strategic initiatives to maintain competitive positioning in diagnostic services market.

Financial Performance

Revenue: ₹30.18 crore for FY25, exceptional growth of 90% from ₹15.90 crore in FY24, reflecting rapid expansion of diagnostic centers, growing patient volumes, and increasing adoption of pathology and radiology services across Mumbai Metropolitan Region.

Net Profit: ₹4.93 crore in FY25, growth of 30% from ₹3.81 crore in FY24, demonstrating operational leverage and improving profitability though growth rate slower than revenue expansion.

Financial Metrics: Exceptional ROE of 44.28%, robust ROCE of 42.00%, debt-to-equity of 0.26, RoNW of 36.25%, outstanding PAT margin of 16.38%, impressive EBITDA margin of 30.57%, price-to-book of 5.26x, post-issue EPS of ₹6.50, P/E of 13.08x, net worth of ₹13.60 crore, total borrowings of ₹3.54 crore, and market capitalisation of ₹119.43 crore.