Invicta Diagnostic (PC Diagnostics) Ltd. IPO Analysis

01 December 2025

Invicta Diagnostics is hitting the market with a ₹28.12 crore IPO right in the middle of India’s diagnostics boom, and it might just be the ticket to riding the wave of rising radiology and pathology testing and data-driven healthcare.

Parameter	Details
Issue Type	100% Fresh Issue
Issue Size	INR 28.12 crores
Price Band	INR 80-85 per share
Lot Size	1600 shares
Net Issue	33,08,800 Shares
Listing Platform	BSE SME
Issue Opens	December 1, 2025
Issue Closes	December 3, 2025
Listing Date	December 8, 2025

First, let’s cut straight to what’s working and what’s not for Invicta Diagnostics — before diving into their history and numbers.

Strengths	Risks
Radiology-led business with high-value scans	Growing pathology mix with lower revenue per test, risking margin compression
24×7 operating centres increase patient footfall and utilization	High dependence on inorganic growth via acquisitions, which may not be sustainable long-term
Strong EBITDA and ROE relative to size	Single-city exposure creates geographic risk and caps national brand scalability
Efficient throughput at existing centres	Limited self-owned centres → weaker brand identity vs larger competitors
Increasing consumer business & patient volume	Intense competition from established diagnostic brands in Mumbai

Now that you’ve seen the snapshot, let’s unpack the full story behind these numbers and understand the business in context.

Industry Outlook- The Healthcare Shift 

India’s healthcare ecosystem isn’t just expanding — it’s leveling up. An ageing population, rising incomes, and steady government support are changing how Indians approach diagnostics. After Covid, people finally saw the value of early detection, and preventive testing became part of everyday healthcare. The diagnostic sector in India has experienced significant growth, with market revenue increasing from Rs. 710 billion in 2020 to Rs. 1,055 billion in 2024 at a CAGR of 10.4%. This growth is expected to continue, reaching Rs. 2,204 billion by 2030 at a CAGR of 13.1% between 2024 and 2030. 

Inside this boom, pathology is the dominant workhorse, holding 62% of the market through routine and specialized tests. But radiology is the faster climber, thanks to its ability to deliver rapid, imaging-based diagnosis. Between 2020–24, radiology outpaced pathology with 11.5% vs 9.7% CAGR, with revenues moving toward ₹407 billion and ₹648 billion respectively by 2024 — signaling a future that's faster, sharper, and more tech-driven.

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