Invicta Diagnostic Ltd IPO: Full Details, Dates, Price Band, Strengths, Risks, Financials & FAQ

- November 27, 2025

Invicta Diagnostic Ltd has launched its SME IPO, giving investors an opportunity to enter India’s growing diagnostics and healthcare services market. The company operates under the brand “PC Diagnostics”, focusing on radiology, pathology, and advanced diagnostics within the Mumbai Metropolitan Region (MMR).

This in-depth article covers every crucial detail—IPO dates, price band, lot size, business model, financial performance, strengths, risks, and expert-style analysis.

Let’s begin.

🔹 Invicta Diagnostic Ltd IPO – Key Highlights

Detail	Information
IPO Type	SME IPO
Bidding Dates	01 Dec 2025 – 03 Dec 2025
Issue Size	₹28.12 Cr
Minimum Investment	₹2,56,000
Lot Size	1,600 shares
Price Band	₹80 – ₹85 per share
Tentative Allotment Date	04 Dec 2025
Tentative Listing Date	08 Dec 2025
Exchange	NSE – SME
Face Value	₹10 per share
Registrar	BIGSHARE

📌 About Invicta Diagnostic Ltd

Invicta Diagnostic Ltd runs a chain of diagnostic centres under the popular brand “PC Diagnostics” across Mumbai Metropolitan Region (MMR). The company provides:

Radiology services
Pathology services
MRI, CT, PET-CT
Basic & advanced diagnostic tests
3D ultrasound
Multi-test diagnostic set-ups
Hub-and-spoke testing model

Founded: 2021
MD/CEO: Mr. Rohit Prakash Srivastava
Parent Organisation: Invicta Diagnostic Ltd

Despite being a relatively new company, Invicta has rapidly expanded due to rising demand for high-quality healthcare diagnostics in Mumbai.

💪 Strengths of Invicta Diagnostic Ltd

1. Strong and expanding presence across MMR

Invicta has a flagship diagnostic centre in Thane and multiple spoke centres in:

Byculla
Mulund
Bhayander East

This cluster-based structure enables:

Faster diagnosis
Efficient operations
High sample processing capacity
Better service coordination

2. Advanced medical imaging equipment

Invicta owns:

4 CT machines
4 MRI machines
One PET-CT machine
Multiple 3D-capable ultrasound systems

MRI machines are 1.5 Tesla imported models, offering high-quality imaging.

3. Integrated diagnostic ecosystem

Invicta manages radiology + pathology + imaging services, enabling:

Lower cost per patient
Faster test reporting
Higher service reliability
Better utilisation of machines

4. Consistent revenue & profit growth

As per screenshots:

Revenue From Operations

FY23: ₹6.84 Cr
FY24: ₹15.18 Cr (Consolidated)
FY25: ₹18.09 Cr (Consolidated)

Profit After Tax (PAT)

FY23: ₹0.24 Cr
FY24: ₹3.12 Cr (Standalone)
FY25: ₹4.53 Cr (Consolidated)

Year-on-year improvement indicates:

Higher patient inflow
Better machine utilisation
Expanding diagnostic offerings

5. Use of advanced systems improves accuracy

The company claims:

Reduced errors
Higher diagnostic accuracy
Better reporting consistency
Improved patient experience

These strengthen Invicta’s brand presence in a competitive diagnostic services market.

⚠️ Risks of Invicta Diagnostic Ltd

SME IPOs always carry certain risks, and Invicta has several critical ones too.

1. Heavy dependency on walk-in customers

A decline in:

footfall
service quality
competition
pricing pressure
can directly impact revenue.

2. Dependence on a single medical hub

All operations are centered in MMR.
This increases risk from:

local economic slowdowns
infrastructure issues
regional regulations
disease outbreaks
political instability

3. High dependency on radiology income

Radiology contributes ₹15.16 Cr (FY25) which is a large chunk of the total revenue.

Any issues with:

MRI downtime
CT machine repairs
Licensing issues
Technological shifts
can deeply affect business.

4. Risks from equipment malfunction

Medical equipment failures may lead to:

Legal claims
Diagnosis errors
Patient dissatisfaction
Reputational damage

5. Promoter/legal proceedings

The promoters are mentioned as being involved in certain legal cases which can affect business stability.

6. Dependency on third-party professionals

The company relies on:

radiologists
technicians
consultants
outsourced pathology teams

Any shortage or conflict with these professionals can disrupt operations.

7. Very young company

Founded in 2021, the company has:

limited operating history
lower public track record
higher uncertainty about long-term sustainability

📊 Invicta Diagnostic Ltd Financials

Revenue (₹ Cr)

FY23: 6.84
FY24: 15.18 (Consolidated)
FY25: 18.09 (Consolidated)

Profit (₹ Cr)

FY23: 0.24
FY24: 3.12
FY25: 4.53

Total Assets

As shown in the chart:

Steady rise from FY23 to FY25

The company’s profitability and revenue growth are impressive for a newly formed diagnostic chain.

📝 Application Details of Invicta Diagnostic IPO

Category	Price Band	Apply Range	Lot Size
Individual Investor	₹80 – ₹85	₹2–5 Lakh	1,600 shares

Minimum order quantity: 3,200 shares (as per FAQs).

⭐ Should You Apply for Invicta Diagnostic Ltd IPO?

👍 Reasons to Apply

High-growth healthcare and diagnostics sector
Advanced imaging equipment (MRI, CT, PET-CT)
Hub-and-spoke model improves efficiency
Consistent financial growth
Expanding presence across Mumbai
Strong increase in consolidated revenues

👎 Reasons to Avoid

Heavy dependency on one region (MMR)
Equipment malfunction risks
High competition in diagnostics
Limited operating history (only 4 years old)
SME IPO → Higher volatility & low liquidity
Revenue concentration in radiology

Final Verdict

Invicta Diagnostic IPO is best suited for high-risk investors who believe in the long-term growth of the diagnostic industry.
Strong revenue and PAT growth are major positives, but risks like equipment dependency and limited geographical footprint cannot be ignored.

Moderate-risk or conservative investors should evaluate cautiously.

❓ Top Invicta Diagnostic IPO FAQs

1. What is the issue size?

The IPO issue size is ₹28,12,00,000.

2. What is pre-apply?

You can pre-apply up to 4 days before the IPO opens.

3. When will my order be placed?

When bidding starts (01 Dec 2025), Groww will automatically place your order.

4. When will I know if my IPO order is placed?

You’ll receive a notification once exchanged confirms the order.

5. IPO open/close dates?

01 Dec 2025 – 03 Dec 2025

6. Lot size?

1 lot = 1600 shares
Minimum quantity = 3200 shares

7. Allotment date?

04 Dec 2025

8. Registrar?

BIGSHARE

9. Listing exchange?

NSE – SME

📦 Final Thoughts

Invicta Diagnostic Ltd IPO offers a mix of strong growth potential and significant operational risks. The healthcare diagnostics sector is booming, and Invicta’s rapid expansion within MMR strengthens its future prospects.

However, SME IPOs require caution, and investors should consider risk appetite before applying.

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