Invicta Diagnostic Ltd. (NSE SME)

IPO Details

Key Performance Indicators (KPI)

Company Financial (In ₹Crore) AS PER DRHP

Peers Comparison

About Company

Incorporated: January 2021
Industry: Pathology & Radiology Diagnostic Services

Invicta Diagnostic Limited provides integrated radiology and pathology solutions, offering a comprehensive range of imaging, laboratory testing, and teleradiology services. The company operates 7 diagnostic centres and a central laboratory across Mumbai under the brand PC Diagnostics.

Operating Model – Hub & Spoke Network

Invicta follows a hub-and-spoke model to deliver accessible and high-quality diagnostics across Mumbai:

Hubs

• Flagship Hub – Thane West: Full-spectrum pathology and advanced radiology, including CT and MRI.
• Additional hubs in:
  • Bhayandar
  • Byculla
  • Marol
    These centres provide specialised diagnostic services.

Spokes

Four spoke centres located in:

• Lower Parel
• Sewri
• Mazgaon
• Kalwa

These centres offer basic imaging services (X-ray, ultrasound) and sample collection.

Test Menu & Service Capabilities

Invicta delivers a wide range of diagnostic tests covering both routine and advanced specialties:

Pathology

• Routine Tests: CBC, lipid profile, LFT, KFT, thyroid panels
• Specialised Tests:
  • Molecular diagnostics
  • Immunoassays
  • Infectious disease markers (COVID-19, dengue, etc.)
  • Cancer markers
  • Genetic panels

The company offers approximately 60 routine and 487 specialised pathology tests.

Radiology

• Basic Radiology: X-ray, ultrasound
• Advanced Radiology: CT, MRI
• Offers 96 basic and 130 advanced radiology tests.

Strength

Growing Presence Across the Mumbai Metropolitan Region: The company has rapidly expanded its footprint under the “PC Diagnostics” brand, growing from a single flagship centre in 2021 to 7 diagnostic centres—including hubs, spokes, and a central lab—across the MMR, strengthening accessibility and market reach.

One-Stop Affordable Diagnostic Solutions: By offering a full range of pathology and radiology services under one roof, the company provides patients with a convenient, time-saving, and cost-effective diagnostic experience. This integrated model enhances care coordination and supports efficient diagnosis and treatment planning.

Strong Technical Capability & Advanced Technology Infrastructure: The company leverages modern diagnostic equipment—4 CT machines, 4 MRI machines, and 1 PET CT—supported by a team of 20 radiologists. Its adoption of advanced technology ensures high-quality, reliable, and efficient diagnostic services.

Weakness

Dependence on Brand Reputation: A significant portion of revenue comes from walk-in customers, making brand image critical to business success. Any decline in service quality, accuracy, turnaround time, or patient experience may harm the brand, especially as competition increases and the company expands into new markets.

Operational Dependence on Flagship Centre: The flagship Thane centre handles most diagnostic tests and processes samples from other centres. Any disruption—due to accidents, natural disasters, equipment failure, license issues, or external events—may interrupt services and negatively impact operations and financial performance.

High Geographic Concentration in MMR: All diagnostic operations and 100% of revenue are concentrated in the Mumbai Metropolitan Region. Any adverse economic, regulatory, or healthcare-related developments in this single region could significantly affect business performance, growth, and financial stability.