Invicta DiagnosticShare price, financial results, shareholding and management
- Market cap
- ₹87 cr
- Stock P/E
- 17.7peers 17.4
- Book value
- ₹39.7
- Price to book
- 1.74
- EV / operating profit
- 7.0
- Market cap to sales
- 2.69
- ROCE · FY26
- 20.4%
- ROE · FY26
- 15.5%
- ROE, 3-year average
- 32.6%
- Operating margin · FY26
- 30.2%peers 10.1%
- Sales growth, 3 years
- 63.1%
- Profit growth, 3 years
- 40.8%
- Debt to equity
- 0.07peers 0.16
- Borrowings
- ₹3.7 cr
- Interest cover
- 36.0×
- Cash from business / op. profit
- 30%
- Debtor days
- 6
- Pledged
- 0.00%
- Promoter holding
- 66.70%
- Change in promoter holding
- 0.00 pts
- Shareholders
- 411
- High / low since listing
- ₹105 / ₹58
- Dividend yield
- 0.00%
- Face value
- ₹10
Tap or hover on any figure for what it means. Our arithmetic on reported figures, at the latest close.
Invicta Diagnostic share price chart
Close on 6 Nov 2026 · +1.32% on the day · Vol 8,000
Daily prices to 6 Nov 2026, adjusted for splits and bonuses. Closing prices only: check the exchange for the live price.
Share price returns
To the close of 6 Nov 2026
- 1 month
- +4.1%
- 3 months
- -10.0%
- 6 months
- -23.4%
- Since IPO
- -18.6%
- Traded a day, 20 days
- ₹0.03 cr
- Taken for delivery
- 90%
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +7% | -0% |
| 3 years, a year | +63% | +41% |
About Invicta Diagnostic: business, products and customers
Invicta Diagnostic runs scan and lab test centres under the PC Diagnostics name, mostly in and around Mumbai, for patients sent by their doctors. Most of its money comes from MRI, CT and PET-CT scans, and its shares trade on NSE Emerge.
Invicta Diagnostic started in 2021 with a centre in Thane and grew by taking over small scan centres across the Mumbai region. Scans such as MRI, CT, PET-CT, X-ray and ultrasound gave 91.4% of FY26 revenue, and lab tests on blood and other samples gave the rest. Hub centres do the advanced scans, while smaller spoke centres do basic tests and collect samples for a central lab in Parel.
Most customers are individual patients who walk in or book a home visit; hospitals, smaller labs and companies make up the rest. The company says it keeps away from government contracts because payment can take nine to eighteen months, and it has not taken NABH or NABL accreditation for its centres.
Read more about the business
What is new: a PET-CT and CT centre at Dadar near Tata Memorial Hospital opened in January 2026, a Pune centre run with four radiologists opened in June 2026, and a CT unit inside a hospital at Shegaon opened in September 2026. In May 2026 it took a controlling stake in Vinchurkar Diagnostics in Nashik, and it says it has begun reading scans for clients in the United States.
There is no offer document in the documents read. From the FY26 annual report, the May 2026 investor presentation, earnings call and results press release, and the company's exchange announcements of June, July and September 2026.
Read the deeper study ↓In its favour
- Sales have grown very fast: 63% a year over three years.
- It earns a high return on the money it uses: ROCE 20% in FY26.
- It has little debt for its size: debt to equity 0.07.
- The promoters own a large part of the company: 66.70%.
To watch
- Break-even at the Pune centre opened on 30 June 2026; the company aims for six to seven months at a new centre (Exchange announcement, 30 Jun 2026, p.2; Earnings call, May 2026, p.7).
- The rest of the planned 95% stake in Vinchurkar Diagnostics, Nashik, after the first 51% on 8 May 2026 (Press release, 19 May 2026, p.3).
- Use of the IPO money by March 2027, the revised timeline set when shareholders changed its purpose in April 2026 (Annual report FY26, p.21 and p.22).
- Margins as new centres at Dadar, Pune and Shegaon fill up; the company said in May 2026 they would dip while new centres ramp up (Earnings call, May 2026, p.16).
- It paid no dividend in the past year.
From the company's documents first, then the reported figures read by fixed rules, the same for every company. Facts, not a view on the shares.
Invicta Diagnostic revenue and profit growth
Half-yearly results · Profit and lossSales have grown very fast. Last year profit fell even as sales rose, so the company kept less from each rupee of sales.
SME companies report every six months.
Invicta Diagnostic half-yearly results
SME companies report every six months · ₹ crore
| H1FY26 | H2FY26 | |
|---|---|---|
| Sales | 16.95 | 15.41 |
| Expenses | 10.19 | 12.41 |
| Operating profit | 6.76 | 3 |
| OPM | 39.9% | 19.5% |
| Interest | 0.10 | 0.09 |
| Depreciation | 1.37 | 1.88 |
| Profit before tax | 5.42 | 1.58 |
| Net profit | 4.08 | 0.91 |
Invicta Diagnostic profit and loss
Full years to March, FY23 to FY26 · ₹ crore, consolidated where reported
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Sales | 7.46 | 7.99 | 30.10 | 32.35 |
| Expenses | 4.22 | 4.59 | 20.91 | 22.59 |
| Operating profit | 3.24 | 3.40 | 9.19 | 9.76 |
| OPM | 43.4% | 42.5% | 30.5% | 30.2% |
| Other income | 0 | 0.35 | 0.09 | 0.69 |
| Interest | 0.02 | 0.08 | 0.23 | 0.20 |
| Depreciation | 0.95 | 0.98 | 2.49 | 3.25 |
| Profit before tax | 2.27 | 2.69 | 6.56 | 7.01 |
| Tax rate | 22.5% | 0.0% | 24.8% | 30.0% |
| Net profit | 1.76 | 2.69 | 4.93 | 4.91 |
| EPS ₹ | · | 204.56 | 5.81 | 4.90 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
Earnings per share before FY25 is on the share count of that time, before later bonus or share issues, so it does not compare with the years after.
Invicta Diagnostic profitability
Margins and returns on capitalLast year the company kept about as much from each rupee of sales as the year before. It earns a high return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Operating margin | 43.4% | 42.5% | 30.5% | 30.2% |
| Tax rate | 22.5% | 0.0% | 24.8% | 30.0% |
| ROCE | · | 39.4% | 43.6% | 20.4% |
| ROE | · | 44.2% | 38.2% | 15.5% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% |
Invicta Diagnostic debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. Its loans are smaller than its own money. Last year the business brought in less cash than it showed as profit, so part of the profit is still to be collected. It spent more on assets and investments than the business brought in, and raised the rest from loans or shares. Customers pay faster than they did in FY24, which frees up the company's money.
Bars below the line are cash going out.
Invicta Diagnostic balance sheet
At each 31 March · ₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Equity capital | · | 0.13 | 8.42 | 12.57 |
| Reserves | · | 12.05 | 5.18 | 37.35 |
| Net worth | · | 12.18 | 13.60 | 49.92 |
| Borrowings | · | 1.87 | 3.53 | 3.67 |
| Other liabilities | · | 1.79 | 4.09 | 6.66 |
| Total liabilities | · | 15.84 | 21.22 | 60.25 |
| Fixed assets | · | 11.78 | 9.58 | 19.20 |
| Capital work in progress | · | 0 | 0 | 0 |
| Investments | · | 0 | 4.33 | 6.20 |
| Other assets | · | 4.06 | 7.31 | 34.85 |
| Receivables | · | · | · | 0.57 |
| Inventory | · | · | · | 0.59 |
| Cash | · | · | · | 22.21 |
| Trade payables | · | · | · | 1.90 |
Invicta Diagnostic cash flow
₹ crore
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Cash from operations | · | 4.21 | 6.56 | 2.93 |
| Cash from investing | · | -10.01 | -5.23 | -13.67 |
| Cash from financing | · | 7.14 | -0.50 | 30.79 |
| Net cash flow | · | 1.34 | 0.83 | 20.05 |
| Capital spending | · | · | · | 12.96 |
Working capital
Days
| FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|
| Debtor days | · | 37 | 18 | 6 |
| Inventory days | · | 297 | 83 | 79 |
| Days payable | · | 1,103 | 70 | 254 |
| Cash conversion cycle | · | -769 | 31 | -169 |
| Working capital days | · | 6 | 19 | 56 |
Invicta Diagnostic peers and competitors
Listed SME companies in the same industryBy sales, Invicta Diagnostic is number 14 of the 23 listed SME companies in healthcare services.
Each company's latest full year and its latest close; companies the exchange puts in the same industry, whose businesses can differ a good deal. A list, not a comparison of their shares.
| Company | Market cap ₹ cr | P/E | Sales ₹ cr | Profit ₹ cr | Op. margin | Debt/equity |
|---|---|---|---|---|---|---|
| Adeshwar Meditex | - | - | 56.1 | 1.3 | 4.9% | 0.16 |
| ABH Healthcare | 52 | 9.3 | 51.6 | 5.6 | 28.8% | 3.17 |
| Shanmuga Hospital | 57 | 13.4 | 45 | 4.2 | 18.4% | 0.16 |
| Maitreya Medicare | 80 | - | 44.9 | -2.5 | -0.7% | 0.80 |
| Invicta Diagnostic | 87 | 17.7 | 32.4 | 4.9 | 30.2% | 0.07 |
| Nidan Laboratories and Healthcare | 19 | 12.4 | 25.5 | 1.5 | 19.0% | 0.16 |
| Aatmaj Healthcare | 50 | 69.7 | 24.3 | 0.7 | 9.7% | 0.41 |
| Aashka Hospitals | 243 | 72.8 | 23 | 3.3 | 22.8% | 0.08 |
| Clinitech Laboratory | 7 | 17.4 | 9.5 | 0.4 | 10.4% | 0.06 |
| KK Shah Hospitals | 31 | - | 9.3 | -0.6 | 8.3% | 0.00 |
| Broach Lifecare Hospital | 8 | 94.4 | 6 | 0.1 | 8.5% | 0.00 |
| Median of the 10 others | 50 | 17.4 | 24.9 | 1 | 10.1% | 0.16 |
Invicta Diagnostic shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Foreign and Indian funds own a noticeable share. The number of shareholders has come down.
Invicta Diagnostic shareholding pattern
Per cent of shares, from the patterns filed with the exchange. Tap + to see everyone holding 1% or more in that group. HNIs and small holders show only where the pattern was filed in full.
| Dec 25 | Mar 26 | |
|---|---|---|
| Promoters | 66.70% | 66.70% |
| Foreign investors (FIIs) | 0.94% | 4.20% |
| Indian institutions (DIIs) | 10.22% | 4.30% |
| HNIs (over ₹2 lakh each) | 5.82% | 10.10% |
| Small holders (up to ₹2 lakh) | 12.67% | 8.61% |
| Companies and others | 3.65% | 6.09% |
| Number of shareholders | 549 | 411 |
The named holders are at 31 March 2026, beside 7 Dec 2025, each under the group the pattern files them in.
Invicta Diagnostic study: the business from its own documents
Read from 7 of the company's own documentsInvicta Diagnostic so far
From the company's own record
- January 2021Company formed
- 8 Dec 2025Listed on NSE Emerge at ₹85
- 31 March 2026Promoters at 66.70%
- 29 April 2026Highest close since listing, ₹99.16
Invicta Diagnostic key facts from the filings
Each figure with the document it comes from
- Diagnostic centres
- 10
- Centres run by the company and its subsidiaries in September 2026, with one central lab, up from eight at March 2026.Exchange announcement, 17 Sep 2026, p.2; Investor presentation, May 2026, p.6
- Scans
- 91.4%
- Share of FY26 revenue from scans (₹29.6 cr); lab tests gave ₹2.8 cr.Investor presentation, May 2026, p.10
- Walk-in patients
- 85% to 87%
- Share of business from individual patients; hospitals, labs and companies get credit of about 45 days.Earnings call, May 2026, p.14
- MRI machines in use
- 75% to 80%
- How full the MRI machines at the older centres are, so growth there needs faster machines or new centres.Earnings call, May 2026, p.7
- Tests done
- 1,54,675
- Tests in FY26, down from 1,76,248, while revenue per test rose to ₹2,092 from ₹1,708 as prices went up at busy centres.Investor presentation, May 2026, p.12; Earnings call, May 2026, p.8
Show 5 more facts
- IPO money for equipment
- ₹2.3 cr of ₹21.1 cr
- Spent by 31 March 2026; in April 2026 shareholders moved ₹7.6 cr of it to the Nashik purchase.Annual report FY26, p.21 and p.22
- Nashik purchase
- ₹7.6 cr
- Price for up to 95% of Vinchurkar Diagnostics, paid in phases; the first 51% was taken on 8 May 2026.Press release, 19 May 2026, p.3
- Dadar centre
- ₹5.5 cr
- Spent on the PET-CT and CT centre near Tata Memorial Hospital, open since 30 January 2026.Press release, 19 May 2026, p.3
- Pune centre
- ₹4.2 cr
- Spent on the MRI and CT centre opened on 30 June 2026 through a venture in which the company holds 52%.Exchange announcement, 30 Jun 2026, p.2; Press release, 19 May 2026, p.2
- Cash from operations
- ₹2.9 cr
- Cash the business made in FY26, down from ₹6.6 cr, while ₹13.0 cr went on equipment and centres.Investor presentation, May 2026, p.23; Earnings call, May 2026, p.4
What the company said, and what happened
The company's own statements, attributed, set against what it later reported; not newboard's estimates
The company has no order book, since patients come to each centre as their doctors send them. In its May 2026 presentation it says it plans to triple its number of centres over three years, with Maharashtra as the core market and Pune, Nashik and Akola next, and that its IPO money should fund six to seven more centres. In the May 2026 call it said margins would dip as new centres open, since each takes six to seven months to break even.
| What management said | When | What happened |
|---|---|---|
| Pune centre running by June 2026 | May 2026 call | Commercial operations began on 30 June 2026 |
| Shegaon CT centre running between June and July 2026 | May 2026 call | Commercial operations began on 17 September 2026 |
| Rest of the Vinchurkar stake to be taken within three months | May 2026 call | The August 2026 annual report still records the 51% stake |
| All IPO money to be used within FY27 | May 2026 call | ₹2.3 cr of ₹21.1 cr for equipment used by March 2026; revised timeline March 2027 |
Is it a good business? Six questions
Each answer is about that one question, read from the documents; tap one for the evidence. Not a view on the shares.
Invicta Diagnostic earns its money from costly scan machines that patients use on a doctor's advice, and a busy machine is very profitable once its fixed costs are covered.
Its weak spots are that each new centre takes months to pay its way, scan rates have barely risen for years, and growth now depends on opening and taking over centres fast.
AverageCan it set its own prices?It has raised prices where its machines are full, but the company says scan rates in the market have hardly moved for many years.
AverageHow strong is it against rivals?Advanced scanners cost a lot, which keeps some rivals out, but the field is crowded and a cluster of new MRI centres can start a price war in an area.
StrongWho are its customers?Many individual patients pay on the spot, so no single customer matters much.
WatchDoes it need a lot of money?Yes. Every new hub needs expensive machines, and spending in FY26 was far more than the cash the business made, with the gap paid from the IPO.
AverageCan it keep finding new work?Demand at its older centres is steady, but they are near full, so new sales depend on new centres and takeovers that take time to pay off.
AverageDo good and bad years swing a lot?Illness does not stop, so yearly demand is steady, but the first half of each year is busier than the second.
Who runs Invicta Diagnostic?
Promoters, directors and officers; tap a name for the background
SVSanket Vinod JainPromoter and Managing Director · holds 10.47%
A radiologist with an MD in Radio-Diagnosis from Bharati Vidyapeeth Deemed University and an MBBS from MGM University of Health Sciences. On the board since January 2024 and a consultant radiologist with the company, also consulting at PerfeCare Diagnostics and Nidan Diagnostics; earlier a registrar. Chairman and non-executive director until made Managing Director for three years from 29 July 2026. The company states Sanket Vinod Jain is a first cousin of director Ketan Jayantilal Jain.
Exchange announcement, 29 Jul 2026, p.3 and p.4; Annual report FY26, p.15 and p.16BKBadal Kailash NarediPromoter · holds 11.07%
Named as a promoter in the annual report and not on the board. The company rents office premises from Badal Kailash Naredi, at ₹0.16 cr in FY26. The documents read give no other background.
Annual report FY26, p.32, p.88 and p.104RPRohit Prakash SrivastavaPromoter and Chief Financial Officer · holds 11.07%
Holds a PGDM from SCMHRD, Pune and a B.Com from the University of Mumbai, with more than 20 years across investment banking, wealth management, education and healthcare; oversees finance, operations and expansion. Joined the board as a whole-time director in March 2026 and stepped off the board on 29 July 2026 to focus on the CFO role.
Investor presentation, May 2026, p.8; Exchange announcement, 29 Jul 2026, p.1 and p.3; Annual report FY26, p.39 and p.104JPJayesh Prakash JainPromoter · holds 7.93%
Named as a promoter in the annual report and not on the board. The documents read give no background.
Annual report FY26, p.104KJKetan Jayantilal JainPromoter and Non-Executive Director · holds 1.54%
Holds an MBBS from Trena Medical College and trained in radiology at Bhatia Hospital. Founded and has run Asian Diagnostics since 2011 and has been a consultant radiologist with Primacare Diagnostics since 2017; a consultant radiologist with the company and on the board since January 2024.
Annual report FY26, p.15AKAayush Kamleshbhai ShahIndependent Director
A company secretary and legal professional with about 10 years in corporate law, capital markets, governance and compliance. On the board since July 2024 and chair of the audit committee.
Investor presentation, May 2026, p.8; Annual report FY26, p.39; Exchange announcement, 29 Jul 2026, p.8SAShilpa Ajay BhatiaIndependent Director
A practising company secretary with about 17 years in corporate law, restructuring, mergers and fund raising, and earlier a senior professional at HCC. On the board since July 2024.
Investor presentation, May 2026, p.8; Annual report FY26, p.39Invicta Diagnostic latest news and announcements
Announcements · Documents · Corporate actionsWhat changed recently
Each half-year is set against the same half a year earlier
- Shareholding, 31 March 2026: promoters unchanged at 66.70%.
Invicta Diagnostic announcements
57 on record, latest first; each opens the filing on the exchange
- Certificate under SEBI (Depositories and Participants) Regulations, 2018For the quarter ended on September 30, 2026PDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
- Shareholders meetingSrutinizers report of Annual General Meeting held on September 19, 2026. Further, the company has informed the Exchange regarding voting resultsPDF ↗
- Shareholders meetingProceedings of Annual General Meeting held on September 19, 2026PDF ↗
- Outcome of Board MeetingHeld on September 18, 2026 wherein Board considered and approved the proposed business outlook and forward-looking guidance to be communicated by the Chairman &PDF ↗
- Commencement of commercial production/operationsCommencement of commercial operations of Centres at Shegaon Diagnostic LLP (a Subsidiary LLP), and Porteus Pathogenius LLP (a Step-Down Subsidiary LLP)PDF ↗
- Copy of Newspaper PublicationOf AGM NoticePDF ↗
- Shareholders meetingNotice of 3rd Annual General Meeting to be held on September 19, 2026PDF ↗
- Outcome of Board MeetingHeld on August 25, 2026PDF ↗
- Resignation of Director/KMP/SMPResignation of Director/KMP/SMPPDF ↗
- Outcome of Board MeetingHeld on July 29, 2026. Board at its meeting held today1. The Board took on record and accepted the resignation of Mr. Rohit Prakash Srivastava (DIN: 01432112) fPDF ↗
- Trading WindowClosure pursuant to SEBI (Prohibition of Insider Trading) Regulations, 2015PDF ↗
Invicta Diagnostic annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
Invicta Diagnostic share split, bonus and dividends
From the corporate actions the company announces on the exchange
No share split, bonus issue or dividend is on record since listing.
Checks we ran on Invicta Diagnostic's data · 9
Before any number shows, it goes through the same checks. A figure that fails is held back, never shown as if it were right.
- ✓Balance sheet totals add up for FY25 and FY26.
- ✓Market cap uses the share count in the latest shareholding pattern (1,25,71,973 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter pledge figures are within possible limits in every shareholding pattern shown.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- ✓The two half-years of FY26 add up to the full-year sales.
- !Earnings per share changes basis between FY24 (₹204.56) and FY25 (₹5.81) because the share count behind it changes; EPS is shown as reported, and growth is worked out on profit.
- ✓Revenue and profit are reported for every year shown, FY23 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Invicta Diagnostic
What does Invicta Diagnostic do?
Invicta Diagnostic runs scan and lab test centres under the PC Diagnostics name, mostly in and around Mumbai, for patients sent by their doctors. Most of its money comes from MRI, CT and PET-CT scans, and its shares trade on NSE Emerge.
What is the share price of Invicta Diagnostic?
₹69.2 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Invicta Diagnostic?
₹87 cr at the close on 6 Nov 2026, on 1,25,71,973 shares.
What is the P/E of Invicta Diagnostic?
17.7 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Invicta Diagnostic's revenue and profit?
Revenue ₹32 cr and profit after tax ₹5 cr in FY26.
Who are the promoters of Invicta Diagnostic?
Sanket Vinod Jain, Badal Kailash Naredi, Rohit Prakash Srivastava, Jayesh Prakash Jain, Ketan Jayantilal Jain; promoters held 66.70% at 31 March 2026.
What was the IPO price of Invicta Diagnostic?
₹85 a share; it listed on 8 Dec 2025.
What is Invicta Diagnostic's website?
www.pcdiagnostics.in
More SME companies like Invicta Diagnostic
Other listed SME companies in healthcare services, the closest in size first, each read from its own documents.
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- Maitreya MedicareMAITREYA · NSE Emerge · Healthcare Services · listed 2023Market cap ₹83 cr
- Sangani HospitalsSANGANI · NSE Emerge · Healthcare Services · listed 2023Market cap ₹81 cr
- Shanmuga HospitalSHANMUGA · BSE SME · Healthcare ServicesMarket cap ₹61 cr
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Every listed SME company in Healthcare Services → · SME companies listed in 2025 →
Built from 2 annual reports, 2 press releases, 1 result filing, 1 earnings call transcript, 1 investor presentation, 57 exchange announcements, 2 shareholding patterns and 4 years of reported results. Every figure carries its source; where the documents are silent, the page says so.