Modern Diagnostic & Research CentreShare price, financial results, shareholding and management
- Market cap
- ₹83 cr
- Stock P/E
- 15.8peers 18.3
- Book value
- ₹38.8
- Price to book
- 1.42
- EV / operating profit
- -
- Market cap to sales
- 1.00
- ROCE · FY26
- 12.2%
- ROE · FY26
- 13.2%
- ROE, 3-year average
- 44.6%
- Operating margin · FY26
- 15.2%peers 22.7%
- Sales growth, 3 years
- 13.9%
- Profit growth, 3 years
- -41.7%
- Debt to equity
- 0.63peers 0.17
- Borrowings
- ₹37.1 cr
- Interest cover
- 3.5×
- Cash from business / op. profit
- 30%
- Debtor days
- 69
- Pledged
- 0.00%
- Promoter holding
- 72.85%
- Change in promoter holding
- -
- Shareholders
- 282
- 52-week high / low
- ₹100 / ₹45
- 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.
Modern Diagnostic & Research Centre share price chart
Close on 6 Nov 2026 · -0.88% 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
- -19.5%
- 3 months
- +5.8%
- 6 months
- -31.5%
- Traded a day, 20 days
- ₹0.04 cr
Business growth
Sales and net profit, from the reported results
| Sales | Profit | |
|---|---|---|
| FY26 on FY25 | +7% | -42% |
| 3 years, a year | +14% | - |
About Modern Diagnostic & Research Centre: business, products and customers
Modern Diagnostic and Research Centre runs labs and scan centres that do blood tests, X-rays, scans and heart tests for patients, doctors, hospitals and companies, mainly in Haryana and nearby states. Its shares trade on BSE SME.
Dr. Devendra Singh Yadav, a radiologist, opened a diagnostic centre in Gurugram in 1985 as a proprietorship, bringing in ultrasound, CT, mammography and MRI, and formed the company in 2012. It now offers pathology, radiology and cardiology tests and health-check packages through laboratories, diagnostic centres, collection centres and home collection, run as a hub-and-spoke network where samples are processed centrally. Its customers are individual patients, hospitals, clinics and smaller labs that send out tests they cannot run, and companies, insurers and government bodies; the top ten customers were under a tenth of revenue in each period the prospectus shows.
The business model shapes the numbers. Patients pay a fee per test, while most costs, such as staff and doctors, rent, machines and their upkeep, stay the same whether a lab is busy or not, so margins rise when labs fill up and fall when new labs open ahead of their volumes or when collection and promotion costs climb, as happened in FY26. Pathology brings in most of the revenue, and payments from institutions and panels arrive later than cash from walk-in patients, which ties up money in receivables.
Read more about the business
The prospectus names Dr Lal PathLabs, Metropolis, Max Labs and Apollo Diagnostics as competitors, all diagnostic chains running pathology networks, and uses Vijaya Diagnostic Centre, a listed chain offering both pathology and radiology, as its peer. It also faces regional reference labs, local labs and new digital health platforms.
What is new: the company listed in January 2026, has opened new laboratories in Gurugram, East Delhi, Meerut and Mohali, moved its Sector 44 centre to Sector 40 with PET-CT and SPECT, is finishing labs in Aligarh and Lucknow, and has added specialised tests such as LC-MS/MS panels and HPV with LBC cervical screening.
From the prospectus (January 2026) and the FY26 annual report.
Read the deeper study ↓In its favour
- The promoters own a large part of the company: 72.85%.
To watch
- Opening of the Aligarh and Lucknow labs and the planned Lucknow diagnostic centre (Annual report FY26, p.4 and p.5).
- Reaching about thirty centres by the year end, from twenty-five (Annual report FY26, p.7).
- Spending of the ₹14.2 cr of IPO money left for medical equipment (Annual report FY26, p.27).
- Borrowings and receivables against revenue as the new labs ramp up (Annual report FY26, p.79).
- Customers take longer to pay than before: 69 days in FY26, against 55 in FY22.
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.
Modern Diagnostic & Research Centre revenue and profit growth
Half-yearly results · Profit and lossSales have grown steadily. Last year profit fell even as sales rose, so the company kept less from each rupee of sales.
SME companies report every six months.
Modern Diagnostic & Research Centre half-yearly results
SME companies report every six months · ₹ crore
| H2FY26 | |
|---|---|
| Sales | 39.92 |
| Expenses | 34.84 |
| Operating profit | 5.08 |
| OPM | 12.7% |
| Interest | 1.46 |
| Depreciation | 2.83 |
| Profit before tax | 1.20 |
| Net profit | 2.08 |
Modern Diagnostic & Research Centre profit and loss
Full years to March, FY22 to FY26 · ₹ crore, consolidated where reported
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Sales | 60.21 | 56.28 | 67.13 | 77.95 | 83.11 |
| Expenses | 54.19 | 57.26 | 55.99 | 59.84 | 70.52 |
| Operating profit | 6.02 | -0.98 | 11.14 | 18.11 | 12.59 |
| OPM | 10.0% | -1.7% | 16.6% | 23.2% | 15.2% |
| Other income | 0.35 | 0.32 | 1.46 | 0.86 | 1.03 |
| Interest | 1.57 | 1.41 | 1.81 | 1.91 | 2.44 |
| Depreciation | 3.66 | 3.87 | 3.92 | 4.19 | 5.19 |
| Profit before tax | 1.14 | -5.94 | 6.87 | 12.87 | 5.99 |
| Tax rate | 227.2% | -3.5% | 15.7% | 30.0% | 12.4% |
| Net profit | -1.45 | -5.73 | 5.79 | 9.01 | 5.25 |
| EPS ₹ | -14.50 | -57.30 | 57.90 | 8.19 | 3.48 |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
A tax rate above 60% or below zero (FY22, FY23) comes from tax charged on a small or negative profit, as reported.
Modern Diagnostic & Research Centre profitability
Margins and returns on capitalLast year the company kept less from each rupee of sales than the year before. It earns a moderate return on the money it uses.
Operating margin, every year
Per cent of sales kept before interest, depreciation and tax
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Operating margin | 10.0% | -1.7% | 16.6% | 23.2% | 15.2% |
| Tax rate | 227.2% | -3.5% | 15.7% | 30.0% | 12.4% |
| ROCE | · | -17.0% | 32.5% | 39.4% | 12.2% |
| ROE | · | -64.9% | 65.3% | 55.4% | 13.2% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Modern Diagnostic & Research Centre debt and cash flow
Balance sheet · Cash flow · Working capitalThe company's own money, its net worth, has grown fast. It borrowed much more last year. 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 take longer to pay than they did in FY24, which ties up more of the company's money in unpaid bills.
Bars below the line are cash going out.
Modern Diagnostic & Research Centre balance sheet
At each 31 March · ₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 11 | 15.10 |
| Reserves | 10.70 | 4.96 | 10.76 | 9.77 | 43.45 |
| Net worth | 11.70 | 5.96 | 11.76 | 20.77 | 58.55 |
| Borrowings | 20.40 | 15.31 | 20.46 | 22.09 | 37.10 |
| Other liabilities | 16.60 | 15.27 | 17.26 | 21.71 | 22.95 |
| Total liabilities | 48.70 | 36.54 | 49.48 | 64.57 | 118.60 |
| Fixed assets | 24.31 | 23.67 | 27.04 | 30.65 | 48.09 |
| Capital work in progress | 0.75 | 0 | 3.60 | 9.11 | 10.18 |
| Investments | 5.29 | 0.11 | 0.21 | 0.23 | 16.97 |
| Other assets | 18.35 | 12.76 | 18.63 | 24.58 | 43.36 |
Modern Diagnostic & Research Centre cash flow
₹ crore
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Cash from operations | 3.64 | -0.12 | 7.93 | 13.90 | 3.82 |
| Cash from investing | -5.20 | 2.11 | -11.03 | -13.31 | -40.29 |
| Cash from financing | 4.50 | -6.47 | 3.36 | -0.22 | 45.08 |
| Net cash flow | 2.94 | -4.48 | 0.26 | 0.37 | 8.61 |
Working capital
Days
| FY22 | FY23 | FY24 | FY25 | FY26 | |
|---|---|---|---|---|---|
| Debtor days | 55 | 52 | 56 | 60 | 69 |
| Inventory days | 26 | 41 | 61 | 95 | 120 |
| Days payable | 172 | 171 | 177 | 160 | 196 |
| Cash conversion cycle | -92 | -78 | -59 | -5 | -8 |
| Working capital days | -44 | -59 | -35 | -38 | -42 |
Modern Diagnostic & Research Centre peers and competitors
Listed SME companies in the same industryBy sales, Modern Diagnostic & Research Centre is number 8 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 |
|---|---|---|---|---|---|---|
| Unihealth Hospitals | 943 | 36.5 | 132 | 25.8 | 40.8% | 0.15 |
| Sangani Hospitals | 88 | 29.4 | 107 | 3 | 7.6% | 0.04 |
| Hannah Joseph Hospital | 236 | 21.5 | 92 | 11 | 27.0% | 0.28 |
| Star Imaging And Path Lab | 133 | 7.0 | 89 | 19 | 37.0% | 0.18 |
| Nephro Care India | 141 | 41.9 | 88.7 | 3.4 | 9.4% | 0.00 |
| Modern Diagnostic & Research Centre | 83 | 15.8 | 83.1 | 5.3 | 15.2% | 0.63 |
| Pramodini Medicare | 254 | 15.0 | 62 | 17 | 50.0% | 0.34 |
| 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 |
| Median of the 10 others | 133 | 18.3 | 75.4 | 4.9 | 22.7% | 0.17 |
Modern Diagnostic & Research Centre shareholding pattern
Promoters, FIIs, DIIs, HNIs and small holdersThe promoters own more than half the company. Big foreign and Indian funds own very little.
Modern Diagnostic & Research Centre 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.
| Mar 26 | |
|---|---|
| Promoters | 72.85% |
| Number of shareholders | 282 |
Modern Diagnostic & Research Centre study: the business from its own documents
Read from 3 of the company's own documentsModern Diagnostic & Research Centre key facts from the filings
Each figure with the document it comes from
- Revenue FY26
- ₹83.1 cr
- Revenue from operations in FY26, up from ₹77.9 cr in FY25.Annual report FY26, p.80
- Profit after tax FY26
- ₹5.3 cr
- Down from ₹9.0 cr as staff, rent, collection and depreciation costs grew faster than revenue.Annual report FY26, p.80
- EBITDA margin
- 16.18%
- The company's own figure for FY26, down from 24.00% in FY25.Annual report FY26, p.55
- Sample collection charges
- ₹2.9 cr
- Paid in FY26, up from ₹1.0 cr, as home and outside collection grew.Annual report FY26, p.89
- Centres
- 25
- Laboratories and diagnostic centres running when the managing director wrote to shareholders; Haryana gives more than half of revenue.Annual report FY26, p.5 and p.7
Show 5 more facts
- Top ten customers
- 7.98%
- Share of FY25 revenue from the ten largest customers; the largest was 3.73%.Prospectus, p.121 and p.122
- IPO money
- ₹36.9 cr
- Raised at ₹90 a share; ₹17.4 cr was unspent at March 2026, mostly the ₹14.2 cr left for medical equipment.Annual report FY26, p.26 and p.27
- Borrowings
- ₹37.1 cr
- Long and short-term borrowings at March 2026, up from ₹22.1 cr, even after ₹1.0 cr was repaid from the IPO money.Annual report FY26, p.27 and p.79
- Money owed by customers
- ₹15.8 cr
- Trade receivables at March 2026, up from ₹12.8 cr.Annual report FY26, p.79
- Managing director's pay
- ₹1.7 cr
- Paid to Dr. D S Yadav in FY26, up from ₹1.4 cr; the company also paid ₹0.82 cr rent to Dr. D S Yadav.Annual report FY26, p.96
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 gives no sales or profit guidance. The managing director says it had started preparing six new labs and one diagnostic centre promised at the IPO, five labs have opened, the Aligarh and Lucknow labs are nearly ready, and a full diagnostic centre with PET-CT, SPECT-CT and a 3 Tesla MRI is planned at Lucknow, making Uttar Pradesh its second-largest state. With 25 centres running, it expects to close the year with about 30. At March 2026, ₹14.2 cr of IPO money for medical equipment and ₹3.1 cr for working capital was still to be spent.
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.
The company earns a fee for each test at its labs and scan centres, led by a radiologist founder with decades in the trade, and no single customer matters much.
Its weak spots are that big national chains compete in the same towns, and profit fell as it spent ahead of growth while borrowing more.
AverageCan it set its own prices?Specialised tests and scans give some room on price, but routine blood tests are competitive and many patients compare prices.
WatchHow strong is it against rivals?Its wide test menu and long local name help, but national chains and local labs compete for the same patients and doctors.
StrongWho are its customers?Many individual patients plus hospitals, labs, companies and government bodies, so no one customer is large.
WatchDoes it need a lot of money?New labs need costly machines and fit-outs, and receivables and borrowings both rose in the latest year.
StrongCan it keep finding new work?Doctors keep sending patients, and new labs, preventive packages and specialised tests widen what it offers.
AverageDo good and bad years swing a lot?Demand for tests is steady, but profit moves with how full the labs are and with spending on expansion.
Who runs Modern Diagnostic & Research Centre?
Promoters, directors and officers; tap a name for the background
DSDevendra Singh YadavPromoter, Chairman and Managing Director
MBBS from Medical College Rohtak (1976), diploma in medical radio-diagnosis from the University of Delhi (1985) and Diplomate of the National Board in radio-diagnosis (1998); 40 years in medical diagnostics. Started the Gurugram diagnostic centre in 1985 and has been Chairman and Managing Director since 2013.
Prospectus, p.149 and p.161DYDeepali YadavPromoter and Whole-time Director
MBBS and MD in radio-diagnosis; head of department and senior radiologist leading the company's radiology and diagnostic services, quality management and accreditation. The annual report records Deepali Yadav as the daughter of Devendra Singh Yadav.
Annual report FY26, p.19; Prospectus, p.150 and p.161AYAsha YadavPromoter
Named as a promoter in the prospectus and one of the two first subscribers to the company's memorandum; held 5,50,000 shares before the IPO.
Prospectus, p.161 and p.162JSJitendra SinghPromoter and Chief Financial Officer
B.Sc. and Certified Associate of the Indian Institute of Bankers, with 40 years of experience.
Prospectus, p.162; Annual report FY26, p.3AKAjay KohliNon-Executive Director
Diploma in electronics engineering (1989) with 17 years in the medical field; on the board since January 2025.
Prospectus, p.150SKSanjay KhandelwalIndependent Director
Fellow member of the Institute of Company Secretaries of India and registered insolvency professional, with about 21 years in corporate law and compliance.
Prospectus, p.149 and p.150RKRishabh Kumar JainIndependent Director
B.Com from Ch. Charan Singh University and member of the Institute of Company Secretaries of India, with about three and a half years in corporate law and compliance.
Prospectus, p.150Modern Diagnostic & Research Centre latest news and announcements
Announcements · Documents · Corporate actionsModern Diagnostic & Research Centre announcements
4 on record, latest first; each opens the filing on the exchange
- Company UpdateCertificate under Regulation 74(5) for the half year ended September 30, 2026PDF ↗
- AGM/EGMSubmission of voting results of the 14th AGM of Modern Diagnostic & Research Centre Limited held on Wednesday, 30th September, 2026PDF ↗
- AGM/EGMOutcome of Proceedings of AGMPDF ↗
- Insider Trading / SASTIntimation regarding of closure of trading window for the half year ending on 30.09.2026PDF ↗
Modern Diagnostic & Research Centre annual reports, earnings calls and documents
Every document links to its source; “read” marks those this page is built from
- Offer document ↗read
Modern Diagnostic & Research Centre 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 Modern Diagnostic & Research Centre's data · 7
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 (1,50,99,200 shares).
- ✓The share capital in the FY26 results matches the share count in the shareholding pattern.
- ✓Promoter and public holdings add up to 100% in every shareholding pattern shown.
- !Earnings per share changes basis between FY24 (₹57.90) and FY25 (₹8.19) 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, FY22 to FY26.
- iPrices run to the close on 14 Oct 2026, from the exchange's daily figures.
Questions people ask about Modern Diagnostic & Research Centre
What does Modern Diagnostic & Research Centre do?
Modern Diagnostic and Research Centre runs labs and scan centres that do blood tests, X-rays, scans and heart tests for patients, doctors, hospitals and companies, mainly in Haryana and nearby states. Its shares trade on BSE SME.
What is the share price of Modern Diagnostic & Research Centre?
₹55 at the close on 6 Nov 2026, from the exchange's daily figures.
What is the market cap of Modern Diagnostic & Research Centre?
₹83 cr at the close on 6 Nov 2026, on 1,50,99,200 shares.
What is the P/E of Modern Diagnostic & Research Centre?
15.8 times FY26 profit at the close on 6 Nov 2026 (our arithmetic).
What are Modern Diagnostic & Research Centre's revenue and profit?
Revenue ₹83 cr and profit after tax ₹5 cr in FY26.
Who are the promoters of Modern Diagnostic & Research Centre?
Devendra Singh Yadav, Deepali Yadav, Asha Yadav, Jitendra Singh; promoters held 72.85% at 31 March 2026.
What is Modern Diagnostic & Research Centre's website?
www.mdrcindia.com
More SME companies like Modern Diagnostic & Research Centre
Other listed SME companies in healthcare services, the closest in size first, each read from its own documents.
- Maitreya MedicareMAITREYA · NSE Emerge · Healthcare Services · listed 2023Market cap ₹83 cr
- Sangani HospitalsSANGANI · NSE Emerge · Healthcare Services · listed 2023Market cap ₹81 cr
- Invicta DiagnosticINVICTA · NSE Emerge · Healthcare Services · listed 2025Market cap ₹87 cr
- Shanmuga HospitalSHANMUGA · BSE SME · Healthcare ServicesMarket cap ₹61 cr
- Nephro Care IndiaNEPHROCARE · NSE Emerge · Healthcare Services · listed 2024Market cap ₹126 cr
- Star Imaging And Path LabSTARIMAGIN · BSE SME · Healthcare ServicesMarket cap ₹129 cr
Built from 2 annual reports, 1 offer document, 4 exchange announcements, 1 shareholding patterns and 5 years of reported results. Every figure carries its source; where the documents are silent, the page says so.