Invicta Diagnostic IPO

Mumbai-based Invicta Diagnostic offers radiology and pathology testing services through its chain of diagnostic centers in Mumbai metropolitan region (MMR). The company operates under the brand name “PC Diagnostics”. It runs a hub-and-spoke network of 7 centres as of September 30, 2025, including 1 flagship facility, 3 hubs, and 3 spokes. The company offers a broad range of services: around 60 routine and 487 specialised pathology tests, plus 96 basic and 130 advanced radiology tests such as CT, MRI, and PET-CT. Radiology drives most of the business, contributing about 90.05% of revenue, followed by pathology at 9.95%. The customer mix is largely walk-in individual consumers, who make up 82.4% of revenue, while institutional accounts contribute the remaining 17.6% as of September 2025. All operations are concentrated within Mumbai, with centres in Thane–Sewri–Parel, Marol (Andheri East), Byculla, and Bhayander East. As of September 30, 2025, the company was running at an annualised pace of 336,927 tests between FY24 and H1FY26.