Pramodini Medicare Ltd. IPO

Pramodini Medicare Limited is an Indian diagnostic services provider established in 2000. The company provides technology-enabled diagnostic services across radiology, clinical laboratory and nuclear medicine. Its services are offered to public and private hospitals, government PSUs, medical colleges and other healthcare institutions across different city tiers.

The company's diagnostic portfolio covers a range of radiology services, including MRI, CT scans, X-rays, ultrasound, mammography, DEXA scans and other imaging services. It also provides clinical laboratory services and has expanded into nuclear medicine services.

Pramodini Medicare follows multiple operating models, including public-private partnerships, private-private partnerships, strategic partnerships with PSUs, standalone diagnostic centres and location-specific arrangements. This allows the company to serve different types of healthcare institutions and patients.

The company operates across multiple locations, with its registered office in Vijayawada, Andhra Pradesh. Its diagnostic presence extends to cities and locations including Vijayawada, Hyderabad, Kurnool, Kadapa, Tirupati, Varanasi and Prayagraj, among others.

Radiology is the largest part of the company's diagnostic service portfolio. As of 31 March 2026, the company's equipment base included CT scanners, MRI machines, X-ray systems, ultrasound systems, DEXA systems, mammography systems, PET-CT and other diagnostic equipment.

The company also operates a 24x7 teleradiology reporting hub at its Vijayawada registered office. Teleradiology enables medical images from hospitals and diagnostic centres to be interpreted remotely by radiologists, supporting the company's technology-enabled diagnostic model.

Pramodini Medicare serves customers through B2G, B2B and B2C channels. Its business therefore has exposure to government-linked healthcare projects, institutional customers and direct diagnostic-service demand.

The company has reported substantial growth in diagnostic activity. Radiology test volumes increased significantly in FY2026, while clinical laboratory volumes remained relatively stable and nuclear medicine became an emerging service line.

Pramodini Medicare operates in the diagnostic healthcare services industry, providing radiology, clinical laboratory and nuclear medicine services. The company has been operating since 2000 and has developed a business model serving government institutions, hospitals, PSUs and direct customers.

Radiology remains the core part of its business. The company's diagnostic equipment base includes MRI, CT, X-ray, ultrasound and other imaging systems. The addition of nuclear medicine services provides another potential growth avenue, while teleradiology allows the company to provide remote reporting capabilities.

The company has also diversified its customer mix across B2G, B2B and B2C channels. This provides exposure to institutional healthcare demand as well as individual patient volumes. Its operating models include PPP arrangements, strategic partnerships and standalone diagnostic centres.

Financial performance has shown strong growth. Revenue from operations increased from ₹35.23 crore in FY2024 to ₹38.24 crore in FY2025 and ₹62.29 crore in FY2026. PAT increased from ₹6.93 crore in FY2024 to ₹11.03 crore in FY2025 and ₹17.38 crore in FY2026.

On a restated consolidated basis, total income stood at ₹35.79 crore in FY2024, ₹38.55 crore in FY2025 and ₹63.38 crore in FY2026. Net worth increased from ₹24.75 crore in FY2024 to ₹35.77 crore in FY2025 and ₹53.15 crore in FY2026.

Total assets increased from ₹48.78 crore in FY2024 to ₹56.45 crore in FY2025 and ₹93.62 crore in FY2026. Borrowings stood at ₹17.85 crore as of 31 March 2026, compared with ₹10.81 crore in FY2025.

The company reported an FY2026 EBITDA margin of 49.61% and PAT margin of 27.90%. ROE was 39.08%, ROCE was 34.66%, RoNW was 32.69% and debt-to-equity was 0.34.

At the upper price band of ₹118, the FY2026 pre-IPO EPS of ₹10.41 translated into a pre-IPO P/E of approximately 11.34x. After considering the increased post-issue share capital, the post-IPO EPS was approximately ₹7.88 and the post-IPO P/E was approximately 14.97x.

The IPO proceeds were primarily intended for purchasing medical equipment for existing and proposed diagnostic centres. This can help the company increase diagnostic capacity, strengthen its service infrastructure and expand its geographic presence.

However, the expansion also means that the company will need to achieve sufficient utilisation of new medical equipment and diagnostic centres to generate adequate returns on the additional capital invested.

The IPO received strong demand from all major investor categories. QIBs subscribed 3.66 times, NIIs 5.31 times and retail investors 3.49 times.

The company was priced at ₹118 per share at the upper end of the price band. Grey-market data around the IPO period was largely reported at ₹0 by several trackers, indicating no meaningful unofficial premium before listing. GMP is unofficial and should not be treated as a reliable predictor of listing performance.

Pramodini Medicare shares were listed on NSE SME on 19 August 2026 at ₹120 against the issue price of ₹118, resulting in a listing gain of ₹2 per share, or approximately 1.69%.

Overall, Pramodini Medicare has an established diagnostic-services business, a diversified service portfolio, a growing equipment base and strong recent financial performance. Investors should nevertheless evaluate the competitive healthcare market, capital intensity, equipment utilisation, customer concentration, regulatory requirements and sustainability of recent margins before making an investment decision.

Listing Performance

Pramodini Medicare shares were listed on NSE SME on 19 August 2026 at ₹120 against the IPO issue price of ₹118. The stock therefore debuted at a premium of ₹2 per share, representing a listing gain of 1.69%.

Pramodini Medicare IPO applications were made through the ASBA process and UPI-supported IPO applications. The lot size was 1,200 shares, while Individual Investors were required to apply for a minimum of 2 lots, or 2,400 shares, requiring ₹2,83,200 at the upper price band of ₹118.

Through UPI

1. Log in to your stockbroker app or website.
2. Go to the IPO section.
3. Select Pramodini Medicare IPO.
4. Enter the required number of lots.
5. Enter your valid UPI ID.
6. Submit the IPO application.
7. Approve the UPI mandate received in your UPI application.
8. Confirm the mandate using your UPI PIN.
9. The application amount remains blocked in your bank account until the allotment process.
10. The applicable amount is debited after allotment, while the remaining blocked amount is released according to the IPO process.