Invicta Diagnostic Ltd(INVICTA)

NSE: INVICTA

₹ 60-7.26%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 75 crUpdated: 24 Oct 2026

About

Invicta Diagnostic Ltd is a radiology-focused diagnostic imaging company operating across Maharashtra, India, with services spanning MRI, CT, PET-CT and pathology. The company recorded total income of ₹33.04 Cr in FY26 and operated 8 diagnostic centres as of FY26. It is expanding its network through greenfield centres and acquisitions, with a stated target of approximately 27 centres by FY29.^[1][2]

Business segments

Radiology services contributed 91.40% of FY26 revenue (₹29.57 Cr), covering MRI, CT and PET-CT imaging.^[1]
Pathology contributed 8.60% of FY26 revenue (₹2.78 Cr), run as an ancillary offering alongside radiology.^[1]
An overseas tele-radiology vertical providing pre-reads for US emergency physicians was initiated in FY26 as an asset-light extension leveraging the company's radiologist bench.^[1]

Centre network and locations

The company operated 8 diagnostic centres as of FY26, all in Maharashtra.^[1]
Centres are located at Thane (PET-CT, MRI, CT), Marol (MRI, CT), Sewri, Kalwa, Mira-Bhayender (MRI, CT), Byculla (MRI, CT), Lower Parel and Dadar, plus Nashik and Pune added in FY26.^[3]
The Dadar PET-CT centre, located near Tata Memorial Hospital, commenced commercial operations at end-January 2026.^[1]

Key operating numbers

Patients served in FY26: 98,867. Tests performed: 1,54,675, down from 1,76,248 in FY25.^[1]
Average revenue per test was ₹2,092 in FY26, compared with ₹2,158 in FY25 and ₹1,708 in FY24.^[1]
Average revenue per patient visit was ₹3,272 in FY26; tests per patient visit were 1.56, down from 1.74 in FY25.^[1]
MRI capacity utilisation at mature centres was 75-85% in FY26.^[1]
The Thane PET-CT centre was running at 300-330 patients per month in FY26; the Dadar PET-CT centre reached 75-80 PET scans per month in its second month of operation (Q4 FY26).^[1]

Radiology vs pathology mix and volume strategy

Management confirmed radiology will remain the dominant modality; the deliberate reduction in test volumes from FY25 to FY26 reflects a strategy of filling capacity at discounted rates initially, then raising pricing and allowing lower-value customers to drop off.^[1]
The company is investing in faster-scan MRI machines and AI-assisted image selection to increase throughput at mature centres already at 75-85% utilisation, rather than simply adding machines.^[1]

Expansion and capex

Target of approximately 27 centres by FY29, roughly 3x the ~9-centre network as of FY26, focused on Maharashtra.^[1]
Remaining IPO proceeds of approximately ₹18.73 Cr are to be fully deployed within FY27 to set up 6-7 additional diagnostic centres.^[1]
A Pune centre (3-Tesla MRI, cardiac 128-slice CT and pathology) was targeted for operational readiness by June 2026.^[1]
A CT scan centre in Shegaon (Akola district) was targeted for commissioning in June-July 2026.^[1]
New centres are targeted to achieve operational break-even within 6-7 months of setup and recover capital within approximately 3.5 years.^[1]

Recent developments

In FY26 the company acquired a 51% controlling stake in Vinchurkar Diagnostic Private Limited (Nashik) for an agreed total consideration of ₹7.6 Cr for a 95% stake; the target had FY26 top-line of approximately ₹5 Cr and 30% EBITDA.^[1]
Acquisition of the remaining 44% stake in Vinchurkar Diagnostics (to reach 95%) was targeted for completion within three months of the Q4 FY26 call (i.e., by approximately August 2026).^[1]
MD Sanket Vinod Jain was appointed for a three-year term from July 29, 2026 to July 28, 2029; annual remuneration was set at ₹7.20 lakh, up from ₹6 lakh.^[3]
Tele-radiology services expanded to the US market (pre-reads for emergency physicians) in FY26, with UK and Canada under exploration.^[1]

Seasonal and cost patterns

Revenue is skewed approximately 55% to H1 and 45% to H2 in FY26; H2 EBITDA margin was 22.4% versus the full-year 31.63%, driven by approximately ₹140 lakh in incremental employee bonuses and ₹65 lakh in additional depreciation recorded in H2.^[1]

Market Cap

₹75 Cr

High / Low

₹105 / 58

Stock P/E

16.9

Price / Book

0.0

Book Value

₹40

EPS

₹3.9

No. of Shares

1.26 Cr

ROCE

13.4%

ROE

9.8%

OPM

21.8%

Debt / Equity

0.07

Sales

₹32 Cr

Net Profit

₹5 Cr

Promoter holding

66.7%

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