Pramodini Medicare
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Subscription
- Qualified institutionalQIB
- 2.08×
- Big non-institutionalbNII · above ₹10 lakh
- 2.62×
- Small non-institutionalsNII · ₹2–10 lakh
- 2.54×
Grey market premium
Unofficial and indicative — not a forecast
Day-wise premium · 16 observations
| Date | GMP | % | Sauda | Est. listing | Gain / lot |
|---|---|---|---|---|---|
| 19 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹118 | ₹0 |
| 18 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹118 | ₹0 |
| 17 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹118 | ₹0 |
| 16 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹118 | ₹0 |
| 15 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹118 | ₹0 |
| 14 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹118 | ₹0 |
| 13 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹118 | ₹0 |
| 12 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹118 | ₹0 |
| 11 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹118 | ₹0 |
| 10 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹118 | ₹0 |
| 09 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹118 | ₹0 |
| 08 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹118 | ₹0 |
| 07 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹118 | ₹0 |
| 06 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹118 | ₹0 |
| 05 Aug 2026 | ₹0 | 0.00% | ₹0 | ₹118 | ₹0 |
| 04 Aug 2026 | ₹0 | — | — | — | ₹0 |
Gain per lot assumes the premium holds to listing and that the application is allotted — allotment in an oversubscribed issue is a lottery, so it is indicative, not expected. Sauda is the rate paid for a submitted application itself.
Issue details
- IPO date
- 12 Aug 2026 – 14 Aug 2026
- Listing date
- 19 Aug 2026
- Face value
- ₹10 per share
- Price band
- ₹110 – ₹118
- Lot size
- 1,200 shares
- Sale type
- Fresh capital cum OFS
- Issue type
- Book Building issue
- Listing at
- NSE
- Total issue size
- ₹69.04 Cr
- Fresh issue
- ₹59.17 Cr 50,14,800 shares
- Offer for sale
- ₹5.9 Cr 5,00,400 shares
- Market cap at offer price
- ₹260 Cr
- Promoter holding
- 85.71% → 62.64% pre-issue → post-issue
- ISIN
- INE2JG601017
- CIN
- U85110AP2000PLC035231
- Registrar
- Purva Sharegistry (India) Pvt.Ltd.
- Lead managers
- Smart Horizon Capital Advisors Pvt.Ltd.
- Registered office
- D. No: - 29-4-54K, CSI Complex, Prakasam Road, Suryaraopet, Vijayawada, Andhra Pradesh, India – 520002
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| QIB | 11,71,200 | 54.95% | 26.08% |
| Anchor investor · within QIB | 13,60,800 | — | 30.30% |
| NII (HNI) | 9,60,000 | 45.05% | 21.38% |
| bNII > ₹10L · within NII | 6,39,600 | — | 14.24% |
| sNII < ₹10L · within NII | 3,20,400 | — | 7.14% |
| Retail (RII) | 0 | 0.00% | 0.00% |
| Employee | 20,23,200 | — | 45.06% |
| Market maker | 3,36,000 | — | 7.48% |
| Total issue | 44,90,400 | — | 100.00% |
Net offer to the public of 21,31,200 shares, out of a total issue of 44,90,400. Indented rows sit inside the category above them and are not added to it.
Application size
Minimum 1,200 shares per lot, in multiples, at ₹118
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 1,200 | ₹1,41,600 |
| S-HNI (min) | 2 | 2,400 | ₹2,83,200 |
| S-HNI (max) | 7 | 8,400 | ₹9,91,200 |
| B-HNI (min) | 8 | 9,600 | ₹11,32,800 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Valuation and performance
Valuation at offer price
₹118 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.41 | 7.88 |
| P/E (×) | 11.34 | 14.97 |
| Price to book (×) | 3.71 | — |
| Market cap | — | ₹260 Cr |
Key performance indicators
Latest reported period, consolidated
- Return on net worth
- 32.69%
- ROCE
- 42.00%
- Debt / equity
- 0.34
- PAT margin
- 27.90%
- EBITDA margin
- 49.61%
- NAV per share
- ₹31.84
- Price to book
- 3.71
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
Company financials
Consolidated ·₹ crore unless a row shows % or ×, as reported in the offer document
| Period ended | FY26 | FY25 | FY24 |
|---|---|---|---|
| Profit and loss | |||
| Total income | 63.38 | 38.55 | 35.79 |
| Revenue from operations | 62.29 | 38.24 | 35.23 |
| Other income | 1.09 | 0.31 | 0.56 |
| Total expenses | 40.08 | 22.8 | 25.72 |
| Operating profit | 23.3 | 15.75 | 10.07 |
| Operating margin | 36.76% | 40.86% | 28.14% |
| Profit before tax | 23.3 | 15.75 | 10.08 |
| Profit after tax | 17.38 | 11.03 | 6.93 |
| PAT margin | 27.42% | 28.61% | 19.36% |
| Balance sheet | |||
| Total assets | 93.62 | 56.45 | 48.78 |
| Current assets | 33.07 | 19.34 | 22.39 |
| Current liabilities | 26.3 | 12.27 | 17.47 |
| Total liabilities | 40.46 | 20.67 | 24.03 |
| Net worth | 53.15 | 35.77 | 24.75 |
| Current ratio | 1.26× | 1.58× | 1.28× |
| Return on equity | 32.70% | 30.84% | 28.00% |
| Cash flow | |||
| Operating cash flow | 25.39 | 22.12 | 9.85 |
| Investing cash flow | -30.63 | -14.66 | -1.38 |
| Financing cash flow | 5.73 | -2.39 | -10.81 |
| Net cash flow | 0.5 | 5.07 | -2.34 |
Objects of the issue
Stated use of the net proceeds— open a row for the issuer's full explanation
1 Funding of capital expenditure for purchase of Medical Equipments towards Existing and Proposed Diagnostic Centres ₹45.15 Cr
The company intends to purchase and install medical equipments across existing diagnostic centres in Hubli, Manjeri, and Vijayawada, and establish a new diagnostic centre in Bangalore to expand capacity, improve service efficiency, and strengthen brand presence.
2 General corporate purposes and unidentified inorganic acquisition —
The company plans to evaluate inorganic growth opportunities through mergers and acquisitions to expand into new geographies, add service offerings, and consolidate market position, along with meeting general corporate expenses in the ordinary course of business.
1 of 2 objects carry no stated amount — typically general corporate purposes, funded from whatever remains — so the total above is the quantified portion only, not the whole issue.
Selling shareholders
Existing holders selling into the offer — these proceeds go to the seller, not to the company
| Seller | Capacity | Shares offered | Avg. cost |
|---|---|---|---|
| Dr. Chalasani Kuldeep Kumar | Promoter Selling Shareholder | 2,14,400 | ₹6.99 |
| Dr. Chalasani Kavitha | Promoter Selling Shareholder | 1,43,000 | ₹6.23 |
| M/S. Sri Ram Medicare Private Limited | Promoter Selling Shareholder | 1,43,000 | ₹4.25 |
3 sellers offering 5,00,400 shares.
About Pramodini Medicare
Pramodini Medicare Limited is a diagnostic healthcare service provider incorporated in September 2000 that operates 15 diagnostic centres across six states in India (Andhra Pradesh, Karnataka, Uttar Pradesh, West Bengal, Haryana/NCR Delhi, and Kerala). The company generates revenue through multiple partnership models: Public Private Partnerships with government hospitals and teaching institutions (52.79% of revenue for the 9-month period ended Dec 31, 2025), Private Private Partnerships with private hospitals (20.09%), standalone centres (18.60%), and strategic partnerships with PSUs of the Government of India (8.53%). The company specializes in radiology services (97.52% of revenue) complemented by clinical laboratory services (2.48%) and recently commenced nuclear medicine operations. It expanded from 1 diagnostic centre in 2015 to 15 centres by FY2026, reflecting consistent growth. The company was originally incorporated as a private limited company and converted to public limited company in November 2025 to undertake this IPO.
Management
Dr. Chalasani Kuldeep Kumar
MD
Dr. Chalasani Kavitha
CEO
Ms. Chalasani Durga Aashritha
CFO
Mr. A Ajay Kumar
COO
Strengths
As stated in the offer document
Strategic presence across various states of India
The company operates through 16 diagnostic centres across 7 states (Uttar Pradesh, Andhra Pradesh, Karnataka, West Bengal, Haryana/NCR Delhi, Madhya Pradesh and Kerala) and 14 cities in India, providing a strong operational footprint and reputation for quality diagnostic services.
Diversified business models strengthening network
The company operates across four key models: Public Private Partnership (7 centres), Private Private Partnership (3 centres), Strategic Partnership with PSUs (4 centres), and Private Centres (2 centres), providing diversified revenue streams and risk mitigation.
Technical capability with robust IT infrastructure
The company deploys advanced equipment including 8 CT machines, 7 MRI machines, 20 X-ray machines, 1 PET CT, and maintains relationships with equipment vendors for favorable procurement terms and preferred vendor status.
Dedicated management team with significant industry experience
The company is led by experienced professionals including Promoters Dr. Chalasani Kuldeep Kumar with over 2 decades of Radio-Diagnosis experience and Dr. Chalasani Kavitha with over 2 decades as obstetrician and gynaecologist.
Track record of revenue and financial performance
The company demonstrated consistent revenue growth from ₹3,522.95 lakhs (FY 2024) to ₹6,228.75 lakhs (FY 2026) with EBITDA margin of 49.61% and PAT margin of 27.90% in FY 2026.
Diverse customer cum patient base
The company serves diverse customer segments including B2G (61.46% revenue), B2B (20.82% revenue), and B2C (17.72% revenue) in FY 2026, enhancing service quality and market credibility.
Risk factors
As stated in the offer document
Dependence on Government PPP Arrangements
The company derives 54.19% of revenue from Public Private Partnership arrangements with government authorities as of FY 2025-26. Any non-renewal, modification, or termination of MOUs, or delays in payments from government authorities, may materially affect business operations and financial condition.
Heavy Concentration on Radiology Services
The company generates 97.05% of revenue from radiology services as of FY 2025-26, creating significant exposure to capital-intensive equipment requirements and regulatory compliance risks. This concentration exposes the company to disproportionate impact from disruptions or market shifts in the radiology domain.
Geographic Revenue Concentration in Andhra Pradesh
The company derives 61.90% of revenue from Andhra Pradesh as of FY 2025-26. Any regional economic slowdown, political unrest, or reduced demand in this state could adversely affect business operations and financial performance.
Customer Concentration Risk
The company's top customer accounts for 44.17% of revenue and top 10 customers contribute 64.83% of total revenue as of FY 2025-26. Loss of any major customer could significantly impact revenue growth and market reputation.
High Dependence on Government Revenue (B2G)
Government arrangements (B2G) constitute 61.46% of revenue as of FY 2025-26. Changes in government policies, budget allocations, or termination of arrangements could materially affect business operations and financial condition.
Quality Standards and Medical Malpractice Liability
Failure to maintain appropriate quality standards in diagnostic services could result in litigation, liability claims, and reputational damage. Inaccuracies in test results or equipment errors could lead to patient harm and substantial legal costs.
IT Systems and Cybersecurity Vulnerabilities
The company relies heavily on information technology systems for conducting tests, transmitting results, and managing operations. System failures, cyber-attacks, or data breaches could disrupt operations and expose the company to regulatory action and financial liabilities.
Company Analysis
from DRHPPramodini Medicare Limited is a diagnostic service provider offering technology-enabled radiology, clinical laboratory, and nuclear medicine services across public and private healthcare facilities in tier I, II, and III cities in India.
Pramodini Medicare Limited is a diagnostic healthcare service provider incorporated in September 2000 that operates 15 diagnostic centres across six states in India (Andhra Pradesh, Karnataka, Uttar Pradesh, West Bengal, Haryana/NCR Delhi, and Kerala). The company generates revenue through multiple partnership models: Public Private Partnerships with government hospitals and teaching institutions (52.79% of revenue for the 9-month period ended Dec 31, 2025), Private Private Partnerships with private hospitals (20.09%), standalone centres (18.60%), and strategic partnerships with PSUs of the Government of India (8.53%). The company specializes in radiology services (97.52% of revenue) complemented by clinical laboratory services (2.48%) and recently commenced nuclear medicine operations. It expanded from 1 diagnostic centre in 2015 to 15 centres by FY2026, reflecting consistent growth. The company was originally incorporated as a private limited company and converted to public limited company in November 2025 to undertake this IPO.
Objects of the Issue
- Funding of capital expenditure for purchase of Medical Equipments towards Existing and Proposed Diagnostic Centres ₹4,514.85 lakhs p.99
- General corporate purposes and unidentified inorganic acquisition [●] lakhs (not exceeding 35% of Gross Proceeds, with general corporate purposes limited to 15% of Gross Proceeds or ₹10.00 Crores whichever is less) p.99
Issue Structure
- Total Issue
- Up to 58,51,200 Equity Shares aggregating up to ₹[●] Lakhs
- Fresh Issue
- Up to 53,50,800 Equity Shares aggregating up to ₹[●] Lakhs
- Offer for Sale
- Up to 5,00,400 Equity Shares aggregating up to ₹[●] Lakhs by Promoter Selling Shareholders
- Price Band
- [●] to [●] per Equity Share (to be determined)
- Lot Size
- [●] Equity Shares (to be determined)
- Face Value
- ₹10/- per Equity Share
Business Model
The company earns revenue through diagnostic services provided at onsite diagnostic centres located within hospitals and healthcare facilities under Memorandums of Understanding (MOUs). Revenue comes from institutional customers (B2G, B2B) and direct patients (B2C). The business operates on a partnership model where the company sets up and manages diagnostic centres within existing healthcare infrastructure. The majority revenue (61.32% for Dec 31, 2025 period) comes from government contracts (B2G), with growing contribution from private partnerships (B2B: 20.09%) and standalone centres (B2C: 18.60%).
Business Segments
SWOT Analysis
- • Diversified revenue model with multiple partnership types (PPP, PPC, Strategic Partnerships, Standalone)(p.94)
- • Established network of diagnostic centres across multiple states and geographies(p.100)
- • Strong profitability metrics with consistent revenue growth(p.110)
- • High return on equity and capital efficiency(p.110)
- • Heavy dependence on PPP revenue model with government payment risks(p.27)
- • Concentrated customer base with top customer representing 42.23% of revenue(p.30)
- • Significant concentration in Andhra Pradesh state (60.82% of revenue)(p.29)
- • History of corporate compliance delays and filing discrepancies with ROC(p.35)
- • Heavy reliance on radiology services (97.52% of revenue)(p.28)
- • Expansion into new geographies to reduce regional concentration(p.29)
- • Indian healthcare sector growing at 17.5-22.5% CAGR with market valued at US$ 372 billion in 2023(p.125)
- • Inorganic growth through acquisitions and mergers in the diagnostics sector(p.104)
- • Technology upgradation and introduction of new diagnostic services(p.35)
- • Government policy changes affecting PPP models and payment terms(p.56)
- • Intense competition from larger diagnostic healthcare providers(p.41)
- • Potential delays or non-payment from government authorities(p.27)
- • Regulatory and compliance risks related to medical equipment and operations(p.34)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Dr. Chalasani Kuldeep Kumar | Promoter and Chairman Managing Director | 48.44% | [●]% |
| Dr. Chalasani Kavitha | Promoter | 9.79% | [●]% |
| Ms. Chalasani Durga Aashritha | Promoter | 0% | [●]% |
| M/s. Sri Ram Medicare Private Limited | Promoter | 27.48% | [●]% |
Leadership
Auto-extracted from the company's DRHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official DRHP before relying on it.
Peer comparison
The comparable listed companies named in the offer document, as on 31 Mar 2026
| Company | EPS | NAV | P/E | P/BV | RoNW |
|---|---|---|---|---|---|
| Pramodini Medicare Ltd. THIS ISSUE | 10.41 | 31.84 | 14.97, computed at the offer price | 3.71, computed at the offer price | 32.69% |
| 4.90 | 39.71 | 13.62 | 1.69 | 9.76% | |
| 31.30 | 302.23 | 16.74 | 1.74 | 10.35% | |
Star Imaging & Path Labs Ltd. | 11.05 | 66.65 | 7.87 | 1.32 | 16.58% |
Blank cells are figures the offer document does not publish. This issue is unlisted, so it has no market price and the document publishes no multiple for it — its P/E and P/BV here are computed at the offer price, on the post-issue share count, and are comparable to a listed peer's.