Annual reportSep 2026
Sep 2026 · Outcome of Board Meeting 25 Aug - Board approved 3rd AGM on 19 September 2026 and annual report; named Sanket Vinod Jain MD.
Source: Nse
Invicta Diagnostic Ltd. (INVICTA)
SME CapPharma stocks · SME cap · NSE
Invicta Diagnostic Limited is a diagnostic services company operating across the Mumbai Metropolitan Region under the consumer brand PC Diagnostics, offering integrated radiology and pathology services. It focuses on advanced imaging (MRI, CT, PET-CT) with a scalable hub-and-spoke model, aiming for capital-efficient expansion across Maharashtra.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals18 Oct 2026 · screener
Latest result20 May, 10:48 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags04 Oct 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Pharma P/E 33.5 (n=187)
Technical timing lens
Trend score and candlestick chart
68BullishSMA20 -5.6% / mo · MACD + · sector +3.8pp vs Nifty 500 (3M)
Stock trend: 48
Sector RS: 98
Sector 3M: -1.8% vs Nifty 500 -5.6%
Pharma FPI tailwindFlow only
FPI equity flow was positive in both fortnights, but the sector index is below its 100-session average. View sector evidence
Technical chart
INVICTAD candles · FIT view-14.7%Latest close ₹69.00 on 2026-10-15
Daily history is available from 2025-12-08; the requested 1Y window is partially covered.
Bar
+3.1%
RSI
54
MACD hist
0.15
52W pos
23%
2026-10-15O ₹66.90H ₹69.00L ₹66.90C ₹69.00Vol 4,800 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
INVICTANifty PharmaNifty 500
- INVICTA
- +1.5%
- Nifty 500
- -4.7%
- Nifty Pharma
- -0.8%
- Vs Nifty 500
- +6.2 pp
Chart stats
15 Oct 2026- From 52W high
- -34.3%
- 52W range position
- 23%
- ATR (14)
- 2.9%
- Volume vs 20D
- 0.71x
- Avg traded value
- ₹0 Cr
- 20D price channel
- ₹64.2 - ₹70.5
₹105
₹58.1 - ₹105
₹2
Latest completed session
20-session average
35.3% annualized volatility
Research snapshot
What the evidence says now
Investable fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend supports entry, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · UNDERVALUED60
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Pending data—
Revenue NDF · PAT NDF YoY
Technical
Bullish68
Price trend and sector-relative-strength timing.
Valuation
Legacy model+60.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence69
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Pending dataYoY comparison unavailable - result verdict pending data
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹15.4 Cr | NDF | -9.1% |
| EBITDA | ₹3 Cr | NDF | -55.8% |
| Operating margin | 19.4% | NDF | -2048 bps |
| PAT | ₹0.8 Cr | NDF | -80.6% |
| PAT margin | 5.1% | NDF | -1894 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 19.40
- P/B
- 1.74
- EV/EBITDA
- 6.95
- Market Cap
- 86.80Cr
Profitability
- ROE
- 14.00%
- ROCE
- 19.40%
- ROA
- 8.10%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 63.07%
- EPS 5Y
- 40.49%
- Revenue 3Y
- 63.00%
- EPS 3Y
- 37.00%
Balance Sheet
- Debt/Equity
- 0.07
- Interest Coverage
- 48.85×
- Altman Z
- 7.29
- Book Value
- 39.70
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- 2.93 Cr
- EPS TTM
- 3.91
Shareholding
- Promoter Hold
- 66.70%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 23%
Financial History
Updated 18/10/2026
Revenue
₹ CrLatest: 15.4-9.1% vs prev
Net Profit
₹ CrLatest: 0.8-80.6% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 54. Wait for confirmation.
- SMA20 falling (~5.9% over last month) — short-term momentum negative.
- RSI(14) at 54 — rising, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 34% off 52W high · 19% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
71
RS percentile
Stage 1 Base / Transition
1M return
+2.2%
3M return
+3.0%
6M return
+9.5%
1Y return
-
RS 1D
+9
RS 20D
+11
Sector rank
#1
Industry rank
#51
Stage evidence
- Price is within 2.8% of the 30-week proxy.
- The 30-week proxy changed +0.1% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
weakening
Partial-history RS: the 3M and 6M weights are re-normalised because 12M history is unavailable.
Relative-strength line vs Nifty 500 (base 100)
194 observations
15 Oct 2026Value 75.68+2.31%
RS vs Nifty 50076
Valuation & peers
U-Score 60 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 60 · legacy U-Score band UNDERVALUED · valuation evidence and comparable companies
Growth at Value
Fundamental score breakdown
U band · UNDERVALUEDValuation19/30
Growth21/25
Quality9/20
Balance Sheet13/15
Cash Flow1/10
Piotroski
8/9 (+5)
Penalties
-8
Raw sum
60
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
60/100 · legacy band UNDERVALUED
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 60.8%.
- Balance sheet contributes 13/15 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Cash flow is weaker at 1/10; verify the latest quarterly trend.
- Quality is weaker at 9/20; verify the latest quarterly trend.
Sector valuation model
Healthcare valuation: PE/EVEBITDA with regulatory and pipeline checks
Healthcare valuation needs both earnings quality and regulatory/pipeline context.
Primary lens
PE and EV/EBITDA adjusted for product mix and R&D/pipeline quality.
Secondary checks
USFDA risk, launch pipeline, margin trend, domestic vs export mix.
Main risk check
Regulatory setbacks or one-off product cycles can distort valuation.
PE
19.4
PB
1.7
EV/EBITDA
7.0
ROE
14.0%
ROCE
19.4%
FCF Yield
—
Debt/Equity
0.1
MoS
+60.8%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
60
Previous: 60
Legacy U-Score band
UNDERVALUED
Previous: UNDERVALUED
Margin of safety
+60.8%
Previous: +60.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
62
62
62
63
63
62
62
62
62
60
60
60
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹59.1
-16.8% MoS
Growth-justified P/E
45.0
Growth-justified Value
₹175.95
+60.8% MoS
PEG
0.50
Comparable companies
Peers
Business-comparable peers in Pharma — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
NIDAN
SME
Nidan Laboratories And Healthcare Ltd.
Diagnostics
match 162
36
10.1
2.6%
-131%
WATCHLIST
THYROCARE
Micro
Thyrocare Technologies Limited
Diagnostics
match 148
55
43.5
28.4%
-117%
FAIR VALUE
METROPOLIS
Micro
Metropolis Healthcare Limited
Diagnostics
match 146
39
53.4
13.6%
-562%
WATCHLIST
VIYASH
Micro
Viyash Scientific Limited
Diagnostics
match 143
45
46.6
7.4%
+15%
WATCHLIST
VILINBIO
SME
VILIN BIO MED LTD.
Medical Devices
match 100
31
44.6
7.5%
+7%
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-08-18T07:53:16.757Z
Management commentary snapshot
Invicta Diagnostic reported FY26 Total Income of 33.04 Cr with EBITDA margins over 30%, driven by network expansion and radiology-led services. Strategic entries into Pune and Dadar (with PET-CT/CT) and approval for Vinchurkar Diagnostics acquisition in Nashik position it for future growth.
The company demonstrates consistent revenue growth and healthy margins, supported by its radiology-focused, capital-efficient hub-and-spoke model. Strategic acquisitions and planned expansion across Maharashtra indicate a clear growth trajectory, though execution and competition in new markets will be key.
Current business mix
Revenue by Service Type (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Radiology91.4%
Pathology8.6%
Growth engines
Radiology-led Business
Focus on MRI, CT, and PET-CT drives higher realisations and margins, with capital-intensive infrastructure creating strong barriers to entry.
Scalable Hub-and-Spoke Model
Centralised hubs supported by feeder centres improve asset utilisation, operating leverage, and return on capital as volumes scale.
Capital-Efficient Expansion
Expansion through refurbished equipment, leased centres, and hospital partnerships reduces upfront capex and improves payback visibility.
Geographic Expansion
Plans to expand 3x the current network over 3 years, focusing on Maharashtra (Pune, Nashik, Akola) and opportunistic acquisitions.
Capacity and execution
Dadar Centre Commissioned
Commenced operations at Dadar Centre with PET-CT and CT Scan facilities near Tata Memorial Hospital.
Vinchurkar Diagnostics Acquisition
Received Board and Shareholders’ approval to acquire up to 95% stake in Vinchurkar Diagnostics Private Limited in Nashik.
Pune Expansion
Expanded presence through strategic entry into Pune with plans for advanced diagnostic centres.
Future Centre Additions
IPO proceeds earmarked for network expansion, expected to support setup of 6–7 additional diagnostic centres.
Tailwinds
High-Growth Diagnostics Market
Operates in the Mumbai Metropolitan Region, one of India’s largest and fastest-growing urban healthcare markets.
Maharashtra Radiology Segment Growth
Maharashtra's radiology segment is fueled by rising chronic disease cases, increased imaging investments, and growing demand for non-invasive diagnostics.
Increasing Urban and Senior Population
Maharashtra's population projected to grow, with a significant urban and senior population driving diagnostic demand.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The presentation primarily provides annual financial and operational data (FY24, FY25, FY26), making year-over-year comparison most relevant to assess growth and performance trends.
Sector KPIs management disclosed
Total Income
₹33.04 Cr (FY26)
EBITDA Margin
31.63% (FY26)
Net Profit Margin
14.74% (FY26)
Number of Diagnostic Centres
8 (FY26)
Management forward view
FY26 Performance
FY26 was a landmark year with NSE Emerge listing and stable financial/operational performance, maintaining EBITDA margins over 30%.
Strategic Investments for Growth
Strategic entry into Pune, Dadar centre operations, and Vinchurkar Diagnostics acquisition are expected to support higher scale and growth.
Future Focus
Management remains focused on expanding the diagnostics network, strengthening service portfolio, and driving sustainable growth while maintaining operational efficiency.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Network Expansion | 8 diagnostic centres | Progress on 3x network expansion over 3 years and commissioning of 6-7 new centres. |
| EBITDA Margin | 31.63% (FY26) | Sustained EBITDA margins as new centres ramp up and operating leverage is realized. |
| Capital Payback | New projects targeted to achieve capital payback within ~3.5 years. | Actual payback periods of recently commissioned and future centres. |
| Acquisition Integration | Acquisition of up to 95% stake in Vinchurkar Diagnostics Private Limited in Nashik. | Successful integration and performance contribution from acquired entities. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
69Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 59th percentile of the scored universe and 46th percentile within Pharma. Main check: cash conversion is weak at 43/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
2 docs text-extracted · 1 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
59th percentile
overall median 67 · Pharma: 46th pctile, median 70 · SME: 77th pctile, median 64
Evidence depth
Financial-only
2 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
43
weak · profit to cash conversion
Balance sheet
96
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
55
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 66.7%.
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.07.
Trust risks
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Invicta Diagnostic Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptMay 2026
May 2026 · Transcript
Source: Nse
Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Annual report
Annual Report 2026
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.